Mapletree Logistics Trust (M44U) Q4 25/26 earnings summary

Executive summary

• 4Q FY25/26 gross revenue was S$176.6m, down 1.7% YoY, and NPI was S$151.4m, down 0.9%, mainly due to divestments and currency headwinds.

• 4Q DPU was 1.819 cents, down 7.0% YoY; excluding divestment gains, operational DPU rose 0.9% YoY and 0.2% QoQ.

• Occupancy improved to 96.9% from 96.4% in the prior quarter, with positive rental reversions in most markets except China.

• Portfolio rejuvenation included a yield-accretive Mumbai acquisition and six property divestments at an average 20% premium to valuation.

Financial highlights

• Excluding divestments and currency volatility, 4Q gross revenue and NPI would have increased by S$3.6m and S$4.1m, respectively.

• FY25/26 gross revenue was S$708.3m, down 2.6% YoY, and NPI was S$610.2m, down 2.4%; excluding divestments and currency effects, they rose S$6.1m and S$5.4m.

• FY distributable amount was S$370.1m, down 8.9% YoY; DPU was 7.262 cents, down 9.8%, while adjusted DPU excluding divestment gains fell 3.4%.

• 4Q borrowing costs fell 3.0% YoY, mainly from lower base rates, refinancing and debt repayments funded by divestment proceeds.

Outlook and guidance

• Higher borrowing costs and currency volatility are expected to continue weighing on performance; leasing activity remains stable.

• Interest costs are expected to rise to 2.7%–2.8% in FY26/27 as S$700m of fixed-rate debt is refinanced; DPU is expected to remain flat at ~S$0.018 per quarter.

• Organic growth from Singapore, Vietnam, India and Malaysia is expected to offset higher interest costs; Singapore rental reversions are guided at 3%–5%.

• China rental reversions are expected to turn neutral in 3–4 quarters; Hong Kong reversions are expected to remain modestly positive.