Interim report
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UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025
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DIRECTORS’ REPORT AND COMMENTARY NATURE OF THE BUSINESS Lighthouse Properties p.l.c. (“Lighthouse” or the “Company” or the “Group”) 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 has declared an interim distribution of 1.3122 EUR cents per share for the six months ended June 2025, payable in cash. A detailed announcement, including salient dates and the tax treatment applicable to the interim distribution, will be published separately. The distribution of 1.3122 EUR cents per share declared for this interim period is 7.9% higher than the 1.2166 EUR cents per share of the comparable prior period. The interim results reflect the accretive expansion of the Iberian portfolio over the past 18 months following the disposal of the Hammerson investment during 2024. The growth in distributable earnings was achieved despite the negative impact of refinancing the borrowings secured by Forum Coimbra during December 2024. Management accounts information For the six months ended Jun 2025 For the six months ended Jun 2024 For the 12 months ended Dec 2024 Distributable earnings per share (EUR cents) 1.3122 1.2166 2.5671 Net asset value per share (EUR cents)1 42.63 41.46 42.70 Property cost-to-income ratio (%)2 35.5 38.6 37.0 Administrative cost-to-income ratio (%)3 6.3 7.7 7.4 1 Calculated by dividing total equity attributable to equity holders, as per the management accounts, by the total number of shares in issue at each reporting period-end. 2 Calculated by dividing property operating expenses by property rental and related revenue, as disclosed in the management accounts. 3 Calculated by dividing administrative and other expenses by the total of property rental and related revenue and investment revenue, as disclosed in the management accounts. DIRECT INVESTMENTS Acquisitions Lighthouse continued to execute on its growth strategy with a focus on acquiring high-quality retail assets in Western Europe, particularly in Iberia. During this interim period, the Company further expanded its direct property portfolio through the acquisition of two significant malls in Spain. Malls acquired during 1H2025 Acquisition cost (excluding transaction cost) EUR million Acquisition yield (excluding transaction cost) % Closing/transfer date Alcalá Magna 96.3 7.6 5 March 2025 Espacio Mediterráneo 135.4 7.0 27 June 2025 Total 231.7 7.2 Alcalá Magna (Madrid metropolitan area) Alcalá Magna, a 33 691m² mall located in Alcalá de Henares, a rapidly growing city within the greater Madrid metropolitan area, was acquired on 5 March 2025. The mall occupies a dominant position within its catchment area and features a strong tenant mix, including Mercadona, Zara, Primark, Lefties, JD Sports, Bershka, Stradivarius and Pull&Bear. The mall remains fully let and delivered strong operational performance. It recorded growth in sales and footfall of 8.9% and 3.7%, respectively, for the six months ended June 2025. Espacio Mediterráneo (Cartagena) On 27 June 2025, Lighthouse acquired a 36 984m² portion of the Espacio Mediterráneo mall in Cartagena. This property forms part of a larger 100 000m² retail precinct, the only major retail offering in the region. Key tenants include Zara, Primark, JD Sports, Bershka, Stradivarius and Pull&Bear. The transaction excluded a 13 549m² Carrefour hypermarket within the mall, which remains under separate ownership. During the six months to June 2025, sales and footfall increased by 7.4% and 1.6%, respectively. The mall was 0.7% vacant at June 2025. These acquisitions further strengthen Lighthouse’s strategic presence in Spain and demonstrate its ability to identify and act on yield-accretive opportunities in competitive markets. Investor appetite for prime Iberian retail assets has increased, intensifying competition and leading to a notable compression in acquisition yields. While Lighthouse remains actively engaged in evaluating new opportunities, the Company anticipates limited availability of high-quality, attractively priced assets in the short to medium term. Following these transactions, the Iberian region now comprises 85.6% of Lighthouse’s direct property portfolio. PORTFOLIO PERFORMANCE The direct property portfolio recorded like-for-like net property income (“NPI”) growth of 6.9% for 1H2025. Tenant sales and footfall increased by 7.6% and 3.9%, respectively, based on all assets owned at June 2025. This strong performance was primarily driven by the Spanish portfolio, supported by the introduction of key anchor tenants and the ongoing consolidation of tenant operations from high street locations and secondary malls into dominant retail centres. Vacancies in the portfolio rose from 2.0% in December 2024 to 2.7% in June 2025, mainly driven by the Spanish portfolio, where vacancies increased from 0.9% to 2.2%. These vacancies are temporary and strategic, reflecting a planned tenant rotation in order to attract additional national anchors. Spain % Portugal % France % Total % Proportionate share of direct property portfolio based on fair value 58.0 27.6 14.4 100.0 Like-for-like growth in NPI 5.9 4.5 12.0 6.9 Growth in sales 8.0 8.8 3.8 7.6 Growth in footfall 4.4 2.2 4.6 3.9 Vacancy 2.2 0.1 6.4 2.7 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 2
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Spain Spain continues to outperform the broader Eurozone, recording annual gross domestic product (“GDP”) growth of 2.8% in 2Q2025, compared to the Eurozone’s 1.4%. The strength of the economy is translating into robust retail performance and increased demand from both new and existing national and international tenants. Retail sales increased by 8.0% during 1H2025, significantly outpacing the regional inflation rate of 2.3% (June 2025 year-on-year (“YoY”)). Footfall increased by 4.4% during the same period, supported by the opening of Primark stores at Alcalá Magna and H2O, as well as the introduction of Alcampo at Espai Gironés in June 2024. The refurbishment project at H2O, which commenced during 4Q2024, is progressing on schedule and within budget. The scope of work includes the complete replacement of interior flooring and a reduction in size of the outdoor lake to allow for the expansion of the park area. The refurbishment is expected to be completed during 4Q2025. Trading at the mall has experienced minimal disruption during the construction phase and, once completed, the project is anticipated will enhance the mall’s positioning in the market and improve the overall customer experience. Toy retailer Juguettos and JD Sports have relocated within H2O to larger stores to accommodate increased trading volumes. Normal has entered the mall and began trading in June 2025. The departure of the trampoline park operator, Urban Planet, has created the opportunity to introduce a fashion anchor that will further enhance the tenant mix. Negotiations in this regard are at an advanced stage. At Salera, lease negotiations with Stradivarius and Bershka to relocate and expand their stores are nearing conclusion. Both retailers are over-trading in their current locations. The new stores will be upgraded to reflect each brand’s latest flagship concept and are scheduled to open during 1Q2026. The relocation will consolidate the units of Sports Direct, United Colors of Benetton and AW Lab. The project to refurbish and expand the Zara store at Espai Gironés is progressing well. The lease agreement has been concluded and planning approval has been secured. The project is expected to commence in 3Q2025 and will nearly double the store’s size from 1 930m² to 3 700m². At Alcalá Magna, Zara has commenced with the refurbishment and extension of its store. Stradivarius completed the refurbishment of its unit in June 2025. In addition, lease agreements have been signed with Starbucks and KFC, with these openings scheduled for 3Q2025. Portugal Portugal’s economy recorded GDP growth of 1.9% in 2Q2025, outperforming the Eurozone’s growth of 1.4%. For 1H2025, sales growth across the Portuguese portfolio was 8.8%, notably above the region’s inflation rate of 2.4% (June 2025 YoY). The assets in Portugal remain effectively fully let, underscoring the strength of tenant demand. At Forum Coimbra, construction has commenced on the extension projects for Primark and the Inditex brands (including Zara). These upgrades will increase the mall’s gross lettable area (“GLA”) by approximately 2 500m². In April 2025, fashion retailer Lefties relocated and opened its latest concept store, expanding its footprint from 910m² to 1 588m². JD Sports has since signed a lease for the store previously occupied by Lefties and is currently in its fit-out phase. At Forum Montijo, Normal opened a new store in June 2025, further strengthening the mall’s tenant mix. France France’s economy recorded GDP growth of 0.7% in 2Q2025, underperforming the Eurozone average of 1.4%. For 1H2025, sales across the French portfolio increased by 3.8%, significantly above the country’s inflation rate of 1.0% (June 2025 YoY). At Saint Sever, the food court is fully let following the introduction of Crust, Tasty Pizza and Chamas Tacos. Commercial terms have been finalised with Adidas, which is expected to open during 4Q2025. Cache Cache replaced Pimkie and opened its new store in April 2025. At Docks 76, Normal opened a 560m² store on the first floor in March 2025. Darty, France’s leading electronics retailer, has taken occupation of its new 1 200m² store and is anticipated to open in 3Q2025. Jack & Jones opened its first store in Rouen, representing a notable enhancement to the mall’s fashion offering. At Docks Vauban, Inditex is expanding its presence through the introduction of a new Pull&Bear flagship store. This store was created by downsizing the existing La Halle store. Fit-out works for the new Pull&Bear store are in progress and the opening is targeted for 3Q2025. A lease over 700m² has been signed with the national restaurant and brewery chain, Les 3 Brasseurs. Tenant fit-out is currently underway with opening scheduled for 4Q2025. The ongoing extension to Rivetoile is progressing well and remains on track for completion in 3Q2025. Several new lease agreements have been concluded, including jewellery and accessories brand Lovisa, cosmetics retailer La Boutique Du Coiffeur and Thai dining concept Makin Thai. Furthermore, commercial terms have been agreed with home décor retailers Kraft and Milome, for the lower level of the mall. LISTED INVESTMENTS During the period, Lighthouse disposed of 715 000 shares in Klepierre and 5 197 shares in NEPI Rockcastle. The proceeds from these disposals were utilised to fund the expansion of the Iberian portfolio. Listed real estate investments at fair value Jun 2025 Number of shares Jun 2025 EUR Dec 2024 Number of shares Dec 2024 EUR Klepierre 155 184 5 189 353 870 184 24 191 115 NEPI Rockcastle 1 411 918 9 126 786 1 417 115 10 027 685 14 316 139 34 218 800 CAPITAL RAISE, BORROWINGS, INTEREST RATE HEDGING AND LOAN-TO-VALUE In total, 23% of shareholders elected to receive the 2H2024 dividend in the form of scrip rather than cash. This resulted in 16 876 042 new shares being issued at ZAR 7.52 per share on 24 April 2025. On 9 June 2025, Lighthouse raised ZAR 400 million by issuing 48 780 487 shares through an accelerated bookbuild at ZAR 8.20 per share. This issue price represented a discount of less than 2% to Lighthouse’s FY2024 net asset value “NAV” per share. During 1H2025, Lighthouse accepted three new loans totalling EUR 184.6 million: X A EUR 47.1 million loan secured by Alcalá Magna. This facility was provided by a consortium led by Banco Santander and has a remaining term of three years. X A EUR 76.2 million loan secured by Espai Gironés. This facility was provided by Aareal Bank for a five-year term with an option to extend for a further two years. X A EUR 61.3 million loan secured by Espacio Mediterráneo. This facility was provided by Aareal Bank for a five-year term with an option to extend for a further two years. DIRECTORS’ REPORT AND COMMENTARY continued LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 3
