Wrap Text
Pre-close update and revised guidance for FY2025
LIGHTHOUSE PROPERTIES p.l.c.
(Registered in Malta)
(Registration number: C 100848)
Share code: LTE
ISIN: MU0461N00015
LEI: 549300UG27SWRF0X2U62
("Lighthouse" or the "Company" or the "Group")
PRE-CLOSE UPDATE AND REVISED GUIDANCE FOR FY2025
The board of directors of Lighthouse (the "Board") is pleased to provide shareholders with an
operational and financial update ahead of the announcement of the Group's results for the year
ending 31 December 2025.
DIRECT PROPERTY INVESTMENTS
During 1H2025, Lighthouse continued to expand its direct property portfolio through the
acquisition of two additional malls in Spain: Alcalá Magna in Madrid (5 March 2025) and Espacio
Mediterráneo in Cartagena (27 June 2025). Lighthouse further increased its footprint by acquiring
the Carrefour grocery anchor at Espacio Mediterráneo on 18 September 2025.
The net property income ("NPI") of EUR 65.1 million for the nine-months ended September 2025
was 63.4% higher than that of the comparable prior period, primarily driven by the strategic
acquisitions completed in 2024 and 2025. On a like-for-like basis, NPI increased by 5.3% over the
same period.
The Company's strategy has now shifted from acquisitions to investing in the portfolio to further
increase dominance resulting in resilient, sustainable and growing income.
OPERATIONAL PERFORMANCE
The direct property portfolio continues to deliver robust growth, supported by strong tenant
demand, proactive asset management and favourable macroeconomic conditions in its core
markets. For the nine-month period ended September 2025:
- Total tenant sales across the portfolio increased by 6.7% compared to the same period in
2024.
- Footfall grew by 2.8%, reflecting increased consumer activity in the Group's malls.
- Vacancy (measured by gross lettable area ("GLA")) rose from 2.0% at FY2024 to 2.6% at
3Q2025, primarily due to planned vacancies created to accommodate new national fashion
anchors and store extensions at H2O. The portfolio vacancy is expected to fall below 2%
in 2026 once lease agreements with incoming tenants are finalised.
- 118 lease agreements were signed (65 new leases and 53 renewals) for a total GLA of
28 245m², with an average positive reversion of 4.4% (excluding regional indexation).
- Collections remained strong at 98.5%.
The operational performance builds on FY2024's strong base, where total tenant sales grew by
7.8% and footfall increased by 4.3% year-on-year ("YoY").
Sales growth Footfall growth
Nine-month period:
Sep 2025 vs Sep FY2024 vs Nine-month period: FY2024 vs
2024 FY2023 Sep 2025 vs Sep 2024 FY2023
Spain 6.1% 11.1% 2.6% 5.1%
Portugal 9.7% 6.0% 2.3% 3.8%
France 3.2% 1.8% 3.9% 3.3%
Total 6.7% 7.8% 2.8% 4.3%
Regional performance and initiatives
Spain
Spain continues to outperform the broader Eurozone, recording 3Q2025 annual GDP growth of
2.8% compared to the Eurozone average of 1.4%. This economic strength has driven solid retail
performance and increased demand from both new and established national tenants seeking to
expand their footprint.
Tenant sales for the nine months ended September 2025 rose by 6.1%, significantly ahead of the
regional inflation of 3.0% (YoY September 2025). Footfall during the nine months increased by
2.6%, supported by the opening of Primark stores at Alcalá Magna and H2O, as well as the
introduction of Alcampo (Auchan group) at Espai Gironès during 2H2024.
The H2O refurbishment project, that began in 4Q2024, is on schedule to be completed by FY2025.
The refurbishment includes a full replacement of interior flooring and a reduction in the size of the
outdoor lake to enable expansion of the adjacent park area. Trading at the mall remained unaffected
and despite ongoing works, footfall increased by 9.1% for the nine months ended September 2025.
A material reduction in the mall's 7.7% vacancy is expected as negotiated leases with new anchor
tenants are finalised.
At Salera, Stradivarius and Bershka have taken beneficial occupation of their relocated and
expanded stores. These new stores will be upgraded to the brands' latest flagship concepts and are
scheduled to open in 1Q2026. The new locations consolidate space previously occupied by Sports
Direct, United Colors of Benetton and AW Lab.
The Zara refurbishment and expansion at Espai Gironès commenced in 3Q2025. This project will
nearly double the store's size from 1 930m² to 3 700m². The expansion of Zara to a large flagship
concept will further enhance the mall's dominance as tenants continue to consolidate from the
Girona high street to the mall.
At Alcalá Magna, Zara opened its refurbished and extended flagship store in 4Q2025. Stradivarius
and Bershka also completed the refurbishments to their latest concepts. Additionally, Starbucks
and KFC opened during 3Q2025.
Portugal
Portugal's economy recorded annual GDP annual growth of 2.4% in 3Q2025, outperforming the
Eurozone average of 1.4%. For the nine-month period ended September 2025, sales growth of
9.7% was recorded across the Portuguese portfolio. This was significantly above the region's 2.3%
inflation (YoY September 2025). The portfolio in Portugal remains fully let, underscoring the
strength of tenant demand.
At Forum Coimbra, the extensions of Primark and the Inditex brands are progressing well. This
development will add approximately 3 100m² to the mall's GLA, enhancing the overall retail
offering. Zara is scheduled to open during 1Q2026, while Primark is expected to open during
4Q2026.
France
France's annual GDP growth improved to 0.9% for 3Q2025. For the nine months ended September
2025, sales growth across the French portfolio was 3.2%, notably exceeding the region's inflation
of 0.9% (YoY September 2025).
Saint Sever is currently undergoing fit-outs by food and beverage operators Crust, Tasty Pizza and
Chamas Tacos. Once these openings are complete, the food court will be fully let, strengthening
the mall's dining options and tenant mix. Adidas opened its new store in 4Q2025.
At Docks 76, Darty opened a 1 200m² store in 3Q2025, while Jack&Jones introduced its first
location in Rouen.
Docks Vauban welcomed Inditex's new Pull&Bear flagship store during 4Q2025.
The extension of Rivetoile was completed during 4Q2025. New leases were concluded with
Mango (renewal), Lovisa and Kraft.
OUTLOOK
Lighthouse's core portfolio of dominant malls continues to deliver strong performance across all
key metrics, a trend expected to persist during 2026. Several asset management initiatives and
extensions are currently underway, with the majority of benefits anticipated late in 2026 and in
2027. Lighthouse remains focused on optimising its existing portfolio to drive sustainable NPI
growth, while enhancing income quality and improving the tenant mix.
Considering the stronger-than-expected tenant performance and the positive impact of recent
acquisitions, the Board has revised its distribution guidance for the 2025 financial year upwards
from approximately 2.70 EUR cents per share (c. 5% growth) to approximately 2.75 EUR cents
per share (c. 7% growth). The assumptions on which this revised guidance is based, remain
unchanged.
Shareholders are advised that the financial information contained in this update has not been
reviewed or reported on by the Company's auditors.
1 December 2025
JSE sponsor and corporate advisor Company Secretary
Java Capital Stonehage Fleming Malta Limited
Tel: +27 (0)60 572 2299 Tel: +356 2144 6377
Date: 01-12-2025 02:00:00
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