MAS (MSP) H1 24/25 earnings summary

Executive summary

• Distributable earnings per share rose 13.1% y-o-y to 5.09 eurocents for H2 2024, with IFRS earnings at €76.1m and tangible NAV up 7.2% to €1.78 per share.

• CEE investment assets delivered strong performance, with 14.1% TSR and 7.3% LFL NRI growth.

• Occupancy reached 98.0% and collection rate was 99.8% for the six months to 31 Dec 2024.

• Dividend payments remain suspended, with resumption unlikely before FY2027 unless the DJV repurchase closes.

• Major transaction: MAS to repurchase Prime Kapital's 60% DJV stake, simplifying structure and enabling earlier dividend resumption.

Financial highlights

• MAS TNAV per share rose to 178 eurocents at 31 Dec 2024, up from 156 eurocents y-o-y.

• Gross revenue was €51.8m, up from €47.3m y-o-y; net rental income reached €36.5m.

• Profit for the period was €76.1m, up from €68.6m y-o-y; basic EPS was 12.01 eurocents.

• Passing income grew 13.6% y-o-y to €115.8m; LFL passing NRI up 7.3%.

• €90.5m new secured funding drawn in H2 2024; €43.6m from strip malls disposal.

Outlook and guidance

• FY2025 distributable earnings guidance: 9.27–10.13 eurocents per share (IFRS basis), up 21.2% y-o-y.

• Cash-backed distributable earnings expected at 5.11–5.44 eurocents per share.

• Dividend resumption is contingent on DJV transaction or successful refinancing and asset disposals.

• Guidance assumes stable macroeconomic and political environment.