GLP Pte Ltd: First take on FY25 result; key call takeaways

Research evidence excerpt

GLP Pte Ltd: First take on FY25 result; key call takeaways

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GLP Pte Ltd

First take on FY25 result; key call

takeaways

Earnings Review

Softer Rev./recurring EBITDA on lower fund management 11 May 2026

FY25 top-line decreased by 11% YoY to USD1.9bn, driven by declining management fees Global Emerging Markets | Corporate

(‑47% YoY to USD496mn) amid lower AUM (c.USD79bn at YE25 vs. c.USD120bn at YE24) Credit

following completion of the Ares deal alongside weaker performance fees. In logistics Asia | Singapore

segment, GLP signed leases covering 36.0mn sqm (+6% YoY), with same-property NOI Industrials/Multi-Industry

down 1% YoY, WALE at 3.4 years (vs 3.5 years at YE24), and lease ratio at 88% (vs 90% at Xiang Gao, CFA

YE24). Data center continued growth momentum, with revenues up 32% YoY to Research Analyst

USD254mn. Our calculated recurring EBITDA (incl. dividends received) was USD725mn, Merrill+65 6678Lynch0941(Singapore)

and adjusted EBITDA (incl. monetized fair value gain) rose by 43% YoY to USD2.2bn on xiang.gao@bofa.com

Ares deal gain. Gross interest cost was largely flat YoY at USD796mn. Jing Peng

Research Analyst

Positive FCF on disposal proceeds & loan repayment Merrill+852 3508Lynch3105(Hong Kong)

Adjusted OCF (post interest paid) was -USD462mn, vs -USD323mn in FY24. ICF was jing.peng2@bofa.com

positive at USD1,755mn, up from USD915mn in FY24, mainly due to higher proceeds Suyang Lu

from subsidiaries/assets disposals as well as loan repayment from immediate holding ResearchMerrill LynchAnalyst(Hong Kong)

company (FY25: USD414mn; v/s FY24: USD101mn) despite high capex and acquisition +852 3508 5066

suyang.lu@bofa.com

outflow (FY25: USD1.7bn; v/s FY24: USD1.5bn). Our calculated free cash flow after

dividends paid was positive at USD785mn.