Capitaland Integrated Commercial Trust · SGX:C38U
Capitaland Integrated Commercial Trust — FY2025 Earnings Presentation
56 slides from Capitaland Integrated Commercial Trust's earnings presentation, Feb 6, 2026
Slide 1: FY 2025 Financial Results
FY 2025 Financial Results 6 February 2026
Slide 2: Disclaimer
FY 2025 Financial Results CapitaLand Integrated Commercial Trust 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, uncertainti
Slide 3: Agenda
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Agenda 01 Highlights 02 Financials & Capital Management 03 Portfolio & Asset Type Performance 04 Focus & Outlook 05 Sustainability 06 Market Information 07 Additional Information Raffles City Singapore 3
Slide 4: Highlights
01 Highlights
Slide 5: Strong Performance for FY 2025
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Strong Performance for FY 2025 FINANCIAL PERFORMANCE CAPITAL MANAGEMENT OPERATING METRICS FY 2025 S$1,189.7M Aggregate 38.6% Retail Portfolio Net Property Income Leverage FY 2025 ▲ 6.6% (NPI) ▲ 3.1% YoY ▼ 0.6 ppts vs 30 Sep 2025 Rent R
Slide 6: Value Creation Journey
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Value Creation Journey DIVESTMENT ACQUISITION DIVESTMENT DEVELOPMENT Divested 45% interest in Acquired the remaining Announced the sale of Awarded Hougang Central CapitaSpring’s serviced 55% interest in Bukit Panjang Plaza for site in
Slide 7: Divestment of Bukit Panjang Plaza for S$428.0 million
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Divestment Highlights Divestment of Bukit Panjang Plaza for S$428.0 million1 The sale is part of CICT’s broader portfolio reconstitution strategy, where asset divestments may be considered to enable capital redeployment into potential
Slide 8: CICT & Consortium Awarded Hougang Central Site for Landmark Mixed-use Development
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Development Highlights CICT & Consortium Awarded Hougang Central Site for Landmark Mixed-use Development Prime location In the heart of Hougang with sizeable catchment. First government land sales site in Hougang since 2019 Excellent c
Slide 9: CICT will Develop and Own 100% of the Commercial Component
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Development Highlights CICT will Develop and Own 100% of the Commercial Component Reinforcing foothold in our core market of Singapore, while expanding its retail footprint into Singapore’s northeast region Commercial Component Overall
Slide 10: Rationale for Development
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Development Highlights Rationale for Development Establishing presence in northeast region 1 Increased Exposure to Singapore ✓ Strengthens CICT’s portfolio exposure in Singapore, leveraging development as a strategic growth driver to r
Slide 11: Rationale for Development
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Development Highlights Rationale for Development Strong Population Catchment to Drive 5 Untapped Potential from Relatively Low Private 4 Retail Space per Capita Sustainable Demand ✓ Hougang ranks among Singapore’s most populous precinc
Slide 12: Asset Enhancement at Capital Tower
FY 2025 Financial Results CapitaLand Integrated Commercial Trust New AEI Asset Enhancement at Capital Tower Repositioning Level 9 into a community space and create higher-yielding F&B space at ground floor Level 1 Urban Plaza Enhancement ~7,750 sq ft Phase 1 | 4Q 2025 – 2Q 2026 • Introducing a two-s
Slide 13: Update on Asset Enhancement Works
FY 2025 Financial Results CapitaLand Integrated Commercial Trust AEI Updates Update on Asset Enhancement Works Gallileo Lot One Shoppers’ Mall Create value through increase in NLA, focusing on daily essentials and Elevating Galileo as a modern workplace shopper convenience Status: Works: ● Completed
Slide 14: Value Growth Driven by Acquisition and Strength in SG Portfolio
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Valuation Highlights Value Growth Driven by Acquisition and Strength in SG Portfolio VALUATION BY ASSET TYPE Portfolio as at 31 Dec 24 as at 31 Dec 25 Variance Variance S$ million S$ million S$ million % Australia Retail 9,384.0 9
