CapitaLand China Trust (AU8U) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 gross revenue fell 4.8% YoY to RMB 1,222.3 million and NPI declined 3.9% to RMB 820.6 million; same-store declines were narrower at 1.5% and 0.8%, respectively.

• Portfolio occupancy was 97.2% in retail, 85.7% in business parks and 98.6% in logistics parks at 30 September 2026.

• Aggregate leverage was 41.1%, average cost of debt 3.04% and ICR 3.0x at 30 September 2026.

Financial highlights

• 9M gross revenue was RMB 1,222.3 million versus RMB 1,284.2 million in 9M 2025; NPI was RMB 820.6 million versus RMB 853.8 million.

• 3Q gross revenue declined 4.1% YoY to RMB 399.7 million; NPI fell 5.1% to RMB 259.6 million.

• On a same-store basis, 9M revenue declined 1.5% YoY and NPI declined 0.8%; NPI also benefited from 3.0% YoY cost reductions on this basis.

• In SGD terms, 9M NPI increased 1.9% YoY, supported by 2.6% RMB strengthening YoY.

Outlook and guidance

• Strategy targets retail expansion in Tier 1 and 2 cities, stable business and logistics park occupancy, mature-asset recycling, potential mall AEIs and acquisitions, and broader RMB debt access.

• Policy measures and industrial momentum support domestic demand and quality business park and logistics demand, while retail consumption recovery remains gradual.

• The extended US-China trade truce may ease near-term trade uncertainty; re-escalated Middle East tensions and higher oil prices remain developments to monitor.