CapitaLand Investment (9CI) investor relations material

Executive summary

• PATMI rose 14% year-over-year to S$327 million for 1H 2026, driven by strong fee income growth and portfolio gains from asset recycling, with operating PATMI up 13% to S$293 million.

• Recurring fee revenue grew 20% year-over-year to S$687 million, led by Listed and Private Funds Management platforms.

• Funds under management increased 2% to S$128 billion, reflecting new acquisitions and sustained fundraising momentum.

• The business is sharpening its focus on scaling dual growth engines—Listed and Private Funds Management—while unlocking S$7–9 billion of embedded value in non-core investments.

• Gross divestment value year-to-date reached approximately S$5.0 billion, highlighting active capital recycling across Singapore, India, and China.

Financial highlights

• Total revenue for 1H 2026 was S$1.018 billion, down 2% year-over-year, as higher fee income offset lower real estate investment business (REIB) contributions.

• Fee revenue grew 20% year-over-year, with Listed Funds and Private Funds Management fee revenue up 48% year-over-year to S$316 million.

• EBITDA margin improved to 56% from 49% in 1H 2025, with EBITDA stable at S$581 million.

• Operating cash flow rose to S$448 million from S$311 million in 1H 2025.

• Commercial management fees increased 6% due to improved leasing and operational efficiency; lodging recurring revenue up 4% after adjusting for prior year one-offs.

Outlook and guidance

• Fund management revenue is expected to continue growing in FY 2026, supported by expansion of Listed and Private Funds Management platforms and resilient recurring fees.

• Guidance for full-year operating PATMI remains mid-single digit growth, with potential to reach the higher end.

• Double-digit fee revenue growth is targeted, with ongoing investments in private funds and lodging verticals.

• Accelerated divestment of S$7–9 billion in non-core assets planned, with proceeds to be split between reinvestment, debt reduction, and potential shareholder returns.