CapitaLand Investment (9CI) Q4 2025 earnings summary

Executive summary

• Achieved 6% year-on-year growth in core operating profit, reversing a multi-year decline and signaling a positive inflection point.

• Funds under management (FUM) reached S$125B, up 7% year-on-year, driven by organic growth, record fundraising, and strategic investments in SCCP and Wingate.

• Transitioned further to an asset-light model, with significant divestments, especially in China, and increased focus on recurring fee income.

• Maintained a stable dividend of S$0.12 per share, supported by robust operating cash flow exceeding S$900 million.

• Digital and AI-driven initiatives delivered over S$12M in incremental revenue and over S$5M in cost savings.

Financial highlights

• Core operating profit reached S$539 million, up 6% year-on-year, driven by listed funds and private fund growth.

• Fee income grew 6%, with private funds up 24% and listed funds up 8%; commercial management margins improved.

• Portfolio gains fell 80% due to fewer large divestments and higher China losses; China asset sales were at a 13% average discount to book value.

• China asset revaluations down S$545 million, offset by gains in Singapore and India.

• Interest costs declined from 4.4% to 3.9%, with further modest savings expected.

Outlook and guidance

• Targeting S$200B FUM by FY2028, with continued organic growth, new REIT listings, and scaling third-party capital.

• Expecting continued mid-single-digit growth in core operating profit and double-digit fund management revenue growth.

• Targeting accelerated China divestments and further reduction in balance sheet exposure.

• Lodging business expected to reach S$500 million in fee income as new signings open, with EBITDA margin targeted above 30% by 2028–2029.

• Growth acceleration to be supported by available debt headroom and disciplined capital deployment.