Earnings release
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CapitaLand INTEGRATED COMMERCIAL TRUST NEWS RELEASE For immediate release CICT delivers 7.1 % growth in 1H 2026 distribution per unit to 6.02 cents • Robust performance underpinned by active asset , portfolio and capital management Well - positioned to deliver sustainable growth , supported by a quality portfolio , accretive acquisitions and a healthy balance sheet Singapore , 12 August 2026 Asia's largest listed REIT , CapitaLand Integrated Commercial Trust ( CICT or the Trust ) , today announced a 7.1 % year - on - year ( YoY ) increase in distribution per unit ( DPU ) to 6.02 cents for the six months ended 30 June 2026 ( 1H 2026 ) . The strong DPU growth was achieved despite an enlarged unit base following the private placement in April 2026. The 6.02 cents includes the advanced distribution of 3.98 cents per unit for the period from 1 January 2026 to 28 April 2026 , which was paid on 8 June 2026. Unitholders on record as at 20 August 2026 will receive the remaining 1H 2026 DPU of 2.04 cents on 25 September 2026. Based on the closing price of S $ 2.37 per unit on 30 June 2026 , CICT's annualised distribution yield is 5.1 % . Gross revenue grew 7.5 % YoY to S $ 846.8 million in 1H 2026 , while net property income rose 8.7 % YoY to S $ 630.5 million , driven by income contributions from CapitaSpring's commercial component¹ and Gallileo² , partially offset by the divestment of Bukit Panjang Plaza 3. Supported by stronger operating performance and lower interest expenses , distributable income grew 13.3 % YoY to S $ 466.7 million for 1H 2026 . Mr Tan Choon Siang , CEO and Executive Director , CICTML , said : " CICT delivered a robust set of results for the first half of 2026 despite a challenging macroeconomic environment . Healthy leasing demand across our retail and office portfolios translated into positive rental reversions and high portfolio occupancy , while the acquisition of CapitaSpring in August 2025 and proactive asset management enabled us to capture new opportunities and support sustainable income growth . " " CICT's growth trajectory remains firmly on track . Key income drivers , including lease commencement at Gallileo , the acquisition of Paragon , and the continued flow - through of positive rental reversions will continue to drive CICT's growth . Together with lower financing costs , these provide greater income visibility and support a strong growth outlook . Backed by a strong balance sheet and a diversified portfolio of high - quality assets , 1 CICT acquired the remaining 55 % interest in CapitaSpring on 26 August 2025 . 2 Gallileo is largely handed over to tenants following completion of the asset enhancement initiatives . 3 Bukit Panjang Plaza was divested on 27 February 2026 . 1
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2 we remain well-positioned to navigate market uncertainties and deliver sustainable returns and long-term value for our unitholders,” added Mr Tan. Summary of CICT's Results 1H 2026 1H 2025 Change % FY 2025 FY 2024 Gross Revenue (S$’000) 846,753 787,646 7.5 1,619,174 1,586,329 Net Property Income (S$'000) 630,488 579,865 8.7 1,189,749 1,153,478 Distribution Income from Joint Ventures (S$'000)1 16,748 20,811 (19.5) 52,328 21,918 Amount Available for Distribution (S$'000)2 470,915 416,525 13.1 869,957 761,592 Distributable Income (S$'000)2,3 466,669 411,889 13.3 860,874 752,211 DPU (cents) 6.024 5.62 7.1 11.58 10.88 Notes: 1. Distribution income from joint ventures comprised CapitaSpring’s 45% interest and ION Orchard’s 50% interest in 1H 2025, and ION Orchard’s 50% interest in 1H 2026. 2. Amount includes distribution income from joint ventures. 3. The following sums were retained for general corporate and working capital purposes: • For 1H 2026, S$4.2 million comprising S$3.1 million and S$1.1 million received from CLCT and Sentral REIT respectively. • For 1H 2025, S$4.6 million comprising S$3.5 million received from CLCT and S$1.1 million from Sentral REIT. • For FY 2025, S$9.1 million comprising S$6.9 million and S$2.2 million received from CLCT and Sentral REIT respectively. • For FY 2024, S$9.4 million compris ing S$8.0 million and S$1.4 million received from CLCT and Sentral REIT, respectively. 