MAS (MSP) H2 23/24 earnings summary

Executive summary

• MAS, a green property investor focused on CEE retail, reported strong operational and financial performance for the twelve months to 30 June 2024, with high occupancy, robust rent collection, and significant asset growth.

• The company completed several major developments, including Arges Mall, Prahova Value Centre extension, and Galleria Burgas refurbishment, expanding its high-quality asset base.

• MAS maintains a conservative capital structure, with a self-imposed LTV cap and a diversified funding mix, supporting ongoing development and value creation.

Financial highlights

• Tangible NAV per share rose to 173 eurocents, up 19.3% year-over-year; total shareholders' return (TSR) increased 19.3% year-over-year.

• Adjusted distributable EPS for the twelve months was 8.01 eurocents, down 10.3% year-over-year; six-month EPS to 30 June 2024 was 3.22 eurocents, down 32.8% sequentially.

• Passing income reached €106.6m, up 20.2% year-over-year; passing NRI for CEE properties increased 16.6% year-over-year to €82.3m.

• Occupancy remained high at 97.4%, with a collection rate of 99.7% for the twelve months.

• LTV stood at 25.7%, with weighted average debt maturity of 3.8 years and WACD at 5.53%.

Outlook and guidance

• 2025 diluted adjusted distributable EPS guidance is 9.54–10.45 eurocents, representing 21.2%–32.8% year-over-year growth, assuming stable macroeconomic and political conditions.

• Guidance assumes timely delivery of developments, continued asset management progress, and no major disruptions.