SHAPING BALANCE BUILDING STRENGTH MAPLETREE INDUSTRIAL TRUST ANNUAL REPORT 2025/2026
To deliver sustainable and growing returns to Unitholders by providing quality industrial real estate solutions to clients To be the preferred industrial real estate solutions provider VISION MISSION Mapletree Industrial Trust (“MIT”) is a real estate investment trust (“REIT”) listed on the Main Board of Singapore Exchange. Its principal investment strategy is to invest in a diversified portfolio of income-producing real estate used primarily for industrial purposes in Singapore and income-producing real estate used primarily as data centres worldwide beyond Singapore, as well as real estate-related assets. As at 31 March 2026, MIT’s total assets under management was S$8.3 billion, which comprised 55 properties in North America (including 13 data centres held through the joint venture with Mapletree Investments Pte Ltd), 79 properties in Singapore and two properties in Japan. MIT’s property portfolio includes Data Centres, Hi-Tech Buildings and Business Space, and General Industrial Buildings. MIT is managed by Mapletree Industrial Trust Management Ltd. (the “Manager”), a wholly-owned subsidiary of Mapletree Investments Pte Ltd (the “Sponsor”). Headquartered in Singapore, the Sponsor is a global real estate development, investment, capital and property management company committed to sustainability. CORPORATE PROFILE ‘Shaping Balance • Building Strength’ reflects our ongoing progress in reshaping MIT’s portfolio while maintaining financial and operational resilience. The structured cuboid form symbolises how we build on solid foundations to achieve long-term growth. Through strategic investments and divestments, supported by effective capital and asset management, we are shaping a balanced portfolio poised to deliver sustainable returns to all unitholders. Scan to View Annual Report 2025/2026
CONTENTS OVERVIEW Key Highlights 8 Message from Chairman and CEO 10 Significant Events 13 Strategic Direction 14 LEADERSHIP Organisation and Trust Structures 16 Board of Directors 17 Management Team 24 Corporate Services Team 25 Property Management Team 26 PERFORMANCE Unit Performance 28 Financial Review 30 Capital Management 33 Operations Review 36 PORTFOLIO Strategic Locations 44 Property Portfolio Overview 46 Singapore Industrial Property 60 Market Overview Data Centre Market Overview 70 GOVERNANCE Corporate Governance Highlights 82 Corporate Governance 83 Risk Management 105 Sustainability 109 Investor Relations 110 FINANCIALS AND OTHERS Financial Statements 113 Statistics of Unitholdings 194 Interested Person Transactions 196 Corporate Directory IBC
MIT’s large, diversified portfolio of 136 properties, with assets under management of S$8.3 billion, reduces dependence on any single tenant or trade sector. The strategic balance of key assets across sectors and geographies reinforces portfolio stability and sharpens our focus on sustainable growth. Our disciplined approach strengthens resilience against market fluctuations while positioning the portfolio to deliver lasting value on solid foundations. Balancing Key Properties to Reinforce Portfolio Stability and Focus BUILDING ON SOLID FOUNDATIONS Mapletree Industrial Trust | Annual Report 2025/2026 2
Mapletree Hi-Tech Park @ Kallang Way, Singapore 136 Properties S$8.3B Assets Under Management
In FY25/26, we completed S$550.6 million of divestments across Singapore and North America, which created ample debt headroom to seize new value-creating investment opportunities. With a further S$500 million to S$600 million of divestments targeted in North America, we continue to recycle capital and rebalance the portfolio towards highquality data centre investments in Asia Pacific and Europe, and optimise industrial assets for stability. Repositioning the Portfolio for Future Growth UNLOCKING VALUE Mapletree Industrial Trust | Annual Report 2025/2026 4
Woodlands Central Cluster, Singapore S$550.6M Completed divestments in Singapore and North America in FY25/26 S$500M to S$600M Targeting selective divestments in North America
We uphold strong corporate governance as the cornerstone of our strategy to ensure transparency and accountability. By integrating sustainability principles, we are building a climate-resilient portfolio designed to deliver responsible growth and long-term value for stakeholders. Balancing Performance with Purpose SHAPING A SUSTAINABLE PORTFOLIO Mapletree Industrial Trust | Annual Report 2025/2026 6
‘A’ GRESB Public Disclosure Level 69% Independent Directors on the Board Osaka Data Centre, Japan
KEY HIGHLIGHTS ¹ Refers to year-on-year comparison for FY25/26. ² FY25/26 denotes financial year 2025/2026 ended 31 March 2026. 3 Includes the distribution of net divestment gain of S$15.7 million from 26A Ayer Rajah Crescent over eight quarters from 2QFY21/22 to 1QFY23/24. 4 Includes the distribution of tax-exempt income of S$6.6 million withheld in 4QFY19/20 over three quarters from 3QFY22/23 to 1QFY23/24. 5 Includes the distribution of compensation received for compulsory acquisition of part of the land at 2 and 4 Loyang Lane of S$2.1 million, which was withheld in 3QFY21/22, over two quarters from 2QFY23/24 to 3QFY23/24. 6 Includes the distribution of net divestment gain of S$4.2 million from 65 Tech Park Crescent over two quarters from 2QFY23/24 to 3QFY23/24. 65 Tech Park Crescent was divested on 20 July 2017. 7 Includes the distribution of net divestment gain of S$13.4 million from 115A & 115B Commonwealth Drive over four quarters from 1QFY24/25 to 4QFY24/25 and the distribution of net compensation of S$1.9 million in relation to a redevelopment project which was recognised in 1QFY24/25. 8 Refers to year-on-year comparison for 31 March 2026. 9 Includes MIT’s proportionate interest in the joint ventures with the Sponsor and right-of-use assets. Assets Under Management9 (As at 31 March) S$ Million 2025 2026 2024 2023 2022 8,315.6 8,906.3 8,766.1 8,761.2 Net Asset Value Per Unit (As at 31 March) S$ 2025 2026 2024 2023 2022 1.63 1.76 1.85 1.86 Distribution Per Unit Singapore Cents FY24/25 FY25/262 FY23/24 FY22/23 FY21/22 12.71 13.577 13.573,4 13.803 Amount Available for Distribution to Unitholders S$ Million FY24/25 FY25/262 FY23/24 FY22/23 FY21/22 363.9 388.17 375.13,4,5,6 356.63,4 350.93 Net Property Income S$ Million FY24/25 FY25/262 FY23/24 FY22/23 FY21/22 500.4 531.5 521.0 518.0 472.0 Gross Revenue S$ Million FY24/25 FY25/262 FY23/24 FY22/23 FY21/22 673.0 711.8 697.3 684.9 610.1 -5.5% Year-on-year1 -6.2% Year-on-year1 -9.1% Year-on-year8 -5.9% Year-on-year1 -6.3% Year-on-year1 -4.7% Year-on-year8 13.433,4,5,6 9,144.3 1.71 Mapletree Industrial Trust | Annual Report 2025/2026 8
