CapitaLand Investment (9CI) H1 2025 earnings summary

Executive summary

• Focused on achieving S$200 billion FUM by 2028, with platform scale at S$117B (+17% YoY) and growth in private credit, lodging, and infrastructure verticals, supported by strategic acquisitions of SCCP and Wingate.

• Fee Income-Related Business (FRB) revenue rose to S$564 million in 1H 2025, driven by listed funds, new private funds, and lodging management, while total revenue reached S$1,040 million, down year-over-year due to deconsolidation of CapitaLand Ascott Trust (CLAS) and asset divestments.

• PATMI was S$287 million and Operating PATMI S$260 million, both lower year-over-year due to asset divestments, lower fund performance, and absence of a one-off tax write-back.

• Lodging management and commercial management platforms are expanding, with India and Japan emerging as key growth markets and RevPAU up 5% YoY.

• Commercial management maintained steady fee contributions, with >80% occupancy in core markets and digital upgrades boosting efficiency.

Financial highlights

• Operating PATMI fell 12% YoY due to divestments, lower fund performance, and absence of prior year tax write-back, partially offset by new investments and lower finance costs.

• Total revenue for 1H 2025 was S$1,040M (down 24% YoY), with fee income-related business accounting for 52% and recurring fee revenues up 5% YoY.

• EBITDA was S$581 million, down 29% YoY, impacted by deconsolidation, lower portfolio gains, and higher mark-to-market and FX losses.

• Interest cost reduced from 4.4% to 4.0%, with further declines expected as rates fall.

• Net cash from operating activities was S$74M (down from S$226M YoY), with finance costs down 38% to S$161M.

Outlook and guidance

• Confident in stronger H2 performance, with transaction pipeline and portfolio gains expected from India and China divestments, and targeting S$500M+ in China asset divestments in H2.

• Strategic focus on scaling thematic products in APAC, India, and China, with C-REIT listing targeted by 4Q 2025 and continued divestment of balance sheet assets.

• Private credit to become a material contributor, aiming for S$20B–S$30B AUM and 10–12% returns.

• Lodging management business targets S$500 million revenue by 2028.

• Continued investment in sustainability, technology, and AI to drive efficiencies and future-proof operations.