MAS (MSP) H2 2025 earnings summary

Executive summary

• CEE investment assets delivered strong performance with 12% TSR and 27.7% y-o-y growth in distributable EPS for the year ending 30 June 2025.

• Occupancy in CEE retail assets reached 97.9% with a 99.9% collection rate over twelve months.

• Substantial progress in capital raising and liquidity, with €45m new secured funding to be contracted and €125.6m in assets held for sale.

• Over 30% of the asset base is represented by a minority investment in DJV, focused on retail and residential property development.

Financial highlights

• Tangible Net Asset Value (TNAV) per share increased to 186 eurocents, up 12% y-o-y.

• Distributable earnings per share rose 27.7% y-o-y to 9.53 eurocents.

• Net rental income for the year was €124.97m, with finance income on preferred equity and revolving credit facility at €36.55m.

• LTV improved to 23.2% from 26.3% a year earlier.

• Weighted average cost of debt (WACD) for the year was 5.51%.

Outlook and guidance

• Liquidity shortfall expected to be remedied through special distributions and prioritization of profit distributions by DJV.

• Total capital commitments to 30 June 2026 are €264m, with required additional funds to be sourced from retained earnings, further debt, or capital recycling.