Wrap Text
Short-form announcement: audited consolidated financial results for the year to 30 June 2025
MAS P.L.C.
Registered in Malta
Registration number: C99355
JSE share code: MSP
ISIN: VGG5884M1041
LEI code: 213800T1TZPGQ7HS4Q13
(MAS, the Company or the Group)
SHORT-FORM ANNOUNCEMENT: AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR TO 30 JUNE 2025
INTRODUCTION AND BACKGROUND
MAS (hereafter Group or Company) performed very well, generating a total shareholders' return (TSR) of 12% for
the financial year to 30 June 2025. The Group achieved distributable earnings on an IFRS basis of 9.53 eurocents per
share for the 2025 financial year (27.7% increase year-on-year). Of this, 4.44 eurocents per share relate to the second
half of the financial year, which is within MAS' previously published, narrowed, IFRS basis distributable earnings
guidance range of 4.28 to 4.70 eurocents per share, for the six months to 30 June 2025. MAS' financial results and
progress with strategic matters are detailed within this commentary.
Unless otherwise stated, amounts included in this commentary are presented with reference to International
Financial Reporting Standards (IFRS) based reported results. Segmental reporting, prepared on a proportionate
consolidated basis, is disclosed in the Group's financial results, to assist in the interpretation of IFRS financial results.
Detailed financial results and Company Profile (updated on 30 June 2025), including highlights and supplemental
operational information, are available on MAS' corporate website.
The Group remains committed to maximising total long-term returns from property investments on a per share basis,
aimed to be achieved by continued focus on capital allocation, operational excellence, sensible leveraging, and cost
efficiency. MAS operates directly-owned income property in Central and Eastern Europe (CEE) and employs capital
in commercial and residential developments owned indirectly via the Development Joint Venture (DJV(1)). MAS is
well positioned to provide its shareholders with best-in-class total long-term returns due to the long-term, continual
high growth in consumption in CEE, and leveraging its strong asset prospects and asset management capabilities to
generate robust like-for-like (LFL) net rental income (NRI) growth from retail operations through increasing tenants'
sales and implementing asset management initiatives, as well as its downside-protected exposure to high-quality
commercial and residential developments via DJV.
FINANCIAL RESULTS
The Group generates returns from: (i) directly-owned income property and operations in CEE; (ii) Central and
Eastern European investments with Prime Kapital in DJV (including equity-accounted earnings from its proportion
of completed DJV-owned income properties, net results of its residential sales, development activities and
investments in MAS shares); (iii) remaining directly-owned Western European income property (Flensburg Galerie),
and (iv) investments in financial instruments (including other elements disclosed as Corporate).
MAS' IFRS earnings for the financial year to 30 June 2025 were EUR125.0million, comprising distributable earnings
of EUR65.6million (EUR51.3million for the previous financial year, to 30 June 2024) and non-distributable earnings of
EUR59.4million (EUR71.9million for the previous financial year). IFRS tangible net asset value (TNAV) on 30 June 2025
was EUR1.86 per share (12% increase year on year; EUR1.66 per share on 30 June 2024). IFRS distributable earnings were
9.53 eurocents per share (27.7% increase year-on-year; 7.46 eurocents per share for the financial year to 30 June
2024), of which 4.44 eurocents per share relate to the second half of the financial year and is within MAS' previously
published, narrowed, IFRS basis distributable earnings guidance range of 4.28 to 4.70 eurocents per share, for the
six months to 30 June 2025.
The Group's exceptional financial performance is due to several factors which positively impacted MAS' IFRS earnings
compared to the previous financial year, including:
(i) retail properties' exceptional operational performance in CEE, leading to 6.6% like-for-like (LFL) increase in
passing NRI and improved asset valuations, supported by excellent rental and service charge collections;
(ii) greater DJV profits, and MAS share thereof, mainly due to (a) the outstanding performance of DJV s existing
commercial properties, as well as the opening of Mall Moldova (Iasi, Romania) in April 2025, which led to substantial
improvements in passing NRI, and increases in commercial asset valuations, (b) significantly reduced losses of the
residential business (which are net of Development Margin and Fixed Dividend that were capitalised and subsequently
released through cost of sales), and
(iii) increased finance income from MAS' EUR41.9million further investments in preferred equity issued by DJV during the twelve
months to 30 June 2025 and the full-year impact of preferred equity investments made during the previous financial year.
