Half Year 2026 Vukile Property Fund Ltd Earnings Call Transcript

Nov 26, 2025 / 10:59 AM GMT

Release Date Price: N$23.13

Transcript

Key Points

Positve

Vukile Property Fund Ltd (NAM:VKN) reported a 9% increase in dividends for the period, reflecting strong shareholder returns.
The company successfully raised $500 billion in a bond issuance and 2.65 billion in equity, significantly strengthening its balance sheet.
Net operating income (NOI) showed real growth in both South African and Iberian portfolios, with a 10% increase in South Africa and 8.7% in Iberia.
The integration of newly acquired assets in Portugal and Spain has been seamless, contributing positively to the portfolio's performance.
Vukile Property Fund Ltd (NAM:VKN) upgraded its credit rating to AA+ and Castellana to BBB, indicating a strong financial position.

Negative

The Los Arcos extension project in Spain faced delays due to contractor insolvency, impacting expected income.
The competitive environment in Spain has led to Vukile losing out on two deals, highlighting challenges in acquiring new assets.
Inflation targeting by the SARB may lead to tenants pushing back on rental increases, potentially affecting revenue.
The urban portfolio in South Africa has a vacancy rate of 3.5%, with East Rand Mall having a slightly higher vacancy rate.
The company anticipates potential pushback from tenants on rental escalations due to inflation targets, which could impact future rental income.

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

VKEJ.J - Vukile Property Fund Ltd
Half Year 2026 Vukile Property Fund Ltd Earnings Call
Nov 26, 2025 / NTS GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon and, welcome everybody.

Thank you for attending our, presentation today of our interim results. Before we start, if there are any questions that you have, please fill them in in the question box and we will address them at the end of the presentation.

So, very pleased to, report a very positive start to the current financial year. We've had a very successful first six months, effectively characterized, I'd say, by 3 key trends. Number one, a very strong, operational performance. We've seen real growth in NOI in both the South African and Iberian portfolios, and Eto and Alfonso will talk you through that. In more detail, the second key theme was really the bedding down and integration of the

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