10 The key financial ratios included MIT’s proportionate share of the aggregate debt and deposited property value of joint venture. Accordingly, the key financial ratios as at 31 March 2025 and 31 March 2026 have been restated. 11 In accordance with Property Funds Guidelines, the aggregate leverage ratio includes proportionate share of aggregate leverage and deposited property values of joint ventures. 12 Rebased MIT’s unit issue price of S$0.93 and opening unit prices of FTSE ST REITs Index and FTSE Straits Times Index on 21 October 2010 to 100. Key Information (S$ Million) As at 31 March 2022 2023 2024 2025 2026 Total assets 8,480.0 8,546.8 8,664.4 8,800.2 7,938.6 Total borrowings 2,904.1 2,848.4 2,984.4 3,171.9 2,258.9 Unitholders’ funds 4,977.1 5,074.1 4,984.6 4,887.7 4,642.7 Assets under management (including interests in joint ventures) 8,761.2 8,766.1 8,906.3 9,144.3 8,315.6 Key Financial Ratios As at 31 March 2022 2023 2024 202510 202610 Aggregate leverage11 (%) 38.4 37.4 38.7 40.1 34.0 Average borrowing cost for financial year (%) 2.5 3.1 3.2 3.1 3.1 Weighted average tenor of debt (years) 3.8 3.7 3.8 3.2 3.4 Interest coverage ratio for trailing 12 months (times) 5.7 4.6 4.3 4.0 4.0 Source: Bloomberg Rebased FTSE Straits Times Index Rebased FTSE ST REITs Index Rebased MIT Unit Price Comparative Trading Performance Since Listing12 400 200 300 100 350 150 250 50 Oct ‘10 Oct ‘11 Oct ‘12 Oct ‘13 Oct ‘14 Oct ‘15 Oct ‘16 Oct ‘17 Oct ‘18 Oct ‘19 Oct ‘20 Oct ‘21 Oct ‘22 Oct ‘23 Oct ‘25 Oct ‘24 0 FTSE ST REITs Index -4.1% FTSE Straits Times Index 53.7% MIT Unit Price 108.6% Assets Under Management9 As at 31 March 2026 Assets Under Management by Geography • North America 46.5% • Singapore 46.3% • Japan 7.2% Data Centres H i-Tech Buildings and Business Space General Industrial Buildings 18.4% 24.3% Data Centres: 57.3% • North America: 46.5% • Japan: 7.2% • Singapore: 3.6% AUM S$8.3 billion Mapletree Industrial Trust | Annual Report 2025/2026 9 Overview Leadership Performance Portfolio Governance Financials and Others
MESSAGE FROM CHAIRMAN AND CEO Dear Unitholders, The global macroeconomic environment in FY25/26 was marked by resilience amid heightened geopolitical tensions and trade policy shifts. Throughout 2025, global growth remained steady albeit below historical averages, supported by easing financial conditions, continued policy support, and moderating inflation. However, the swift escalation of geopolitical tensions in the Middle East in late February 2026 marked a turning point and severely undermined this benign outlook. The resulting surge in energy price volatility reignited inflationary pressures and led to tightened financial conditions globally. As a result, the global economy entered 2026 on a more fragile footing, with growth expected to moderate and downside risks becoming more pronounced. BUILDING STRENGTH THROUGH PORTFOLIO REBALANCING In line with our focus on ‘Shaping Balance • Building Strength’, we advanced our portfolio rebalancing efforts to enhance both the quality and resilience of MIT’s portfolio. The Osaka Data Centre, acquired on 28 September 2023, reached a key milestone with the completion of its final phase of fitting-out works on 2 May 2025. With all phases now operational, the property is expected to deliver stable income, which will reinforce the resilience of MIT’s earnings profile1. We continued to reshape MIT’s portfolio while maintaining financial agility to capture value-accretive investment opportunities. This is exemplified by the divestments of 2775 Northwoods Parkway, Norcross, Georgia (the “Georgia Data Centre”) and a portfolio of three industrial properties in Singapore (the “Singapore Portfolio Divestment”). The Georgia Data Centre was divested on 10 May 2025 for US$11.8 million, which represented an 18.6% premium above its independent valuation as at 31 March 2025. The divestment was executed ahead of its lease expiration to maximise value and mitigate renewal risks. Similarly, the Singapore Portfolio Divestment unlocked significant capital appreciation, with the divestment consideration of S$535.3 million reflecting a 22.1% increase over the original investment cost and a 2.6% premium to market valuation. Following its completion on 15 August 2025, Singapore assets continue to remain a core pillar of MIT’s portfolio, which accounted for approximately 46.3% of MIT’s assets under management as at 31 March 2026. 1 Revenue from each phase of the fitting-out works at the Osaka Data Centre is recognised once each phase is completed. Cheah Kim Teck Chairman Ler Lily Chief Executive Officer Mapletree Industrial Trust | Annual Report 2025/2026 10
NAVIGATING HEADWINDS AMID PORTFOLIO TRANSITION In FY25/26, MIT operated against a backdrop of portfolio transition and external headwinds, which affected our financial performance. Net property income for FY25/26 decreased by 5.9% year-on-year to S$500.4 million. This was mainly due to the absence of income from the Singapore Portfolio Divestment, the non-renewal of leases in the North American Portfolio and the depreciation of USD against SGD. The decline was partially offset by full year contributions from the freehold mixed-use facility in Tokyo acquired in October 2024, as well as the completion of the final phase of fitting-out works at the Osaka Data Centre. Borrowing costs decreased by 19.4% year-on-year to S$84.8 million in FY25/26, mainly due to repayment of loans using proceeds from the Singapore Portfolio Divestment and lower interest expenses on unhedged floating rate loans. Cash distribution declared by joint venture, Mapletree Rosewood Data Centre Trust (“MRODCT”), declined by 18.4% year-on-year to S$22.4 million, mainly due to higher borrowing costs from repricing of matured interest rate swaps, which were previously contracted when interest rates were lower. Distribution to Unitholders and distribution per unit (“DPU”) for FY25/26 fell by 6.1% and 6.3% year-on-year to S$362.6 million and 12.71 Singapore cents, respectively. Excluding the