Slide 15: Financials & Capital Management
02 Financials & Capital Management
Slide 16: 2H 2025 Financial Performance
FY 2025 Financial Results CapitaLand Integrated Commercial Trust 2H 2025 Financial Performance1 Stronger 2H 2025 YoY due to the step-up acquisition to a 100% interest in CapitaSpring and stronger asset performance across the portfolio 2H 2025 2H 2025 Gross Revenue NPI S$831.5M ▲ 4.7% YoY2 S$609.9M ▲
Slide 17: FY 2025 Financial Performance
FY 2025 Financial Results CapitaLand Integrated Commercial Trust FY 2025 Financial Performance1 FY 2025 FY 2025 Gross Revenue NPI S$1,619.2M ▲ 2.1% YoY2 S$1,189.7M ▲ 3.1% YoY2 Retail Portfolio (S$ m) Office Portfolio (S$ m) Integrated Development Portfolio (S$ m) 590.3 607.8 513.3 525.3 482.7 486.1
Slide 18: Resilience through Diversified Revenue Streams
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Resilience through Diversified Revenue Streams Singapore 95% FY 2025 Gross Revenue: Germany 2% S$1.6 billion Australia 3% Singapore 1. Office comprises office revenue contribution from Funan, Raffles City Singapore and The Atrium@Orcha
Slide 19: DPU Grew 6.4% YoY to 11.58¢
FY 2025 Financial Results CapitaLand Integrated Commercial Trust FY 2025 DPU Grew 6.4% YoY to 11.58¢ 2H 2025 DPU rose 9.4% YoY to S$5.961 DISTRIBUTABLE INCOME (S$M) FY 2025: +14.4% 860.9 3 DISTRIBUTION DETAILS 702.4 715.7 752.2 2 674.7 2H 2025: 449.0 355.1 362.5 385.7 +16.4% 338.8 Distribution Perio
Slide 20: Healthy Balance Sheet
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Healthy Balance Sheet As at 31 Dec 2025 S$’000 Non-current Assets 26,787,504 Net Asset Value/Unit 2.14 Current Assets 643,840 Adjusted Net Asset Value/Unit 2.09 (excluding distributable income) Total Assets 27,431,344 Current Liabiliti
Slide 21: Proactive Capital Management
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Proactive Capital Management As at 31 Dec 2025 As at 30 Sep 2025 As at 31 Dec 2024 Aggregate Leverage1 38.6% 39.2% 38.5% Total Borrowings (S$ billion) 10.0 10.1 8.9 % of Borrowings on Fixed Interest Rate 74% 74% 81% % of Total Assets t
Slide 22: Well Spread Debt Maturity Profile
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Well Spread Debt Maturity Profile1 Exclude share of JV’s borrowings 25% 2,629 Funding sources as at 31 December 2025 2 17% MTN 38% 814 Unsecured bank loans 52% 1,871 14% 1,551 Secured bank loans 10% 10% 11% S$ million Interest rate sen
Slide 23: Portfolio & Asset Type Performance
03 Portfolio & Asset Type Performance The retail and office asset information comprises the respective retail and office components of integrated developments, unless stated otherwise, to present their operating metrics and trends. Please see Portfolio Information as at 31 December 2025 on CICT's we
Slide 24: Committed Occupancy
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Portfolio Occupancy and WALE as at 31 Dec 2025 Healthy occupancy levels and lease tenures across portfolio RETAIL OFFICE INTEGRATED PORTFOLIO DEVELOPMENT3 1 1,2 98.7% 98.7% 2 97.3% 97.7% Committed Occupancy 96.2% 95.7% 97.2% 96.9% 30 S
Slide 25: Portfolio Lease Expiry Profile
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Portfolio Portfolio Lease Expiry Profile Proactively managing leases to ensure well spread portfolio lease expiry Leases in advanced negotiation: Retail 4.1% | Office 1.3% 16.2% 16.5% 12.9% 11.5% 8.5% 7.0% 6.3% 4.9% 5.4% 4.5% 2.4% 2.3%
Slide 26: Portfolio Top Tenants
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Portfolio Portfolio Top 10 Tenants Stable QoQ, with no single tenant contributing over 5% of total gross rental income % of Total Top 10 Tenants for Dec 20251 Trade Sector Gross Rental Income 1 RC Hotels (Pte) Ltd 4.5 Hotel 2 GIC Priva
Slide 27: Diversified Tenants' Business Trade Mix
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Portfolio Diversified Tenants’ Business Trade Mix Other Retail and Product Trades IT & Books, Stationery & Gifts/ Hobbies/ Real Estate & Property Telecommunications 3.5% 4.0% Sports Services 4.1% Jewellery & Watches 2.7% Other Retail a
Slide 28: Healthy Leasing Activity Across Portfolio
