Redefine Properties (RDF) H2 2026 earnings summary

Executive summary

• FY26 distributable income rose 7.5% to R3.913bn; net operating profit margin increased to 77.0%.

• Property assets totaled R102.1bn; occupancy improved in South Africa and Poland, while SA REIT LTV fell to 38.8%.

• FY27 distributable income per share growth is guided at 3.0%–5.0%, or 57.7–58.9 cents.

Financial highlights

• Revenue increased 2.6% to R11.297bn; distributable income per share rose to 56.08 cents from 52.39 cents.

• Final dividend per share was 49.06 cents, up 7.0%; the full-year payout ratio was 87.5%.

• IFRS profit attributable to the parent was R7.228bn versus R4.128bn; basic EPS rose 74.3% to 103.60 cents and headline EPS rose 98.6% to 72.97 cents.

• SA REIT NAV per share increased 2.2% to 857.84 cents; property assets were R102.1bn versus R103.2bn.

• 99.6% of earnings were recurring; South African solar savings contributed 5.3% of group earnings.

Outlook and guidance

• FY27 distributable income per share growth guidance is 3.0%–5.0%, or 57.7–58.9 cents; the payout ratio is expected to be 87.5%.

• Medium-term targets include an 80% net operating profit margin and interest cover above 2.5x; FY26 margin was 77.0% and interest cover 2.3x.

• Like-for-like NPI growth targets: SA retail 4%–6%, SA office 1%–3%, EPP Core 3%–4%, JVs 2%–3%, and ELI 2%–4%.

• Priorities include portfolio mix refinement, simplifying offshore JVs, addressing user needs, broadening capital sources and recycling non-core Polish assets.

• Guidance assumes stable vacancies and tenants, contractual escalations and renewals broadly holding, and no material interest-rate changes; forecast rates are R19.00/EUR and R4.50/PLN.