MAS (MSP) H2 25/26 earnings summary

Executive summary

• Transitioned from a CEE-focused real estate business to a generalist investment platform, broadening investment scope beyond asset class or geography.

• Major asset disposals included Flensburg Galerie in Germany and six open-air malls in Romania, plus Galleria Burgas in Bulgaria, generating significant liquidity.

• No dividend declared for the year, with capital allocation focused on long-term value creation and maintaining liquidity for future opportunities.

Financial highlights

• Earnings for the year ended 30 June 2026 were €25.3 million, down from €125 million in the prior year.

• IFRS Basic earnings per share were 4.46 eurocents, compared to 19.79 eurocents year-over-year.

• Adjusted NAV per share increased to 179 eurocents (171 eurocents in 2025).

• Total shareholder return was 5% for the year.

• Net rental income remained stable at €71.5 million (prior year: €71.1 million).

Outlook and guidance

• Ongoing review of portfolio with potential for further asset disposals if terms are favorable; no set timetable for disposals.

• Capital deployment will be patient and disciplined, with periods of undeployed capital expected.

• Emphasis on quality, durability, downside protection, and long-term compounding returns.