Wrap Text
Unaudited consolidated interim results for the six months ended 30 June 2025
Lighthouse Properties p.l.c
(Registered in Malta)
(Registration number: C 100848)
ISIN: MU0461N00015
Share code: LTE
LEI: 549300UG27SWRF0X2U62
("Lighthouse" or the "Company" or the "Group")
www.lighthouse.mt
Unaudited consolidated interim results
for the six months ended 30 June 2025
Nature of the business
Lighthouse is domiciled in Malta and listed on the Main Board of the JSE
Limited ("JSE"). The Group invests in dominant and defensive malls located
in large Western European cities with a strong economic underpin and economic
growth. A key component of the Group's strategy is to evolve and adapt malls
to cater for the ever-changing demands of retailers and consumers.
Distributable earnings and commentary on results
The board of directors of Lighthouse (the "Board") has declared an interim
distribution of 1.31220 EUR cents per share for the six months ended
June 2025, payable in cash. A detailed announcement, including salient
dates and the tax treatment applicable to the interim distribution, will
be published separately.
The distribution of 1.31220 EUR cents per share declared for this interim
period is 7.9% higher than the 1.21660 EUR cents per share of the comparable
prior period. The interim results reflect the accretive expansion of the
Iberian portfolio over the past 18 months following the disposal of the
Hammerson investment during 2024. The growth in distributable earnings was
achieved despite the negative impact of refinancing the borrowings secured
by Forum Coimbra during December 2024.
Unaudited Unaudited
for the for the
six months six months
ended ended
Jun 2025 June 2024 Movement
Total revenue (EUR) 69 541 309 49 067 997 20 473 312
Basic earnings from
continued operations
per share (EUR cents) 1.43 0.82 0.61
Basic earnings from
discontinued operations
per share (EUR cents) - 0.02 0.02
Total basic earnings per
share (EUR cents) 1.43 0.84 0.59
Diluted earnings from
continued operations
per share (EUR cents) 1.43 0.82 0.61
Diluted earnings from
discontinued operations
per share (EUR cents) - 0.02 0.02
Total diluted earnings
per share (EUR cents) 1.43 0.84 0.59
Headline earnings from
continued operations
per share (EUR cents) 1.43 0.82 0.61
Headline earnings from
discontinued operations
per share (EUR cents) - 0.08 0.08
Total headline earnings
per share (EUR cents) 1.43 0.90 0.53
Diluted headline earnings
from continued operations
per share (EUR cents) 1.43 0.82 0.61
Diluted headline earnings
from discontinued operations
per share (EUR cents) - 0.08 0.08
Total diluted headline earnings
per share (EUR cents) 1.43 0.90 0.53
Total distribution
per share (EUR cents) 1.31220 1.21660 0.09560
Management accounts information
Net asset value per share
(EUR cents) 42.63 41.46 1.17
Loan-to-value (%)* 35.0 21.1 13.9
* The loan-to-value ratio is calculated by dividing the management
account values of gross interest-bearing borrowings, adjusted for the
fair value of interest rate derivatives, cash included in borrowings'
services reserve accounts and cash and cash equivalents by the total
of investments in property, listed equity securities at fair value and
investments at fair value.
Outlook
Lighthouse remains dedicated to pursuing opportunities in its core markets,
prioritising leading retailers and dominant assets that deliver robust
risk-adjusted returns and consistent long-term income growth.
Acquisition growth is anticipated to moderate due to increased competition
for top-tier assets, driven by heightened interest from institutional
investors in retail real estate and a constrained supply of premium,
market-dominant properties.
The Iberian region is expected to maintain its strong economic performance
relative to broader Europe. Lighthouse's portfolio is strategically
positioned to achieve sustained increases in sales, footfall and net
property income, underpinning solid financial performance in FY2026.
Growth will be further bolstered in 2026 by full-year contributions
from recently acquired properties and delivering on value-enhancing
capital investments.
The Board confirms its FY2025 distribution guidance of approximately
2.70 EUR cents per share.
Shareholders are advised that the financial information contained in
this announcement has not been reviewed or reported on by the
Company's auditor.
This announcement is the responsibility of the Board and is only a
summary of thei nformation in the 1H2025 results announcement and
does not include full or complete details.
The 1H2025 results announcement was released on SENS on 13 August 2025
and can be accessed by visiting the Company's website at
https://www.lighthouse.mt/investors/#financial-reporting or by
following this hyperlink:
https://senspdf.jse.co.za/documents/2025/jse/isse/LTEE/1H2025.pdf.
The 1H2025 results announcement is available for inspection at the
registered offices of the Company or its JSE sponsor, at no charge,
during office hours from today, Wednesday, 13 August 2025, to Wednesday,
20 August 2025. Any investment decision should be based on the 1H2025
results announcement published on SENS and available on the Company s
website.
13 August 2025
Directors: Mark Olivier (Chairperson); Stuart Bird; Karen Bodenstein;
Desmond de Beer (Alternate: Nicolaas Hanekom); Anthony Doublet;
Stephen Paris; Justin Muller (CEO)*; Edward Mc Donald (COO)*;
Jacobus van Biljon (CFO)*
(* Executive director)
Registered address: 4th Floor, Office 41, Block A, IL-Piazzetta,
Tower Road, Sliema, SLM 1605, Malta
Transfer secretary in South Africa: JSE Investor Services
Proprietary Limited
JSE sponsor: Java Capital, 6th Floor, 1 Park Lane, Wierda Valley,
Sandton, 2196
Maltese management company and company secretary: Stonehage Fleming
Malta Limited
Date: 13-08-2025 04:55:00
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