Burstone Group Ltd (JSE:BTN)

Half Year 2026 Burstone Group Ltd Earnings Call Transcript

Nov 19, 2025 / 12:00 PM GMT

Release Date Price: R9.5 (-0.73%)

Transcript

Key Points

Positve

Burstone Group Ltd (JSE:BTN) reported a 3% year-over-year growth in distributable income per share, reaching the midpoint of guidance.
The company achieved a 5.5% reduction in group overheads year over year, indicating improved operational efficiency.
Strong performance in South Africa with a 5.3% like-for-like base NOI growth, and positive earnings momentum in Australia.
Secured an additional $170 million of capital commitment from TPG Angelo Gordon in Australia, expected to increase third-party EUM by 11%.
Significant focus on ESG initiatives, with an 8 megawatt solar generation project planned to go live within the next 12 months, representing a 60% increase.

Negative

The capital markets and global volatility have slowed down the deployment of offshore investments, particularly in Europe.
A 10.6% discount to book value was applied to the sale of South African assets, with Belfour Mall sold at a 33% discount.
The European portfolio experienced an increase in vacancy rates to 14.8%, despite strong rental growth.
The company faces challenges with a single industrial tenant in South Africa currently in default, impacting the portfolio.
Dilutive effects from South African asset sales and the funding of CapEx and Australian investments have offset earnings growth.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BTNJ.J - Burstone Group Ltd
Half Year 2026 Burstone Group Ltd Earnings Call
Nov 19, 2025 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon and welcome to the interim results for Burston's first half ending 30 September 2025. While we run through the presentation, there is a live Q&A board, so if you can just keep those questions coming through and we'll go through the Q&A at the end. But yeah, it's live at the moment, so get going.

Just taking a snapshot of the group at the end of September, and really looking at what we look after and invest in across the globe. 42.4 billion of total portfolio gross asset value, of which 23.8 billion of that is third-party gross asset value. We've introduced a new metric just because of, where our businesses in Australia and it'll become a little bit more evident as we run through the presentation today

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