CapitaLand Integrated Commercial Trust · SGX:C38U
CapitaLand Integrated Commercial Trust — H1 2025 Earnings Presentation
47 slides from CapitaLand Integrated Commercial Trust's earnings presentation, Aug 5, 2025
Slide 1: 1H 2025 Financial Results
CapitaLand Integrated Commercial Trust 1H 2025 Financial Results 5 August 2025
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors incl
Slide 3: Contents
Contents 04 30 Highlights Focus & Outlook 11 Financials & Capital 33 Management Sustainability 18 36 Portfolio & Market Information Asset Type Performance ION Orchard, Singapore
Slide 4: Highlights
Highlights Raffles City Singapore
Slide 5: Robust 1H 2025 Financial Performance
Robust 1H 2025 Financial Performance Stable Financials Higher Distribution Healthy Financial Position 1H 2025 S$787.6M 37.9% Distributable S$411.9M Aggregate Gross 0.5% YoY Income 12.4% YoY Leverage 0.6 ppts1 Revenue 1.4% LFL YoY 1H 2025 S$579.9M Distribution Net Property 0.4% YoY per Unit 5.62 cent
Slide 6: Anchored by Steady Portfolio Performance
Anchored by Steady Portfolio Performance Portfolio Operating Metrics Retail/Office Operating Metrics Retail Portfolio Portfolio 96.3% YTD Jun 2025 7.7% Occupancy 0.1 ppts QoQ Rent Reversion2 Office Portfolio Portfolio 3.2 Years 4.8% WALE Stable QoQ YTD Jun 2025 17.9% Retail Portfolio Tenant Sales3 Y
Slide 7: Value Unlocked from Sale of Serviced Residence Component at CapitaSpring
Value Unlocked from Sale of Serviced Residence (SR) Component at CapitaSpring Demonstrates CICT's commitment and ability to unlock value and strengthen financial flexibility • Divestment of the 299-unit SR at CapitaSpring was completed on 30 May 2025 • Net proceeds were used to pare down debt and to
Slide 8: Completing Ongoing Asset Enhancements
Completing Ongoing Asset Enhancements Strengthening IMM Building’s Position as a Elevating Gallileo as a Modern Workplace Regional Outlet Destination Handover: • ECB from late 3Q Phase 3 AEI 2025 space • Remaining handed over tenants in 1Q to tenants 2026 Facade of Gallileo Frankfurt, Germany Facade
Slide 9: Asset Enhancement at Lot One Shoppers’ Mall
Asset Enhancement at Lot One Shoppers’ Mall Creating value through expansion of NLA focusing on daily essentials and shopper convenience Lot One Shoppers’ Mall Target Target ROI: ROI >7% NLA Undergoing Pre- Estimated Cost: Works: Commitment: ~21,000 sq ft >70% S$37 million AEI Duration: Artist’s imp
Slide 10: Asset Enhancement at Tampines Mall
Asset Enhancement at Tampines Mall Uplifting Asset Value, Enhancing Asset Potential via Upgrading Works Current Tampines Mall Target ROI: ~7% Tampines Mall’s NLA Undergoing main entrance: Estimated Cost: Current street view Works: Artist’s S$24 million vs artist’s impression impression ~50,000 sq ft
Slide 11: Financials & Capital Management
Financials & Capital Management CapitaSpring, Singapore
Slide 12: 2Q 2025 Gross Revenue and NPI Increased by ~2% on a YoY Like-for-Like Basis
2Q 20251 Gross Revenue and NPI Increased by ~2% on a YoY Like-for-Like Basis2 Gross 0.2% YoY 0.1% YoY Revenue S$392.4M 1.7% LFL YoY2 NPI S$288.4M 2.0% LFL YoY2 Performance by Asset Type Retail Portfolio Office Portfolio 3 Integrated Development Portfolio (S$ m) (S$ m) (S$ m) 144.7 150.4 129.7 121.3
Slide 13: 1H 2025 Gross Revenue and NPI Increased on a YoY Like-for-Like Basis
1H 20251 Gross Revenue and NPI Increased by 1.4% and 1.7% respectively, on a YoY Like-for-Like Basis2 Gross 0.5% YoY 0.4% YoY Revenue S$787.6M 1.4% LFL YoY2 NPI S$579.9M 1.7% LFL YoY2 Performance by Asset Type Revenue Contribution Retail Portfolio Office Portfolio 3 Integrated Development AU GER (S$
Slide 14: 1H 2025 DPU Up 3.5% YoY to 5.62 cents
1H 2025 DPU Up 3.5% YoY to 5.62 cents Distributable Income (S$ million) DISTRIBUTION DETAILS 702.4 715.7 752.21 674.7 Distribution Period 1 January 2025 to 30 June 2025 338.8 355.1 362.5 385.7 ▲12.4% DPU 5.62 cents 335.9 347.3 353.2 366.5 411.9 2 Notice of Record Date Tuesday, 5 August 2025 2021 202
