CapitaLand Investment (9CI) Status Update summary

Strategic transformation and growth ambitions

• Transitioned from a developer to a pure asset manager, emphasizing fee income growth, capital recycling, and building Asia-Pacific capabilities before expanding globally.

• Achieved S$24 billion in capital recycling and raised S$17 billion in new capital since 2021, with FUM growing ~30% to S$113 billion and significant progress in China and India.

• Targeting to double funds under management from S$100 billion to S$200 billion by 2028, with growth increasingly driven by India, Japan, Korea, Australia, and Southeast Asia, and reduced reliance on China.

• Strategic partnership with SC Capital Partners adds S$8-11 billion FUM, making Japan the third largest FUM market and strengthening the fund management franchise.

• Emphasis on disciplined M&A, cultural fit, and building long-term enterprise value over short-term gains.

Board oversight, governance, and culture

• Board acts as both coach and advisor, supporting management with diverse expertise and ensuring robust governance, risk management, and strategic alignment.

• Board composition has evolved to include more financial services and private equity backgrounds, with increased gender diversity and skills in sustainability and digital transformation.

• Strong focus on talent development, culture, and organizational health, with regular employee surveys and targeted senior hires in key markets.

• Culture and people are seen as central to success, with the board prioritizing cultural fit in M&A and emphasizing accountability, challenge, and growth mindset.

Financial targets and capital deployment

• Aims to achieve over S$1 billion in operating profit and double fee-related earnings by 2028, with 60-70% of profit from fee business and the rest from invested capital.

• Capital deployment prioritizes growth opportunities, followed by consistent dividends and share buybacks, with flexibility to adjust based on market conditions.

• Plans to reduce sponsor stakes in listed REITs and private funds to improve capital efficiency, while maintaining strategic stakes and supporting organic and inorganic growth.

• Focus on operational profit as fair value and divestment gains become less predictable in the current environment.