Temasek Holdings, Singapore's state-owned investment company, reported a significant increase in its net portfolio value (NPV) for the financial year ending March 31, 2026. The NPV rose by S$49 billion, reaching a record S$518 billion, nearly doubling over the past decade.
This growth was primarily driven by the strong performance of listed Singapore-based Temasek Portfolio Companies (TPCs) and realized gains from key divestments. Notably, ST Telemedia's sale of its remaining 82% stake in ST Telemedia Global Data Centres to KKR and Singtel for S$6.6 billion in February 2026 contributed significantly to the portfolio's value.
During the financial year, Temasek invested S$51 billion and divested S$31 billion, resulting in a net investment of S$20 billion. The one-year Total Shareholder Return (TSR) stood at 10.5%, with a 10-year TSR of 7.1% and a 20-year TSR of 6.8%, reflecting the portfolio's resilience through various market cycles.
Despite global uncertainties, including the conflict in the Middle East, which led to a 2% NPV drawdown in the final month of the financial year, Temasek remains optimistic about its portfolio's performance. The company continues to focus on building a resilient and forward-looking portfolio, emphasizing investments in sectors such as artificial intelligence (AI), core-plus infrastructure, and private credit. Currently, AI-related exposure represents 6% of the portfolio, with plans to increase this to up to 15% by 2031.
Temasek's diversified portfolio comprises three segments: Singapore-based TPCs, Global Direct Investments (GDIs), and Partnerships, Funds, and Asset Management Companies (PFAs). The company continues to operate collectively as "OneTemasek," focusing on strengthening the competitiveness and resilience of its portfolio companies for long-term value creation.
In summary, Temasek's record NPV underscores its strategic investments and effective portfolio management, positioning the company to navigate global uncertainties and capitalize on emerging opportunities.