Equites Property Fund (EQU) H1 2026 earnings summary

Executive summary

• Distribution per share rose 3.8% to 69.04c, with full-year DPS growth guidance reaffirmed at 5%-7%.

• Net asset value per share increased 2.7% to R16.93, driven by strong fair value growth in South Africa.

• Loan-to-value ratio at 37.2%, expected to decrease significantly following UK asset disposals.

• R0.7bn in disposals and R0.5bn deployed into new SA acquisitions and developments in the first half.

• Solar capacity reached 27.0 MW, with three new PPAs signed and further ESG initiatives underway.

Financial highlights

• Portfolio value increased to R28.3bn, with net property-related income up 7.4% year-over-year.

• Like-for-like rental growth in South Africa was 5.1%, slightly below target due to reversions and brief vacancies.

• Cost of debt reduced to 8.25%, with 97% of debt hedged for over a year.

• R3.4bn in cash and available facilities as of August 2025, supporting ample liquidity.

• Weighted average lease expiry profile at 14.1 years, with lease escalation at 6.1%.

Outlook and guidance

• Full-year DPS growth guidance of 5%-7% (140.62c–143.29c) reaffirmed, with timing of UK disposals and exchange rates as key variables.

• Continued speculative development planned to capture robust demand in SA logistics.

• Guidance assumes no corporate failures, stable GBP/ZAR, and continued cost recovery from tenants.