Lighthouse Properties (LTE) H2 2025 earnings summary

Executive summary

• Distributable earnings per share grew 7.5% year-over-year to EUR 0.0276, exceeding guidance and driven by accretive asset rotation and new acquisitions.

• Net asset value per share increased 5.1% to EUR 0.4488.

• Portfolio focused on defensive, dominant malls in Iberia, with 87.1% of property exposure in the region.

• Two major acquisitions in Spain: Espacio Mediterráneo and Alcalá Magna, both fully let and performing strongly.

• Board transitions: new CFO and COO appointed, with structured handover periods and to take office in mid-2026.

Financial highlights

• Distributable earnings per share increased by 7.5% to EUR 0.0276; net asset value per share up 5.1% to EUR 0.4488.

• Loan-to-value ratio rose to 35.5% due to debt-funded acquisitions, within board's target range.

• Maintained 100% payout ratio; shares in issue increased from scrip distributions and a ZAR 400 million book build, now at 2,089,010,218.

• Weighted average loan term at 4.7 years; effective interest rate decreased to 4.96%.

• Portfolio vacancy rate at 1.3%; collection rate at 98.7%.

Outlook and guidance

• Focus remains on existing portfolio enhancements over new acquisitions due to higher returns.

• Expecting distributable earnings per share of EUR 0.0295 in 2026, a 6.9% increase.

• Anticipate continued strong sales growth in Iberia and embedded growth from recent acquisitions.