4. For 1H 2026, advanced distribution of 3.98 cents for 1 January 2026 to 28 April 2026 was paid on 8 June 2026. The distribution of DPU of 2.04 cents for the period from 29 April 2026 to 30 June 2026 will be paid on 25 September 2026. Active asset and portfolio management CICT deliver ed resilient operating performance, underpinned by proactive asset and portfolio management. Portfolio occupancy remained high at 95.6%, led by retail (97.7%), integrated development (95.5%) and office (94.4%). In 1H 2026, over one million square feet of leases were renewed or newly committed, achieving positive rental reversions of 4.0% for retail and 6.5% for office, with healthy tenant retention rates of 83.9% and 70.8%, respectively. Within the retail portfolio, active tenant curation and strategic leasing initiatives continued to enhance the vibrancy and appeal of CICT's malls. New-to-market and first-in-portfolio concepts introduced during the period span a diverse mix of F&B and lifestyle offerings. These include premium plush collectible brand Softopia’s first Southeast Asia flagship at Funan, home-grown restaurant “Sing-Mex” concept Chimichanga and Cantonese congee specialist Mui Kee at Raffles City Singapore, while CQ @ Clarke Quay introduced the all- day lifestyle destination concept Rally Clubhouse by Zouk.
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3 Office demand remained healthy across a diverse range of occupiers. Leveraging the quality and strategic locations of its assets, CICT secured new and renewal leases from tenants in sectors such as Banking, Insurance & Financial Services , L egal and IT & Telecommunications. Notable new or renewal leases signed include Pgim (Singapore) Pte. Ltd. and Simpson Spence Young LLP at CapitaSpring, and Cambiaso Risso Asia Pte. Ltd. at Six Battery Road. Advancing asset enhancement initiatives (AEIs) CICT made steady progress on its ongoing and planned AEIs to enhance portfolio resilience. At Tampines Mall, the AEI is progressing well to uplift asset value and enhance asset potential, with committed occupancy (including leases under advanced negotiation) at around 96% for the AEI space. The AEI will introduce a curated mix of fashion, beauty, lifestyle and dining concepts to enhance the mall’s appeal and refresh its tenant offering. New openings include Casa Vostra, Yeah Gelato, Judydoll, ELEMIS and SHISEIDO , with additional brands set to open progressively in 2H 2026 . AEI works are expected to complete in 3Q 2026. The AEI at Lot One Shoppers’ Mall is also on track for completion in 1Q 2027, while upgrading works at Raffles City Tower are slated to complete in 4Q 2026. CICT is preparing to commence AEIs at Capital Tower, as well as Plaza Singapura and The Atrium@Orchard in 3Q 2026. These initiatives are undertaken with a phased approach to minimise income and operational disruption, while enhancing the quality and relevance of the portfolio to support sustainable growth. Proactive and agile capital management CICT continued to strengthen its balance sheet through proactive and agile capital management, maintaining diversified funding sources to support long-term financial resilience. As at 30 June 2026, aggregate leverage was 37.4%, taking into account the effects of temporary loan repayments with the proceeds from the private placement in April 2026, while average cost of debt held steady at 2.9% . Approximately 78% of total borrowings were on fixed interest rates. CICT's debt maturity profile remained well- staggered, with an average term-to-maturity of 4.1 years, mitigating refinancing risk in any single year. As at 30 June 2026, CICT's net asset value (NAV) per unit stood at S$2.15, while adjusted NAV per unit (excluding distributable income ) was S$2.13. These were 0.5% and 1.9% higher, respectively, than the corresponding figures as at 31 December 2025. About CapitaLand Integrated Commercial Trust (SGX: C38U) CapitaLand Integrated Commercial Trust (CICT) is the first and largest real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) with a market capitalisation o f S$18.9 billion as at 30 June 2026. It debuted on SGX-ST as CapitaLand Mall Trust in July 2002 and was renamed CICT in November 2020 following the merger with CapitaLand Commercial Trust. CICT owns and invests in quality income-producing assets primarily used for commercial (including retail and/or office) purpose, located predominantly in Singapore. As the largest
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4 proxy for Singapore commercial real estate, CICT's portfolio comprises 21 properties in Singapore, two properties in Frankfurt, Germany, and three properties in Sydney, Australia. Based on valuations of its proportionate interests in the portfolio as at 31 December 2025, and after adjusting for the divestment of Bukit Panjang Plaza completed on 27 February 2026 and the acquisition of Paragon completed on 1 July 2026 based on its agreed property value, the portfolio property value amounts to S$30.9 billion. In addition, CICT, together with a consortium of partners, was awarded the tender in January 2026 for a greenfield site at Hougang Central to be developed into a mixed -use development. CICT will own and develop the commercial component. CICT is managed by CapitaLand Integrated Commercial Trust Management Limited, a wholly owned subsidiary of CapitaLand Investment Limited, a leading global real asset manager with a strong Asia foothold. For more information, please visit: www.cict.com.sg. About CapitaLand Investment Limited (SGX: 9CI) CapitaLand Investment (CLI) is a leading global real asset manager with a strong presence in Asia. Headquartered and listed in Singapore, CLI operates in over 40 countries, connecting institutional capital to investment opportunities through its on -the-ground expertise and deep local capital networks. Its portfolio spans strategic investments in commercial, lodging and living, logistics and self -storage, data centres and real estate credit, aligned with its high conviction themes. CLI is focused on scaling its asset -light, recurring fee income across fund management, commercial and lodging management, delivering sustainable long -term value through disciplined capital management and responsible investing. For more information, please visit: www.capitalandinvest.com. Issued by: CapitaLand Integrated Commercial Trust Management Limited (Company registration no. 200106159R) Investor Relations Allison Chen Director, Investor Relations Tel: +65 6713 1502 Email: allison.chen@capitaland.com Media Relations Genevieve Chung Associate Director, Group Communications Tel: +65 6713 3858 Email: genevieve.chung@capitaland.com Important Notice This release may contain forward -looking statements. Actual future performance and results may differ materially from those expressed in forward -looking statements due to several risks, uncertainties and assumptions. Representative examples include (without limitation) general industry and economic conditions, interest rate trends, cost of capital, availability of capital and real estate properties, competition from other developments or companies, shifts in customer demands and expected levels of occupan cy rate, rental income, charge out collections, changes in operating expenses (including salaries, benefits, training and property expenses), governmental and public policy changes and continued availability of financing in the amounts and terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management regarding future events. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this release. Neither CapitaLand Integrated Commercial Trust Management Limited, as manager of CapitaLand Integrated Commercial Trust ("CICT", and the ma nager of CICT, "Manager") nor any of its affiliates, advisers or representatives shall have any liability whatsoever (negligence or otherwise) for any loss howsoever arising, directly or indirectly, from any use, reliance or distribution of this release or its contents or otherwise arising in connection with this release. The past performance of CICT is not indicative of future performance. The listing of the units in CICT (the "Units") on the Singapore Exchange Securities Trading Limited (the "SGX -ST") does not guarantee a liquid
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5 market for the Units. The value of the Units and income derived may fall or rise. The Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Manager redeem or purchase their Units while the Units are listed on the SGX -ST. It is intended that holders of the Units may only deal in their Units through trading on the SGX-ST. This release is for information only and does not constitute an invitation or offer to acquire, purchase, or subscribe for, the Units.