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DIRECTORS’ REPORT AND COMMENTARY continued These facilities supported the acquisitions during the period and, as a result, the Company’s loan-to-value (“LTV”) ratio increased from 25.0% at December 2024 to 35.0% at June 2025. Borrowings Loan maturity Gross amount outstanding* Jun 2025 EUR Interest rate 7 March 2027 67 567 501 3-month Euribor plus 3.00% 12 June 2028 47 241 348 3-month Euribor plus 1.95% 28 January 2029 66 247 418 6-month Euribor plus 2.50% 18 December 2029 76 800 000 Fixed rate of 4.91% 11 September 2031 75 149 000 Fixed rate of 4.45% 27 June 2032** 61 335 000 Fixed rate of 4.08% 27 June 2032** 76 255 931 Fixed rate of 4.08% 27 June 2032** 60 347 779 Fixed rate of 4.81% 30 June 2032 38 500 000 3-month Euribor plus 2.20% Total 569 443 977 Weighted average loan maturity (years) 5.2 * All amounts reflect Lighthouse’s proportionate share, as applicable. ** Including a two-year extension option. Interest rate derivatives Hedge instrument Nominal amount* Jun 2025 EUR Maturity date Rate % Interest rate cap 67 567 501 7 March 2027 1.00 Interest rate swap 47 241 348 12 June 2028 2.37 Interest rate swap 66 247 418 28 January 2029 1.90 Interest rate swap 38 500 000 30 June 2030 2.89 Total 219 556 267 * All amounts reflect Lighthouse’s proportionate share, as applicable. Cost of borrowings Jun 2025 % Jun 2024 % Dec 2024 % Weighted average fixed/unhedged base rate 2.32 2.66 2.89 Weighted average margin 2.23 2.52 2.51 Weighted average transaction costs 0.55 0.54 0.53 Weighted average other loan costs – 0.02 – Total weighted average cost of debt excluding hedging impact 5.11 5.74 5.93 Weighted average impact of hedging on base rate (0.12) (1.12) (0.70) Total weighted average hedged cost of debt 4.99 4.62 5.23 LTV Jun 2025 EUR Jun 2024 EUR Dec 2024 EUR Total net interest-bearing borrowings – non-current 554 887 321 210 974 310 375 832 841 Total net interest-bearing borrowings – current 4 637 290 86 783 879 5 376 290 Total net interest-bearing borrowings 559 524 611 297 758 189 381 209 131 Unamortised borrowing costs – non-current 7 528 390 1 748 811 5 193 272 Unamortised borrowing costs – current 2 390 976 911 150 1 039 989 Total unamortised borrowing costs 9 919 366 2 659 961 6 233 261 Total gross interest-bearing borrowings – non-current 562 415 711 212 723 121 381 026 113 Total gross interest-bearing borrowings – current 7 028 266 87 695 029 6 416 279 Total gross interest-bearing borrowings 569 443 977 300 418 150 387 442 392 Adjustments: Net fair value of interest rate derivatives 472 300 (6 352 966) (49 459) Cash included in borrowings service reserve accounts (6 378 853) (7 314 930) (4 954 529) Cash and cash equivalents (72 336 032) (76 100 716) (87 863 597) Net borrowings 491 201 392 210 649 538 294 574 807 Investment property 1 389 831 031 842 302 310 1 142 963 000 Investments** 14 316 139 157 172 462 34 218 800 Total assets for LTV calculation 1 404 147 170 999 474 772 1 177 181 800 LTV (%) 35.0 21.1 25.0 ** Investments at fair value represent the Group’s listed real estate investments. The relevant data included in the Directors’ commentary is based primarily on the management accounts contained on pages 15 to 23. LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 4
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DIRECTORS’ REPORT AND COMMENTARY continued ADOPTION OF EPRA BEST PRACTICE RECOMMENDATIONS As Lighthouse exclusively invests in Western European malls, the Board considers the European Public Real Estate Association (“EPRA”) metrics to be more relevant and internationally comparable for Lighthouse’s business model and geographical focus. Consequently, Lighthouse adopted the EPRA Best Practice Recommendations (“BPR”) as the basis for its key financial and operational performance disclosures with effect from 1 January 2025. EPRA guidelines are widely recognised as the leading standard for transparency, consistency and comparability of financial reporting in the listed European real estate sector. The transition to EPRA guidelines enhances Lighthouse’s alignment with European real estate peers and provides shareholders and other stakeholders with a more relevant and comparable view of the Company’s financial position and performance. Details of the EPRA performance measures are disclosed on pages 24 to 29. The interim results for the six months ended June 2025 include key performance indicators such as EPRA net tangible assets (“NTA”), EPRA LTV and EPRA vacancy rate. These metrics will replace certain historically disclosed measures, such as NAV and LTV, based on the management accounts, as well as GLA-based vacancy metrics previously reported in alignment with property market practice in South Africa. EPRA key metrics compared to historical key metrics Jun 2025 Jun 2024 Historical NAV per share (EUR cents) 42.63 41.46 EPRA NTA per share (EUR cents)1 42.66 41.08 Historical LTV (%) 35.0 21.1 EPRA LTV2 (%) 36.0 21.7 Historical vacancy (%) 2.7 3.2 EPRA vacancy3 (%) 2.3 3.4 1 The primary difference between the EPRA NTA and historical NAV metrics is that EPRA excludes the fair value of financial derivatives from NTA. 2 The primary differences between EPRA LTV and the historical LTV based on the management accounts are that EPRA LTV includes net payables, which the historical LTV excludes, while EPRA LTV excludes the fair value of financial derivatives, which the historical LTV includes. 3 The EPRA vacancy rate is based on the estimated rental value (“ERV”) of vacant space as a percentage of the ERV of all lettable space, which differs from the historical vacancy that was calculated based on the GLA of vacant space as a percentage of the GLA of all lettable space. OUTLOOK Lighthouse remains dedicated to pursuing opportunities in its core markets, prioritising leading retailers and dominant assets that deliver robust risk-adjusted returns and consistent long-term income growth. Acquisition growth is anticipated to moderate due to increased competition for top-tier assets, driven by heightened interest from institutional investors in retail real estate and a constrained supply of premium, market-dominant properties. The Iberian region is expected to maintain its strong economic performance relative to broader Europe. Lighthouse’s portfolio is strategically positioned to achieve sustained increases in sales, footfall and net property income, underpinning solid financial performance in FY2026. Growth will be further bolstered in 2026 by full-year contributions from recently acquired properties and delivering on value-enhancing capital investments. The Board confirms its FY2025 distribution guidance of approximately 2.70 EUR cents per share. Shareholders are advised that the financial information contained in these interim results has not been reviewed or reported on by the Company’s auditor. By order of the Board 13 August 2025 Espacio Mediterráneo, Cartagena, Murcia, Spain LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 5
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Direct investments comprise malls in Spain, Portugal and France. Lighthouse constantly assesses opportunities to upgrade, refurbish, extend and redevelop our properties. PROPERTY PORTFOLIO OVERVIEW at 30 June 2025 Fair value EUR 1 390 million (Dec 2024: EUR 1 143 million) Vacancy 2.7% (Dec 2024: 2.0%) Gross lettable area 505 964m² (Dec 2024: 435 394m2) Weighted average rent per m2 per month EUR 21.18 (Dec 2024: EUR 21.47) Property name Primary use Geographical location Ownership % Acquisition date Occupancy % 10 Retail gross lettable area m² Weighted average rent per m2 EUR Fair value EUR Purchase price/cost EUR Address SPAIN Torrecárdenas Retail Almeria, Spain 100 10 March 2022 99.0 61 237 18.30 173 738 712 164 477 687 Aveda. Medico Francisco Perez, 04009 Almeria, Spain Salera Retail Castellón de la Plana, Spain 50 1 31 January 2024 99.6 53 502 2,6 22.10 92 322 252 7 87 849 611 7 Av. Enrique Gimeno, 82, 12006 Castellón de la Plana, Castellón, Spain H2O Retail Madrid, Spain 100 3 April 2024 91.7 52 913 17.06 129 444 932 115 579 494 C. Marie Curie, 4, 28521 Rivas-Vaciamadrid, Madrid, Spain Espai Gironés Retail Girona, Spain 100 10 October 2024 99.5 40 342 28.15 172 575 748 173 202 663 Cami dels Carlins, 10, 17190 Salt, Girona, Spain Alcalá Magna Retail Madrid, Spain 100 6 March 2025 100.0 32 723 19.46 98 184 762 98 184 762 C. Valentin Juara, Bellot, 4, 28805 Alcalá de Henares, Madrid, Spain Mediterráneo Retail Cartagena, Spain 100 27 June 2025 99.3 37 426 3 20.77 140 067 012 140 067 012 Calle Londres s/n, Industrial Site Cabezo Beaza, 30353 Cartagena, Murcia, Spain Total – Spain 97.8 278 143 14.92 806 333 418 779 361 229 PORTUGAL Forum Coimbra Retail Coimbra, Portugal 100 31 May 2017 99.8 33 934 4 34.04 198 233 603 204 372 650 Avenida Jose Bonifacio de Andrade e Silva 1, Quinta do Vale Gemil – Almegue Santa Clara Coimbra 3040-389, Portugal Forum Montijo Retail Lisbon, Portugal 100 11 September 2024 100.0 45 177 24.50 184 446 120 165 988 021 Rua da Azinheira, Afonsoeiro 1, Montijo, 2870-100, Portugal Total – Portugal 99.9 79 111 28.59 382 679 723 370 360 671 FRANCE Rivetoile Retail Strasbourg, France 60 1 30 September 2021 92.3 28 106 6 23.76 56 935 035 7 56 620 609 7 3 Place Dauphiné, 67100 Strasbourg, France Saint Sever Retail Rouen, France 60 1 30 September 2021 91.5 35 962 5,6 17.29 60 367 298 7 74 160 562 7 Avenue de Bretagne, 76100 Rouen, France Docks 76 Retail Rouen, France 60 1 30 September 2021 89.3 36 238 6 16.23 43 170 325 7 49 867 163 7 Boulevard Ferdinand de Lesseps, 76047 Rouen, France Docks Vauban Retail Le Havre, France 60 1 30 September 2021 99.1 48 404 6 11.67 40 345 232 7 38 608 109 7 70 Quai Frissard, 76600 Le Havre, France Total – France 93.6 148 710 16.43 200 817 890 219 256 443 Total 97.38 505 964 21.189 1 389 831 031 1 368 978 343 1 Refers to the effective ownership in the property. 2 Excluding the 13 693m2 Alcampo hypermarket that is separately owned. 3 Excluding the 13 650m2 Carrefour hypermarket that is separately owned. 4 Excluding the 17 700m2 Continente hypermarket that is separately owned. 5 Excluding the 13 529m2 E.Leclerc hypermarket that is separately owned. 6 The GLA reflects 100% of Salera and the French properties’ GLA. 7 The purchase price and fair value of Salera and the French properties reflect Lighthouse’s effective 50% and 60% ownership, respectively. 8 Weighted average occupancy rate at 30 June 2025. 9 Weighted average rent per square metre at 30 June 2025. 10 Refers to the historical vacancy that is calculated based on the GLA of vacant space, as the percentage of the GLA of all lettable space differs from the EPRA vacancy rate that is based on the ERV of vacant space as a percentage of the ERV of all lettable space. LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 6
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Vacant 2025 2026 2027 2028 2029 After December 2029 2.7 3.0 7.0 5.8 6.1 6.2 69.2 December % Lease expiry profile by area (GLA) 2025 2026 2027 2028 2029 After December 2029 4.1 8.0 7.3 10.1 8.7 61.8 December % Lease expiry profile by monthly rental (EUR) 15.7% 58.3% Revenue (%) 26.0% FrancePortugalSpain 21.3% 59.9% Area (GLA) (Represents 100% of the GLA) 18.8% Area (GLA) FrancePortugalSpain 14.4% 58.0% Fair value (%) 27.6% Fair value (%) FrancePortugalSpain PROPERTY PORTFOLIO OVERVIEW continued at 30 June 2025 Forum Montijo, Montijo, Portugal LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 7
