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Fri 21 Nov 2025
Close: 598c 
Day's move: -8c (-1.32%)
Volume: 18 421 366
Trades: 1 440
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Total revenue grew to R11.0 billion (R10.7 billion) and net operating profit rose to R5.9 billion (R5.7 billion). Profit for the year attributable shareholders came in at R4.1 billion (R4.0 billion). Furthermore, headline earnings per share were higher at 36.74 cents per share (33.06 cents per share).
Dividend
The group's distributable income increased by 7.8% to R3.6 billion, compared to R3.4 billion in the prior year.
The board has declared a dividend of 25.42271 cents per share for the six months ended 31 August 2025.
Company prospects
Redefine has shown remarkable resilience, adapting to economic fluctuations and evolving real estate dynamics. The group's focus on foresight, adaptability and localised nuances has been key in navigating the changing landscape. By opting for the upside and concentrating on the variables under its control, Redefine has emphasised the importance of location, demand and supply dynamics, development potential, and economic signals. Sustainability and proactive operational risk management have become fundamental pillars for long-term value creation, highlighting Redefine's enduring appeal and strategic vision.
The primary drivers of outperformance for Redefine have been portfolio quality and balance sheet strength. The group's strategy remains firm, focusing on disciplined capital allocation for sustainable growth, recycling non-core assets, simplifying joint ventures to reduce the see-through LTV ratio, and delivering on earnings guidance. The future is shaped by flexibility, sustainability and technology, with the upside of us at the core. The outlook is characterised by cautious optimism as Redefine continues on its path of positive total returns.
Although we operate in a highly uncertain environment, we expect distributable income per share for FY26 to grow by between 4.0% and 6.0%, being between 54.5 and 55.5 cents per share (FY25: 52.39 cents per share). Over the full year, we anticipate applying a dividend payout ratio of between 80% and 90%, dependent on operational capital expenditure requirements, debt covenant levels, liquidity events, and tax considerations. This forecast is predicated on the assumption that current trading conditions will prevail.
Forecast rental income is based on contractual terms and anticipated market-related renewals. The forecast has not been reviewed or reported on by the group's independent external auditors. Redefine's use of dividend per share as a relevant measure of financial performance remains unchanged.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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