CapitaLand Integrated Commercial Trust (C38U) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 NPI rose 10.4% YoY to S$965.4M; growth from Paragon, Gallileo and CapitaSpring’s step-up acquisition was partly offset by BPP and AST2 divestments.

• Portfolio occupancy was 96.1% at 30 Sep 2026, up 0.5 ppts QoQ; shopper traffic rose 2.3% YoY and tenant sales increased 2.1%.

Financial highlights

• 3Q 2026 gross revenue was S$464.5M, up 15.0% YoY; NPI was S$334.9M, up 13.8%.

• 9M 2026 gross revenue was S$1,311.2M, up 10.0% YoY; NPI was S$965.4M, up 10.4%.

Outlook and guidance

• Mid-single-digit rent reversions are targeted for both office and retail in the quarters ahead; occupancy growth and phased AEIs are key organic growth drivers.

• Singapore energy costs are locked in to Jun 2027 on a lower-cost formula; overseas energy costs are largely locked in to mid-2027–2028.

• Frankfurt leasing momentum is expected to continue in 4Q 2026, with take-up forecast at 400k sq m; Sydney CBD occupancy is expected to improve as vacancy declines.