Wrap Text
Unaudited consolidated interim results for the six months ended 30 June 2026
Lighthouse Properties p.l.c.
(Registered in Malta)
(Registration number: C 100848)
ISIN: MU0461N00015
Share code: LTE
LEI: 549300UG27SWRF0X2U62
("Lighthouse" or the "Company" or the "Group")
Condensed Unaudited Consolidated Interim Results
for the six months ended 30 June 2026
http://www.lighthouse.mt
Nature of the business
Lighthouse is domiciled in Malta and listed on the Main Board of the
JSE Limited ("JSE"). The Group invests in dominant and defensive malls
located in large Western European cities with a strong economic
underpin and economic growth. A key component of the Group's strategy
is to evolve and adapt malls to cater for the ever-changing demands
of retailers and consumers.
Distributable earnings and commentary on results
The board of directors (the "Board") has declared a distribution of
1.44010 EUR cents per share for the six months ended 30 June 2026. This
distribution, which is payable in cash, is 9.7% higher than the
distribution of 1.3122 EUR cents per share of the comparable prior
period. A detailed announcement, including salient dates and the tax
treatment applicable to the interim distribution, will be published
separately.
The growth in distributable earnings during 1H2026 can be attributed
to the full six-month impact of Espacio Mediterraneo (acquired on
27 June 2025), an additional two months' contribution from
Alcala Magna (acquired on 6 March 2025), the benefit of rental indexation
(particularly in the Spanish portfolio), as well as the Group's
ongoing asset management initiatives.
Unaudited Unaudited
for the for the
six months six months
ended ended
Jun 2026 Jun 2025 Movement
Total revenue (EUR) 77 001 402 69 541 309 7 460 093
Total basic earnings
per share (EUR cents) 1.51 1.43 0.08
Total diluted earnings
per share (EUR cents) 1.51 1.43 0.08
Total headline earnings
per share (EUR cents) 1.52 1.43 0.09
Total diluted headline
earnings per share
(EUR cents) 1.52 1.43 0.09
Interim distribution
(EUR cents per share) 1.44010 1.31220 0.1279
Performance measures
information:
EPRA net tangible assets
per share (EUR cents) 44.76 42.66 2.10
EPRA loan-to-value
ratio (%) 35.9 36.0 (0.1)
Outlook
Operational momentum across Lighthouse's portfolio of dominant,
well-located malls remained strong throughout the period, with all
key metrics performing ahead of the Board's expectation. This
performance continues to validate the disciplined approach of
active management of the existing portfolio, carefully targeted
leasing and capital investment strategy.
The period saw a broad range of portfolio activity from renewed
commitments by anchor tenants to store expansions, new brand
introductions and selective reconfigurations. Collectively, these
initiatives underscore the scope for further value creation within
the current portfolio, without reliance on new acquisitions. As the
remaining projects reach completion and newly repositioned assets
stabilise, the Board expects the resulting earnings contribution
to underpin continued strong growth in distributions into 2027.
Accordingly, the Board hereby revises its FY2026 distribution
guidance upwards, from approximately 2.95 EUR cents per share to
3.00 EUR cents per share. This represents an increase in anticipated
growth from 6.9% to 8.7% relative to the FY2025 distribution of
2.76 EUR cents per share. The underlying assumptions, as
communicated in the FY2025 Integrated Report when guidance was
first issued, remain unchanged.
This guidance is based on forecast distributable earnings, which
was compiled using International Financial Reporting Standards
profit for the period attributable to equity holders of the Company,
adjusted in accordance with European Public Real Estate Association
("EPRA") earnings as defined by the EPRA Best Practice Recommendations,
as well as additional company-specific adjustments. The principles
applied are consistent with those used in the distribution
calculations detailed in the EPRA earnings and distributable
earnings sections in the FY2025 results.
Shareholders are advised that the financial information contained
in this announcement has not been reviewed or reported on by the
Company's auditor.
This announcement and the financial information contained in this
announcement is the responsibility of the Board and is only a
summary of the information in the 1H2026 results announcement and
does not include full or complete details. Any investment decision
should be based on the 1H2026 results announcement available on
the Company's website.
The 1H2026 results announcement was released on SENS on 11 August 2026
and can be accessed by visiting the Company's website at
https://www.lighthouse.mt/investors/#financial-reporting or by following
this hyperlink:
https://senspdf.jse.co.za/documents/2026/jse/isse/LTEE/1H2026.pdf.
The Lighthouse investor presentation is scheduled for Tuesday, 11 March 2026
at 11:00 (CAT). Please click on the link below for registration.
https://www.corpcam.com/Lighthouse11082026
The 1H2026 results are available for inspection at the registered offices
of the Company or its JSE sponsor, at no charge, during office hours
from today, Tuesday, 11 August 2026 to Tuesday 18 August 2026. Any
investment decision should be based on the 1H2026 results published
on SENS and available on the Company's website.
11 August 2026
Directors:
Mark Olivier (Chairperson); Stuart Bird; Karen Bodenstein;
Desmond de Beer (Alternate: Nicolaas Hanekom); Anthony Doublet;
Stephen Paris; Justin Muller (CEO)*; Laurian Mc Gonigal (COO)*;
David Swarts (CFO)*
(*Executive director)
Registered address:
4th Floor, Office 41, Block A, IL-Piazzetta, Tower Road, Sliema,
SLM 1605, Malta
Transfer secretary in South Africa:
JSE Investor Services Proprietary Limited
JSE sponsor:
Java Capital, 6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196
Maltese company secretary:
Finco Trust Services Limited
Date: 11-08-2026 07:30:00
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