Redefine Properties (RDF) H2 2025 earnings summary

Executive summary

• Property asset platform spans South Africa (65%) and Poland (35%), with total assets rising to ZAR 106.3 billion, up ZAR 4.4 billion year-over-year.

• Distributable income grew 7.8% to ZAR 3.6 billion, with distributable income per share reaching 52.4 cents and dividend per share at ZAR 0.4584, up 7.8% year-over-year.

• Net asset value (NAV) per share increased to ZAR 8.16, driven by local portfolio asset value uplift.

• Loan-to-value (LTV) ratio improved to 40.6%, within the target range.

• Maintained high employee retention rates and continued investment in talent and ESG initiatives.

Financial highlights

• Property assets now exceed ZAR 103 billion.

• Distributable income per share rose to 52.39c (FY24: 50.02c); dividend per share at 45.84c (FY24: 42.52c).

• Net operating profit margin increased by 1.1% to 76.2%.

• Interest cover ratio (ICR) at 2.2x, up from 2.1x last year.

• SA occupancy at 93.5%, Poland at 99.4%.

Outlook and guidance

• Distributable income per share growth guided at 4%-6% for FY 2026 (ZAR 0.545–0.555 per share).

• Dividend payout ratio to remain between 80%-90%.

• Focus on margin improvement, digital transformation, and conservative balance sheet management.

• Retail renewal reversions expected to trend positive (+3%), office reversions to remain negative (-10%), industrial to improve.

• Focus remains on portfolio quality, balance sheet strength, and sustainable growth.