CapitaLand Investment’s (CLI) FY2025 operating patmi rose 6% y-o-y to $539 million. However, total patmi for the year ended Dec 2025 was down 70% y-o-y at $145 million compared with $479 million in FY2024, no thanks to lower portfolio gains and high revaluation losses from China, reflecting continued market softness.
In the most recent 2HFY2025, total patmi recorded a loss of $142 million due to revaluation losses of $439 million.
Total revenue fell by 24% to $2.133 billion in FY2025. Higher fee-related earnings were offset by lower real estate investment business following asset divestments.
CLI's funds under management grew by 7% y-o-y to $125 billion as at end-2025, with total equity raised almost doubling to $6.5 billion, driven by both private and listed funds. Private funds raised $4.9 billion, and listed funds raised $1.6 billion.
As of end-December 2025, net debt to equity was 0.43x. Around 72% of borrowings were on fixed rates at an implied interest cost of 3.9% and weighted average debt maturity of about 3.1 years.
CLI declared a final dividend of 12 cents, unchanged y-o-y, reflecting a payout ratio of more than 100%.
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CLI's group CEO Lee Chee Koon says this year, the company will "sharpen" its portfolio through accelerating divestments and redeployment, balancing pace and pricing to enhance earnings quality and resilience.
"Where it is value accretive and commercially viable, we will leverage our debt headroom to evaluate and pursue strategic options to deepen capabilities and expand growth pathways for CLI,” he says.
Now that there is better clarity on where rates are heading, CLI sees transaction momentum to remain positive.
It will continue to evaluate opportunities to expand and grow organically, while pursuing new opportunities, including new REIT listings.
CLI will also push ahead with faster capital recycling, including evaluating portfolio and structural solutions for its China assets, amid a challenging market environment.
CLI shares closed at $3.17 on Feb 10, up 0.32% for the day, and extending a gain of 28.34% in the past year.
