Lippo Malls Indonesia Retail Trust (D5IU) Q4 2025 earnings summary

Executive summary

• Achieved strong topline growth in 4Q25, driven by higher rental revenue and increased carpark income following a change in management arrangement from 2H24.

• Portfolio occupancy rose to 86.5% as of 31 Dec 2025, remaining above the industry average.

• Shopper traffic continued to recover, with total visitor traffic up 2.4% year-over-year in 4Q25.

• The investment mandate will broaden to include diversified real estate assets across Indonesia and Asia, with a rebranding to "Landmark REIT" effective 27 March 2026.

Financial highlights

• Rental revenue increased 6.5% year-over-year to S$28.6 million in 4Q25; in IDR terms, up 15.6%.

• Gross revenue rose 8.1% to S$53.3 million; net property income grew 13.8% to S$31.6 million.

• Carpark revenue surged 65.3% year-over-year to S$3.6 million.

• Investment properties valued at S$1,421.6 million as of 31 Dec 2025, down 9.0% from prior year due to IDR depreciation and shorter land tenure.

Outlook and guidance

• Indonesia's economy grew 5.4% in 4Q25 and is forecasted to grow 4.9–5.7% in 2026.

• The Trust will focus on operational resilience, healthy occupancy, tenant mix optimization, and prudent capital management.

• Asset enhancement initiatives are expected to continue yielding positive outcomes.