pg. 65 Approach to Value Creation Integrated Annual Report 2025 F&B SEGMENT OUTLOOK Al-Salām REIT’s F&B portfolio remained stable in 2025 due to the nature of the portfolio under a master lease with QSR Brands. From a business perspective, QSR Brands (M) Holdings Bhd posted a stronger financial year in 2025, recording a 31% revenue growth from KFC Malaysia and Pizza Hut Malaysia, driven by new growth opportunities, including a strategic partnership for its upstream poultry business and temporarily closing its loss-making outlets in April 2024 following careful planning and analysis to prioritise stores with higher returns. QSR has reported that all affected outlets have since been reopened. Going forward, the REIT expects the portfolio to remain stable in terms of earnings as the master lease continues to be in effect, notwithstanding a necessary review of the portfolio to assess the suitability and exposure of this segment in alignment with the identity of Al-Salām REIT as a diversified retail REIT. The REIT will continue to reassess the F&B segment for opportunities to unlock value and shift towards a more focused approach in acquiring assets aligning with a better strategic fit for its portfolio. Description: KFC Restaurant Year of Completion: 1998 Title: Parent Tittle No. GRN 166213, situated in Mukim 1, District of Seberang Perai Tengah, Pulau Pinang Tenure & Expiry Date: Freehold Encumbrance: Nil Age of Building: 27 years Appraised Value: RM2.6 million (Date of valuation 31 December 2025) Unit No. G-103, Megamal Pinang, 2828, Jalan Baru, Bandar Perai Jaya, 13600, Perai, Pulau Pinang PORTFOLIO CAPITAL F&B SEGMENT
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