Emira Property Fund (EMI) H1 2026 earnings summary

Executive summary

• Delivered stable interim results amid macroeconomic uncertainty, with resilient operational performance and a successful executive leadership transition.

• Distributable income per share rose 1.9% year-over-year to ZAR 0.6483, with a 3.2% increase in dividend per share to ZAR 0.644.

• Net asset value per share increased 1.4% to ZAR 20.96, supported by share buybacks and capital recycling.

• Commercial vacancies improved to 3.8% from 6.4%; residential occupancy rose to 98.3%.

• Significant property disposals and continued capital recycling supported liquidity and portfolio optimisation.

Financial highlights

• Distributable income per share increased 1.9% to ZAR 0.6483; interim dividend per share up 3.2% to ZAR 0.644.

• Net asset value per share rose by ZAR 0.29 to ZAR 20.96 over six months.

• Loan-to-value (LTV) ratio improved to 35.6%; interest cover ratio (ICR) strengthened to 2.7x.

• Share buybacks of over 15 million shares positively impacted NAV and DPS.

• Net finance costs decreased by 23.1% due to lower average debt levels and cheaper Euro-denominated funding.

Outlook and guidance

• Continued focus on disciplined capital recycling and redeployment into value-accretive opportunities.

• On track to achieve distributable income per share KPI of ZAR 1.2778 for FY 2026.

• Portfolio performance aligns with expectations, supported by steady interest rates, reduced load shedding, and moderate inflation.