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Tue 3 Nov 2026
Close: 647c 
Day's move: 5c (0.78%)
Volume: 21 932 164
Trades: 3 605
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Total revenue went up to R11.3 billion (R11.0 billion) while net operating profit rose to R6.1 billion (R5.9 billion). Profit for the year attributable to Redefine Properties Ltd. shareholders increased to R7.2 billion (R4.1 billion). Additionally, headline earnings per share improved to 72.97 cents per share (36.74 cents per share).
Dividends
The board has declared a final dividend of 27.23382 cents per share for the second half of FY26 and resulting in a full-year payout ratio of 87.5% for FY26 payable on Monday, 23 November 2026.
Group prospects
Finding your Upside is about staying composed through uncertainty, understanding the structural trends shaping our markets, and identifying opportunities where we can make a difference in the challenges we face. Redefine enters FY27 from a position of strength, with a more focused portfolio, a resilient balance sheet, and a stronger operating performance across all sectors. While persistent geopolitical tensions, inflationary pressures, and the prospect of higher-for-longer interest rates may create a more challenging operating environment as operational momentum will be pitted against geopolitical friction. We will not be distracted by cyclical volatility but will remain focused on the variables under our control. Our strategic priorities are clear – enhance the quality of our asset platform, increase occupancy and rental growth, improve operating margins, reduce our cost of capital, and allocate capital to its most productive uses. Sustainable organic growth will support a lower cost of capital and create capacity for disciplined, targeted inorganic growth.
Maintaining balance sheet flexibility will be critical as global volatility and higher interest rates influence valuations, refinancing and transaction activities. This means that we will continue to simplify the group, including our Polish joint venture structures, while recycling capital from lower yielding and non-core assets. This approach positions Redefine to navigate near-term uncertainty while delivering sustainable income growth and long-term value for shareholders.
The group delivered distributable income of 56.08 cents per share for FY26, compared with 52.39 cents per share in FY25, marginally exceeding the upper end of the previously communicated guidance range of 55.55 to 56.07 cents per share.
Although we operate in a highly fluid environment, we expect distributable income per share for FY27 to grow by between 3.0% and 5.0%, being between 57.7 and 58.9 cents per share. Over the full year, we anticipate applying a dividend payout ratio of 87.5% which is at the higher end of our payout range of 80% to 90%. The payout ratio is determined based on operational capital expenditure requirements, debt covenant levels, liquidity events, and tax considerations at the time of the declaration of the dividend.
The FY27 guidance is underpinned by the assumption that prevailing market and operating conditions continue and is based on the following key assumptions:
Assumptions within management’s control:
- Rental escalations and lease renewal outcomes are expected to remain broadly in line with prevailing contractual terms
- Portfolio vacancy levels are expected to remain largely stable
Assumptions outside management’s control:
- Continued stability of the tenant base, with no material tenant failures
- No material changes to interest rates
- The EUR/ZAR and PLN/ZAR exchange rates are assumed at R19.00 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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