Mapletree Logistics Trust (M44U) Q2 25/26 earnings summary

Executive summary

• Gross revenue for 2Q FY25/26 was S$177.5 million, down 3.2% year-on-year due to FX depreciation and divestments, but portfolio occupancy improved to 96.1% with resilient leasing demand and positive rental reversions outside China.

• Net property income declined 3.3% year-on-year to S$153.3 million; DPU fell 10.5% year-on-year to 1.815 cents, with operational DPU up 0.2% quarter-on-quarter.

• Profit attributable to unitholders rose 54.3% to S$86.6 million, driven by gains in financial derivatives.

• Portfolio comprised 175 logistics properties valued at S$13.0 billion as of 30 September 2025.

• Sustainability initiatives advanced, with 69% of portfolio green certified and solar capacity up 52% year-over-year.

Financial highlights

• 2Q FY25/26 gross revenue: S$177.5 million (-3.2% y-o-y); NPI: S$153.3 million (-3.3% y-o-y); DPU: 1.815 cents (-10.5% y-o-y); 1H FY25/26 gross revenue: S$354.9 million (-2.8% y-o-y); NPI: S$306.7 million (-2.7% y-o-y); DPU: 3.627 cents (-11.4% y-o-y).

• Profit attributable to unitholders rose 54.3% to S$86.6 million, mainly from derivative gains.

• NAV per unit stable at S$1.26; interest cost declined to 2.6%.

• Borrowing costs decreased due to lower base rates and loan repayments from divestment proceeds.

• Amount distributable to unitholders rose 0.5% quarter-on-quarter but fell 9.6% year-on-year.

Outlook and guidance

• Management expects China rent reversions to flatten by Q4 FY2025, with occupancy in China to remain in the low 90s.

• Cost of debt is guided at 2.7% for the next financial year, with hedging strategies in place.

• Divestment activities are expected to pick up with improving interest rate environment, targeting S$100–150 million in FY2026.

• Leasing demand remains steady, supporting high occupancy and resilient operations.

• Focus remains on sustaining occupancy, rental income, and cost efficiency, while mitigating currency and interest rate risks.