EarningsQ2 2026 Earnings Report
DE:CDE Q2 2026 EPS Results
Actual EPS€0.23
Consensus EPS€0.19
Beat/MissBeat by +€0.04
One Year Ago EPS€0.07
DE:CDE Q2 2026 Revenue Results
Actual Revenue€1.90B
Expected Revenue€1.37B
Beat/MissBeat by +€526.55M
YoY Revenue Growth+60.86%
Earnings Announcement Details
QuarterQ2 2026
Date08/12/2026
TimeAfter Close
Conference CallWednesday, August 12, 2026
DE:CDE Upcoming Earnings
City Developments's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:CDE Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a clearly positive operational and financial performance for H1 2026: material revenue growth (+61%), EBITDA (+26%), and PATMI (c.3x) improvements driven by Singapore property development and a hotel turnaround. Management emphasized strong liquidity (SGD 2.0bn cash, SGD 4.9bn committed facilities), active land replenishment and a forthcoming strategic review to address capital recycling and gearing. The principal negatives were a slower-than-expected pace of divestments (reducing capital recycling gains), elevated gearing (75%), and softer pockets in the living and some Asian hotel markets. On balance, the company appears operationally strong with clear plans to address balance-sheet and portfolio optimization risks.Company Guidance
Strong Revenue Growth
Group revenue for H1 2026 was SGD 2.7 billion, up from SGD 1.7 billion in H1 2025 — an increase of c.61%, driven primarily by Singapore property development and faster recognition from projects that reached completion.
Material Profitability Improvement (PBT / PATMI)
Profit before tax rose to SGD 404 million (improving c.189% year-on-year). PATMI was SGD 302 million — roughly triple year-on-year (management cited ~230% uplift), reflecting strong margin capture from completed development projects.
EBITDA and Cash Generation Momentum
EBITDA increased to SGD 694 million, up c.26% year-on-year. Management reiterated an annual EBITDA target of SGD 1 billion and highlighted robust cash generation from recent and near-term project TOPs.
Property Development Outperformance
Property development revenue surged c.167% and this segment accounted for 57% of group revenue but c.84% of PBT, underpinned by completions (e.g., Lumina Grand TOP in April, Norwood Grand TOP in August) and strong sales (Newport >80% sold).
Hotels: Turnaround and RevPAR Growth
Hotel revenue rose 6.4% with RevPAR up 4.9% overall (Singapore +4%, U.S. +10%, Australasia +14%). Hotel operations swung from a loss of SGD 84 million in H1 2025 to a profit of SGD 42 million in H1 2026, supported by the HIK acquisition (occupancy 96%) and cost discipline; hotel EBITDA grew c.27%.
Resilient Investment Properties and Living Portfolio
Investment property revenue increased c.3.2% despite prior-year divestments; living sector (notably Singapore and some U.K. PRS/Japan PRS) provided resilient contributions and helped offset divestment-related headwinds.
Strong Liquidity and Funding Profile
Group reported SGD 2.0 billion cash and SGD 4.9 billion of committed undrawn credit facilities. Average interest cost was c.3.4% (management target to keep <=3.5% by year-end). Total assets ticked up to c. SGD 36 billion (from SGD 35 billion).
Shareholder Returns and Capital Deployment
Interim dividend declared at SGD 0.06 (double last year's half-year amount). Management reaffirmed a minimum dividend payout policy of 35% and continues disciplined land replenishment (two GLS wins in 2026) and project pipeline (~2,200 units).
DE:CDE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed