Lighthouse Properties (LTE) H1 2025 earnings summary

Executive summary

• Achieved strong distribution and earnings growth of 7.9% year-over-year, supported by accretive acquisitions and a completed rotation from listed investments to a physical asset strategy focused on dominant malls in Iberia.

• Two major Spanish malls, Alcalá Magna and Espacio Mediterráneo, were acquired, increasing Iberian exposure to 85.6% of the direct property portfolio.

• Portfolio now consists of 12 dominant, regional shopping malls, with 86% in Iberia and 14% in France.

• Nearly all income now comes from physical properties, providing a more predictable and sustainable income stream.

• Like-for-like net property income grew 6.9%, with tenant sales and footfall up 7.6% and 3.9%, respectively, driven by Spanish assets.

Financial highlights

• Distributable earnings and dividends per share increased by 7.9% year-over-year to 1.3122 EURc per share for 1H2025.

• Net asset value (NAV) per share rose to 42.63 EURc at June 2025, up from 41.46 EURc at June 2024.

• Loan-to-value (LTV) ratio increased to 35% due to recent acquisitions and related financing.

• Weighted average loan term is 5.2 years, with a weighted average effective interest rate of 4.99%.

• 100% payout ratio maintained.

Outlook and guidance

• Guidance for full-year 2025 distribution reaffirmed at 2.70 EUR cents per share.

• Acquisition growth expected to moderate due to increased competition and limited supply of premium assets.

• Full-year benefit from recent acquisitions expected in 2026, with continued strong performance in Iberia.