Lendlease Global Commercial (JYEU) Q4 2026 earnings summary

Executive summary

• Achieved strong portfolio and income growth, driven by a Singapore-focused strategy, active asset management, and recurring earnings from operational assets.

• Expanded retail footprint with the acquisition of PLQ Mall and divested Jem office to enhance financial flexibility and reduce leverage.

• Delivered a 20.4% one-year total return, outperforming the FTSE ST REIT Index.

• Maintained sector leadership in ESG, with six consecutive years as GRESB Regional Sector Leader.

• Retail portfolio occupancy reached 98.5%, with positive rental reversion of 11.7% and tenant sales up 24.0% YoY.

Financial highlights

• Distribution per unit (DPU) rose 3.0% YoY to 3.70 cents for FY2026.

• Net property income (NPI) increased 6.6% YoY for 2H FY2026, supported by PLQ Mall acquisition.

• Gross revenue for FY2026 grew 2.6% YoY to S$211.9 million; NPI up 2.7% YoY to S$152.7 million.

• Distributable income surged 26.0% YoY to S$110.3 million.

• Property operating expenses rose S$1.4 million YoY due to PLQ Mall acquisition.

Outlook and guidance

• Focus on sustainable income growth through active asset management, disciplined execution, and new tenancies.

• Ongoing portfolio optimisation, including reconfiguration at PLQ Mall and leasing up Milan Building 3.

• Prudent capital management to maintain gearing and manage interest rate risks.

• Exploring further acquisition opportunities in Singapore.

• Enlarged Singapore retail portfolio provides a stronger platform for future growth.