divestment gain from prior year2, DPU for FY25/26 would have registered a more moderate decline of 3.2%. Since its listing on 21 October 2010, MIT has delivered a total return of 301.9%3 by the end of FY25/26. As at 31 March 2026, MIT’s portfolio comprised 136 properties4 with a total valuation of S$8,213.2 million, down from S$9,040.2 million as at 31 March 2025. Excluding the S$534.8 million properties divested during FY25/265 and lower translated asset value of approximately S$233.7 million from the depreciation of USD and JPY against SGD, the valuation of MIT’s portfolio decreased year-on-year by S$58.5 million. This was mainly due to lower valuations of certain properties from the North American Portfolio, which was mainly attributable to the valuer’s adoption of the sales comparison approach that reflected less favourable market assumptions and property specific risks such as vacancy and near-term lease expirations. The decline was partially offset by the completion of the final phase of the fittingout works at the Osaka Data Centre and the improved operational performance of the Singapore Portfolio. MAINTAINING RESILIENT OPERATIONAL PERFORMANCE MIT maintained resilient operational performance in FY25/26, underpinned by the stability of the Singapore and Japan Portfolios. Average Overall Portfolio occupancy stood at 91.3% in FY25/26, compared to 92.1% in the preceding year. The Singapore Portfolio continued to anchor MIT’s operational performance, with a healthy average occupancy rate of 92.9%. Positive rental reversions were achieved across all property segments in Singapore, with a weighted average rental reversion rate of about 7.0%. Average Japan Portfolio occupancy remained the same at 100.0%, with a long weighted average lease to expiry (“WALE”) of 13.7 years as at 31 March 2026. Average North American Portfolio occupancy declined to 87.4% in FY25/26 from 89.3% in FY24/25 due to nonrenewal of certain leases. In response, we adopted a proactive leasing strategy, engaged tenants well ahead of lease expirations and secured high-quality tenants on longterm leases to backfill the vacant spaces. During FY25/26, approximately 400,000 square feet of leases – representing 5.6% of the North American Portfolio by net lettable area (“NLA”) – were executed, with renewals and forward renewals achieving a weighted average rental reversion rate of about 3.0%. These efforts helped maintain a WALE of 6.3 years as at 31 March 2026 while achieving a more staggered lease expiry profile. Looking ahead, Data Centres in North America account for approximately 5.1% of leases due for expiry in FY26/27 (by gross rental income), of which about 4.7% have been confirmed as non-renewals. Near-term leasing challenges are primarily associated with data centres leased to enterprise users, which are located outside primary data centre markets and have configurations that are less optimised for data centre use. Notably, the majority of leases with enterprise users have already undergone their initial renewal cycles, which provided greater visibility and certainty over upcoming expirations. Given these structural factors, we are actively addressing the impact of nonrenewals through ongoing leasing efforts and evaluating options, including selective divestments, to optimise portfolio quality. 2 Includes the distribution of net divestment gain of S$13.4 million from 115A & 115B Commonwealth Drive over four quarters from 1QFY24/25 to 4QFY24/25, and the distribution of net compensation of S$1.9 million in relation to a redevelopment project which was recognised in 1QFY24/25. 3 Sum of distributions and capital appreciation for the period over the unit issue price of S$0.930 at listing. 4 Refers to 79 properties in Singapore, 42 properties in North America wholly owned by MIT, MIT’s 50% interest in MRODCT, which holds 13 data centres in North America, and two properties in Japan. 5 MIT divested four property clusters in FY25/26 – 2775 Northwoods Parkway, Norcross in North America as well as The Strategy, The Synergy and the Woodlands Central Cluster in Singapore. They were collectively valued at S$534.8 million as at 31 March 2025. Mapletree Industrial Trust | Annual Report 2025/2026 11 Overview Leadership Performance Portfolio Governance Financials and Others
MESSAGE FROM CHAIRMAN AND CEO ENHANCING FINANCIAL FLEXIBILITY We continued to strengthen MIT’s financial flexibility through disciplined capital management. In March 2026, MIT successfully issued S$300 million 3.25% perpetual securities despite volatile market conditions, ahead of the redemption of existing perpetual securities in May 2026. Borrowings were repaid in the interim pending the deployment of proceeds from the new perpetual securities. The aggregate leverage ratio stood at 34.0% as at 31 March 2026 and is expected to increase to about 37.5% following the drawdown of debt and the redeployment of the new perpetual securities to redeem existing perpetual securities. An aggregate leverage ratio of 37.5% provides MIT with ample debt headroom to pursue new value-accretive investment opportunities. The average borrowing cost for FY25/26 was 3.1%, with a healthy interest coverage ratio of 4.0 times6. About 92.5% of amount available for distribution in the next 12 months is hedged into or derived in Singapore Dollar, which will underpin income stability for Unitholders. As at 31 March 2026, approximately 88.6% of MIT’s total borrowings were hedged into fixed rates to manage the exposure to interest rate risk. About S$600 million of interest rate hedges are due for expiry in FY26/27, and the replacement of these hedges is expected to exert downward pressure on distributions, as they were contracted when interest rates were lower. In January 2026, MIT broadened its engagement with credit rating agencies with the assignment of “AA-” longterm issuer ratings (foreign and local currency) from both Japan Credit Rating Agency, Ltd. and Rating and Investment Information, Inc., with Stable outlook. These ratings underscore MIT’s strong credit profile and diversified portfolio. DRIVING OUR SUSTAINABILITY EFFORTS Sustainability remains integral to MIT’s strategy. We expanded electric vehicle charging infrastructure to 16% of Singapore properties with operational control, which marked steady progress towards our FY29/30 target of 30%. MIT’s US data centre