Wrap Text
Unaudited summarised consolidated interim results and group prospects for the six months ended 30 September 2025
Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2002/027194/06)
JSE share code: VKE
ISIN: ZAE000180865
Debt company code: VKEI
NSX share code: VKN
(granted REIT status with the JSE)
(Vukile or the group or the company)
Unaudited summarised consolidated interim results and prospects for the group for the six months
ended 30 September 2025
Continued excellence in operating results, driven by a clear strategic focus and ongoing operational
delivery laying the foundation for further growth
Impressive increase in South African NOI, driven by topline growth and a tight focus on reducing
costs
- Like-for-like retail NOI growth of 10%
- Annualised trading density growth of 5.4%
- Retail vacancies stable at 1.8%
- Like-for-like retail portfolio value increased by 5.9%
- Cost-to-income ratio reduced from 15.3% to 12.5%, driven by solar PV and
operational efficiencies
Continued market-leading operational results and successful integration of recent acquisitions across
Spain and Portugal, serve as a springboard for further expansion
- Like-for-like gross rental income (GRI) growth of 8.2%
- Normalised like-for-like NOI growth of 8.7%
- Portfolio vacancy of 1.3%
- Rental reversions of 7.5%
- 95.4% of retail space let to international and national tenants
- Portfolio WALE of 8.9 years
Strong balance sheet together with significant liquidity set to fund future expansion
- At 30 September, significant available cash balances of R2.3 billion and undrawn
debt facilities of R2.4 billion
- Additional cash of R2.65 billion raised in over-subscribed equity issuance in
October 2025
- LTV at 41.6%
- Interest cover ratio (ICR) of 2.7 times
- Group hedge ratio increased to 91% (from 84%)
- Credit rating upgraded for both Vukile AA+(ZA) and Castellana BBB
Focused strategy delivers 9% increase in dividend per share and upgraded guidance
- Funds from operations (FFO) of 83.9 cents per share
- Interim dividend of 60.2 cents per share, up 9% on the prior period
- Cash dividend of R824 million is nearly 2 times covered by cash from operations
- Upgraded guidance for FY26 of growth in FFO per share and dividend per share of
at least 9%
Unaudited Unaudited
interim results interim results
Financial performance 30 September 2025 30 September 2024 % change
Gross property revenue (Rm) 2 903 2 120 36.9 (1)
Operating profit before finance costs (Rm) 1 667 1 765 (5.6) (2)
Profit for the period attributable to owners (Rm) 2 365 1 244 90.1 (1)
Basic earnings per share (cents) 190.02 109.82 73.0 (1)
Headline earnings per share (cents) 85.24 87.40 (2.5)
Gross dividend per share (cents) 60.15773 55.18051 9.0
(1) Increase is due to recent acquisition of five shopping centres in Iberia, coupled with the favourable
impact of average exchange rate movements from R19.86/Euro at 30 September 2024 to R20.68/Euro at
30 September 2025.
(2) In the prior period, investment and other income included a dividend received from Lar Espana.
The investment was sold during the prior year, and nil income recognised in the current period.
A separate announcement regarding the dividend, including details relating to the taxation treatment of
the dividend, will be released on SENS.
Prospects for the group
Vukile commenced the financial year on a strong footing, underpinned by a clear and focused strategy and
a proven operating platform. This momentum has continued and is reflected in very strong trading metrics
across our key markets of South Africa, Spain and Portugal, where we continue to deliver significant real
growth in net property income, supported by ongoing and innovative property asset management initiatives
across our portfolio.
Over the past six months, we have successfully integrated the recently acquired assets in Spain and Portugal
into our core operations. These assets are now contributing meaningfully to the portfolio's performance and
have strengthened our presence in Iberia, creating a high-performing and scalable platform that positions
us well for sustained growth in the years ahead.
Looking forward, for the year ending 31 March 2026, we have upgraded our guidance and anticipate growth in
both FFO per share and dividend per share of at least 9%, which translates to:
- FFO per share of at least 173.1 cents (FY25: 158.8 cents)
- A full-year dividend per share of at least 143.6 cents (FY25: 131.7 cents).
This improved outlook is supported by a well-capitalised balance sheet, which provides a solid foundation
to navigate the second half of the year with confidence and agility. In addition, the successful R2.65 billion
equity raise completed in October further strengthens our balance sheet and financial flexibility,
whereby the funds from the equity raise will be deployed into strategic, value-enhancing acquisitions in
South Africa and Iberia, ensuring continued growth in the medium to long term.
Our focus remains unchanged: to pursue opportunities that are aligned with our long-term strategic objectives
and that deliver accretive returns for shareholders, reinforcing Vukile's commitment to sustainable growth and
value creation.
The assumptions in respect of the upgraded guidance remain the same as those published on SENS on 17 June 2025.
The forecast has not been reviewed or audited by the company's external auditors.
About this announcement
This results announcement is the responsibility of the directors of the company. This announcement is only a
summary of the consolidated interim results and does not contain full or complete details. Any investment
decision by investors and/or shareholders should be based on consideration of the consolidated interim results.
The consolidated interim results are available on the company's website at
https://www.vukile.co.za/wp-content/uploads/2025/11/Vukile-Unaudited-Consolidated-Interim-Results-Sept-2025.pdf
and on the JSE's website at
https://senspdf.jse.co.za/documents/2025/jse/isse/vke/HY2026.pdf. Copies of the
consolidated interim results may be requested and obtained at no charge by emailing Johann Neethling at
johann.neethling@vukile.co.za or the company's sponsor, Java Capital at sponsor@javacapital.co.za from Wednesday,
26 November 2025, to Thursday, 4 December 2025.
On behalf of the board
NG PAYNE LG RAPP
CHAIRMAN CHIEF EXECUTIVE OFFICER
Houghton Estate
26 November 2025
Sponsor: Java Capital
www.vukile.co.za
Date: 26-11-2025 07:05:00
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