CapitaLand Integrated Commercial Trust (C38U) Q4 2025 earnings summary

Executive summary

• Achieved strong FY2025 results with net property income (NPI) of S$1,189.7 million, up 3.1% year-on-year, and distributable income of S$860.9 million, up 14.4% year-on-year.

• DPU increased 6.4% year-on-year to 11.58 cents, supported by robust second half and successful CapitaSpring acquisition.

• Portfolio value rose 5.2% to S$27.4 billion, with 94% anchored in Singapore and occupancy at 96.9%.

• Completed major AEIs and strategic acquisitions/divestments, including full acquisition of CapitaSpring and sale of Bukit Panjang Plaza.

• Tenant sales per square foot up 14.9% year-on-year, shopper traffic up 20.5% year-on-year, both boosted by ION.

Financial highlights

• FY2025 gross revenue reached S$1,619.2 million, up 2.1% year-on-year; NPI was S$1,189.7 million, up 3.1%.

• Distributable income for 2H 2025 rose 16.4% year-on-year to S$449.0 million.

• 2H 2025 DPU increased 9.4% to 5.96 cents.

• Tenant sales per square foot up 14.9% year-on-year, shopper traffic up 20.5% year-on-year, both boosted by ION.

• Excluding ION, tenant sales per square foot grew 1.2% year-on-year, shopper traffic up 4.6%.

Outlook and guidance

• Expect continued positive rental reversions in mid-single digits for both retail and office in 2026.

• AEIs and full-year contributions from recent acquisitions (e.g., CapitaSpring, Gallileo) to drive growth.

• Interest cost guidance for 2026 is 3%-3.1%, with limited refinancing needs.

• Prudent cost and capital management, with well-staggered debt maturities and focus on funding diversification.

• Management remains cautious on macroeconomic risks, especially interest rates and economic growth.