Slide 15: Balance Sheet
Balance Sheet As at 30 June 2025 S$’000 Non-current Assets 25,318,832 Net Asset Value/Unit 2.13 Current Assets 251,105 Adjusted Net Asset Value/Unit 2.07 (excluding distributable income) Total Assets 25,569,937 Current Liabilities 1,180,244 Non-current Liabilities 8,625,607 Total Liabilities 9,805,8
Slide 16: Proactive Capital Management
Proactive Capital Management As at 30 June 2025 As at 31 March 2025 Aggregate Leverage1 37.9% 38.7% Total Borrowings (S$ billion) 8.8 9.0 % of Borrowings on Fixed Interest Rate 81% 78% % of Total Assets that are Unencumbered 93.4% 93.8% Interest Coverage Ratio (ICR)2 3.3x 3.2x Average Term to Maturi
Slide 17: Well Spread Debt Maturity Profile
Well Spread Debt Maturity Profile1 20% 17% 1,980 Exclude share of JVs’ borrowings 15% 1,718 Funding sources 814 1,509 459 11% MTN 43% 10% S$ million 9% 1,114 Unsecured bank loans 49% 748 1,043 891 Secured bank loans 8% 842 706 639 5% 4% 424 4% Interest rate sensitivity 354 738 442 3% 475 assuming 1%
Slide 18: Portfolio & Asset Type Performance
Portfolio & Asset Type Performance Note: The retail and office asset information comprises the respective retail and office components of integrated developments unless stated otherwise, in order to show the operating metrics and trends. Bedok Mall, Singapore
Slide 19: Healthy Occupancy Levels Across the Portfolio
Healthy Occupancy Levels Across the Portfolio INTEGRATED RETAIL OFFICE2 PORTFOLIO2 DEVELOPMENT 3 98.8% 98.6%1 94.7% 94.6% 98.4% 97.8% 96.4% 96.3% 1 Committed Occupancy 31 Mar 2025 30 Jun 2025 31 Mar 2025 30 Jun 2025 31 Mar 2025 30 Jun 2025 31 Mar 2025 30 Jun 2025 WALE 2.0 years 3.4 years 4.5 years 3
Slide 20: Proactively Managing Leases to Ensure Well Spread Portfolio Lease Expiry
Proactively Managing Leases to Ensure Well Spread Portfolio Lease Expiry1 Leases in advanced negotiation: Retail ~2.7% | Office ~1.2% 17.1% 16.1% 10.0% 9.5% 7.6% 8.1% 6.7% 6.0% 4.6% 4.0% 4.3% 2.8% 3.2% 2025 2026 2027 2028 2029 2030 and beyond Retail Office Hospitality Note: 1. Based on gross rental
Slide 21: Top Tenants Stable QoQ; No Single Tenant Over 4.8%
Top 10 Tenants Stable QoQ; No Single Tenant Contributes Over 4.8% of CICT’s Total Gross Rental Income1 % of Total Top 10 Tenants for Jun 2025 Trade Sector Gross Rental Income 1 RC Hotels (Pte) Ltd 4.8 Hotel 2 GIC Private Limited 1.7 Financial Services 3 Temasek Holdings 1.6 Financial Services Superm
Slide 22: Diversified Tenants’ Business Trade Mix
Diversified Tenants’ Business Trade Mix Other Retail and Product Trades Real Estate & Property IT & Books, Stationery & Gifts/ Hobbies/ Services 3.6% Telecommunications Sports 4.0% 3.7% Jewellery & Watches 3.0% Other Retail and Digital & Appliance 2.7% Hospitality & Leisure Product Trades 5.1% 23.2%
Slide 23: Healthy Leasing Activity Across Portfolio in 2Q 2025
Healthy Leasing Activity Across Portfolio in 2Q 2025 RETAIL OFFICE Total Total Of which, new leases made up Of which, new leases made up New/Renewed 2Q 290,100 New/Renewed 2Q 114,700 23.4%, mainly from: 16.3%, mainly from: Leases1 – Food & Beverages Leases2 – Business Consultancy 1Q 209,500 – Fashio
Slide 24: Sustaining High Retail Occupancy
Sustaining High Retail Occupancy All properties reported higher occupancy than URA’s Singapore retail occupancy rate of 92.9%1 99.6% 99.5% 2 98.0% 97.9% 98.8% 98.6% 2 Suburban Downtown Retail Portfolio As at 31 Mar 2025 As at 30 Jun 2025 Notes: The above chart includes retail properties and retail c
Slide 25: Sustained Positive Reversion Trend for YTD June 2025
Sustained Positive Reversion Trend for YTD June 2025 Projected to remain positive, albeit at a more moderate pace for the rest of 2025 YTD Jun 2025 Based on Net Lettable Area Rent Reversion Retention Percentage of Average Incoming Rents No. of Renewals Rate Area Retail Portfolio vs / New Leases1 (%)
