Lippo Malls Indonesia Retail Trust (D5IU) Q3 2025 earnings summary

Executive summary

• Achieved topline growth in 3Q 2025, driven by higher occupancy, increased carpark income, and a significant rise in other rental income.

• Portfolio of 29 Indonesian retail properties focused on long-term income and asset growth.

• Portfolio occupancy improved to 84.4% as of 30 Sep 2025, remaining above the industry average.

• Asset enhancement initiatives (AEIs) across several malls contributed to higher occupancy and improved tenant mix.

• No distributions to unitholders or perpetual securities holders due to cash conservation and financial prudence.

Financial highlights

• Gross revenue for 3Q 2025: S$51.5M (+7.5% YoY); 9M 2025: S$151.7M (+4.4% YoY).

• Net property income for 3Q 2025: S$31.1M (+8.5% YoY); 9M 2025: S$89.3M (+1.6% YoY).

• Rental revenue rose 3.4% year-over-year to S$27.7 million; carpark revenue more than doubled due to a new management arrangement.

• Total return for 3Q 2025: S$21.9M (vs. -S$37.2M in 3Q 2024); 9M 2025: S$45.0M (vs. -S$57.0M in 9M 2024).

• Earnings per unit (9M 2025): 0.58 cents (vs. -0.74 cents in 9M 2024).

Outlook and guidance

• Indonesia’s GDP growth projected at 4.9% for 2025 and 2026, supported by government stimulus and stable interest rates.

• Focus remains on maintaining healthy occupancy, optimizing tenant mix, and prudent capital management.

• Rights issue to strengthen balance sheet and fund asset enhancements.

• Ongoing and planned AEIs are expected to further enhance property values and operational resilience.