Emira Property Fund (EMI) H2 2026 earnings summary

Executive summary

• Delivered solid results for the 12 months to 31 March 2026, with resilient operational performance despite global geopolitical risks and a strengthening ZAR impacting offshore asset values.

• Operational performance remained resilient, with strong execution on strategic objectives: R1.3bn in sales and R1.4bn of assets held for sale.

• Strategic focus remained on creating liquidity and recycling capital into value-accretive opportunities, including DL Invest value growth, yield-accretive share buybacks, and acquisition of stakes in SA Corporate and Octodec.

Financial highlights

• Distributable Income Per Share (DIPS) rose 3.7% year-over-year to ZAR 1.2953; Net Asset Value (NAV) per share increased 1.3% to ZAR 20.95.

• Final dividend of ZAR 0.6461 per share, full-year dividend up 4.1% to ZAR 1.2901, with a near 100% distribution ratio.

• Share buybacks of 14 million shares positively impacted dividend and NAV per share.

• LTV improved to 30.2%, ICR strengthened to 2.8x, and net finance costs fell 18% to ZAR 392 million.

• Cash on hand at period end was ZAR 1.57 billion, with undrawn debt facilities of ZAR 1.96 billion.

Outlook and guidance

• Management targets DIPS of ZAR 1.3353 per share for FY 2027, continuing capital recycling and value-accretive investments.

• Focus on closing ZAR 1.4 billion in held-for-sale assets and deploying capital into new opportunities, notably a 23.6% stake in Octodec Investments.

• Well-positioned for growth with low LTV and strong liquidity.