Lippo Malls Indonesia Retail Trust (D5IU) Q1 2026 earnings summary

Executive summary

• Achieved topline growth in 1Q 2026 driven by higher rental and carpark income, with portfolio occupancy improving to 87.5% as of 31 March 2026.

• Net property income increased 5.7% year-over-year to S$30.8 million.

• Net income rose 50.5% to S$17.4 million, but total return fell 28.4% to S$13.9 million due to higher FX losses and tax.

• Rights Issue completed in January 2026, raising S$63.0 million for debt repayment and working capital.

• No distributions declared for the quarter as cash conservation and debt reduction remain priorities.

Financial highlights

• Rental revenue rose 4.0% year-over-year to S$28.5 million; gross revenue up 4.6% to S$52.2 million.

• Net property income increased 5.7% year-over-year to S$30.8 million.

• In IDR terms, gross revenue and net property income grew 14.3% and 15.6% year-over-year, respectively.

• Carpark revenue surged 29.1% year-over-year to S$3.1 million due to a change in management arrangement.

• Net asset value per unit declined to 2.65 cents due to increased units in issue and currency translation.

Outlook and guidance

• Indonesian economic growth projections slightly lowered by World Bank and OECD, but Bank Indonesia maintains a resilient outlook of 4.9%–5.7%.

• Focus remains on portfolio optimization, disciplined capital management, and sustaining operational performance.

• Prudent approach to distributions will continue until further improvement in financial and cashflow position.