It is the time of the year where global investment firm Temasek releases its annual financial results.

To this end, the company reported a Net Portfolio Value of S$518 billion on a mark-to-market basis as at 31 March 2026, representing a doubling of its portfolio over the past decade. 

Long-term returns remained resilient, with the 20-year Total Shareholder Return at 6.8% and the 10-year TSR coming in at 7.1%. The five-year TSR stood at 4.6%, weighed down by headwinds in China’s capital markets from 2021 to 2024. 

Meanwhile, the one-year TSR was at 10.5%, with NPV rising by S$49 billion on the year thanks to the strong showing of Singapore-based Temasek Portfolio Companies and realised gains from key divestments, though the figure was tempered by the situation in the Middle East.

Beyond the present, the global investor announced a major restructuring in August 2025, where it set up three wholly owned entities called: (1) Temasek Singapore, (2) Temasek Global Investments and (3) Temasek Partnership Solutions to target three distinct portfolio segments to tackle macroeconomic changes in an increasingly uncertain world. The three entities came into effect in April 2026.

But how does the structural overhaul help Temasek sharpen differentiated strategies to achieve better outcomes? Where are the opportunities for the firm looking ahead?

In her fifth year covering the Temasek Review, finance presenter Chua Tian Tian headed down to Temasek’s office for this “On the Go” Special episode of Under the Radar, where she posed the questions to Png Chin Yee, Chief Financial Officer, Temasek International and President, Temasek Singapore.