CapitaLand Investment (CLI) recorded $310 million fee-related revenue, up 10% y-o-y, for 1QFY2026 ended March 31, supported by strong listed funds growth. This includes CLI’s 40% share of SC Capital Partners (SCCP) fee revenue.
As at March 31, 59% of CLI’s total revenue comes from its fee business, while 41% comes from its investment business.
CLI’s private funds segment grew the most across segments, surging 58% y-o-y to $41 million in 1QFY2026. This includes CLI’s 40% share of SCCP fee revenue, amounting to some $2 million and $7 million for listed and private funds management respectively.
Listed funds management grew 14% y-o-y to $87 million in 1QFY2026, while commercial management grew 3% y-o-y to $98 million for the quarter. Lodging management, meanwhile, was stable y-o-y, at $84 million in 1QFY2026.
CLI’s all-in fee-related revenue over funds under management (FRR/FUM) was 82 basis points (bps) during the quarter, down slightly from 85 bps over FY2025.
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CLI’s fund management fee-related revenue to funds under management ratio (FM FRR/FUM) was 51 bps during the quarter, down slightly from 52 bps over FY2025.
CLI’s balance sheet, based on open market value, fell $0.4 billion y-o-y to $3.9 billion in 1QFY2026, as CLI works on improving capital efficiency.
CLI’s net debt/equity stands at 0.41 times as at 1QFY2026, down from 0.43 times in FY2025. CLI’s interest coverage ratio fell to 3.9 times in 1QFY2026 from 4.2 times in FY2025.
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CLI’s fixed rate debt stands at 73% as at 1QFY2026, compared to 72% in FY2025.
CLIs’ average debt maturity stands at 2.9 years in 1QFY2026, down from 3.1 years in FY2025, with implied interest cost at 3.6% per annum in 1QFY2026, down from 3.9% per annum in FY2025.
CLI’s operating cashflow, which includes dividend received from associates, joint ventures and other investments, stands at $289 million in 1QFY2026, up from $255 million in 1QFYF2025.
In its business update released April 29, CLI says uncertain market conditions are expected to moderate the pace of capital raising and deployment, with continued focus on risk-adjusted returns.
“Potential inflation-driven cost pressures may weigh on asset operations, reinforcing ongoing portfolio optimisation and cost discipline,” adds CLI.
CLI says a continued focus on its high-conviction themes — lodging and living, logistics and self-storage, real estate credit — in resilient markets like Singapore, Japan and Australia continue to attract institutional capital and provide stability.
“CLI’s strong balance sheet and capital position provide flexibility to pursue strategic and accretive opportunities,” it adds.
Shares in CLI closed 0.71% down at $2.81 on April 28, up 2.5% year to date.
