CapitaLand Integrated Commercial Trust (C38U) Q3 2025 earnings summary

Executive summary

• Strong operating and financial performance in Q3 2025, with all segments contributing positively and stable operational metrics.

• Completed acquisition of remaining 55% interest in CapitaSpring office for S$1,045 million in August 2025.

• Office and retail segments showed robust results, supported by asset enhancement initiatives (AEIs) and acquisitions.

• Occupancy improved across Singapore, Germany, and Australia, with notable leasing successes in overseas assets.

• Ongoing AEIs at Lot One, Tampines Mall, and Raffles City to drive future growth.

Financial highlights

• 3Q 2025 gross revenue: S$403.9M, up 1.5% YoY; NPI: S$294.4M, up 1.6% YoY.

• YTD Sep 2025 gross revenue: S$1,191.6M, up 0.1% YoY (1.2% LFL); NPI: S$874.2M, up 0.2% YoY (1.4% LFL).

• Portfolio occupancy at 97.2% as of Sep 2025, up 0.9 ppt QoQ.

• Aggregate leverage/gearing at 39.2%; average cost of debt 3.3%.

• SGD 300 million financing secured at 2.25%, the lowest rate for the year.

Outlook and guidance

• Positive rent reversions from leases signed in FY 2023/2024 to support FY 2025/2026 revenue.

• Full-year income contribution from ION Orchard and 100% of CapitaSpring from Aug 2025.

• AEIs at Tampines Mall and Lot One Shoppers' Mall expected to add income from late 2026 and 2027.

• Organic growth to benefit from recent acquisitions and AEIs, with CapitaSpring and JCube contributing more in 2024.

• Prudent cost and capital management amid easing interest rate outlook.