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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Unaudited for the six months ended Jun 2025 EUR Unaudited for the six months ended Jun 2024 EUR Audited for the 12 months ended Dec 2024 EUR Property rental and related revenue 68 588 950 41 334 467 99 997 494 Investment revenue 952 359 5 626 766 8 216 874 Finance income 2 106 764 Total revenue 69 541 309 49 067 997 108 214 368 Fair value adjustments 244 751 (5 496 756) (3 136 631) Fair value gain on investment property 3 150 682 Fair value gain/(loss) on investments 1 572 093 (3 534 494) 3 768 593 Fair value loss on currency and interest rate derivatives (1 327 342) (1 962 262) (10 055 906) Property operating expenses (26 863 019) (18 242 913) (41 745 881) Administrative and other expenses (4 202 662) (3 664 562) (7 958 942) Foreign exchange gain 1 311 160 1 370 744 1 885 152 Share of profit of associate 2 225 004 1 349 298 6 526 874 Operating profit 42 256 543 24 383 808 63 784 940 Finance income 1 560 349 3 661 532 Finance costs (14 173 972) (9 487 499) (20 527 956) Other income 7 332 Profit before tax 29 650 252 14 896 309 46 918 516 Taxation (1 074 965) (523 421) (1 828 673) Profit for the period from continuing operations 28 575 287 14 372 888 45 089 843 Profit for the period from discontinued operations 337 084 1 215 492 Profit for the period 28 575 287 14 709 972 46 305 335 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Unaudited Jun 2025 EUR Unaudited Jun 2024 EUR Audited Dec 2024 EUR ASSETS Non-current assets 1 499 044 152 1 014 723 252 1 245 716 900 Investment property 1 431 387 372 830 940 645 1 182 935 000 Plant and equipment 400 636 Investments 123 391 161 Equity-accounted investments 52 245 878 44 849 299 50 026 874 Other financial assets 15 010 266 15 542 147 12 755 026 Current assets 112 905 554 172 590 568 151 034 483 Investments 14 316 139 33 781 301 34 218 800 Loans to equity-accounted investments 2 559 325 44 993 272 4 851 620 Other financial assets 2 780 500 1 117 213 Trade and other receivables 22 486 164 17 414 659 21 225 977 Cash and cash equivalents 73 543 926 73 620 836 89 620 873 Assets held for sale 73 108 380 Total assets 1 611 949 706 1 260 422 200 1 396 751 383 EQUITY AND LIABILITIES Total equity 886 762 461 782 293 467 860 445 181 Share capital 20 890 102 18 539 931 20 233 537 Share premium 535 558 661 443 372 073 510 568 809 Treasury shares (2 220 989) (1 429 439) (1 429 439) Non-distributable reserve 97 429 995 115 858 119 102 276 263 Foreign currency translation reserve (1 393 006) (1 392 195) (1 393 006) Share-based payment reserve 1 052 765 617 757 840 248 Retained earnings 230 761 009 183 594 309 224 200 407 Equity attributable to equity holders 882 078 537 759 160 555 855 296 819 Non-controlling interest 4 683 924 23 132 912 5 148 362 Total liabilities 725 187 245 452 836 437 536 306 202 Non-current liabilities 678 399 265 340 786 457 496 322 642 Interest-bearing borrowings 645 058 034 313 122 764 464 748 106 Deferred tax liabilities 17 111 048 17 237 669 17 510 937 Other financial liabilities 16 230 183 10 426 024 14 063 599 Current liabilities 46 787 980 112 049 980 39 983 560 Interest-bearing borrowings 6 925 297 87 391 490 7 737 509 Other financial liabilities 233 943 305 848 143 388 Trade and other payables 38 326 009 23 462 118 29 228 751 Income tax payable 1 302 731 890 524 2 873 912 Liabilities held for sale 25 292 296 Total equity and liabilities 1 611 949 706 1 260 422 200 1 396 751 383 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 8
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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Unaudited for the six months ended Jun 2025 EUR Unaudited for the six months ended Jun 2024 EUR Audited for the 12 months ended Dec 2024 EUR Operating activities Cash generated from operations 35 384 930 21 712 016 58 832 486 Finance and hedging income received 1 456 161 3 186 618 7 529 287 Finance and hedging costs paid (10 937 790) (8 117 519) (21 346 584) Taxation paid (3 209 570) (72 294) (2 378 861) Distributions paid (20 923 213) (16 054 406) (22 153 688) Cash inflow from operating activities 1 770 518 654 415 20 482 640 Investing activities Development and improvement of investment property (7 453 946) (3 669 117) (13 801 449) Additions to plant and equipment (400 636) Acquisition of investment property (181 817 691) (172 531 496) Acquisition of listed security investments (42 828 385) (42 828 385) Proceeds from disposal of listed security investments 21 474 754 148 394 443 278 651 193 Acquisition of subsidiary – H2O, net of cash acquired (44 084 734) (44 741 663) Acquisition of subsidiary – Alegro Montijo, net of cash acquired (87 689 680) Acquisition of interest in equity-accounted associate (43 492 500) (43 500 000) Proceeds on disposal of investment property 68 750 000 Receipts on loans to equity-accounted investments 2 470 000 40 500 000 Payments on loans to equity-accounted investments (35 157 820) (35 157 820) Cash outflow from investing activities (165 727 519) (20 838 113) (52 349 300) Financing activities Issue of shares 19 244 238 52 433 953 Treasury shares (791 550) (511 565) (511 566) Repayments of interest-bearing borrowings (4 900 665) (12 694 701) (37 081 108) Borrowing costs paid (4 548 129) (4 125 907) Proceeds from interest-bearing borrowings 137 565 000 1 200 000 2 800 000 Cash inflow/(outflow) from financing activities 146 568 894 (12 006 266) 13 515 372 Decrease in cash and cash equivalents (17 388 107) (32 189 964) (18 351 288) Effect of exchange rate changes on cash held 1 311 160 1 370 774 1 885 152 Cash and cash equivalents at the beginning of the period 89 620 873 106 087 009 106 087 009 Cash and cash equivalents at the end of the period 73 543 926 75 267 819 89 620 873 Unaudited for the six months ended Jun 2025 EUR Unaudited for the six months ended Jun 2024 EUR Audited for the 12 months ended Dec 2024 EUR Other comprehensive income net of tax: Items reclassified to profit or loss Total comprehensive income for the period 28 575 287 14 709 972 46 305 335 Profit/(loss) for the period attributable to: Equity holders of the Company 29 039 726 15 362 932 64 942 845 Non-controlling interest (464 439) (652 960) (18 637 510) 28 575 287 14 709 972 46 305 335 Total comprehensive income/(loss) for the period attributable to: Equity holders of the Company 29 039 726 15 362 932 64 942 845 Non-controlling interest (464 439) (652 960) (18 637 510) 28 575 287 14 709 972 46 305 335 Total comprehensive income attributable to equity holders of the Company arises from: Continuing operations 29 039 726 15 025 848 63 727 353 Discontinued operations 337 084 1 215 492 29 039 726 15 362 932 64 942 845 Earnings per share from profit from continuing operations Basic earnings per share (EUR cents) 1.43 0.82 3.38 Diluted earnings per share (EUR cents) 1.43 0.82 3.37 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME continued LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 9
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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Unaudited Share capital EUR Share premium EUR Treasury shares EUR Non- distributable reserve EUR Foreign currency translation reserve EUR Share- based payment reserve EUR Retained earnings EUR Equity attributable to equity holders EUR Non- controlling interest EUR Total equity EUR Balance at December 2023 18 304 098 434 951 796 (1 078 723) 128 640 241 (1 393 006) 556 116 180 159 771 760 140 293 23 785 872 783 926 165 Total comprehensive income: Profit/(loss) for the period 15 362 932 15 362 932 (652 960) 14 709 972 Purchase of treasury shares (505 768) (505 769) (505 769) Share-based employee remuneration 222 491 222 491 222 491 Transfer to non-distributable reserve (4 126 012) 4 126 012 Transactions with owners in their capacity as owners: Incentive shares issued (1 667 888 shares on 17 March 2024) (160 850) (160 850) (160 850) Incentive shares vesting 155 053 811 155 864 155 864 Distribution paid – final 2023 235 833 8 420 277 (8 656 110) (16 054 406) (16 054 406) (16 054 406) – Cash (paid on 15 May 2024) (16 054 406) (16 054 406) (16 054 406) – Scrip issue (23 583 311 shares on 15 May 2024) 235 833 8 420 277 (8 656 110) Balance at June 2024 18 539 931 443 372 073 (1 429 439) 115 858 119 (1 392 195) 617 757 183 594 309 759 160 555 23 132 912 782 293 467 Total comprehensive income: Profit/(loss) for the period 49 579 913 49 579 913 (17 984 550) 31 595 363 Equity issue (127 388 535 shares on 19 September 2024) (net of share issuance costs) 1 273 886 51 160 067 52 433 953 52 433 953 Share-based employee remuneration (811) 222 491 221 680 221 680 Transfer to non-distributable reserve 2 874 533 (2 874 533) Transactions with owners in their capacity as owners: Distribution paid – interim 2024 419 720 16 036 669 (16 456 389) (6 099 282) (6 099 282) (6 099 282) – Cash (paid on 12 September 2024) (6 099 282) (6 099 282) (6 099 282) – Scrip issue (41 972 049 shares on 12 September 2024) 419 720 16 036 669 (16 456 389) Balance at December 2024 20 233 537 510 568 809 (1 429 439) 102 276 263 (1 393 006) 840 248 224 200 407 855 296 819 5 148 362 860 445 181 Total comprehensive income: Profit/(loss) for the period 29 039 726 29 039 726 (464 439) 28 575 287 Equity issue (48 780 487 shares on 18 June 2025) (net of share issuance costs) 487 805 18 756 433 19 244 238 19 244 238 Purchase of treasury shares (net of share vesting) (791 550) (791 550) (791 550) Share-based employee remuneration 212 517 212 517 212 517 Transfer to non-distributable reserve 1 555 911 (1 555 911) Transactions with owners in their capacity as owners: Distribution paid – final 2024 168 760 6 233 419 (6 402 179) (20 923 213) (20 923 213) (20 923 213) – Cash (paid on 24 April 2025) (20 923 213) (20 923 213) (20 923 213) – Scrip issue (16 876 042 shares on 24 April 2025) 168 760 6 233 419 (6 402 179) Balance at June 2025 20 890 102 535 558 661 (2 220 989) 97 429 995 (1 393 006) 1 052 765 230 761 009 882 078 537 4 683 924 886 762 461 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 10
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1. PREPARATION AND ACCOUNTING POLICIES The unaudited condensed consolidated interim results are prepared in accordance with the JSE Listings Requirements for interim results. The Listings Requirements require interim results to be prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (“IFRS”), as adopted by the European Union, IFRS as issued by the International Accounting Standards Board, interpretations as issued by the International Financial Reporting Interpretations Committee, Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, and to also, as a minimum, contain the information required by IAS 34: Interim Financial Reporting. The accounting policies applied in the preparation of the unaudited condensed consolidated interim results are in terms of IFRS and are consistent with those accounting policies applied in the preparation of the previous consolidated annual financial statements. The Group’s investment property is valued annually at 31 December by external independent valuers and is reviewed and approved by the Board for financial reporting. In terms of IAS 40: Investment Property and IFRS 7: Financial Instruments: Disclosures, investment property is valued at fair value and is categorised as a level 3 investment, as one or more of the significant inputs is not based on observable market data. In terms of IFRS 7, IFRS 9: Financial Instruments and IFRS 13: Fair Value Measurement, the Group’s derivatives and listed real estate investments are measured at fair value through profit or loss. The interest rate derivatives are categorised as level 2 investments and the investments in listed real estate as level 1. This report was compiled under the supervision of Jacobus F van Biljon CA(SA), the Chief Financial Officer. These interim results were approved by the Board of Lighthouse on 12 August 2025. The Directors take full responsibility for the preparation of the report and for ensuring that the financial information has been accurately reflected. 2. SALIENT EVENTS On 24 April 2025, the Company issued a cash dividend of 1.3505 EUR cents per share with an alternative scrip distribution option of 1.3505 EUR cents per share by way of an issue of 3.5599 new Lighthouse shares for every 100 Lighthouse shares held. 16 876 042 new Lighthouse shares were issued and a cash dividend of EUR 20 923 213 was paid On 9 June 2025, Lighthouse raised ZAR 400 million by issuing 48 780 487 shares through an accelerated bookbuild at ZAR 8.20 per share. This issue price represented a discount of less than 2% to Lighthouse’s FY2024 NAV per share. The Group successfully completed two corporate transactions. Refer to note 6 for details. 3. FAIR VALUE MEASUREMENT The following table analyses financial instruments and investments carried at fair value by valuation method. