Emira Property Fund (EMI) H2 2025 earnings summary

Executive summary

• Achieved exceptional results for FY2025, highlighted by strategic repositioning, meeting most KPIs, and successful asset disposals and reinvestment in DL Invest Group in Poland.

• Balance sheet transformed with meaningful liquidity unlocked via R2.8bn in disposals and investment in DL Invest.

• Disposals included 27 commercial properties (R2.4bn) and 427 residential units (R361.8m), with sales prices close to book value.

• Acquired a 45% stake in DL Invest (Poland) for EUR 100 million, generating a 7.2% escalating income yield and 21% IRR.

Financial highlights

• Distributable income per share up 4.9% to ZAR 1.2489; NAV per share up 20.9% to ZAR 20.67.

• Final dividend declared at ZAR 61.5c per share; full year dividend up 5.9% to ZAR 123.89c.

• LTV improved to 36.3% from 42.4%; ICR at 2.5x, up from 2.3x; interest-bearing debt down to ZAR 6.2 billion.

• Free cash at year-end ZAR 300 million, increased by ZAR 320 million post year-end.

• Distribution payable increased 4.2% to R637.1m.

Outlook and guidance

• Focus remains on sustained growth, disciplined capital recycling, and redeployment into higher-yielding opportunities.

• DPS target for FY2026 set at ZAR 1.2778.

• New CEO, James Day, appointed effective 1 July.