Lendlease Global Commercial (JYEU) Q3 2026 earnings summary

Executive summary

• Achieved positive retail rental reversion of 12.2% in 3Q FY2026 and office rental uplift of 1.5% in Milan, effective April 2026.

• Completed acquisition of the remaining 30% interest in PLQ Mall, achieving full ownership and commencing enhancement works to optimize space and tenant mix.

• Portfolio occupancy improved to 95.3%, with retail assets in Singapore representing 90% of portfolio value.

• Year-to-date tenant sales up 17.6% YoY, with like-for-like sales (excluding PLQ Mall) up 2.5% YoY.

• Refinanced PLQ Mall loans, securing S$2 million in annual debt cost savings.

Financial highlights

• Portfolio committed occupancy at 95.3% as of 31 March 2026.

• Weighted average lease expiry (WALE) stands at 4.7 years by NLA.

• Tenant retention rate at 62.5% (72.9% excluding Cathay Cineplexes turnover).

• S$4.2 billion portfolio value and S$1.8 billion market capitalisation.

• Dividend yield annualised at 6.9% based on 1H FY2026 DPU.

Outlook and guidance

• Enhancement works at PLQ Mall targeted for completion by end-2026, expected to support higher rental rates from 2027.

• Focus on leasing up Building 3 in Milan and evaluating its divestment potential.

• Continued pursuit of acquisition opportunities in Singapore with growth potential.

• Retail rents in Singapore expected to grow up to 2% in 2026, supported by tourism and resilient consumer demand.

• Electricity tariffs contracted at fixed rates till FY2028, mitigating exposure to rate hikes.