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. The carrying amounts of financial instruments that are not measured at fair value reasonably approximate their fair value due to: X For trade and other receivables, cash and cash equivalents and trade and other payables: market-related terms and conditions. The different levels have been defined as: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. Level 2: Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). Financial instruments, risk and fair value measurements There were no transfers between levels 1, 2 and 3 during the period. The valuation methods applied are consistent with those applied in preparing the previous audited consolidated financial statements. Quarterly discussions of valuation processes and results are held between the Chief Financial Officer and management where any changes in level 2 and 3 fair values are analysed for period-end reporting. Level 1 EUR Level 2 EUR Level 3 EUR Fair value EUR Unaudited Jun 2025 Investment property 1 431 387 372 1 431 387 372 Other financial assets 2 091 642 2 091 642 Investments at fair value through profit or loss 14 316 139 14 316 139 Total assets measured at fair value 14 316 139 2 091 642 1 431 387 372 1 447 795 153 Unaudited Jun 2024 Investment property 830 940 645 830 940 645 Other financial assets 8 680 877 8 680 877 Investments at fair value through profit or loss 157 172 462 157 172 462 Total assets measured at fair value 157 172 462 8 680 877 830 940 645 996 793 984 Audited Dec 2024 Investment property 1 182 935 000 1 182 935 000 Other financial assets 3 631 733 3 631 733 Investments at fair value through profit or loss 34 218 800 34 218 800 Total assets measured at fair value 34 218 800 3 631 733 1 182 935 000 1 220 785 533 NOTES TO THE FINANCIAL STATEMENTS LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 11
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NOTES TO THE FINANCIAL STATEMENTS continued 3. FAIR VALUE MEASUREMENT continued Investment property Valuation of investment property requires judgement in the determination of future cash flows from leases and appropriate discount and exit capitalisation rates. Details of the most recent independent external valuations of investment property at 31 December 2024 are included in the table below. Additional capitalised costs during the period have a negligible impact on the sensitivity adjustments. Lowest per valuation Highest per valuation Weighted average Sensitivity adjustment – high case Sensitivity adjustment – low case Valuation impact – high case EUR Valuation impact – low case EUR Exit capitalisation rate 6.7% 8.0% 7.1% (0.50)% 0.5% 44 108 000 (38 370 000) Discount rate 8.5% 10.2% 9.1% (0.50)% 0.5% 40 022 000 (38 352 000) Rental escalation 1.8% 2.0% 1.9% 2.0% (2.0)% 87 814 000 (73 607 000) Vacancy period 3 months 25 months 8.35 months 3 months 3 months 3 209 000 (1 965 000) Note: The sensitivity analysis in the table above assumes that all other variables remain constant, i.e. only one variable is changed at a time. Unaudited Jun 2025 EUR Unaudited Jun 2024 EUR Audited Dec 2024 EUR Investment in property comprises: Investment property 1 430 638 980 830 028 391 1 182 186 608 Straight-lining of rental revenue adjustment 748 392 912 254 748 392 Total investment property 1 431 387 372 830 940 645 1 182 935 000 Details of investment property are as follows: At cost 1 423 043 588 829 167 627 1 180 007 218 Fair value adjustments (10 117 210) (13 267 892) (10 117 210) Straight-lining of rental revenue adjustment 748 392 912 254 748 392 Investment property under development 17 712 602 14 128 656 12 296 600 Investment property at fair value 1 431 387 372 830 940 645 1 182 935 000 Unaudited Jun 2025 EUR Unaudited Jun 2024 EUR Audited Dec 2024 EUR Movement in investment property is as follows: Carrying amount at the beginning of the period 1 182 935 000 786 690 000 786 690 000 Additions from acquisitions1 238 251 774 111 000 000 449 799 744 Investment property classified as held for sale (68 750 000) (68 750 000) Cost capitalised 10 017 565 3 669 117 12 713 689 Capitalisation of borrowing costs 183 033 44 747 Fair value gain 3 150 682 Fair value losses from discontinued operations (1 506 815) Straight-lining of rental revenue adjustment – from continuing operations (161 657) (163 862) Costs capitalised to and fair value loss from discontinued operations (550 000) Carrying amount at the end of the period 1 431 387 372 830 940 645 1 182 935 000 1 Refer to note 6 for acquisitions concluded during the period. 4. INVESTMENTS Listed real estate investments are categorised as financial assets measured at fair value through profit or loss. Unaudited Jun 2025 EUR Unaudited Jun 2024 EUR Audited Dec 2024 EUR Carrying amount at the beginning of the period 34 218 800 266 273 015 266 273 015 Disposals (21 474 754) (148 394 443) (278 651 193) Fair value gain/(loss) 1 572 093 (3 534 494) 3 768 593 Additions 42 828 385 42 828 385 Total investments at fair value 14 316 139 157 172 462 34 218 800 Investments at fair value – non-current 123 391 161 Investments at fair value – current 14 316 139 33 781 301 34 218 800 Carrying amount at the reporting date 14 316 139 157 172 462 34 218 800 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 12
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5. EARNINGS AND HEADLINE EARNINGS PER SHARE Unaudited Jun 2025 EUR Unaudited Jun 2024 EUR Audited Dec 2024 EUR Weighted average ordinary shares in issue during the period 2 028 843 599 1 833 052 807 1 887 373 644 Continuing operations Earnings attributable to equity holders 29 039 726 15 025 848 63 727 353 Basic earnings per share from continuing operations (EUR cents per share) 1.43 0.82 3.38 Diluted earnings per share from continuing operations (EUR cents per share) 1.43 0.82 3.37 Earnings attributable to equity holders of the Company 29 039 726 15 025 848 63 727 353 Adjusted for: Fair value gain on investment property of associate (4 556 188) Fair value gain on investment property1 (19 800 396) Headline earnings from continuing operations 29 039 726 15 025 848 39 370 769 Headline earnings per share from continuing operations (EUR cents) 1.43 0.82 2.09 Diluted headline earnings per share from continuing operations (EUR cents) 1.43 0.82 2.08 Discontinued operations Earnings attributable to equity holders of the Company 337 084 1 215 492 Basic earnings per share from discontinued operations 0.08 0.06 Diluted earnings per share from discontinued operations 0.08 0.06 Earnings attributable to equity holders of the Company 337 084 1 215 492 Adjusted for: Fair value loss on investment property 1 220 520 1 242 550 Headline earnings from discontinued operations 1 557 604 2 458 042 Headline earnings per share from discontinued operations (EUR cents) 0.08 0.13 Diluted headline earnings per share from discontinued operations (EUR cents) 0.08 0.13 Total headline earnings 29 039 729 16 583 452 41 828 811 Headline earnings per share (EUR cents) 1.43 0.90 2.22 Diluted headline earnings per share (EUR cents) 1.43 0.90 2.21 1 After non-controlling interest and income tax effect. 6. ACQUISITION OF PROPERTIES Alcalá Magna Closed on 5 March with an effective transfer date of 6 March 2025, the Group, through a wholly-owned subsidiary, Alcalá Magna Properties S.L.U., entered into a notarial deed of sale and acquired Alcalá Magna, a mall located in Madrid, Spain. The purchase was structured as an asset deal and the property was transferred to the Group on 6 March 2025. The acquisition was partially funded by subrogating the existing loan of EUR 48.0 million. The gross purchase consideration was EUR 96.3 million. Espacio Mediterráneo Effective 27 June 2025, the Group, through a wholly-owned subsidiary, Mediterráneo Retail Property S.L.U., entered into a notarial deed of sale and acquired Espacio Mediterráneo, a mall located in Cartagena, Spain. The purchase was structured as an asset deal and the property was transferred to the Group on 27 June 2025. The gross purchase consideration was EUR 135.4 million. On the date of purchase, Lighthouse took out EUR 137.5 million of loans from Aareal Bank, secured by Espacio Mediterráneo and Espai Gironés, to fund the acquisition. The terms of the loans are as follows: X Fixed interest rate of 4.08% X Maturity date of 27 June 2032 (including a two-year extension option). 7. EVENTS AFTER THE REPORTING PERIOD AND GOING CONCERN 7.1 Events after the reporting period The Directors are not aware of any matters or circumstances arising subsequent to 30 June 2025 that require any additional disclosures or adjustments to the financial statements. 7.2 Going concern In its assessment of the going concern assumption, the Board has taken cognisance of the impact of the macroeconomic environment and determined that the going concern assumption for the Group and the Company remains valid and reasonable. NOTES TO THE FINANCIAL STATEMENTS continued LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 13
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8. SEGMENTAL ANALYSIS A segment is a distinguishable component of the Group that is engaged in providing services (business segments) or in providing services within a particular economic environment (geographical segments), and is subject to risks and returns that are different from those of other segments. The Group’s operating segments are based on geographical segments, which are consistent with its business segments. The Group determines and presents operating segments based on the information that is provided internally to the Company’s Board and Investment Committee, jointly the Group’s Chief Operating Decision-maker. In the prior reporting period, the Group changed the representation of its segments to reflect the change in the underlying business. Previously, the Group comprised four business segments (Iberia, France, listed real estate and corporate). Due to the change in the composition of the underlying assets of the Group, the segments have been updated to be the following: Spain, Portugal, France and Corporate. The June 2024 reported results have been restated to reflect this change in presentation. There were no changes to the underlying results, only the segments have changed. December 2024 already reflected the new segments and, as such, is not restated. Segments Description Spain Property investments and operations in the Kingdom of Spain. The malls have similar economic characteristics and customers, and meet the criteria for aggregation. Portugal Property investments and operations in the Republic of Portugal. The malls have similar economic characteristics and customers, and meet the criteria for aggregation. France Property investments and operations in the Republic of France. The malls have similar economic characteristics and customers, and meet the criteria for aggregation. Corporate The corporate segment represents "head office". Items that cannot be directly attributed to any of the other segments are included in the corporate segment. This primarily relates to cash held within head office entities, listed investments and the Company’s equity. Discontinued operations The discontinued operations relate to the sale of Planet Koper in Slovenia. Reconciliation of segmental reporting to IFRS financial statements The reconciliation of the segmental reporting with financial information extracted from the condensed consolidated financial statements for the periods ended June 2025, June 2024 and December 2024, respectively, is included in the segmental analyses, and primarily relates to the matters below, i.e. management accounts’ adjustments (“management accounts’ adjustments”). Retail Property Investments – pro rata exclusion of Resilient’s 40% share Effective on 30 September 2021, Lighthouse acquired a 75% interest in four French malls. Related party Resilient REIT Limited (“Resilient”) acquired the remaining 25% at that time. Effective on 31 August 2022, Lighthouse sold 15% of the issued shares in and related loans to Retail Property Investments SAS (“RPI”) to Resilient. After the transaction, Lighthouse held 60% of RPI and Resilient