MAS (MSP) H1 25/26 earnings summary

Executive summary

• Owns and operates commercial income-producing properties in CEE, with capital deployed in development projects via a joint venture (DJV) with Prime Kapital.

• Focus remains on long-term value creation per share, prudent risk, and moderate to low leverage.

• Strategic shift to total shareholder return (TSR) per share as the primary profitability metric, moving away from distributable earnings per share.

• Dividends are deprioritized; capital is retained and reinvested unless superior opportunities are unavailable.

Financial highlights

• Net asset value (NAV) per share rose to 181 eurocents (from 169 eurocents YoY); TSR per share for the year was 7%.

• Earnings for the six months to 31 Dec 2025 were €11.6m (1.97 eurocents/share), down from €76.1m (12.01 eurocents/share) YoY.

• Gross revenue for the period was €51.9m, nearly flat YoY.

• Net rental income was €35.8m, slightly down from €36.5m YoY.

• IFRS basic EPS was 1.97 eurocents, down from 12.01 eurocents YoY.

Outlook and guidance

• Will continue to seek investment opportunities in current markets and selectively expand beyond traditional real estate and geographies.

• Share repurchases prioritized only when demonstrably superior to other investments.