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Portfolio Healthy Leasing Activity Across Portfolio RETAIL OFFICE Of which, new leases 4Q 244,000 4Q 214,400 Of which, new leases made Total made up 4.4%, mainly Total up 21.8%, mainly from: New/Renewed 3Q 273,800 from: New/Renewed 3Q
Slide 29: Sustaining High Retail Occupancy
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Retail Sustaining High Retail Occupancy All properties reported higher occupancy than URA’s Singapore retail occupancy rate of 93.7%1 SUBURBAN DOWNTOWN RETAIL PORTFOLIO 2 99.3% 99.3% 98.2% 98.3% 98.7% 98.7% As at 30 Sep 2025 As at 31 D
Slide 30: Positive Rent Reversion for FY 2025
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Retail Positive Rent Reversion for FY 2025 Maintaining a positive but sustainable pace for FY 2026 FY 2025 Based on Net Lettable Area Rent Reversion1 Average Incoming Rents No. of Renewals Retention Area Percentage of Retail Vs /New Le
Slide 31: Resilient Tenant Sales for FY 2025
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Retail Resilient Tenant Sales for FY 2025 Tenant sales psf remained healthy despite ongoing economic and geopolitical uncertainties TENANT SALES 1 TOP 3 TRADE CATEGORIES 2 Tenant Sales1 Performance ▲ 7.5 % YoY FY 2025 YoY Remained resi
Slide 32: Re-energizing our Properties with New Concepts Every Quarter
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Retail Re-energizing our Properties with New Concepts Every Quarter Food & Beverages Lifestyle-related Chick-fil-A, Sushidan, Bao’s Pastry, Judydoll, Hermès Beauty, Bugis+ (NTM): Raffles City Singapore (NTM): Westgate (NTP): Bugis+ (NT
Slide 33: Driving Active Leasing & Retention
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Office Driving Active Leasing & Retention CICT OFFICE PORTFOLIO ► 4Q 2025 major renewals/new leases include: SINGAPORE GERMANY AUSTRALIA PORTFOLIO CBRE Core CBD CBRE Frankfurt • Schroder Investment Management (Singapore) JLL 4Q 2025- 4
Slide 34: Proactively Addressing Upcoming Expiries
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Office Proactively Addressing Upcoming Expiries Average expiring rents below market rent level of S$12.30 psf 2026 2027 Average rent of leases expiring is S$11.72 psf Average rent of leases expiring is S$11.86 psf 12.64 13.05 12.23 12.
Slide 35: Focus & Outlook
04 Focus & Outlook
Slide 36: Primed for Growth & Leveraging Cyclical and Structural Tailwinds
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Primed for Growth & Leveraging Cyclical and Structural Tailwinds Anchored by Resilient Fundamentals and Disciplined Focus Income Outlook Cost & Capital Management • Positive rent reversions for leases signed in in past few years to con
Slide 37: CICT's Value Creation Strategy
FY 2025 Financial Results CapitaLand Integrated Commercial Trust CICT’s Value Creation Strategy To deliver stable distributions and sustainable returns to unitholders Asset & Portfolio Asset Enhancements & Portfolio Reconstitution Acquisition Management Redevelopments • Optimise rental rate and main
Slide 38: Sustainability
05 Sustainability
Slide 39: Advancing our ESG Ambition
FY 2025 Financial Results CapitaLand CapitaLand Integrated Integrated Commercial Commercial Trust Trust Advancing our ESG Ambition Award Recognition in 2025 100% Green-rated Portfolio BREEAM Good 4% Green Star EDGE 1% 5% NABERS Energy 6% Singapore Corporate SIAS Investors’ Choice REITs Symposium ASE
Slide 40: Curating Shared Experiences That Strengthen Community Bonds and Foster Engagements
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Curating Shared Experiences That Strengthen Community Bonds and Foster Engagements Aug - Oct Sep - Oct Oct Oct Oct Community Chest SG SportSG & Active Parent @ Red Pencil Singapore @ Tron: Ares Pop-up @ POP LAND POP-up Store @ SHARE In
Slide 41: Market Information
06 Market Information
Slide 42: Macroeconomic Outlook
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Macroeconomic Outlook AUSTRALIA GDP SINGAPORE 3Q 2025 2026 Forecast GDP 2.1% YoY 2.3% YoY Inflation Unemployment 2025 (advance estimates) 2026 Forecast Dec 2025 Dec 2025 4.8% YoY 1.0% to 3.0% YoY 3.8% YoY 4.2% MAS Core Inflation GERMAN