Slide 26: Stable Tenant Sales in 1H 2025
Stable Tenant Sales in 1H 2025 Potential softening of retail sales in upcoming quarters due to global uncertainties Tenant Sales1 CICT’s Top 3 Trade Categories2 Tenant Sales Performance: YTD Jun 2025 YoY Increase was mainly due to the contribution from ION Orchard. However, the inclusion of ION Orch
Slide 27: Delivering Fresh Experiences to Our Shoppers
Delivering Fresh Experiences to Our Shoppers Several new culinary and lifestyle mix opened in 2Q 2025 Food & Beverages Lifestyle-related ARTEASG, Raffles City Singapore (NTM) 銷魂麵舖 SPICY NOODLE, Raffles City BEUTEA, Junction 8 (NTP) - Modern tea - Fusion art and tea concept originating KKV, Bedok Mal
Slide 28: Focusing on Tenant Retention and Active Leasing
Focusing on Tenant Retention and Active Leasing CICT Office Portfolio SINGAPORE GERMANY AUSTRALIA PORTFOLIO ► 2Q 2025 major renewals include: • Clarksons Singapore Pte. Limited at Asia Square 1 97.9% 97.7% 2 Tower 2 94.7% 94.6% 87.6% 88.1% 4 • First Abu Dhabi Bank P.J.S.C. Singapore Branch 2,3 81.6%
Slide 29: Proactively Managing Upcoming Expiries with Average Rents Below Market Rent Level
Proactively Managing Upcoming Expiries with Average Rents Below Market Rent1 Level 2025 2026 20% Average rent of leases expiring is S$11.52psf 2 Average rent of leases expiring is S$11.72 psf 2 20% 15.70 15% 12.99 15% 12.19 12.42 11.33 11.74 11.98 11.70 11.42 11.22 10.52 9.20 10% 10% 5% 5% 2.8% 2.7%
Slide 30: Focus & Outlook
Focus & Outlook Bugis Junction, Singapore
Slide 31: CICT’s Value Creation Strategy
CICT’s Value Creation Strategy To deliver stable distributions and sustainable returns to unitholders Asset & Portfolio Asset Enhancements Portfolio Acquisition Management & Redevelopments Reconstitution • Optimise rental rate and maintain • Achieve the highest and best use • Undertake appropriate d
Slide 32: Well-positioned to Navigate Changing Macroeconomic Conditions
Well-positioned to Navigate Changing Macroeconomic Conditions Underpinned by Resilience and Focus Solid Fundamentals Supporting Resilient FY 2025 Outlook Income Outlook Cost & Capital Management Positive rent reversions for leases signed in FY 2023 and • Discipline in maintaining healthy balance FY
Slide 33: Sustainability
Sustainability Funan, Singapore
Slide 34: Advancing our ESG Ambition
Advancing our ESG Ambition Recognition in 1H 2025 Greening our Portfolio Included in the 2025 Fortune Southeast Asia 500 list, Rating Renewal: CapitaSky renewed its Green Mark Platinum which recognises the region’s 500 largest listed companies by revenue Advanced six positions in the rankings BREEAM
Slide 35: Curating Shared Experiences That Strengthen Community Bonds
Curating Shared Experiences That Strengthen Community Bonds and Foster Engagements Community Engagements in 2Q 2025 Retail Engagements in 2Q 2025 Apr Apr May May May- Jun #LoveOurSeniors Meal Leadership Series- Engaging Tenants Treats- Building rapport The Mobile Legends: Bang Bang Milo’s 75th anniv
Slide 36: Market Information
Market Information ION Orchard, Singapore
Slide 37: Macroeconomic Outlook
Macroeconomic Outlook AUSTRALIA2 SINGAPORE1 GDP 1Q 2025 2025 Forecast GDP 1.3% YoY 1.8% YoY 2Q 2025 Advance Estimates 2025 Forecast Inflation Unemployment 4.3% YoY 0% to 2.0% YoY May 2024 Jun 2025 MAS Core Inflation 2.1% YoY 4.2% Jun 2025 2025 Forecast GERMANY3 GDP 0.6% YoY 0.5% to 1.5% YoY 1Q 2025
Slide 38: Resilient Retail Rents Supported by Limited Retail Supply
Resilient Retail Rents Supported by Limited Retail Supply Singapore Private Retail Space (Islandwide)1 – Net Demand & Supply Forecast average annual gross new supply 2.0 1.8 (2025 to 2028): 0.3 mil sq ft 1.0 1.0 0.9 1.0 0.9 1.0 1.0 0.7 0.7 0.8 0.8 0.5 0.5 0.6 0.3 0.4 0.3 0.3 0.4 0.3 sq ft million 0.
