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Emira Property Fund (EMI) investor relations material
Emira Property Fund H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered stable interim results amid macroeconomic uncertainty, with resilient operational performance and a successful executive leadership transition.
Distributable income per share rose 1.9% year-over-year to ZAR 0.6483, with a 3.2% increase in dividend per share to ZAR 0.644.
Net asset value per share increased 1.4% to ZAR 20.96, supported by share buybacks and capital recycling.
Commercial vacancies improved to 3.8% from 6.4%; residential occupancy rose to 98.3%.
Significant property disposals and continued capital recycling supported liquidity and portfolio optimisation.
Financial highlights
Distributable income per share increased 1.9% to ZAR 0.6483; interim dividend per share up 3.2% to ZAR 0.644.
Net asset value per share rose by ZAR 0.29 to ZAR 20.96 over six months.
Loan-to-value (LTV) ratio improved to 35.6%; interest cover ratio (ICR) strengthened to 2.7x.
Share buybacks of over 15 million shares positively impacted NAV and DPS.
Net finance costs decreased by 23.1% due to lower average debt levels and cheaper Euro-denominated funding.
Outlook and guidance
Continued focus on disciplined capital recycling and redeployment into value-accretive opportunities.
On track to achieve distributable income per share KPI of ZAR 1.2778 for FY 2026.
Portfolio performance aligns with expectations, supported by steady interest rates, reduced load shedding, and moderate inflation.
- Distributable income per share up 11.5%, with strong liquidity and major asset disposals.EMI
H2 202428 Mar 2026 - Distributable income and NAV per share rose, with major disposals and improved vacancies.EMI
H1 202528 Mar 2026 - NAV per share up 20.9%, LTV improved, and major Polish investment drives future growth.EMI
H2 202527 Mar 2026
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