Slide 43: Resilient Retail Rents Supported by Limited Retail Supply
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Resilient Retail Rents Supported by Limited Retail Supply SINGAPORE PRIVATE RETAIL SPACE (ISLANDWIDE)1 – NET DEMAND & SUPPLY Forecast average annual gross new supply 1.8 (2026 to 2028): 0.3 mil sq ft 1.0 1.0 0.9 1.0 0.9 1.0 0.7 0.7 0.8
Slide 44: Future Retail Supply in Singapore (2026 – 2028)
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Future Retail Supply in Singapore (2026 – 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) Compl
Slide 45: Singapore Retail Sales Performance
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Singapore Retail Sales Performance Several industries recorded YoY sales growth in Dec 2025: Recreational Goods and Computer & Telecommunications Equipment led the gains, with sales rising between 13.4% and 12.8% 2019 2022 2023 2024 20
Slide 46: Singapore Tourism Activity
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Singapore Tourism Activity Tourism sector recorded steady growth in 2025, with YTD Sep tourism receipts showing the highest YoY increase of 6.5% Singapore Tourist Arrival and Tourism Receipts Tourist Arrivals by Top 5 Geographies (2025
Slide 47: Grade A Office Rents Up by 2.9% YoY in 4Q 2025
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Grade A Office Rents Up by 2.9% YoY in 4Q 2025 Forecast average SINGAPORE PRIVATE OFFICE SPACE (CENTRAL AREA)1 – NET DEMAND & SUPPLY annual gross new supply (2026 to 2028): 1.0 mil sq ft 1.9 1.9 2.1 1.7 0.9 sq ft million 0.8 0.8 0.7 0.
Slide 48: Future Office Supply in Central Area (2026 – 2028)
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Future Office Supply in Central Area (2026 – 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 Subm
Slide 49: 4Q 2025 Frankfurt Office Market
FY 2025 Financial Results CapitaLand Integrated Commercial Trust 4Q 2025 Frankfurt Office Market 4Q 2025: ~93K sq m +0.9% QoQ FY 2025: ~556K sq m (highest to €55 per sqm/month CBRE expects leasing volumes to since 2018) align with the five-year average at Driven by strong demand for high- between 40
Slide 50: Sydney CBD 4Q 2025
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Sydney CBD 4Q 2025 Positive leasing demand for 8th consecutive quarter Positive net absorption of Only one new supply coming on 2 completions in 20,519 sq m driven by + 1.9% QoQ stream in 2026 - Atlassian 4Q 2025 large tenant (>1,000sq
Slide 51: North Sydney CBD 4Q 2025
FY 2025 Financial Results CapitaLand Integrated Commercial Trust North Sydney CBD 4Q 2025 Positive net absorption over the quarter; no new supply through 2029 2 completion in Positive net absorption 4Q 2025 No confirmed new mainly driven by small + 0.9% QoQ supply in North Sydney Total supply at ten
Slide 52: Additional Information
07 Additional Information
Slide 53: Valuation – Retail Portfolio
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Valuation – Retail Portfolio Key assumptions remain largely unchanged 5 Valuation Valuation Valuation Range of Cap Rates Variance as at 31 Dec 24 as at 31 Dec 25 as at 31 Dec 25 as at 31 Dec 2025 % S$ million S$ million S$ million % S$
Slide 54: Valuation – Office Portfolio
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Valuation – Office Portfolio Key assumptions remain largely unchanged Valuation Valuation Valuation Range of Cap Rates Variance as at 31 Dec 24 as at 31 Dec 25 as at 31 Dec 25 as at 31 Dec 2025 S$ million S$ million S$ million % S$ per
Slide 55: Valuation – Integrated Development (ID) Portfolio
FY 2025 Financial Results CapitaLand Integrated Commercial Trust Valuation – Integrated Development (ID) Portfolio Key assumptions remain largely unchanged Valuation Valuation Valuation Range of Cap Rates Variance as at 31 Dec 24 as at 31 Dec 25 as at 31 Dec 25 as at 31 Dec 2025 S$ million S$ millio
Slide 56: Thank You
Thank You For enquiries, please contact: Ms Allison Chen, Investor Relations Direct: (65) 6713 1502 | Email: allison.chen@capitaland.com CapitaLand Integrated Commercial Trust Management Limited Tel: (65) 6713 2888 | Fax: (65) 6713 2999 cict.com.sg
CapitaLand Integrated Commercial Trust — FY2025 Earnings Presentation on 6ix