CapitaLand Investment (9CI) Q3 2025 earnings summary

Executive summary

• Total revenue for YTD Sep 2025 reached S$1,568M, with fee-related revenue up 7% YoY to S$882M, driven by higher event-driven fees and new fund contributions.

• Real estate investment revenue declined 12% YoY to S$753M due to deconsolidation of CLAS and asset divestments.

• S$3.7B in total equity was raised YTD 2025, with S$2.1B from private funds and S$1.6B from listed funds for acquisitions and debt repayment.

• Monetised S$2.2B YTD 2025 through portfolio optimisation, including divestments in China.

• Successful listing of CapitaLand Commercial C-REIT (CLCR) in Sep 2025, raising RMB2.3B, with trading debut 20% above IPO price.

Financial highlights

• Fee-related revenue rose 7% YoY to S$882M, with listed funds management up 18% YoY and private funds management up 6% YoY.

• Real estate investment business (REIB) revenue fell 12% YoY to S$753M, mainly from strategic divestments and deconsolidation.

• Total transaction value (investments and divestments) increased 66% YoY to S$4.8B YTD 2025.

• Private funds raised S$2.14B YTD 2025, up 31% YoY, with new fund launches and successful closings.

Outlook and guidance

• Focus on capital-efficient growth, operational excellence, and expanding capital sources.

• Continued fundraising momentum and scaling up with larger follow-on funds.

• Targeting value-accretive opportunities and structural efficiency through technology and governance.