CapitaLand Investment (9CI) Q1 2026 earnings summary

Executive summary

• Fee-related revenue rose 10% year-over-year to S$310M, driven by strong listed funds growth and disciplined execution in a challenging market.

• S$2.5B in total equity was raised across listed and private funds, with S$7.2B deployed and S$3.4B divested during the period.

• Portfolio repositioning and asset quality anchored performance, with selective acquisitions and divestments enhancing income resilience.

Financial highlights

• Fee-related revenue reached S$310M (+10% YoY), underpinned by listed funds; total revenue was S$487M.

• Recurring fee streams continued to anchor earnings, with listed funds management up 14% YoY and private funds management up 58% YoY.

• REIB revenue declined 14% YoY due to the exit of the Synergy platform and divestments.

• Operating cash flow was S$289M, up from S$255M in 1Q 2025.

Outlook and guidance

• Uncertain market conditions are expected to moderate the pace of capital raising and deployment.

• Focus remains on high-conviction themes: Lodging & Living, Logistics & Self-Storage, and Real Estate Credit, especially in resilient markets like Singapore, Japan, and Australia.

• Inflation-driven cost pressures may impact asset operations, reinforcing the need for ongoing portfolio optimization.