held the remaining 40%. To provide a clear understanding of Lighthouse’s economic exposure to the French properties, Resilient’s pro rata share of assets, liabilities, profits and losses has been removed. Torrecárdenas Properties, Forum Coimbra and Alegro Montijo deferred tax adjustments Iberian property transactions usually entail the disposal of companies instead of underlying properties, with the buyer and seller sharing the net deferred tax liability related to cumulative property valuation differences on a 50/50 basis. It is management’s view that the Torrecárdenas Properties’ deferred tax related to cumulative fair value gains on investment property is unlikely to become payable, and in the event of a disposal, that 50% of the net deferred tax liability would be recovered from the purchaser. As such, the applicable component of the deferred tax liability has been transferred to non-distributable reserves. The Group’s acquisition of Alegro Montijo and Brafero in 2024 included sharing the net deferred tax liability 50/50 between seller and buyer, as is market practice in Iberia. As such, the IFRS gross-up of the investment property acquisition value for the 50% of the deferred tax liability, that the Group did not obtain a discount for, was added back in the management accounts. The full deferred tax liability recognised on acquisition was credited to the statement of comprehensive income on conversion of the companies to Portuguese SICs in 2024. This income tax benefit has been removed from the management accounts. Spanish Retail Investments SOCIMI – adjustment of equity accounting to proportionate consolidation On 31 January 2024, Lighthouse acquired a 50% interest in Salera, a mall in Spain. Related party Resilient acquired the remaining 50%. The investment is equity-accounted. To disclose Lighthouse’s interest in and economic exposure to Salera, the equity-accounted investment is removed and Lighthouse’s exposure to the pro rata share of assets, liabilities, profits or losses has been included. Discontinued operations (Slovenia) In 2024, the disclosure impact of the IFRS accounting for discontinued operations was recategorised into the respective financial statement line items to reflect the historical classification of profit or loss items in the management accounts. NOTES TO THE FINANCIAL STATEMENTS continued LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 14
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8. SEGMENTAL ANALYSIS continued Condensed consolidated statement of financial position – segments SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain Jun 2025 EUR Portugal Jun 2025 EUR France Jun 2025 EUR Corporate Jun 2025 EUR Jun 2025 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share Jun 2025 EUR Torrecárdenas Properties – deferred tax adjustments Jun 2025 EUR Spanish Retail Investments SOCIMI joint venture Jun 2025 EUR Jun 2025 EUR ASSETS Non-current assets 820 116 646 383 581 155 201 893 875 1 405 591 676 134 595 917 (41 143 441) 1 499 044 152 Investment property 806 333 418 382 679 723 200 817 890 1 389 831 031 133 878 592 (92 322 251) 1 431 387 372 Plant and equipment 400 636 400 636 400 636 Equity-accounted investments 52 245 878 52 245 878 Other financial assets 13 382 592 901 432 1 075 985 15 360 009 717 325 (1 067 068) 15 010 266 Current assets 23 499 208 25 538 060 11 430 602 44 130 720 104 598 590 7 654 176 652 788 112 905 554 Investments 14 316 139 14 316 139 14 316 139 Loans to equity-accounted investments 2 559 325 2 559 325 Trade and other receivables 3 063 332 7 053 523 7 289 730 539 834 17 946 419 4 893 593 (353 848) 22 486 164 Cash and cash equivalents 20 435 876 18 484 537 4 140 872 29 274 747 72 336 032 2 760 583 (1 552 689) 73 543 926 Total assets 843 615 854 409 119 215 213 324 477 44 130 720 1 510 190 266 142 250 093 (40 490 653) 1 611 949 706 NOTES TO THE FINANCIAL STATEMENTS continued LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 15
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8. SEGMENTAL ANALYSIS continued Condensed consolidated statement of financial position – segments continued SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain Jun 2025 EUR Portugal Jun 2025 EUR France Jun 2025 EUR Corporate Jun 2025 EUR Jun 2025 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share Jun 2025 EUR Torrecárdenas Properties – deferred tax adjustments Jun 2025 EUR Spanish Retail Investments SOCIMI joint venture Jun 2025 EUR Jun 2025 EUR EQUITY AND LIABILITIES Total equity attributable to equity holders 890 608 051 890 608 051 4 683 924 (8 523 514) (6 000) 886 762 461 Share capital 20 890 102 20 890 102 20 890 102 Share premium 535 558 661 535 558 661 535 558 661 Treasury shares (2 220 989) (2 220 989) (2 220 989) Non-distributable reserve 105 959 509 105 959 509 (8 523 514) (6 000) 97 429 995 Foreign currency translation reserve (1 393 006) (1 393 006) (1 393 006) Share-based payment reserve 1 052 765 1 052 765 1 052 765 Retained earnings 230 761 009 230 761 009 230 761 009 Equity attributable to equity holders 890 608 051 890 608 051 (8 523 514) (6 000) 882 078 537 Non-controlling interest 4 683 924 4 683 924 Total liabilities 378 741 488 160 962 445 77 673 695 2 204 588 619 582 215 137 566 169 8 523 514 (40 484 653) 725 187 245 Non-current liabilities 363 051 543 150 857 254 66 436 080 64 021 580 408 898 129 474 562 8 523 514 (40 007 709) 678 399 265 Interest-bearing borrowings 341 596 026 150 237 287 63 054 008 554 887 321 127 219 846 (37 049 133) 645 058 034 Deferred tax liabilities 8 523 513 64 021 8 587 534 8 523 514 17 111 048 Other financial liabilities 12 932 004 619 967 3 382 072 16 934 043 2 254 716 (2 958 576) 16 230 183 Current liabilities 15 689 945 10 105 191 11 237 615 2 140 567 39 173 317 8 091 607 (476 944) 46 787 980 Interest-bearing borrowings 1 781 135 (575 854) 3 432 009 4 637 290 2 288 007 6 925 297 Other financial liabilities 233 943 233 943 233 943 Trade and other payables 13 908 810 10 447 101 7 805 606 837 836 32 999 351 5 803 600 (476 944) 38 326 009 Current tax liabilities 1 302 731 1 302 731 1 302 731 Total equity and liabilities 378 741 488 160 962 445 77 673 695 892 812 639 1 510 190 266 142 250 093 (40 490 653) 1 611 949 706 NOTES TO THE FINANCIAL STATEMENTS continued LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 16
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8. SEGMENTAL ANALYSIS continued Condensed consolidated statement of financial position – segments continued SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain1 Jun 2024 EUR Portugal1 Jun 2024 EUR France Jun 2024 EUR Corporate1 Jun 2024 EUR Total continuing operations Jun 2024 EUR Discontinued operations (Slovenia) Jun 2024 EUR Jun 2024 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share Jun 2024 EUR Torrecárdenas Properties and Alegro Montijo – deferred tax adjustments Jun 2024 EUR Spanish Retail Investments SOCIMI joint venture Jun 2024 EUR Slovenia discontinued operations Jun 2024 EUR Jun 2024 EUR ASSETS Non-current assets 374 944 481 191 513 197 221 345 407 123 391 161 911 194 245 70 792 002 981 986 248 147 563 606 (44 034 599) (70 792 002) 1 014 723 252 Investment property 364 185 571 191 513 197 217 853 542 773 552 310 68 750 000 842 302 310 145 235 695 (87 847 360) (68 750 000) 830 940 645 Investments 123 391 161 123 391 161 123 391 161 123 391 161 Equity-accounted investments 44 849 299 44 849 299 Other financial assets 10 758 910 3 491 864 14 250 774 2 042 002 16 292 776 2 327 911 (1 036 538) (2 042 002) 15 542 147 Current assets 8 353 644 12 750 590 13 614 276 87 809 860 122 528 370 2 316 378 124 844 747 9 076 180 40 986 019 (2 316 378) 172 590 568 Investments 33 781 301 33 781 301 33 781 301 33 781 301 Other financial assets 1 452 389 359 853 1 812 242 1 812 242 968 258 2 780 500 Trade and other receivables 1 861 816 2 538 801 7 886 601 193 847 12 481 066 669 424 13 150 488 5 257 732 (324 137) (669 424) 17 414 659 Loan to equity-accounted investment 44 993 272 44 993 272 Cash and cash equivalents 6 491 828 10 211 789 4 275 286 53 474 858 74 453 762 1 646 954 76 100 716 2 850 190 (3 683 116) (1 646 954) 73 620 836 Non-current assets classified as held for sale 73 108 380 73 108 380 Total assets 383 298 125 204 263 787 234 959 682 211 201 021 1 033 722 615 73 108 380 1 106 830 995 156 639 786 (3 048 580) 1 260 422 200 1 The prior period has been restated to update the changes in the segments reported by the Group. NOTES TO THE FINANCIAL STATEMENTS continued LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 17
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8. SEGMENTAL ANALYSIS continued Condensed consolidated statement of financial position – segments continued SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain1 Jun 2024 EUR Portugal1 Jun 2024 EUR France Jun 2024 EUR Corporate1 Jun 2024 EUR Total continuing operations Jun 2024 EUR Discontinued operations (Slovenia) Jun 2024 EUR Jun 2024 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share Jun 2024 EUR Torrecárdenas Properties and Alegro Montijo – deferred tax adjustments Jun 2024 EUR Spanish Retail Investments SOCIMI joint venture Jun 2024 EUR Slovenia discontinued operations Jun 2024 EUR Jun 2024 EUR EQUITY AND LIABILITIES Total equity attributable to equity holders 768 662 719 768 662 719 768 662 719 22 249 581 (8 618 835) 782 293 467 Share capital 18 539 931 18 539 931 18 539 931 18 539 931 Share premium 443 372 073 443 372 073 443 372 073 443 372 073 Treasury shares (1 429 439) (1 429 439) (1 429 439) (1 429 439) Non-distributable reserve 124 476 954 124 476 954 124 476 954 (8 618 835) 115 858 119 Currency translation reserve (1 392 196) (1 392 196) (1 392 196) (1 392 195) Share-based payment reserve 617 757 617 757 617 757 617 757 Retained earnings 184 477 639 184 477 639 184 477 639 (883 330) 183 594 309 Equity attributable to owners 768 662 719 768 662 719 768 662 719 (883 330) (8 618 835) 759 160 555 Non-controlling interest 23 132 912 23 132 912 Total liabilities 146 549 524 82 776 210 81 808 428 1 741 817 312 875 979 25 292 296 338 168 275 134 390 205 8 618 835 (3 048 580) (25 292 296) 452 836 437 Non-current liabilities 138 308 792 122 564 70 321 573 208 752 930 22 089 487 230 842 417 124 994 025 8 618 835 (1 579 332) (22 089 487) 340 786 457 Interest-bearing borrowings 123 944 560 66 639 136 190 583 696 20 390 613 210 974 310 122 539 067 (20 390 613) 313 122 764 Deferred tax liabilities 8 618 835 8 618 835 1 386 523 10 005 358 8 618 835 (1 386 523) 17 237 669 Financial liabilities 5 745 397 122 564 3 682 437 9 550 398 312 351 9 862 749 2 454 958 (1 579 332) (312 351) 10 426 024 Current liabilities 8 240 733 82 653 646 11 486 855 1 741 817 104 123 050 3 202 808 107 325 857 9 396 180 (1 469 248) (3 202 809) 112 049 980 Interest-bearing borrowings 3 168 247 78 357 399 3 519 506 85 045 152 1 738 727 86 783 879 2 346 338 (1 738 727) 87 391 490 Financial liabilities 150 683 155 165 305 848 305 848 305 848 Trade and other payables 5 072 485 4 145 564 7 967 348 696 128 17 881 526 1 428 484 19 310 008 7 049 842 (1 469 248) (1 428 484) 23 462 118 Current tax liabilities 890 524 890 524 35 598 926 122 (35 598) 890 524 Liabilities for non-current assets classified as held for sale 25 292 296 25 292 296 Total equity and liabilities 146 549 524 82 776 210 81 808 428 770 404 536 1 081 538 698 25 292 296 1 106 830 994 156 639 786 (3 048 580) 1 260 422 200 1 The prior period has been restated to update the changes in the segments reported by the Group. NOTES TO THE FINANCIAL STATEMENTS continued LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 18