Slide 39: Known Future Retail Supply in Singapore (2025 – 2028)
Known Future Retail Supply in Singapore (2025 – 2028) No major new retail supply; retail supply is mainly concentrated in the Fringe and Outside Central Region submarkets Expected Proposed Retail Projects Submarket Location NLA (sq ft) Completion 2025 Marine Parade Underground Mall Fringe Marine Par
Slide 40: Singapore Retail Sales Performance
Singapore Retail Sales Performance Performance was mixed with Computer & Telecommunications Equipment, Supermarkets & Hypermarkets, Recreational Goods, Optical Goods & Books registering more than 4% YoY growth 2019 2022 2023 2024 YTD May 2025 Total Retail Sales 38.0 42.3 43.1 42.7 17.7 (excl motor v
Slide 41: Singapore Tourism Activity
Singapore Tourism Activity STB expects the rate of tourism spending to outpace the growth in visitor arrivals as Singapore shifts its focus from volume to value Singapore Tourist Arrival and Tourism Receipts Tourist Arrivals by Top 5 Geographies (YTD May 2025) 29.8 N.A.1 29.0 to 30.5 27.7 27.2 India
Slide 42: Grade A Office Rents Up by 1.3% YoY in 1H 2025
Grade A Office Rents Up by 1.3% YoY in 1H 2025 Singapore Private Office Space (Central Area)1 – Net Demand & Supply Forecast average annual gross new supply 1.9 1.9 (2025 to 2028): 0.7 mil sq ft 2.0 1.7 1.4 0.8 0.8 0.9 1.0 1.0 0.7 0.7 0.6 0.3 0.2 0.3 0.5 0.3 sq ft million 0.2 0.2 0.2 0.2 0.2 0.3 0.0
Slide 43: Known Future Office Supply in Central Area (2025 – 2028)
Known Future Office Supply in Central Area (2025 – 2028) Limited supply in CBD core1 for the next few years; no commercial sites in CBD Core on the Government Land Sales reserve list and confirmed list2 Expected Proposed Office Projects Submarket Location NLA (sq ft) Completion 2025 NIL NIL NIL NIL
Slide 44: 2Q 2025 Frankfurt Office Market
2Q 2025 Frankfurt Office Market 4.0% QoQ ~151,000 sq m to EUR53.00 per sqm/month CBRE expects full year Ongoing ‘flight to quality’ demand to exceed 500,000 Prime Rental trend reflects tenants’ driving demand for new or Demand Outlook sq m, marking a return to Rents readiness to pay a premium for hi
Slide 45: Sydney CBD 2Q 2025: Positive Leasing Demand for 6th Consecutive Quarter
Sydney CBD 2Q 2025: Positive Leasing Demand for 6th Consecutive Quarter JLL expects vacancy to Positive net absorption ease in 2025, supported 1.0% QoQ 46,900 sq m: of 23,500 sq m due to by stable demand and Prime Net 11.1% YoY Supply 3 completions Demand large occupier demand Outlook minimal new su
Slide 46: North Sydney CBD 2Q 2025: Positive Leasing Demand in the Quarter
North Sydney CBD 2Q 2025: Positive Leasing Demand in the Quarter Completion of Victoria Cross Tower and 155 Miller Street Positive net absorption 4,700 sq m: will add 57,100 sqm and 2.8% QoQ of 6,500 sq m driven Prime Net could raise vacancy rate. 3.0% YoY Supply 1 completion Demand by a mix of larg
Slide 47: The End
The End For enquiries, please contact: Ms Ho Mei Peng, Head, Investor Relations Direct: (65) 6713 3668 | Email: ho.meipeng@capitaland.com CapitaLand Integrated Commercial Trust Management Limited (http://www.cict.com.sg) Tel: (65) 6713 2888 | Fax: (65) 6713 2999
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