UOL (U14) H2 2025 earnings summary

Executive summary

• Operating PATMI rose 49% YoY to $468.7 million; PATMI increased 34% to $481.7 million.

• Revenue grew 16% to $3,234.1 million, while profit from operations rose 33% to $708.0 million.

• Strong residential take-up, stronger recurring commercial income and hospitality growth accompanied portfolio reshaping through acquisitions and divestments.

Financial highlights

• Fair value losses on investment properties were $4.5 million, versus $45.4 million of gains in FY2024, mainly reflecting lower UK and Australian valuations, partly offset by Singapore gains.

• EPS rose 34% to 57.00 cents.

• Share of associated and JV profits was $33.2 million versus a $4.4 million loss in FY24, driven by PARKTOWN Residence, Skye at Holland and stronger Mandarin Oriental Singapore performance.

Outlook and guidance

• Singapore’s economy is expected to grow 2.0%–4.0% in 2026; residential demand and sales momentum are expected to remain healthy, with moderate price growth.

• Office conditions are expected to remain resilient, with steady rental growth supported by tight CBD supply; retail rents are expected to grow modestly.

• Hospitality is expected to see modest growth from tourism demand, while global uncertainty, manpower constraints and changing travel preferences remain challenges.

• Pipeline openings include managed hotels and serviced suites across Asia from 2026 through 2027; NoMad Singapore is scheduled to open in late 2026.