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8. SEGMENTAL ANALYSIS continued Condensed consolidated statement of financial position – segments continued SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain Dec 2024 EUR Portugal Dec 2024 EUR France Dec 2024 EUR Corporate Dec 2024 EUR Dec 2024 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share Dec 2024 EUR Torrecárdenas Properties and Alegro Montijo – deferred tax adjustments Dec 2024 EUR Spanish Retail Investments SOCIMI joint venture Dec 2024 EUR Dec 2024 EUR ASSETS Non-current assets 574 773 733 381 145 000 200 180 295 57 682 1 156 156 710 133 453 531 (43 893 341) 1 245 716 900 Investment property 563 380 000 381 145 000 198 438 000 1 142 963 000 132 292 000 (92 320 000) 1 182 935 000 Equity-accounted investments 50 026 874 50 026 874 Other financial assets 11 393 733 1 742 295 57 682 13 193 710 1 161 531 (1 600 215) 12 755 026 Current assets 15 328 109 23 973 385 11 131 559 89 643 272 140 076 325 7 421 037 3 537 121 151 034 483 Investments 34 218 800 34 218 800 34 218 800 Loans to equity-accounted investments 4 851 620 4 851 620 Other financial assets 670 328 670 328 446 885 1 117 213 Trade and other receivables 3 052 170 7 261 210 6 622 390 387 830 17 323 600 4 414 925 (512 548) 21 225 977 Cash and cash equivalents 12 275 939 16 712 175 3 838 841 55 036 642 87 863 597 2 559 227 (801 951) 89 620 873 Total assets 590 101 842 405 118 385 211 311 854 89 700 954 1 296 233 035 140 874 568 (40 356 220) 1 396 751 383 NOTES TO THE FINANCIAL STATEMENTS continued LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 19
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8. SEGMENTAL ANALYSIS continued Condensed consolidated statement of financial position – segments continued SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain Dec 2024 EUR Portugal Dec 2024 EUR France Dec 2024 EUR Corporate Dec 2024 EUR Dec 2024 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share Dec 2024 EUR Torrecárdenas Properties and Alegro Montijo – deferred tax adjustments Dec 2024 EUR Spanish Retail Investments SOCIMI joint venture Dec 2024 EUR Dec 2024 EUR EQUITY AND LIABILITIES Total equity attributable to equity holders 863 915 654 863 915 654 5 148 362 (8 618 835) 860 445 181 Share capital 20 233 537 20 233 537 20 233 537 Share premium 510 568 809 510 568 809 510 568 809 Treasury shares (1 429 439) (1 429 439) (1 429 439) Non-distributable reserve 137 630 690 137 630 690 (35 354 427) 102 276 263 Foreign currency translation reserve (1 393 006) (1 393 006) (1 393 006) Share-based payment reserve 840 248 840 248 840 248 Retained earnings 197 464 815 197 464 815 26 735 592 224 200 407 Equity attributable to equity holders 863 915 654 863 915 654 (8 618 835) 855 296 819 Non-controlling interest 5 148 362 5 148 362 Total liabilities 186 912 430 161 021 978 79 107 838 5 275 136 432 317 381 135 726 206 8 618 835 (40 356 220) 536 306 202 Non-current liabilities 179 573 475 151 445 966 68 276 361 273 268 399 569 070 128 109 800 8 618 835 (39 975 063) 496 322 642 Interest-bearing borrowings 161 376 347 149 577 110 64 879 384 375 832 841 125 845 148 (36 929 883) 464 748 106 Deferred tax liabilities 8 618 834 273 268 8 892 102 8 618 835 17 510 937 Other financial liabilities 9 578 294 1 868 856 3 396 977 14 844 127 2 264 652 (3 045 180) 14 063 599 Current liabilities 7 338 955 9 576 012 10 831 477 5 001 868 32 748 311 7 616 406 (381 157) 39 983 560 Interest-bearing borrowings 2 074 986 (240 527) 3 541 831 5 376 290 2 361 219 7 737 509 Other financial liabilities 143 388 143 388 143 388 Trade and other payables 5 263 969 9 673 150 7 289 646 2 127 956 24 354 721 5 255 187 (381 157) 29 228 751 Current tax liabilities 2 873 912 2 873 912 2 873 912 Total equity and liabilities 186 912 430 161 021 978 79 107 838 869 190 790 1 296 233 035 140 874 568 (40 356 220) 1 396 751 383 NOTES TO THE FINANCIAL STATEMENTS continued LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 20
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8. SEGMENTAL ANALYSIS continued Condensed consolidated statement of profit or loss – segments SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain for the six months ended Jun 2025 EUR Portugal for the six months ended Jun 2025 EUR France for the six months ended Jun 2025 EUR Corporate for the six months ended Jun 2025 EUR for the six months ended Jun 2025 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share for the six months ended Jun 2025 EUR Torrecárdenas Properties – deferred tax adjustments for the six months ended Jun 2025 EUR Spanish Retail Investments SOCIMI joint venture for the six months ended Jun 2025 EUR for the six months ended Jun 2025 EUR Property rental and related revenue 31 191 457 18 792 694 13 873 997 6 492 63 864 640 9 250 620 (4 526 310) 68 588 950 Investment revenue 952 359 952 359 952 359 Total revenue 31 191 457 18 792 694 13 873 997 958 851 64 816 999 9 250 620 (4 526 310) 69 541 309 Fair value adjustments (638 535) 548 308 (665 711) 1 538 716 782 778 (443 807) (94 220) 244 751 Fair value gain on investments 1 572 093 1 572 093 1 572 093 Fair value loss on currency, interest rate and other derivatives (638 535) 548 308 (665 711) (33 377) (789 315) (443 807) (94 220) (1 327 342) Property operating expenses (9 206 623) (5 532 629) (7 922 503) (41 415) (22 703 170) (5 281 671) 1 121 822 (26 863 019) Administrative and other expenses (958 708) (693 016) (307 168) (2 092 275) (4 051 167) (209 441) 57 946 (4 202 662) Foreign exchange gain 1 311 160 1 311 160 1 311 160 Share of profit of associate 2 225 004 2 225 004 Operating profit/(loss) 20 387 591 13 115 357 4 978 615 1 675 037 40 156 600 3 315 701 (1 215 758) 42 256 543 Finance income 289 485 42 376 528 183 237 330 1 097 374 352 122 110 853 1 560 349 Finance costs (5 286 246) (3 829 179) (2 142 955) (243) (11 258 623) (4 020 254) 1 104 905 (14 173 972) Other income 4 399 4 399 2 933 7 332 Profit/(loss) before income tax 15 390 830 9 328 554 3 368 242 1 912 124 29 999 750 (349 498) 29 650 252 Taxation 115 620 (500) (172 415) (902 729) (960 024) (114 941) (1 074 965) Profit/(loss) for the period attributable to equity holders of the Company 15 506 450 9 328 054 3 195 827 1 009 395 29 039 726 (464 439) 28 575 287 All segmental revenues in 2025 and 2024, respectively, were generated from external customers and from countries other than Malta, the Company’s domicile. NOTES TO THE FINANCIAL STATEMENTS continued LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 21
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8. SEGMENTAL ANALYSIS continued Condensed consolidated statement of profit or loss – segments continued SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain1 for the six months ended Jun 2024 EUR Portugal1 for the six months ended Jun 2024 EUR France for the six months ended Jun 2024 EUR Corporate1 for the six months ended Jun 2024 EUR Total continuing operations for the six months ended Jun 2024 EUR Discontinued operations (Slovenia) for the six months ended Jun 2024 EUR for the six months ended Jun 2024 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share for the six months ended Jun 2024 EUR Spanish Retail Investments SOCIMI joint venture for the six months ended Jun 2024 EUR Discontinued operations (Slovenia) for the six months ended Jun 2024 EUR Revised total for the six months ended Jun 2024 EUR Property rental and related revenue 14 695 762 8 767 213 12 900 993 36 363 968 3 898 575 40 262 543 8 564 250 (3 593 751) (3 898 575) 41 334 467 Investment revenue 5 626 766 5 626 766 5 626 766 5 626 766 Finance income 3 374 867 939 871 312 871 312 1 235 452 2 106 764 Total revenue 14 695 762 8 770 587 12 900 993 6 494 705 42 862 046 3 898 575 46 760 621 8 564 250 (2 358 299) (3 898 575) 49 067 997 Fair value adjustments (555 750) 132 517 (5 161 867) (5 585 101) (1 461 316) (7 046 417) 88 345 1 461 316 (5 496 756) Fair value loss on investment property (1 506 815) (1 506 815) 1 506 815 Fair value loss on investments (3 534 494) (3 534 494) (3 534 494) (3 534 494) Fair value (loss)/gain on currency, interest rate and other derivatives (555 750) 132 517 (1 627 373) (2 050 607) 45 499 (2 005 108) 88 345 (45 499) (1 962 262) Property operating expenses (4 329 626) (2 247 815) (7 533 874) (14 111 315) (1 444 460) (15 555 775) (5 022 582) 890 984 1 444 460 (18 242 913) Administrative and other expenses (421 924) (295 345) (286 277) (2 523 328) (3 526 875) (15 476) (3 542 351) (255 704) 118 017 15 476 (3 664 562) Foreign exchange loss 1 370 744 1 370 744 (366) 1 370 378 366 1 370 744 Share of profit of associate 1 349 298 1 349 298 Operating profit/(loss) 9 388 462 6 227 427 5 213 359 180 254 21 009 499 976 957 21 986 456 3 374 309 (976 957) 24 383 808 Finance costs (2 679 770) (1 029 568) (1 743 662) (6 143) (5 459 144) (680 839) (6 139 983) (4 028 355) 680 839 (9 487 499) Profit/(loss) before income tax 6 708 692 5 197 859 3 469 697 174 111 15 550 355 296 118 15 846 473 (654 046) (296 118) 14 896 309 Taxation (136 373) (387 048) (523 421) 40 966 (482 455) (40 966) (523 421) Profit for the period from discontinued operations 337 084 337 084 Profit/(loss) for the period attributable to equity holders of the Company 6 572 319 5 197 859 3 469 697 (212 937) 15 026 934 337 084 15 364 019 (654 046) 14 709 972 1 The prior period has been restated to update the changes in the segments reported by the Group. All segmental revenues in 2025 and 2024, respectively, were generated from external customers and from countries other than Malta, the Company’s domicile. NOTES TO THE FINANCIAL STATEMENTS continued LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 22
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8. SEGMENTAL ANALYSIS continued Condensed consolidated statement of profit or loss – segments continued SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain for the 12 months ended Dec 2024 EUR Portugal for the 12 months ended Dec 2024 EUR France for the 12 months ended Dec 2024 EUR Corporate for the 12 months ended Dec 2024 EUR Total continuing operations for the 12 months ended Dec 2024 EUR Discontinued operations (Slovenia) for the 12 months ended Dec 2024 EUR For the 12 months ended Dec 2024 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share for the 12 months ended Dec 2024 EUR Torrecárdenas Properties and Alegro Montijo – deferred tax adjustments for the 12 months ended Dec 2024 EUR Spanish Retail Investments SOCIMI joint venture for the 12 months ended Dec 2024 EUR Discontinued operations (Slovenia) for the 12 months ended Dec 2024 EUR For the 12 months ended Dec 2024 EUR Property rental and related revenue 39 018 107 23 581 475 27 424 536 90 024 118 7 479 491 97 503 609 18 245 201 (8 271 825) (7 479 491) 99 997 494 Investment revenue 8 216 874 8 216 874 8 216 874 8 216 874 Total revenue 39 018 107 23 581 475 27 424 536 8 216 874 98 240 992 7 479 491 105 720 483 18 245 201 (8 271 825) (7 479 491) 108 214 368 Fair value adjustments 21 784 915 8 926 220 (26 718 824) 348 788 4 341 099 (1 675 745) 2 665 354 (17 812 549) 13 436 000 (3 101 181) 1 675 745 (3 136 631) Fair value gain/(loss) on investment property 25 801 827 10 093 328 (24 974 571) 10 920 584 (1 593 013) 9 327 571 (16 649 714) 13 436 000 (4 556 188) 1 593 013 3 150 682 Fair value gain/(loss) on investments 3 768 593 3 768 593 3 768 593 3 768 593 Fair value loss on currency, interest rate and other derivatives (4 016 912) (1 167 108) (1 744 253) (3 419 805) (10 348 078) (82 732) (10 430 810) (1 162 835) 1 455 007 82 732 (10 055 906) Property operating expenses (11 892 983) (5 582 912) (15 805 229) (33 281 124) (2 779 061) (36 060 185) (10 536 819) 2 072 062 2 779 061 (41 745 881) Administrative and other expenses (1 028 588) (727 331) (418 644) (5 595 543) (7 770 106) (37 871) (7 807 977) (422 531) 233 695 37 871 (7 958 942) Foreign exchange loss 1 885 152 1 885 152 (378) 1 884 774 378 1 885 152 Share of profit of associate 6 526 874 6 526 874 Operating profit/(loss) 47 881 451 26 197 452 (15 518 161) 4 855 271 63 416 013 2 986 436 66 402 449 (10 526 698) 13 436 000 (2 540 375) (2 986 436) 63 784 940 Finance income 2 067 732 2 067 732 2 067 732 1 593 800 3 661 532 Finance costs (6 701 833) (3 295 048) (3 435 806) (6 143) (13 438 830) (1 546 673) (14 985 503) (8 035 701) 946 575 1 546 673 (20 527 956) Profit/(loss) before income tax 41 179 618 22 902 404 (18 953 967) 6 916 860 52 044 915 1 439 763 53 484 678 (18 562 399) 13 436 000 (1 439 763) 46 918 516 Taxation (250 574) (13 317 350) (125 182) (1 360 048) (15 053 154) (224 271) (15 277 425) (75 111) 13 299 592 224 271 (1 828 673) Profit for the period from continuing operations 40 929 044 9 585 054 (19 079 149) 5 556 812 36 991 761 1 215 492 38 207 253 (18 637 510) 26 735 592 (1 215 492) 45 089 843 Profit for the period from discontinued operations 1 215 492 1 215 492 Profit/(loss) for the period attributable to equity holders of the Company 40 929 044 9 585 054 (19 079 149) 5 556 812 36 991 761 1 215 492 38 207 253 (18 637 510) 26 735 592 46 305 335 All segmental revenues in 2025 and 2024, respectively, were generated from external customers and from countries other than Malta, the Company’s domicile. NOTES TO THE FINANCIAL STATEMENTS continued LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 23