portfolio received the Green Lease Leader (Silver Recognition) for incorporating green leasing principles. We also attained CASBEE New Construction (Rank A) for the Osaka Data Centre and WELL Health-Safety Ratings for three properties in North America. We continued to strengthen board diversity, with female representation reaching 46% as at 31 March 2026. This affirmed our aspiration to achieve at least 30% of female representation on the Board by 2030. ENABLING SUSTAINABLE VALUE The global economic outlook remains uncertain, with growth expected to moderate amid persistent geopolitical tensions as well as elevated trade and policy uncertainties. Global growth is projected at 3.1% in 2026 and 3.2% in 2027, slower than its recent pace of 3.4% in 20257. Our strategy for sustainable growth is anchored in diversification and balance. The resilience of our Singapore and Japan Portfolios continues to underpin overall performance amid headwinds in our North American Portfolio. In the near term, our focus is on managing the impact of lease expirations in the North American Portfolio by engaging tenants proactively ahead of renewals and rebalancing the portfolio towards cloud or hyperscale and colocation providers. We remain committed to achieving our divestment target of S$500 million to S$600 million in North America. Meanwhile, we continue to take a disciplined approach to pursuing value-accretive acquisitions in key markets across Asia and Europe. As we execute our portfolio rebalancing strategy, we may experience nearterm transitional effects, which are necessary to drive sustainable returns. Together, these efforts reflect our commitment to ‘Shaping Balance • Building Strength’ − as we continue to reshape MIT’s portfolio through strategic investments and divestments while reinforcing financial and operational resilience. Anchored on these strong foundations, MIT is well-positioned to navigate ongoing uncertainties and deliver stable, long-term value to our Unitholders. ACKNOWLEDGEMENTS On behalf of the Board, we welcome Ms Soo Yar Ping who was appointed as an Independent Non-Executive Director on 9 February 2026. Her depth of experience in the financial sector and perspective will be a valuable addition to the Board as we continue to drive sustainable value for Unitholders. The Board would like to extend its sincere appreciation to Mr Guy Daniel Harvey-Samuel for his professional insights, invaluable guidance and wisdom in shaping MIT’s strategic direction, as he prepares to step down from the Board in July 2026. We extend our sincere appreciation to our directors and staff for their dedication, and to our Unitholders, tenants, and business partners for their continued trust and support. Cheah Kim Teck Chairman Ler Lily Chief Executive Officer 28 May 2026 6 Refers to the interest coverage ratio for the trailing 12 months. 7 Source: International Monetary Fund, World Economic Outlook, April 2026. Mapletree Industrial Trust | Annual Report 2025/2026 12
SIGNIFICANT EVENTS 2025 2026 MAY JANUARY APRIL AUGUST OCTOBER JULY SEPTEMBER NOVEMBER MARCH • Received “AA-” credit ratings with Stable Outlook from Japan Credit Rating Agency, Ltd. and Rating and Investment Information, Inc. • Reported DPU of 12.71 Singapore cents for FY25/26 • Fitch Ratings affirmed MIT’s Issuer Default Rating at ‘BBB+’ with a Stable Outlook • Completed the divestment of a portfolio of three industrial properties in Singapore for S$535.3 million • Achieved ‘A’ for GRESB Public Disclosure Level • Attained CASBEE New Construction Rank A for the Osaka Data Centre • Attained BCA Green Mark GoldPlus re-certification for Serangoon North Cluster • Awarded Highest Weighted Return on Equity over Three Years (REITs Category) by The Edge Singapore Billion Dollar Club • Issued S$300.0 million of perpetual securities at 3.25% • 3065 Gold Camp Drive, Rancho Cordova and 11900 East Cornell Avenue, Aurora attained ENERGY STAR certifications • Completed the final phase of fitting-out works at the Osaka Data Centre for JPY5.2 billion1 • Completed the divestment of the Georgia Data Centre for US$11.8 million • Awarded 2025 Green Lease Leader (Silver Recognition) for MIT’s portfolio of data centres in the United States2 1 The final phase of fitting-out works was JPY5.2 billion, which represented about 10% of the purchase consideration of the Osaka Data Centre. Revenue from each phase of the fitting-out works at the Osaka Data Centre is recognised once each phase is completed. 2 Green Lease Leaders was developed by the Institute for Market Transformation. It recognises landlords, tenants and teams who have integrated environmental efficiency and social equity goals into leasing practices. Mapletree Industrial Trust | Annual Report 2025/2026 13 Overview Leadership Performance Portfolio Governance Financials and Others
STRATEGIC DIRECTION DELIVERING SUSTAINABLE VALUE Resilient Portfolio | Disciplined Growth | Strong Balance Sheet To invest in a diversified portfolio of income-producing real estate used primarily for industrial purposes in Singapore, and income-producing real estate used primarily as data centres worldwide beyond Singapore, as well as real estate-related assets Prudent Capital Management Competitive Strength Enhanced Financial Flexibility Strategic Objective Optimise capital structure to provide financial flexibility Strategic Approach • Maintain a strong balance sheet • Diversify sources of funding • Employ appropriate interest rate and foreign exchange rate risk management strategies Proactive Asset Management Competitive Strength Stable and Resilient Portfolio Strategic Objective Improve competitiveness of properties Strategic Approach • Implement proactive marketing and leasing initiatives, including early lease renewals and timely lease execution, to optimise portfolio performance • Deliver quality service and customised solutions • Improve cost effectiveness to mitigate rising operating costs • Unlock value through asset enhancement initiatives and redevelopment projects • Rebalance data centre portfolio towards cloud / hyperscale and colocation providers Mapletree Industrial Trust | Annual Report 2025/2026 14
