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Thu 14 May 2026
Close: 628c 
Day's move: 14c (2.28%)
Volume: 5 180 528
Trades: 929
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Property portfolio revenue increased to R5.6 billion (R5.4 billion) while net operating profit grew to R3.0 billion (R2.9 billion). Profit for the period attributable to Redefine Properties Ltd. shareholders escalated to R3.6 billion (R1.5 billion). Additionally, headline earnings per share were reported at a higher 34.24 cents per share (18.43 cents per share).
Dividend
The group's distributable income increased by 7.4% to R1.9 billion compared to R1.8 billion in the prior period.
The board declared a dividend of 21.83291 cents per share for the six months ended 28 February 2026.
Company prospects
FY26 is shaping up as a year of two very distinct halves. The first half, characterised by lower interest rates, strengthening market fundamentals across all asset classes and renewed investor confidence, has been interrupted by paralysing disruption to flows through the world's most critical oil choke-point. In this environment, we will lean on the Upside of Us to sustain first-half momentum and focus relentlessly on the variables within our control to underpin sustained value creation for all stakeholders.
We remain steadfast in our strategy to build a high-quality, diversified portfolio that delivers durable growth; recycle non-core assets to reduce LTV; simplify joint ventures to reduce complexity; generate organic growth to support value creation; accelerate the use of data to drive rental growth and cost containment; foster an inclusive culture that unlocks creativity and innovation; and embed sustainability as a core operational imperative.
Durability is not built in a crisis, it is revealed by one. Since 2019, Redefine has consistently emerged from each trigger event in materially stronger shape, better positioned to thrive amid uncertainty and complexity: 2026 will be no different.
Although we operate in a highly fluid environment, we have raised our earnings outlook, and we expect distributable income per share for FY26 to grow by between 6.0% and 7.0%, being between 55.55 and 56.07 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.
FY26 guidance is predicated on the assumption that current trading conditions will prevail on the following key assumptions:
Assumptions within management's control:
- Rental escalations and lease renewals are expected to remain broadly in line with existing contractual terms
- Vacancy levels are anticipated to remain stable
Assumptions outside management's control:
- Continued stability of the tenant base, with no material tenant failures
- The South African prime lending rate and three-month JIBAR are assumed to remain at 10.25% and 6.68%, respectively
- The three-month EURIBOR is assumed to remain at 2.15% and the one-month WIBOR at 3.83%
- The EUR/ZAR and PLN/ZAR exchange rates are assumed at R19.25 and R4.50, respectively, for the forecast period
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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