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EPRA PERFORMANCE MEASURES The European Public Real Estate Association (“EPRA”) has issued Best Practice Recommendation Guidelines (“BPR”) on key measures of relevance to a broad spectrum of real estate investors. The BPR guidelines endeavour to improve transparency and comparability of European real estate companies’ financial statements and disclosures. In terms of the JSE Listings Requirements, the EPRA measures are considered pro forma financial information. This pro forma financial information is the responsibility of the Company’s Board of Directors. The pro forma financial information has been prepared for illustrative purposes only and, due to its nature, does not necessarily fairly present the Company’s financial position, changes in equity, results of operations, or cash flows in accordance with IFRS. The pro forma EPRA measures have primarily been extracted from the IFRS financial statements set out on pages 8 to 10 or extracted/calculated based on the management accounts included in the segmental analyses of the IFRS financial statements of Lighthouse for the period ended June 2025 included on pages 15 to 23. EPRA PERFORMANCE INDICATORS The EPRA performance indicators included in the table below have been extracted and summarised from the detailed EPRA calculations on pages 24 to 29, including the basis upon which it has been prepared. Summary table Jun 2025 Jun 2024 EPRA earnings (EUR) 26 847 823 20 594 520 EPRA earnings per share (EUR cents) 1.3233 1.1235 EPRA NRV (EUR) 939 751 977 799 676 023 EPRA NRV per share (EUR cents) 44.99 43.13 EPRA NTA (EUR) 891 074 351 761 581 588 EPRA NTA per share (EUR cents) 42.66 41.08 EPRA NDV (EUR) 880 127 216 757 878 841 EPRA NDV per share (EUR cents) 42.13 40.88 EPRA net initial yield (%) 7.2 7.3 EPRA "topped-up" net initial yield (%) 7.6 8.0 EPRA vacancy rate (%) 2.3 3.4 EPRA cost ratio (including direct vacancy costs) (%) 23.6 32.3 EPRA cost ratio (excluding direct vacancy costs) (%) 20.2 26.4 EPRA LTV (%) 36.0 21.7 Like-for-like rental growth (%) 6.9 4.1 EPRA capital expenditure 248 454 624 114 669 117 The calculations of EPRA earnings and distributable earnings per share, respectively, are based on the equity holders of the Company’s profit after tax, adjusted as set out in the following tables. EPRA EARNINGS EPRA earnings is a measure of underlying operational performance and represents the net income generated from operational activities. It is intended to provide an indicator of the underlying income performance generated from the leasing and management of the property portfolio. EPRA earnings calculation Jun 2025 EUR Jun 2024 EUR IFRS profit for the period attributable to equity holders of the Company1 29 039 726 15 362 932 Adjustments to calculate EPRA earnings, exclude: (i) Changes in value of investment properties, development properties held for investment and other investment interests: Fair value gain on investment property1 – – Fair value (gain)/loss on investments1 (1 572 093) 3 534 494 (ii) Profits or losses on disposal of investment properties, development properties held for investment and other investment interests: Non-distributable portion of profit from discontinued operations5 1 461 684 (iii) Profits or losses on sales of trading properties including impairment charges in respect of trading properties: None (iv) Tax on profits or losses on disposals: Current taxation5 446 900 (224 598) (v) Negative goodwill/goodwill impairment: None (vi) Changes in fair value of financial instruments and associated close-out costs: Fair value loss on currency and interest rate derivatives1 1 327 342 1 962 262 (vii) Acquisition costs on share deals and non-controlling joint venture interests: None (viii) Adjustments related to funding structure: Amortisation of interest rate hedging transaction costs5 (352 499) (352 500) Interest expense (related to non-controlling interest)5 2 591 617 2 865 914 (ix) Adjustments related to non-operating and exceptional items: Related party income5 (8 620) 36 412 Foreign exchange gain1 (1 311 160) (1 370 744) (x) Deferred tax in respect of EPRA adjustments: Deferred taxation5 (328 967) 29 470 (xi) Adjustments (i) to (x) above in respect of joint ventures (unless already included under proportional consolidation): Non-distributable portion of profit of associate5 (94 220) – (xii) Non-controlling interests in respect of the above: Non-distributable portion of non-controlling interest5 (2 890 203) (2 710 806) Refer to page 29 for the footnotes. LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 24
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EPRA PERFORMANCE MEASURES continued EPRA EARNINGS continued EPRA earnings calculation continued Jun 2025 EUR Jun 2024 EUR EPRA earnings (a) 26 847 823 20 594 520 Company-specific adjustments: Listed real estate investments dividends accrued7 (141 708) 1 732 131 Antecedent distribution8 – interim 706 232 229 029 Distributable earnings (b) 27 412 347 22 555 680 Less: (27 412 347) (22 555 680) Interim distribution declared (27 412 347) (22 555 680) Distributable earnings surplus/(shortfall) for the period – – Weighted average ordinary shares in issue during the period9 (c) 2 028 843 599 1 833 052 807 EPRA earnings per share (EUR cents) (a/c) 1.3233 1.1235 Number of shares entitled to distribution10 (d) 2 089 010 218 1 853 993 105 Distributable earnings per share (EUR cents) 1.3122 1.2166 Less: Distribution per share (EUR cents) (b/d) (1.3122) (1.2166) Distributable earnings surplus/(shortfall) for the period per share (EUR cents) – – Distribution payout ratio (%) 100.0 100.0 Refer to page 29 for the footnotes. DISTRIBUTABLE EARNINGS Distributable earnings components Jun 2025 EUR Jun 2024 EUR Property rental and related revenue3 63 864 640 40 262 543 Investment revenue3 952 359 5 626 766 Listed real estate investments dividends accrued7 (141 708) 1 732 131 Property operating expenses3 (22 703 170) (15 555 775) Administrative and other expenses3 (4 051 167) (3 542 351) Administrative and other expenses – non-distributable5 – (38 911) Finance income3 1 097 374 871 312 Finance costs3 (11 258 623) (6 139 983) Amortisation of interest rate hedging transaction costs5 (211 499) (211 500) Taxation3 (960 024) (482 455) Taxation – non-distributable5 117 933 (195 126) Antecedent distribution8 – interim 706 232 229 029 Distributable earnings for the period 27 412 347 22 555 680 Less: Distribution declared (27 412 347) (22 555 680) Distributable earnings surplus/(shortfall) for the period – – Refer to page 29 for the footnotes. LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 25
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EPRA PERFORMANCE MEASURES continued EPRA NET ASSET VALUE METRICS The EPRA NAV set of metrics makes adjustments to the NAV per the IFRS financial statements to provide stakeholders with the most relevant information on the fair value of the assets and liabilities of a real estate investment company, under different scenarios. EPRA net reinstatement value (“NRV”) The objective of the EPRA net reinstatement value measure is to highlight the value of net assets on a long-term basis. Assets and liabilities that are not expected to crystallise in normal circumstances such as the fair value movements on financial derivatives and deferred taxes on property valuation surpluses are therefore excluded. Since the aim of the metric is to also reflect what would be needed to recreate the Company through the investment markets based on its current capital and financing structure, related costs such as real estate transfer taxes should be included. EPRA net tangible assets (“NTA”) The underlying assumption behind the EPRA net tangible assets calculation assumes entities buy and sell assets, thereby “realising” certain deferred tax liabilities. EPRA net disposal value (“NDV”) The EPRA net disposal value illustrates a scenario where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability (including potential tax exposure not reflected in the statement of financial position), net of any resulting tax. This measure should not be viewed as a “liquidation NAV” as fair values often do not represent liquidation values. EPRA NRV Jun 2025 EUR EPRA NTA Jun 2025 EUR EPRA NDV Jun 2025 EUR IFRS equity attributable to shareholders2 882 078 537 882 078 537 882 078 537 Include/exclude: Impact of dilutionary instruments11 – – – Diluted net asset value 882 078 537 882 078 537 882 078 537 Exclude: Deferred tax in relation to fair value gains of investment property4 17 047 027 8 523 514 Fair value of financial instruments6 472 300 472 300 Include: Fair value of fixed interest rate loans12 (1 951 321) Real estate transfer tax13 40 154 113 Net asset value 939 751 977 891 074 351 880 127 216 Fully diluted number of shares11 2 089 010 218 2 089 010 218 2 089 010 218 Net asset value per share (EUR cents) 44.99 42.66 42.13 Refer to page 29 for the footnotes. EPRA NRV Jun 2024 EUR EPRA NTA Jun 2024 EUR EPRA NDV Jun 2024 EUR IFRS equity attributable to shareholders2 759 160 555 759 160 555 759 160 555 Include/exclude: Impact of dilutionary instruments11 – – – Diluted net asset value 759 160 555 759 160 555 759 160 555 Exclude: Deferred tax in relation to fair value gains of investment property4 17 237 669 8 618 835 Fair value of financial instruments6 (6 197 802) (6 197 802) Include: Fair value of fixed interest rate loans12 (1 281 714) Real estate transfer tax13 29 475 600 – Net asset value 799 676 023 761 581 588 757 878 841 Fully diluted number of shares10 1 853 993 105 1 853 993 105 1 853 993 105 Net asset value per share (EUR cents) 43.13 41.08 40.88 Refer to page 29 for the footnotes. LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 26
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EPRA PERFORMANCE MEASURES continued EPRA NET INITIAL YIELD AND “TOPPED-UP” NET INITIAL YIELD The EPRA net initial yield (“NIY”) is calculated as the annualised rental income based on passing cash rents, less non-recoverable property operating expenses, divided by the gross market value of the property. In EPRA “topped-up” NIY, the net rental income is “topped-up” to reflect rent after the expiry of lease incentives such as rent-free periods, rental discounts and step rents. EPRA NIY and “topped-up” NIY Jun 2025 EUR Jun 2024 EUR Investment property – wholly-owned6 1 096 690 890 467 851 408 Investment property – share of joint ventures/funds6 293 140 141 305 700 902 Trading property (including share of joint ventures) Less: Developments Completed property portfolio3 1 389 831 031 773 552 310 Allowance for estimated purchasers' costs13 40 154 113 29 475 600 Gross up completed property portfolio valuation (a) 1 429 985 144 803 027 910 Annualised cash passing rental income14 115 623 756 68 742 055 Property outgoings15 (12 256 010) (9 789 314) Annualised net rents (b) 103 367 746 58 952 741 Add: Notional rent expiration of rent-free periods or other lease incentives16 5 593 287 5 131 277 Topped-up net annualised rent (c) 108 961 033 64 084 019 EPRA NIY (%) (b/a) 7.2 7.3 EPRA “topped-up” NIY (%) (c/a) 7.6 8.0 Refer to page 29 for the footnotes. EPRA VACANCY RATE The EPRA vacancy rate estimates the percentage of the total potential rental income not received due to vacancy. The EPRA vacancy rate is calculated by dividing the estimated rental value (“ERV”) of vacant premises by the ERV of the entire property portfolio if all premises were fully leased. Lighthouse considers retail space as let when a lease is signed before the reporting date, or when a heads of terms is agreed by the reporting date and the related lease is signed before the report release date. EPRA vacancy rate Jun 2025 EUR