Sustainable Value Creation Competitive Strength Responsible Asset Stewardship Strategic Objective Integrate sustainability into core business strategies Strategic Approach • Environment: Support the transition to a low-carbon economy through sustainable investment, development, and operations • Social: Ensure the health and safety of its employees and stakeholders, focus on diversity and inclusion of its workforce and support the communities in which MIT operates • Governance: Uphold high ethical standards Value-Creating Investment Management Competitive Strength • Access to Fast-Growing Data Centre Sector • Strong Sponsor’s Support Strategic Objective Secure investments to deliver growth and diversification Strategic Approach • Pursue DPU-accretive acquisitions and development projects • Secure build-to-suit projects with pre-commitments from high-quality tenants • Target selective divestments and redeploy capital into markets and assets for sustainable growth Mapletree Industrial Trust | Annual Report 2025/2026 15 Overview Leadership Performance Portfolio Governance Financials and Others
ORGANISATION AND TRUST STRUCTURES Mr Cheah Kim Teck Non-Executive Chairman and Director Mr Andrew Chong Yang Hsueh Lead Independent Non-Executive Director Mr Pok Soy Yoong Independent Non-Executive Director Ms Chan Chia Lin Independent Non-Executive Director Mr Guy Daniel Harvey-Samuel Independent Non-Executive Director Dr Andrew Lee Tong Kin Independent Non-Executive Director Mr William Toh Thiam Siew Independent Non-Executive Director Ms Noorsurainah Tengah Independent Non-Executive Director Mrs Eng-Kwok Seat Moey Independent Non-Executive Director Ms Soo Yar Ping Independent Non-Executive Director Mr Chua Tiow Chye Non-Executive Director Ms Wendy Koh Mui Ai Non-Executive Director Ms Ler Lily Executive Director and Chief Executive Officer BOARD OF DIRECTORS Mapletree Industrial Trust Management Ltd. Mr Pok Soy Yoong Chairman Mr Guy Daniel Harvey-Samuel Dr Andrew Lee Tong Kin Mr William Toh Thiam Siew AUDIT AND RISK COMMITTEE Mr Andrew Chong Yang Hsueh Chairman Ms Chan Chia Lin Mr Chua Tiow Chye NOMINATING AND REMUNERATION COMMITTEE Ms Ler Lily CHIEF EXECUTIVE OFFICER Mr Wan Kwong Weng Ms See Hui Hui JOINT COMPANY SECRETARIES Ms Khoo Geng Foong Mr Peter Tan Che Heng Ms Serene Tam Mei Fong CHIEF FINANCIAL OFFICER HEAD OF INVESTMENT HEAD OF ASSET MANAGEMENT Trust Structure Sponsor Mapletree Investments Pte Ltd Other Unitholders Manager Mapletree Industrial Trust Management Ltd. Trustee DBS Trustee Limited Property Portfolio Property Managers Mapletree Facilities Services Pte. Ltd.1 Mapletree US Management LLC2 Mapletree Management Services Japan Kabushiki Kaisha3 Ownership of Units Ownership of Assets Property Management Fees Distributions Net Property Income Property Management Services Management Fees Trustee Fees Management Services Acts on behalf of Unitholders 1 Properties in Singapore are managed by Mapletree Facilities Services Pte. Ltd., a wholly-owned subsidiary of the Sponsor. 2 Properties in North America are managed by Mapletree US Management LLC, a wholly-owned subsidiary of the Sponsor. 3 Properties in Japan are managed by Mapletree Management Services Japan Kabushiki Kaisha, a wholly-owned subsidiary of the Sponsor. Mapletree Industrial Trust | Annual Report 2025/2026 16
Mr Cheah Kim Teck Non-Executive Chairman and Director Mr Cheah Kim Teck is the Non-Executive Chairman and Director of the Manager. Mr Cheah is currently Director, Business Development of Jardine Cycle & Carriage Limited (“JC&C”) and is responsible for overseeing JC&C’s investment in Truong Hai Auto Corporation and developing new lines of business in the region. He was formerly the Chief Executive Officer for JC&C’s motor operations (excluding those held by PT Astra International Tbk) until he stepped down from his position in December 2013. He also served on JC&C’s Board from 2005 to 2014. Prior to joining JC&C, Mr Cheah held several senior marketing positions in multinational companies, namely, McDonald’s Restaurants, Kentucky Fried Chicken and Coca-Cola. Mr Cheah was formerly a Director of Singapore Pools (Private) Limited. Mr Cheah is a Non-Executive Director as well as the Chairman of the Audit and Risk Committee of the Sponsor. He was formerly an Independent NonExecutive Director and a member of the Audit and Risk Committee of Mapletree Logistics Trust Management Ltd. (the manager of Mapletree Logistics Trust). Mr Cheah holds a Master of Marketing degree from the University of Lancaster, United Kingdom. Past Directorships in Listed Entities in the Last Three Years: NIL Mr Andrew Chong Yang Hsueh is the Lead Independent Non-Executive Director and Chairman of the Nominating and Remuneration Committee of the Manager. Mr Chong is also the Independent Chairman of the Investor Committees of both Mapletree Europe Income Trust and Mapletree US Income Commercial Trust. Mr Chong has over 30 years of experience in the fields of strategy, management, marketing and engineering. He is a board member of ASMPT Limited, a semiconductor equipment manufacturer listed on the HK Stock Exchange (HKSE). Mr Chong chairs the Board of Governors of the Institute of Technical Education and is active on the board of a social enterprise in Singapore. Mr Chong received his Bachelor of Electronics Engineering and his Master of Business Administration from the University of Adelaide in South Australia. He was bestowed The Public Service Medal at the 2024 National Day Awards. In recognition of his contribution towards the Labour Movement’s mission to uplift the wages, welfare, and work prospects of our workers, he was conferred a Medal of Commendation in 2017 and a Friend of Labour Award in 2023 at the May Day Awards. Past Directorships in Listed Entities in the Last Three Years: NIL BOARD OF DIRECTORS Mr Andrew Chong Yang Hsueh Lead Independent Non-Executive Director Mapletree Industrial Trust | Annual Report 2025/2026 17 Overview Leadership Performance Portfolio Governance Financials and Others
