Mapletree Industrial Trust (ME8U) Q2 26/27 earnings summary

Executive summary

• 2QFY26/27 revenue was S$167.0m, down 1.9% YoY; NPI fell 3.5% to S$119.8m and DPU declined 6.6% to 2.97 cents.

• 1HFY26/27 revenue fell 4.8% to S$329.3m, NPI declined 6.1% to S$242.0m and DPU fell 5.7% to 6.08 cents.

• Lower North American lease income, the prior Singapore divestment and weaker USD/JPY weighed on results; Singapore leasing gains and North American utility recoveries partly offset the declines.

Financial highlights

• 2Q amount available to unitholders was S$84.8m, down 6.5% YoY, versus S$90.7m; 2Q profit attributable to unitholders fell 8.7% to S$80.6m.

• 1H amount available to unitholders was S$173.6m, down 5.6% YoY; profit attributable to unitholders fell 10.1% to S$168.0m.

• 2Q borrowing costs fell 6.8% YoY to S$20.2m; 1H borrowing costs declined 16.3% to S$38.7m, while JV cash distributions rose 10.3% to S$11.9m.

• 2Q operating expenses rose 2.4% YoY to S$47.3m; 1H expenses eased 1.3% to S$87.3m.

Outlook and guidance

• Near-term performance faces North American lease non-renewals and higher borrowing costs as swaps locked at lower rates mature and reprice.

• Target North American divestments of S$500m–S$600m; proceeds are intended for interim debt repayment and investment headroom. Execution depends on negotiations and buyer diligence.

• Priorities include improving occupancy, protecting organic income, prudent capital management, and redeploying capital across industrial and data centre sectors through accretive growth and repositioning.

• Singapore rental reversions are expected to remain in the mid-single digits for H2; Kallang Way is tracking toward 75% occupancy by FY-end from 72.4% committed.

• Quarterly DPU for 1 July–30 September 2026 is payable on 9 December 2026; transfer books close at 5:00 p.m. on 4 November 2026.