Fortress (FFB) 1H25 – Results Snapshot

FFB distribution of 76.15c down 6.5% y-y.

Forecasted DIPs for FY25 159.84c.

Revenue growth +10% y-y.

FFO decreased 7.5% y-y from R949m to R878m.

NAV per share down 0.6% from R25.06 at FY24 to R24.92.

Loan-to-value ratio up from 38.2% at FY24 to 39.9%.

Value of listed equities (NRP) R15.98bn.

Vacancies decreased from 4% at FY24 to 3.7%.

Distributable earnings decreased 3.8% y-y from R953m to R917.1m.

Non-core asset disposals of R809.5m at net premium to book.

Total distributable income guidance R1.925bn (up from R1.78bn).