Jun 2024 EUR Estimated rental value of vacant space17 2 479 332 2 355 330 Estimated rental value of the whole portfolio18 109 040 825 68 915 861 EPRA vacancy rate (%) 2.3 3.4 EPRA vacancy rate per country Jun 2025 % Jun 2024 % Spain 1.6 1.8 Portugal 0.2 0.2 France 7.7 9.3 Slovenia19 – EPRA vacancy rate 2.3 3.4 Refer to page 29 for the footnotes. EPRA COST RATIOS EPRA cost ratios reflect the relevant administrative and operating costs of the business and provide a recognised and understood reference point for analysis of a company’s costs. The EPRA cost ratio (including direct vacancy costs) includes all administrative and operating expenses in the IFRS statements (net of any service fees). The EPRA cost ratio (excluding direct vacancy costs) is calculated as per the aforementioned, but with an adjustment to exclude vacancy costs. EPRA cost ratio Jun 2025 EUR Jun 2024 EUR Property operating expenses3 (a) (22 703 170) (15 555 775) Administrative and other expenses3 (b) (4 051 167) (3 542 351) Administrative and other expenses1 (c) (4 202 662) (3 664 562) Net service charge costs5 (d) (4 002 523) (4 690 398) Non-service charge property operating expenses5 (e) (4 005 421) (3 407 722) Share of joint venture expenses5 (f) (389 382) (278 846) EPRA costs (including direct vacancy costs) (g) (12 599 988) (12 041 528) Direct vacancy costs5 (h) 1 805 205 2 196 033 EPRA costs (excluding direct vacancy costs) (i) (10 794 783) (9 845 495) Gross rental income5 49 733 875 33 643 788 Share of joint venture gross rental income5 3 735 924 3 593 750 Gross rental income (j) 53 469 799 37 237 538 Total property rental and related revenue3 (k) 63 864 640 40 262 543 Total revenue3 (l) 64 816 999 45 889 309 Property operating cost ratio (%) (-a/k) 35.5 38.6 Administrative cost ratio (%) (-b/l) 6.3 7.7 EPRA cost ratio (including direct vacancy costs) (%) (-g/j) 23.6 32.3 EPRA cost ratio (excluding direct vacancy costs) (%) (-i/j) 20.2 26.4 Refer to page 29 for the footnotes. Disclosure notes: X No overhead or operating expenses (including share of the joint venture) were capitalised during the period. X Lighthouse’s accounting policies do not allow for the capitalisation of overhead expenses. LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 27
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EPRA PERFORMANCE MEASURES continued EPRA LOAN-TO-VALUE The LTV ratio is an important metric that assesses the lending risk a lender bears by providing a loan as per the borrower’s requirement, and it shows the relation of debt to the fair value of the assets. PROPORTIONATE CONSOLIDATION PROPORTIONATE CONSOLIDATION EPRA LTV metric Group as reported Jun 2025 EUR Share of joint ventures Jun 2025 EUR Share of associates Jun 2025 EUR Non-controlling interest Jun 2025 EUR Combined Jun 2025 EUR Group as reported Jun 2024 EUR Share of joint ventures Jun 2024 EUR Share of associates Jun 2024 EUR Non-controlling interest Jun 2024 EUR Combined Jun 2024 EUR Include: Net interest-bearing borrowings – non-current4 645 058 034 37 049 133 (127 219 846) 554 887 321 313 122 764 (122 539 067) 190 583 697 Net interest-bearing borrowings – current4 6 925 297 (2 288 007) 4 637 290 87 391 490 (2 346 338) 85 045 152 Total net interest-bearing borrowings per management accounts4 651 983 331 37 049 133 (129 507 853) 559 524 611 400 514 254 (124 885 405) 275 628 849 Unamortised borrowing costs – non-current6 6 386 518 1 450 867 (308 995) 7 528 390 2 312 334 (618 910) 1 693 424 Unamortised borrowing costs – current6 2 802 970 (411 994) 2 390 976 1 239 250 (353 662) 885 588 Total unamortised borrowing costs per management accounts6 9 189 488 1 450 867 (720 989) 9 919 366 3 551 584 (972 572) 2 579 012 Total gross interest-bearing borrowings – non-current 651 444 552 38 500 000 (127 528 841) 562 415 711 315 435 098 (123 157 977) 192 277 121 Total gross interest-bearing borrowings – current 9 728 267 (2 700 001) 7 028 266 88 630 740 (2 700 000) 85 930 740 Borrowings from financial institutions 661 172 819 38 500 000 (130 228 842) 569 443 977 404 065 838 (125 857 977) 278 207 861 Net payables4 15 839 845 123 096 (910 007) 15 052 934 6 047 459 1 145 111 (1 792 110) 5 400 460 Exclude: Cash included in borrowings service reserve accounts6 (6 463 253) 84 400 (6 378 853) (8 283 188) 968 258 (7 314 930) Cash and cash equivalents4 (73 543 926) (1 552 689) 2 760 583 (72 336 032) (73 620 836) (3 683 116) 2 850 190 (74 453 762) Net debt (a) 597 005 485 37 070 407 (128 293 866) 505 782 026 328 209 273 (2 538 005) (123 831 639) 201 839 629 Include: Investment property4 1 431 387 372 92 322 251 (133 878 592) 1 389 831 031 830 940 645 87 847 360 (145 235 695) 773 552 310 Investments4 14 316 139 14 316 139 157 172 462 157 172 462 Total property value (b) 1 445 703 511 92 322 251 (133 878 592) 1 404 147 170 988 113 107 87 847 360 (145 235 695) 930 724 772 LTV (a/b) (%) 36.0 21.7 Refer to page 29 for the footnotes. LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 28
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EPRA PERFORMANCE MEASURES continued EPRA LIKE-FOR-LIKE RENTAL GROWTH Like-for-like net rental growth compares the growth of the net rental income of the portfolio that has been consistently in operation, and not under development, during the full current and prior periods. EPRA like-for-like rental growth per country Jun 2025 % Jun 2024 % Spain20 5.9 (2.9) Portugal21 4.5 5.1 France22 12.0 10.7 Slovenia19 4.6 EPRA like-for-like rental growth 6.9 4.1 Refer to the footnotes alongside. EPRA CAPITAL EXPENDITURE EPRA capital expenditure details are included below. Group (excluding joint ventures) Jun 2025 EUR Joint ventures (proportionate share) Jun 2025 EUR Total Group Jun 2025 EUR Acquisitions6 238 251 774 238 251 774 Development Investment properties 10 017 564 2 252 10 019 816 Incremental lettable space6 3 319 257 3 319 257 No incremental lettable space6 6 094 708 2 252 6 096 960 Tenant incentives6 603 599 603 599 Other material non-allocated types of expenditure Capitalised interest 183 034 183 034 Total capital expenditure 248 452 372 2 252 248 454 624 Conversion from accrual to cash basis (including subrogated debt on acquisitions)6 (58 997 702) (58 997 702) Total capital expenditure on a cash basis 189 454 670 2 252 189 456 922 Refer to the footnotes alongside. Group (excluding joint ventures) Jun 2024 EUR Joint ventures (proportionate share) Jun 2024 EUR Total Group Jun 2024 EUR Acquisitions6 111 000 000 111 000 000 Development Investment properties 3 669 117 3 669 117 Incremental lettable space6 915 210 915 210 No incremental lettable space6 2 016 551 2 016 551 Tenant incentives6 737 356 737 356 Other material non-allocated types of expenditure Capitalised interest Total capital expenditure 114 669 117 – 114 669 117 Conversion from accrual to cash basis (including subrogated debt on acquisitions)6 (66 915 266) (66 915 266) Total capital expenditure on a cash basis 47 753 851 47 753 851 1 Extracted from the Group’s IFRS condensed statement of comprehensive income. 2 Extracted from the Group’s IFRS condensed statement of financial position. 3 Extracted from the management accounts included in the Group’s segmental statement of profit or loss. 4 Extracted from the management accounts included in the Group’s segmental statement of financial position. 5 Calculated based on information supporting the management accounts included in the Group’s segmental statement of profit or loss. 6 Calculated based on information supporting the management accounts included in the Group’s segmental statement of financial position. 7 Listed real estate investments dividends accrued was calculated as follows: X Klepierre and NEPI Rockcastle (current and prior periods): Represents an accrual for dividends from listed real estate investments (based on the average holdings during the period) relating to their respective earnings for the period, but not yet declared. X Hammerson (prior period): Calculated as the Hammerson daily pro rata net 2H2023 dividend (from 1 January 2024 to the sale date, but only up to the dividend ex-date). 8 Antecedent distributions relate to shares issued during the period with rights to distributions as follows: X Antecedent distributions – interim: for 1H2025 shares issued after 31 December 2024, but prior to 30 June 2025. X Antecedent distributions – interim: for 1H2024 shares issued after 31 December 2023, but prior to 30 June 2024. 9 Calculated as the basic average number of outstanding shares during the period (in line with IFRS earnings). 10 Calculated on the Company’s total issued shares at the relevant reporting date. 11 Extracted from the notes to the IFRS condensed financial statements. 12 Estimate of the fair value adjustment related to fixed-rate loans. 13 Based on real estate transfer tax percentages included in the most recent independent external property valuations, except where the Group has achieved different rates for similar assets during the last two years. 14 Annualised passing rent computed based on the contractual rental amounts effective at the reporting date. 15 Computed based on the Group’s expected 12-month non-recoverable property operating expenses for the relevant reporting period. 16 Adjustment for unexpired lease incentives such as rent-free periods, discounted rent periods and step rents. The adjustment includes the annualised cash rent that will apply at the expiry of the lease incentive. 17 The estimated rental value of vacant space is based on the amount Lighthouse expects to achieve upon leasing. 18 The estimated rental value of the whole portfolio is computed based on the passing rent at the reporting date, adjusted to include the estimated rental value of vacant space. 19 The Group disposed of Planet Koper, its only mall in Slovenia, on 29 November 2024. 20 Includes Torrecárdenas; further details on size and value are included in the property portfolio overview as set out on page 6. 21 Includes Forum Coimbra; further details on size and value are included in the property portfolio overview as set out on page 6. 22 Includes Rivetoile, Saint Sever, Docks 76 and Docks Vauban; further details on size and value are included in the property portfolio overview as set out on page 6. LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 29
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CORPORATE INFORMATION COMPANY DETAILS AND REGISTERED OFFICE Lighthouse Properties p.l.c. Registration number: C 100848 Registered in Malta on 29 December 2021 ISIN: MU0461N00015 JSE and A2X share code: LTE LEI: 549300UG27SWRF0X2U62 4th Floor, Office 41, Block A, IL-Piazzetta, Tower Road, Sliema, SLM 1605, Malta Email: investorrelations@lighthouse.mt Website: www.lighthouse.mt Tel: +356 2134 4560 BOARD OF DIRECTORS Mark Olivier1 (Chairperson) Justin Muller3 (Chief Executive Officer) Edward Mc Donald3 (Chief Operating Officer) Jacobus van Biljon3 (Chief Financial Officer) Stuart Bird1 Karen Bodenstein1 Desmond de Beer2 Anthony Doublet1 Nicolaas Hanekom4 Stephen Paris1 1 Independent Non-Executive Director 2 Non-Independent Non-Executive Director 3 Executive Director 4 Alternate to Desmond de Beer NETHERLANDS OFFICE Barbara Strozzilaan 310, 1083 HN, Amsterdam The Netherlands SOUTH AFRICAN TRANSFER SECRETARY JSE Investor Services Proprietary Limited 5th Floor, One Exchange Square, Gwen Lane Sandown, 2196 (PO Box 4844, Johannesburg, 2000) South Africa JSE SPONSOR Java Capital Trustees and Sponsors Proprietary Limited 6th Floor, 1 Park Lane Wierda Valley Sandton, 2196 South Africa MALTESE MANAGEMENT COMPANY AND COMPANY SECRETARY Stonehage Fleming Malta Limited 4th Floor, Avantech Building St Julian’s Road San Gwann SGN 2805, Malta MALTESE REGISTRAR AND TRANSFER AGENT Stonehage Fleming Malta Limited 4th Floor, Avantech Building St Julian’s Road San Gwann SGN 2805, Malta AUDITOR PricewaterhouseCoopers Malta 78 Mill Street Zone 5 Central Business District Qormi CBD 5090, Malta COMMERCIAL BANKERS ING Bank N.V. Bijlmerdreef 106 1102 CT Amsterdam The Netherlands Espai Gironés, Salt, Spain LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONSOLIDATED INTERIM RESULTS for the six months ended 30 June 2025 30
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