Mr Pok Soy Yoong is an Independent Non-Executive Director and the Chairman of the Audit and Risk Committee of the Manager. Mr Pok has over 30 years of working experience in the areas of Singapore direct tax and international tax. He is among the leading tax experts in Singapore on complex tax transactions and issues, and is particularly noted for his leading role in the creation of the taxation framework for real estate investment trusts. Prior to his retirement from professional practice on 31 December 2008, Mr Pok was the Head of Tax with a Big Four accounting firm as well as a member of its Management Committee. He served as the Chief Operating Officer (Tax) of the firm’s Far East Tax Practices, covering 15 countries. Since retirement, Mr Pok served as the lead technical editor of the authoritative book on Singapore taxation, The Law and Practice of Singapore Income Tax (1st and 2nd editions), and the leader of this public-private sector collaborative project. Past Directorships in Listed Entities in the Last Three Years: NIL Mr Pok Soy Yoong Independent Non-Executive Director Ms Chan Chia Lin is an Independent Non-Executive Director and a member of the Nominating and Remuneration Committee of the Manager. Ms Chan is a Non-Executive Director of investment holding company Lam Soon Cannery Private Limited. She was a Non-Executive Director of Mapletree Oakwood Holdings Pte. Ltd., the Chief Investment Officer of Fullerton Fund Management Company, and Managing Director and Head of Currency and Strategy at Temasek Holdings (Private) Limited. Prior to joining the Temasek Group, Ms Chan had also worked at ABN AMRO Bank and the Monetary Authority of Singapore. Ms Chan is active in the social service sector where she serves on the boards and investment committees of several charitable foundations. She is currently the Chairperson of Mount Alvernia Hospital, as well as a board member of the mental health charity Mindfull Community and the Yeo Boon Khim Mind Science Centre at NUS. She was Vice President and Chairperson of the Investment Committee of the National Council of Social Service. Ms Chan holds a Bachelor of Art (Honours) in Philosophy, Politics and Economics from Oxford University and a Master’s degree in Public Administration from Harvard University. Past Directorships in Listed Entities in the Last Three Years: NIL Ms Chan Chia Lin Independent Non-Executive Director BOARD OF DIRECTORS Mapletree Industrial Trust | Annual Report 2025/2026 18
Mr Guy Daniel Harvey-Samuel Independent Non-Executive Director Mr Guy Daniel Harvey-Samuel is an Independent Non-Executive Director and a member of the Audit and Risk Committee of the Manager. Mr Harvey-Samuel is currently a Non-Executive Director of M1 Limited, Wing Tai Holdings Limited, Clifford Capital Holdings Pte Ltd and Capella Hotel Group Pte Ltd. Mr Harvey-Samuel has also been appointed as Chairman of the Garden City Fund Management Committee since November 2024. He was conferred the Public Service Medal in 2021 for his contributions to the National Parks Board. Mr Harvey-Samuel started his career with the HSBC Group in 1978 and held various senior management roles within the HSBC Group in the United Kingdom, Australia, Malaysia, Hong Kong SAR and Singapore. Mr HarveySamuel was the Chief Executive Officer of HSBC Singapore before his retirement in March 2017. He was previously a Non-Executive Director of JTC Corporation until 31 March 2021. Past Directorships in Listed Entities in the Last Three Years: NIL Dr Andrew Lee Tong Kin is an Independent Non-Executive Director and a member of the Audit and Risk Committee of the Manager. Dr Lee is currently Associate Professor of Accounting Practice at Singapore Management University (SMU). Prior to joining SMU in 2003, Dr Lee held various senior analyst appointments in corporate banking and global credit markets at DBS Bank, Standard & Poor’s, UBS, and the former Banque Paribas. He was also previously Senior Lecturer in banking and finance, and a research centre director at Nanyang Technological University. He served on the Accounting Standards Council of Singapore between 2009 and 2011 as well as the Advisory Committee on Accounting Standards for Statutory Boards (ASSB) of the Accountant General’s Department between 2022 and 2025. Dr Lee holds a PhD degree in accounting from New York University, and is a Fellow Chartered Accountant (FCA) and Chartered Valuer & Appraiser (CVA) of Singapore. He was conferred a Public Administration Medal (Bronze) at the 2014 National Day Awards in recognition of his dedication and service to Singapore’s tertiary education sector. Past Directorships in Listed Entities in the Last Three Years: NIL Dr Andrew Lee Tong Kin Independent Non-Executive Director Mapletree Industrial Trust | Annual Report 2025/2026 19 Overview Leadership Performance Portfolio Governance Financials and Others
Mr William Toh Thiam Siew is an Independent Non-Executive Director and a member of the Audit and Risk Committee of the Manager. Mr Toh was also an Independent Investment Committee Member of Mapletree Global Student Accommodation Private Trust. He was appointed a board member of the National Council of Social Service (NCSS) Board of Council in August 2022 and chairs the NCSS Investment Committee. Mr Toh has more than 30 years of investment experience and was the Chief Investment Officer at Asia Life (2001 - 2006) and New Harbour Capital Partners (2007 - 2018). He also served on the boards of Asia Life (M) Berhad, ST Asset Management Ltd. and Moris Rasik Foundation (incorporated in Timor Leste). Past Directorships in Listed Entities in the Last Three Years: NIL Mr William Toh Thiam Siew Independent Non-Executive Director Ms Noorsurainah Tengah is an Independent Non-Executive Director of the Manager. Ms Tengah is a Senior Executive Manager, Head of Alternative Assets and Head of Listed Assets at the Brunei Investment Agency, the sovereign wealth fund of the Government of Brunei. She has been with the Brunei Investment Agency for 15 years; her prior positions have included the Head of Absolute Return, Portfolio Manager Private Equity, Assistant Portfolio Manager External Fund Management, and Analyst of the Macro, Fixed Income, Credit and Equity group. Ms Tengah is also a Non-Executive Director of Perennial Holdings Private Limited, Perennial Group Private Limited, Amber Global Limited, Purus Marine and NIUM. Ms Tengah holds a Masters in Finance and Economics from the Manchester Business School. She is a Chartered Financial Analyst as well as a Chartered Alternative Investment Analyst. Past Directorships in Listed Entities in the Last Three Years: NIL Ms Noorsurainah Tengah Independent Non-Executive Director BOARD OF DIRECTORS Mapletree Industrial Trust | Annual Report 2025/2026 20
