EarningsQ2 2026 Earnings Report

Mapletree Industrial (MAPIF) Q2 2026 Earnings Report

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Previous Report: Q1 2026

Next Report: Q3 2026

MAPIF Q2 2026 EPS Results

Actual EPS$0.02

Consensus EPS$0.02

Beat/MissMet expectations

One Year Ago EPS$0.03

MAPIF Q2 2026 Revenue Results

Actual Revenue$132.80M

Expected Revenue$136.13M

Beat/MissMissed by -$3.33M

YoY Revenue Growth-6.14%

Earnings Announcement Details

QuarterQ2 2026

Date10/29/2025

TimeBefore Open

Conference CallWednesday, October 29, 2025

MAPIF Upcoming Earnings

Mapletree Industrial's next earnings date is estimated for October 27, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MAPIF Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Oct 29, 2025|

% Change Since:

Earnings Call Sentiment|Neutral

The earnings call highlighted both improvements in distribution per unit and strong interest rate hedging, but these were offset by challenges such as decreased net property income, increased operating expenses, and potential impacts from interest rate swaps. While there are positive aspects, the challenges seem to balance them out, leading to a mixed overall outlook.

Company Guidance

During the call, MIT provided detailed financial guidance, highlighting a mixed performance for the second quarter of Fiscal Year 2025-2026. The net property income saw a decline due to the divestment of three industrial properties in Singapore and reduced contributions from the North American portfolio, affected by lease nonrenewals and a weaker U.S. dollar. However, these were partially offset by recent acquisitions and completed fit-out works in Osaka. Borrowing costs decreased slightly, attributed to loan repayments from divestment proceeds and lower interest on unhedged floating rate loans, despite increased costs from the Japan portfolio. Consequently, the distribution to unitholders fell by 5.3% to $90.7 million, while the distribution per unit (DPU) rose by 5.6% to $0.0318. The aggregate leverage ratio improved to 37.3%, offering debt headroom for future growth opportunities. The interest rate hedge ratio increased to nearly 93%, with expectations for borrowing costs to average around 3.1% to 3.2% for the current financial year and 3.3% to 3.4% for the next, factoring in upcoming interest rate swaps. Occupancy rates remained stable at 91.3%, with a slight improvement in the Singapore portfolio. The call also touched upon future divestment plans in North America, targeting $500-600 million, and potential acquisitions in Europe and Asia, considering the favorable yield spread. Overall, the guidance reflects a cautious yet optimistic outlook, emphasizing strategic divestments and acquisitions to navigate current financial challenges.

Improved Distribution Per Unit

Distribution per unit increased by 5.6% to $0.0318, despite a decrease in overall distribution to unitholders by 5.3%.

Strong Interest Rate Hedge Ratio

Interest rate hedge ratio increased to close to 93%, providing stability against interest rate fluctuations.

Occupancy and Lease Renewals

Portfolio occupancy remained relatively stable at 91.3%, with successful lease renewals contributing to a weighted average revision of 3%.

Positive Rental Revisions in Singapore

Rental revisions in Singapore were encouraging, with a weighted average increase of 46.2%.

MAPIF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 27, 2026	2027 (Q2)	0.02 / -	0.024	―
Jul 23, 2026	2027 (Q1)	0.02 / 0.02	0.027	-11.43% (>-0.01)
Apr 28, 2026	2026 (Q4)	0.02 / 0.03	0.014	83.33% (+0.01)
Jan 28, 2026	2026 (Q3)	0.02 / 0.02	0.026	-6.06% (>-0.01)
Oct 29, 2025	2026 (Q2)	0.02 / 0.02	0.027	-8.82% (>-0.01)
Jul 28, 2025	2026 (Q1)	0.02 / 0.03	0.027	2.94% (<+0.01)
Apr 30, 2025	2025 (Q4)	0.02 / 0.01	0.027	-47.06% (-0.01)
Jan 22, 2025	2025 (Q3)	0.02 / 0.03	0.026	0.00% (0.00)
Oct 29, 2024	2025 (Q2)	0.02 / 0.03	0.025	6.25% (<+0.01)
Jul 25, 2024	2025 (Q1)	0.02 / 0.03	0.026	3.03% (<+0.01)

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