Mapletree Investments FY2026 net profit rises 25.7% to S$285.6 million on lower revaluation losses

[SINGAPORE] Lower revaluation losses helped pull Mapletree Investments’ net profit up 25.7 per cent to S$285.6 million for the full-year ended Mar 31, 2026, from S$227.2 million in the year-ago period.

The asset manager, fully owned by Singapore investment company Temasek, on Tuesday (Jun 2) said net revaluation and impairment losses narrowed from negative S$325 million in FY24/25 to negative S$153.9 million in FY25/26. China contributed to the largest share of revaluation losses.

Revenue for the period was flat at about S$2.2 billion, while recurring profit after tax and minority interests improved slightly by 2.7 per cent to S$622.8 million on lower net finance costs and resilient operations.

In the latest financial year, Mapletree chalked up total gross proceeds of S$4.2 billion from divestments.

While fee income has grown to S$434 million in FY25/26, representing a compound annual growth rate of 22.1 per cent since 2005, Mapletree is doubling down on development for growth.

“Mapletree delivered stable earnings and continued to execute its business strategy with discipline and prudence amid ongoing macroeconomic and geopolitical uncertainties,” said group chief executive officer Hiew Yoon Khong.

“We accelerated the development programme of our global logistics platform across multiple markets and continued to recycle capital, syndicate assets and grow our fee-based businesses to deliver resilient earnings in FY2026,” Hiew added.

The group’s assets under management (AUM) totalled S$76.2 billion as at end-March this year. Mapletree has generated an average return of about 10 per cent on invested equity over the last 20 years.

More detailed returns figures are expected to be disclosed in its annual report, to be released in coming weeks.

Third-party managed assets stood at S$55.7 billion as at Mar 31, 2026, accounting for 73 per cent of total AUM.

This compares with FY24/25, when third-party managed assets accounted for 75 per cent, or S$60.3 billion, of total AUM (S$80.3 billion). The decline was due to strategic divestments and monetisation programmes under the group’s private funds and real estate investment trusts (Reits).

In FY25/26, total equity was S$24.3 billion without new shareholder equity injections, compared with close to S$24.4 billion in FY24/25.

The group manages three Singapore-listed Reits and nine private equity real estate funds.

In the latest financial year, Mapletree recorded total gross proceeds of S$4.2 billion through divestments and monetisation programmes.

The group’s private funds, including Mapletree US & EU Logistics Private Trust (MUSEL), Mapletree US Logistics Private Trust (MUSLOG), Mapletree Australia Commercial Private Trust (MASCOT) and Mapletree Global Student Accommodation Private Trust (MGSA), monetised more than S$2.5 billion of assets across various markets.

Since June 2025, MUSEL has exited about US$1.5 billion of logistics assets in the US, delivering returns in line with its 12 per cent internal rate of return target, Mapletree said.

The group’s US chief executive has previously said in an interview with The Business Times that MUSLOG has posted “strong operational performance”.

Meanwhile, Mapletree is winding down the MGSA student housing fund, and has reportedly put up for sale a portfolio of Australian office property valued at AS$1.4 billion, held by its MASCOT fund.

During the financial year, its three Singapore-listed Reits – Mapletree Logistics Trust (MLT), Mapletree Industrial Trust (MIT) and Mapletree Pan Asia Commercial Trust (MPACT) – completed S$1 billion worth of divestments.

MLT sold six assets across Australia, South Korea, Malaysia and Singapore, while MIT divested four properties in the US and Singapore. MPACT, meanwhile, divested three assets in Japan and Hong Kong.

The group’s projects under development stood at S$5.4 billion, with logistics accounting for nearly half, or S$2.6 billion. The rest comprised office, student housing and data centre developments.

Logistics remained the group’s largest asset class, accounting for 42.5 per cent of AUM, or S$32.4 billion. During the year, Mapletree acquired land sites for logistics developments and prime logistics assets, while delivering new logistics parks across Malaysia, India, Japan, China and Vietnam.

In the US, Mapletree had about US$500 million of projects under development, slated for completion between H2 2026 and 2027. It also expanded its European logistics business through asset acquisitions and a ground-up development project.

The group also continued to expand its office, student housing and data centre portfolios through new projects, including a massive redevelopment of its Harbourfront commercial complex into a 123,000 square metre flagship development in Singapore’s Greater Southern Waterfront.

The group is now syndicating the Mapletree Emerging Growth Asia Logistics Development Fund (Mega), which focuses on logistics developments in Malaysia, Vietnam and India. The private fund, one of a series of Mapletree logistics development private funds, follows the syndication of two similar funds in China and Japan over the last few years.

The Mega fund has secured commitments from investors, including a sovereign wealth fund, a pension fund and a national investment company. It is expected to achieve a first close by mid-2026, followed by a second close later in the year.

Mapletree is also establishing its first renminbi fund for the China logistics portfolio and have secured local insurance companies as partners.

Hiew said: “Supported by our global logistics platform – particularly through development – as well as proactive capital management, our continued focus on the core sectors, we remain committed to delivering resilient performance and long-term value for our stakeholders.”