CapitaLand Investment FY2025: FUM S$125B, Operating PATMI +6%, DPS 12¢
CapitaLand Investment (CLI) FY2025 (year ended 31 Dec 2025) delivered improved operating performance alongside a headline PATMI decline — a recurring feature of CLI's asset-light model where paper revaluation swings dominate reported earnings.
CapitaLand Investment (CLI) FY2025 (year ended 31 Dec 2025) delivered improved operating performance alongside a headline PATMI decline — a recurring feature of CLI's asset-light model where paper revaluation swings dominate reported earnings.
FUM grew 7% to S$125B (FY2024: S$117B), underpinned by larger follow-on funds, SCCP integration (40% stake) and Wingate (Australia). Fee-Related Revenue S$1.23B (+3% YoY; including SCCP: S$1.23B). Operating PATMI S$539M (+6% YoY). Total PATMI S$145M (FY2024: S$479M) — lower due to S$439M in China revaluation losses and reduced portfolio gains (S$45M vs S$230M). Revenue S$2.1B (broadly stable, adjusting for CLAS deconsolidation in Dec 2024).
- ▸FRB (Fee Business): Higher contributions from listed funds management and private funds; offset by growth-related expenses to scale private funds and lodging management. EBITDA margin stable at 36%.
- ▸REIB (Investment Business): Positive from lower interest and operating costs; offset by reduced contribution from divested China assets and higher revaluation losses reflecting continued China market softness. China + Singapore = 52% of total revenue.
LISTED FUNDS FY2025: SG-sponsored REITs delivered 15.6%–29.9% total unitholder returns. ~S$3.7B in acquisitions by listed funds.
DPS 12.0¢ (ordinary, stable YoY; no special dividend vs 6.5¢ CICT-units special in FY2024). Equity raised S$6.5B (S$1.6B listed + S$4.9B private). Capital recycled S$3.1B. Net debt/equity 0.43x. Interest cost down to 3.9% p.a. (FY2024: 4.4% rebased). Debt headroom S$6.4B.
CLI is executing its transformation to an asset-light, fee-driven real asset manager — FUM at record S$125B, fee revenue growth across all segments, AI-driven efficiency gains. The China portfolio remains a drag: S$439M in revaluation losses and S$3.1B of capital recycling are both expressions of the same strategic priority — reduce China REIB exposure, redeploy into higher-growth fee-generating mandates. The 2026 pipeline (REIT listings, SCCP fund launches, Wingate scaling) could be a meaningful catalyst for both FUM growth and fee revenue.