Ms Soo Yar Ping is an Independent Non-Executive Director of the Manager. Ms Soo was a Partner of Adams Street Partners Singapore Pte. Ltd. (Adams Street). She was also a member of Adams Street’s Primary Investment Committee. She specialises in fund selection, due diligence, negotiations and monitoring of Asian investments. She participated in all investment decisions and managed relationships with several of Adam Street’s GPs in the region. Prior to joining Adams Street, Ms Soo was formerly the Senior Vice President of GIC Special Investments, which is the private equity arm of the Government of Singapore Investment Corporation (GIC). She spent more than a decade at GIC and worked in its New York, Redwood City, and Singapore offices. She was the Head of Asia/Emerging Markets based out of Singapore, leading GIC Private Equity’s investments in leveraged buyout funds, growth capital funds, and co-investments. Ms Soo holds a Master of Business Administration from the University of California Berkeley Walter Haas School of Business and a Bachelor of Commerce (with Honours) from the University of Melbourne, Australia. Past Directorships in Listed Entities in the Last Three Years: NIL Ms Soo Yar Ping Independent Non-Executive Director Mrs Eng-Kwok Seat Moey Independent Non-Executive Director Mrs Eng-Kwok Seat Moey is an Independent Non-Executive Director of the Manager. Mrs Eng is currently an Independent Non-Executive Director and a member of the Audit and Risk Management Committee of Link Asset Management Limited (the manager of Link REIT) as well as an Independent Non-Executive Director and Chairman of the Audit and Risk Committee and a member of the Nominating and Remuneration Committee of Parkway Trust Management Limited (the manager of Parkway Life REIT). She is also a Consultant with Allen & Gledhill LLP. Mrs Eng held the position of Group Head of Capital Markets at DBS Bank and was a member of its Group Management Committee prior to her retirement in March 2024. As a senior banker with more than 30 years of investment banking experience, Mrs Eng oversaw and led several teams on advisory and corporate finance, as well as structuring and execution of all equity transactions including corporate equity fund raising, REITs/Business Trusts and initial public offerings. Mrs Eng also oversaw the securities business under DBS Vickers Securities and the capital markets digital business under the DBS Digital Asset Ecosystem. For her outstanding contributions, Mrs Eng was inducted as an Institute Banking and Finance Distinguished Fellow. Mrs Eng holds a Master of Commerce from the University of New South Wales, Sydney, Australia. Past Directorships in Listed Entities in the Last Three Years: NIL Mapletree Industrial Trust | Annual Report 2025/2026 21 Overview Leadership Performance Portfolio Governance Financials and Others
Mr Chua Tiow Chye is a Non-Executive Director and a member of the Nominating and Remuneration Committee of the Manager. Mr Chua, as the Deputy Group Chief Executive Officer of the Sponsor, focuses on driving the Sponsor’s strategic initiatives including expanding and directing the Sponsor’s international real estate investments and developments. Mr Chua has over 40 years of experience in various sectors, including in the finance, private equity, capital markets, urban planning and real estate sectors. Previously, he was the Group Chief Investment Officer and Regional Chief Executive Officer of North Asia & New Markets of the Sponsor. Mr Chua concurrently serves as a Non-Executive Director of MPACT Management Ltd. (the manager of Mapletree Pan Asia Commercial Trust). He was also previously the Chief Executive Officer of Mapletree Logistics Trust Management Ltd. (the manager of Mapletree Logistics Trust). Prior to joining the Sponsor in 2002, Mr Chua held senior positions with various companies including Vision Century Corporation Ltd, Ascendas Pte Ltd, Singapore Food Industries Pte Ltd and United Overseas Bank Ltd.. Mr Chua holds a Master of Business Administration (MBA) from the University of Strathclyde and graduated with a Bachelor of Regional and Town Planning (First Class Honours) from the University of Queensland in 1982. Past Directorships in Listed Entities in the Last Three Years: NIL Mr Chua Tiow Chye Non-Executive Director Ms Wendy Koh Mui Ai is a Non-Executive Director of the Manager. Ms Koh, as the Group Chief Financial Officer of the Sponsor, oversees the Finance, Information Systems & Technology, Tax, Treasury and Financial Risk Management functions of the Mapletree Group. She is also a Non-Executive Director of Mapletree Logistics Trust Management Ltd. (the manager of Mapletree Logistics Trust) and MPACT Management Ltd. (the manager of Mapletree Pan Asia Commercial Trust) and serves as the Chairman of the Singapore Management University (SMU) Advisory Board for the Real Estate Programme. Prior to her current role, she was the Regional Chief Executive Officer, South East Asia of the Sponsor. She was previously engaged by the Sponsor as an advisor and was involved in the formulation of Sponsor’s second Five-Year Plan. Before joining the Sponsor, Ms Koh was Co-head, Asia Pacific Property Research, at Citi Investment Research. Ms Koh holds a Bachelor of Business (Honours) degree specialising in Financial Analysis from the Nanyang Technological University (NTU), Singapore and the professional designation of Chartered Financial Analyst from the CFA Institute. Past Directorships in Listed Entities in the Last Three Years: NIL Ms Wendy Koh Mui Ai Non-Executive Director BOARD OF DIRECTORS Mapletree Industrial Trust | Annual Report 2025/2026 22
Ms Ler Lily Executive Director and Chief Executive Officer Ms Ler Lily is the Chief Executive Officer and Executive Director of the Manager. Prior to this appointment in July 2024, she was the Chief Financial Officer of the Manager from November 2011, responsible for financial reporting, budgeting, treasury and capital management as well as taxation matters. Ms Ler began her career with the Sponsor in September 2001, progressing through various roles in finance and treasury. Before her role with the Manager, Ms Ler held the position of Head of Treasury and Investor Relations at Mapletree Logistics Trust Management Ltd. (the manager of Mapletree Logistics Trust) from September 2009, where she led the treasury team in treasury risk management, debt and capital management and oversaw the investor relations function. Prior to joining the Sponsor, Ms Ler worked in Asia Food & Properties Limited for about four years. She also gained three years of valuable experience as an external auditor with Deloitte & Touche LLP, Singapore. Ms Ler is currently a Non-Executive Director of the National Library Board. Ms Ler holds a Bachelor of Accountancy (Honours) degree from the Nanyang Technological University, Singapore. She is a CFA charterholder and a Chartered Accountant of Singapore. Past Directorships in Listed Entities in the Last Three Years: NIL Mapletree Industrial Trust | Annual Report 2025/2026 23 Overview Leadership Performance Portfolio Governance Financials and Others
