Fairvest (FTA) H2 2025 earnings summary

Executive summary

• Achieved robust performance in a challenging environment, with 11.2% growth in distribution per B share year-over-year.

• Portfolio expanded to 130 assets, with market cap rising to R12.0 billion from R7.8 billion year-over-year.

• Strategic focus on transitioning to a retail-only REIT, disposing of non-core office and industrial assets.

• Significant investment in sustainability, with solar projects now supplying 14.3% of electricity needs.

Financial highlights

• Distributable income increased 36.7% to R966.5 million; distributable income per A share up 3.1% and per B share up 11.2% year-over-year.

• Like-for-like net property income rose 5.8%; positive rental reversion of 4.8%.

• Loan-to-value improved to 25.6% from 33.3% year-over-year.

• IFRS NAV per A share R18.35 (up from R16.12); per B share R5.16 (up from R4.86).

• 100% payout ratio maintained.

Outlook and guidance

• Distribution per B share expected to grow 9% to 11% in 2026.

• LTV to be maintained below 35%; 100% payout ratio to continue.

• Continued simplification of business and conservative balance sheet management.