Fairvest (FTA) investor relations material

Executive summary

• Distributable income rose 28.1% year-over-year to R541.96 million for the six months ended 31 March 2026.

• Distribution per B share grew 12.3% year-over-year to 25.94 cents; A share distribution was 71.82 cents.

• Strategic shift toward a retail-only REIT, with disposal of non-core office and industrial assets.

• Solar investments now supply 17.5% of portfolio electricity needs, with 54 solar plants operational.

• Like-for-like net property income increased 8.0% year-over-year; vacancies at 5.1%.

Financial highlights

• Revenue (excluding straight-line rental) increased 8.4% year-over-year to R1.15 billion.

• Net property income rose 9.6% to R669.6 million; distributable income from operations up 22.1%.

• Profit for the period rose to R621.6 million from R455.4 million year-over-year.

• Total assets reached R16.75 billion, with investment property valued at R13.53 billion.

• Basic earnings per A share: 76.61 cents; per B share: 28.70 cents.

Outlook and guidance

• Full-year distributable earnings per B share expected to increase 11–13% to 53.4–54.4 cents.

• Distribution per A share to increase by the lesser of 5% or CPI.

• Maintain LTV below 35% and 100% payout ratio.

• Guidance assumes stable vacancies, no material interest rate hikes, and continued asset management execution.

• Focus on disciplined capital allocation and conservative balance sheet.