CapitaLand Investment (9CI) Q1 2025 earnings summary

Executive summary

• 1Q 2025 marked by global disruptions: heightened geopolitical tensions, tariff hikes, and a dip in global GDP growth forecast to 2.8% from 3.3% year-over-year.

• CapitaLand Investment (CLI) maintained resilient fee income and executed disciplined capital deployment, despite a subdued transaction environment.

• Strategic focus on asset-light model, capital recycling, and expansion in China via proposed C-REIT listing.

Financial highlights

• Total revenue for 1Q 2025 was S$496M, down 24% year-over-year due to CLAS deconsolidation; stable on a like-for-like basis.

• Fee income-related business (FRB) revenue grew 3% year-over-year to S$281M, offsetting lower real estate investment business (REIB) revenue.

• REIB revenue declined 6% year-over-year on a like-for-like basis, mainly from asset divestments and CLAS deconsolidation.

• Lodging management saw 5% year-over-year RevPAU growth, driven by higher occupancy and average daily rates.

Outlook and guidance

• Focused on growth in logistics, self-storage, living, wellness, private credit, and data centres.

• Ongoing capital recycling and rightsizing of fund stakes; targeting S$50M in cost savings via streamlining and AI-driven productivity.

• Cautious outlook in China and Southeast Asia due to tariff risks and investor sentiment; India remains a growth market.