CapitaLand Investment (9CI) investor relations material

Executive summary

• Fee revenue rose 20% to S$687M; operating PATMI increased 13% to S$293M and total PATMI rose 14% to S$327M.

• Revenue was S$1.018B, down 2%, while EBITDA remained stable at S$581M as higher fee income offset lower real estate investment contributions.

• Funds under management reached S$128B, up S$3B from end-2025.

• Strategy centers on scaling Listed and Private Funds and unlocking S$7B–9B of embedded value through capital recycling.

Financial highlights

• Fee revenue grew 20%; Listed and Private Funds Management fee revenue rose 48% to S$316M.

• Total PATMI included S$34M of portfolio gains from asset recycling.

• EBITDA margin improved to 56% from 49% in 1H 2025.

• Operating cash flow increased to S$448M from S$311M in 1H 2025.

• Finance costs declined 7% to S$149M; implied interest cost was 3.5%.

Outlook and guidance

• FY operating PATMI guidance remains mid-single-digit growth, with an aim to reach the higher end of the range.

• Fund management revenue is expected to grow in FY 2026; transaction-related activity may moderate from 1H levels.

• Double-digit fee-revenue growth is viewed as achievable, while fee-profit growth may lag as private funds and lodging invest in expansion.

• Interest costs were down 40 bps; H2 costs are expected near this level or slightly lower, subject to low Singapore floating rates.

• Lodging has 40% of its signed property pipeline yet to open, with openings expected over one to three years; timing may slip.