CapitaLand Investment (9CI) H1 2026 earnings summary

Executive summary

• Operating PATMI rose 13% to S$293M and total PATMI rose 14% to S$327M, driven by fee growth and lower finance costs.

• Revenue was S$1.018B, down 2% as 20% fee-revenue growth offset a 24% decline in real estate investment revenue.

• Strategy centers on scaling Listed and Private Funds platforms and recycling capital from non-core and legacy assets.

• Funds under management increased 2% to S$128B, with gross divestments reaching S$5.0B year-to-date.

Financial highlights

• Recurring fee revenue rose 20% year-over-year to S$687M; EBITDA was stable at S$581M.

• Portfolio gains contributed S$34M to PATMI; operating cash flow was S$448M, versus S$311M in 1H 2025.

• Finance costs fell 7% to S$149M, with implied borrowing cost of 3.5%.

• Net asset value per share was S$2.51 at 30 June 2026; basic and diluted EPS were 6.6 cents and 6.5 cents.

Outlook and guidance

• FY operating PATMI guidance remains mid-single-digit growth, with management aiming for the higher end of the range.

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

• Fundraising is expected to run at S$3B–S$5B annually, with organic growth net of funds rolled off or sunset.

• Lodging signings and openings are expected to support revenue growth over the next 1–3 years.