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Audited summarised consolidated results and prospects for the year ended 31 March 2026, change in company secretary
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)
Audited summarised consolidated results and prospects for the group for the year ended 31 March 2026
and change in company secretary
Continued strategic and operational delivery
South African portfolio excels through top-line growth and further cost reductions
- Like-for-like retail NOI growth of 10.3%
- Annualised trading density growth of 5.3%
- Retail vacancies stable at 1.7%
- Rental reversions +3.7%, up from +2.4%
- Cost-to-income ratio decreased to 12.4% from 15.3%
- Like-for-like retail portfolio value increased by 12.3%
- 40.3MWp solar installations now generating 29% of electricity in the portfolio
Castellana's momentum continues, powering to a scalable growth platform
- Like-for-like NOI growth of 7.9%
- Like-for-like GRI growth of 6.2%
- Rental reversions of +9.1%
- Portfolio vacancy of 1.1%
- Like-for-like valuation increase of 6.6%
- Occupancy-cost ratio 9.8%
- 95.3% of retail space let to international and national tenants
Strong balance sheet with significant liquidity fuels the next phase of expansion
- Strong liquidity with cash balances of R3.7 billion and undrawn debt facilities of R3.9 billion
- Additional R2.8 billion raised in oversubscribed equity issuance in May 2026
- LTV decreased to 38.4%
- Interest cover ratio (ICR) increased to 3.0 times
- R4.7 billion of funding is classified as "green" loans
- Long-term issuer rating upgraded for both Vukile to AA+(ZA) and Castellana to BBB
Strategic capital allocation and asset rotation driving growth objectives
- Disposed of nine retail parks in Spain post year end
- Disposing of R630 million of non-core assets in South Africa
- Acquisition of Berceo Shopping Centre in La Rioja, Spain
- Post year-end, acquired Islazul Shopping Centre in Madrid and a 50% interest in Splau Shopping Centre
in Barcelona
- Acquired a 50% interest of Chatsworth Centre in KZN and 100% Botshabelo Mall in Free State
- Acquired a 35% interest in Pradera Group Limited, a leading Pan-European specialist retail property
investment fund and asset manager
- Post year end, entry into Italy through acquiring three shopping centres, which will serve as the platform
for future expansion
Focused strategy in action delivers results
- Funds from operations (FFO) of 173.6 cents per share
- Final dividend of 83.8 cents per share
- Growth in FFO and dividend per share of 9.3% (in line with market guidance of at least 9%)
Financial performance 31 MARCH 2026 31 March 2025 % change
Gross property revenue (Rm) 5 837 4 396 32.8 (1)
Operating profit before finance costs (Rm) 3 575 3 257 9.8
Profit for the year attributable to owners (Rm) 5 742 3 209 78.9 (2)
Basic earnings per share (cents) 441.85 270.71 63.2 (2)
Headline earnings per share (cents) 179.54 158.59 13.2
Net asset value (R per share) 25.03 22.39 11.8
Direct property investments (Rm) 58 330 50 270 16.0
Total dividend per share (cents) 143.97084 131.71858 9.3
(1) Revenue growth was mainly driven by a full-year contribution from the Castellana assets acquired in H2FY25.
(2) Increase in profit and EPS was mainly driven by a full-year contribution from the Castellana assets acquired
in H2FY25 for c.R9.7 billion. The increase was further supported by a 12.3% and 6.6% increase in property
valuations in South Africa and Iberia respectively.
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
Building on a year of strong organic growth and strategic corporate activity, Vukile has significantly strengthened
its position in all of the markets in which it operates. Asset rotation across the group has reshaped our portfolio to
rank amongst the strongest in Iberia, increased our exposure to the performing township and rural segments in
South Africa, while the acquisition of three shopping centres in Italy (post year-end) establishes a platform to build a
business in a new market with very positive property fundamentals. Complementing this, our strategic investment in Pradera
enhances our access to pan-European retail expertise and supports further expansion into European markets, specifically Italy.
Looking ahead to FY27, Vukile is well positioned to build on this momentum to achieve inflation-beating growth in the
year ahead. The group successfully completed a R2.8 billion capital raise in May 2026, which was significantly
oversubscribed, reflecting strong investor confidence in our strategy and execution.
We forecast growth in FFO per share of between 8% and 10% for the year ending 31 March 2027 and intend to marginally
increase our dividend payout ratio from 83% to 85%, supporting projected dividend per share growth of between 10% and
12%. This guidance is put forward notwithstanding a strengthening of the Rand relative to the prior period. In constant
currency, the forecast growth in FFO per share and dividend per share for FY27 would be 1.7% higher than guided.
This guidance assumes no material changes in exchange or interest rates, with a forecast ZAR/EUR rate of R19.60/€,
and no adverse changes in trading conditions or leasing dynamics which are assumptions that are largely outside the
influence of the directors. This forecast is consistent with Vukile's accounting policies and has been prepared in
terms of IFRS, as well as in accordance with the SA REIT Association's Best Practice Recommendations in respect of the
calculation of FFO per share. The forecast is the responsibility of the board and has not been reviewed or audited by
the company's external auditors.
CHANGE IN COMPANY SECRETARY
Effective 1 July 2026, Mr Johann Neethling will step down as Company Secretary and will be replaced by Mr Shadley
Sasman. Mr Neethling assumes a new role in Vukile as Group Director: Human Capital and Governance, focused on
group-wide human capital management and governance. Mr Sasman is an experienced governance and corporate services
professional and has been with Vukile for 20 years. Mr Sasman holds a BSc degree in Informatics, a National Diploma
in Internal Auditing and is a Chartered Secretary, being a Fellow of the Chartered Governance Institute of Southern
Africa.
ABOUT THIS ANNOUNCEMENT
This results announcement is the responsibility of the directors of the company. This announcement is only a summary
of the group audited annual financial statements for the year ended 31 March 2026 (FY26 AFS) and does not contain full
or complete details. Any investment decision by investors and/or shareholders should be based on consideration of the
FY26 AFS.
The FY26 AFS were audited by PricewaterhouseCoopers Inc., who expressed an unqualified opinion thereon. The auditor's
opinion also includes communication on key audit matters. Key audit matters are those matters that, in the auditor's
professional judgement, were of most significance in their audit of the FY26 AFS.
The FY26 AFS, incorporating the auditor's opinion thereon, are available on the company's website at
https://www.vukile.co.za/wp-content/uploads/2026/05/Vukile-AFS-2026.pdf and on the JSE's website at
https://senspdf.jse.co.za/documents/2026/jse/isse/vke/FY2026.pdf. Copies of the FY26 AFS 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, 17 June 2026, to Thursday, 25 June 2026.
Vukile also voluntarily publishes supplementary information to the FY26 AFS, which includes directors' commentary,
and is available on the company's website at https://www.vukile.co.za.
On behalf of the board
NG PAYNE G RAPP
CHAIRMAN CHIEF EXECUTIVE OFFICER
Houghton Estate
17 June 2026
Sponsor: Java Capital
BUILDING COMMUNITIES, GROWING VALUE
www.vukile.co.za
Date: 17-06-2026 07:05:00
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