MANAGEMENT TEAM Ms Ler Lily Executive Director and Chief Executive Officer Ms Khoo Geng Foong Chief Financial Officer Mr Peter Tan Che Heng Head of Investment Ms Ler Lily is the Executive Director and the Chief Executive Officer of the Manager. Please refer to her profile under the Board of Directors section of this Annual Report (see page 23). Ms Khoo Geng Foong is the Chief Financial Officer of the Manager. Ms Khoo is responsible for financial reporting, budgeting, treasury and taxation matters. Prior to joining the Manager, Ms Khoo was the Head of Treasury at Mapletree Logistics Trust Management Ltd. (the manager of Mapletree Logistics Trust) since June 2020. She led the treasury and capital management functions at Mapletree Logistics Trust Management Ltd. since 2016. She has more than 15 years of experience in corporate finance, capital market transactions, treasury and hedge management as well as management of complex investment structures across various countries. Prior to joining the Sponsor, Ms Khoo spent five years as an external auditor at KPMG Malaysia where she covered various industries and was also involved in due diligence work. Ms Khoo holds a Bachelor of Science (Applied Accounting) degree from Oxford Brookes University, United Kingdom. She is a Fellow Member of the Association of Chartered Certified Accountants, United Kingdom (FCCA). Mr Peter Tan Che Heng is the Head of Investment of the Manager. Mr Tan is responsible for the development of investment strategies as well as the sourcing and execution of new investment opportunities with a view to enhancing MIT’s portfolio returns. Mr Tan has more than 20 years of experience in real estate investment, development management, asset management and business development across different geographies. Prior to joining the Manager, Mr Tan was the Head of Investment, Industrial of the Sponsor where he was instrumental in the acquisition and development of the Sponsor’s industrial assets in Singapore and the region. He was a key member of the investment team for the Pan-Asia Mapletree Industrial Fund, which closed its investment period in 2009 with investments in Singapore, Malaysia, Japan and China. Mr Tan holds a Bachelor of Science (Building) (Honours) degree from the National University of Singapore. Mapletree Industrial Trust | Annual Report 2025/2026 24
CORPORATE SERVICES TEAM Ms Serene Tam Mei Fong Head of Asset Management Ms Serene Tam Mei Fong is the Head of Asset Management of the Manager. Ms Tam is responsible for formulating and executing strategies to maximise income from the assets. Ms Tam has been with the Manager since MIT was listed in 2010. Her last appointment was Vice President of the Asset Management team, where she was responsible for the operational performance of properties under her charge. Before joining the Manager, Ms Tam was a Senior Asset Manager of the Sponsor, where she was responsible for managing the industrial properties in the MIT Private Trust portfolio. She was part of the team responsible for the acquisition of MIT Private Trust portfolio of 64 properties from JTC Corporation in 2008. Prior to joining the Sponsor in 2007, Ms Tam had worked at Jones Lang LaSalle Property Consultants Pte Ltd and JTC Corporation in the areas of marketing, development and portfolio management of offices and logistics facilities in Singapore and the region for about seven years. Ms Tam holds a Bachelor of Business (Financial Analysis) (Honours) degree from the Nanyang Technological University, Singapore. Mr Wan Kwong Weng Joint Company Secretary Ms See Hui Hui Joint Company Secretary Mr Wan Kwong Weng is the Joint Company Secretary of the Manager and the Sponsor, as well as the other two Mapletree REIT managers. He is concurrently the Group Chief Corporate Officer and Group General Counsel of the Sponsor, where he is responsible for all legal, compliance, corporate secretarial, human resource as well as corporate communications, corporate social responsibility and administration matters across all business units and countries. Prior to joining Mapletree as General Counsel in 2009, Mr Wan was Group General Counsel – Asia at Infineon Technologies. He started his career with one of the oldest law firms in Singapore, Wee Swee Teow & Co., and was subsequently with the Corporate & Commercial/Private Equity practice group of Baker & McKenzie in Singapore and Sydney. Mr Wan has an LL.B. (Honours) (Newcastle upon Tyne), where he was conferred the Wise Speke Prize, as well as an LL.M. (Merit) (London). He also attended the London Business School Senior Executive Programme. Mr Wan is called to the Singapore Bar, where he was awarded the Justice FA Chua Memorial Prize, and is also on the Rolls of Solicitors (England & Wales). He was conferred the Public Service Medal (PBM) in 2012 and Public Service Star (BBM) in 2017. Mr Wan is also appointed as a Member of the Corporate Law Advisory Panel (“CLAP”) and the Reform of Legal Education Standing Committee. In addition, he is Member/Secretary of the SMU Advisory Board for the Real Estate Programme. Ms See Hui Hui is the Joint Company Secretary of the Manager, as well as the Deputy Group General Counsel of the Sponsor. Prior to joining the Sponsor in 2010, Ms See was in the Corporate/Mergers & Acquisitions practice group of WongPartnership LLP, one of the leading law firms in Singapore. She started her career as a litigation lawyer with Tan Kok Quan Partnership. Ms See holds an LL.B (Honours) from the National University of Singapore, and is admitted to the Singapore Bar. Mapletree Industrial Trust | Annual Report 2025/2026 25 Overview Leadership Performance Portfolio Governance Financials and Others
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