Redefine Properties (RDF) H1 2026 earnings summary

Executive summary

• Property asset platform valued at R101.2 billion, with 65–67% in South Africa and 33–35% in Poland; value decrease mainly due to rand appreciation and asset disposals.

• Group distributable income grew 7.4% to R1.9 billion for the six months ended 28 February 2026.

• Loan-to-value ratio improved to 40.3% from 41.2% in FY25, and interest cover ratio increased to 2.3x.

• Dividend per share increased to 21.83 cents (up 6.1–7.0%), with an 80% payout ratio.

• Net operating profit margin improved to 77.2% (HY25: 76.9%).

Financial highlights

• Group revenue rose 2.4% to R5.6 billion; net property income up 2.4% to R3.4 billion.

• SA REIT funds from operations increased 8.3% to R1.9 billion; distributable income up 7.4% to R1.9 billion.

• NAV per share marginally down to 815.09 cents, mainly due to FX movements.

• Weighted average cost of debt reduced to 6.9% (ZAR: 8.6%, FX: 4.5%).

• 85.1% of group debt hedged; Moody’s credit rating maintained at Ba2, stable outlook.

Outlook and guidance

• FY26 distributable income per share expected to grow 6–7%.

• Dividend payout policy maintained at 80–90% of distributable income.

• Focus on disciplined capital allocation, simplification of offshore JVs, and tenant engagement.