The above positive variances were partially offset by the outcome of strategic initiatives aimed at maximising total
long-term returns to shareholders, as follows:
(i) realised gains on MAS bonds repurchased during the first six months of the financial year to 30 June 2024 not repeated
in the current financial year;
(ii) increases in interest expenditure due to substantial additional secured debt contracted by the Group in preparation for
repayment of its funding commitments, including the upcoming maturity of the bond in May 2026, net of income derived from
placing the proceeds in bank deposits and invested in financial assets;
(iii) completion of Western European disposals during the previous financial year, mostly in respect of Arches street
retail units (UK), leading to a decrease in profits from discontinued operations;
(iv) increases in current and deferred taxes, the former related to higher operational income and the gradual reduction of tax
losses available to offset profits achieved by operational properties, and the latter in the context of increasing property
market values and reducing fiscal bases of operational properties, and
(v) higher corporate and investment expenses associated with the substantial increase in corporate actions, and asset disposals,
as well as other capital allocation initiatives pursued during the financial year to 30 June 2025.
DEBT, COST OF DEBT AND LIQUIDITY
On 30 June 2025, MAS had EUR205.1million in cash, money market instruments and undrawn credit facilities. Group's management
achieved considerable progress in raising new secured debt finance, having drawn down EUR90.5million of additional secured debt
during the financial year to 30 June 2025. The Group is finalising documentation for an additional EUR45million of secured debt,
which is expected to be drawn down by 30 September 2025. This will refinance a EUR22.9million secured debt facility maturing in
December 2025. On 31 January 2025, MAS and DJV concluded the disposal of their respective strip mall assets in Romania, collecting
a combined EUR52.3million.
Following a strategic review in June 2023, MAS implemented a revised debt management plan that was put in place, supplemented
by a suspension of dividend payments, with the aim to reduce the refinancing risks associated with MAS' bond maturity in
May 2026 and to ensure MAS is able to meet its funding commitments to the same date. In the context of the rising interest rate
environment at the time, which brought about major changes in the debt capital markets for high-yield real estate issuers,
substantially reducing MAS' access to unsecured funding and access to such financing by maturity of its bond due in May 2026,
the debt management plan focused on raising bank funding secured on all of MAS' unencumbered properties in CEE. To date,
substantial progress was achieved with secured debt raised on all but one of MAS' directly-owned assets.
Table 1 below sets out the Group's commitments on 30 June 2025 (including its outstanding capital commitments to the DJV,
capital expenditure (CapEx) requirements and debt amortisation payments) based on the assumption that MAS suspends dividends,
and does not receive distributions from the DJV before the 2026 bond matures. This analysis does not take into account
subsequent developments related to PK Investments Limited (PKI, a wholly-owned subsidiary of the DJV) Voluntary Bid, including
DJV's undertaking to prioritise distributions of available profits to new investments (which undertaking must still be accepted),
and PKI's statement regarding a special distribution to MAS and Prime Kapital. Taking these subsequent developments into
consideration, it is likely that the liquidity shortfall will be remedied.
Table 1: Capital Requirements - 30 June 2025
Total commitments to 30 June 2026: EUR264million
Bond maturing 2026 (notional) DJV revolving credit facility CapEx(1) Debt amortisation(2)
EUR173million EUR30million EUR25million EUR36million
Sources of capital to 30 June 2026: EUR264million
Cash and near-cash instruments(3) Secured debt under negotiation Required additional funds
EUR169million EUR45million EUR50million
(1) Estimated CapEx (including EUR14.8million regarding DJV extensions).
(2) Estimated debt amortisations, maturities and raising fees.
(3) Cash and near cash instruments include cash and cash equivalents and financial investments in money market funds but exclude
cash in debt service reserve accounts and tenants' guarantees.
On 30 June 2025, the Group had EUR553.5million of outstanding debt (bonds and secured bank loans, EUR475.4millon on
30 June 2024), and its loan-to-value (LTV) ratio was 23.2% on an IFRS consolidated basis (26.3% on 30 June 2024).
As a result of the Group having amassed substantial liquidity from secured debt drawn down, MAS has placed part
of its cash in low-volatility, short-term financial investments (money market instruments), which provide slightly
higher yields than bank deposits, with similar or lower risk exposure. On 30 June 2025, the Group had EUR47.9million
invested in money market fund units, which management considers as 'near cash' instruments for operational purposes,
as these are readily convertible to cash, with 24-hour notice.
MAS' weighted average cost of debt (WACD) for the period, on an IFRS consolidated basis, remained relatively
constant at 5.51% per annum (5.52% for the financial year to 30 June 2024). Except for MAS' undrawn revolving
credit facility, exposure to interest rates for all secured debt is hedged. The Group hedges its interest rate exposure,
typically via interest rate caps, protecting against future increases in variable EURIBOR rates over loans' terms to maturity.
The Group's self-imposed, long-term overall debt limit is a maximum LTV ratio of 35%, or, on a forward-looking basis,
six times NRI, which is considerably more restrictive than its covenant tolerances. On 30 June 2025, the Group's
secured debt, bond and unsecured facility ratios demonstrated satisfactory headroom compared to covenant
tolerances, where applicable on both IFRS and proportionate consolidation bases. Table 2 below sets out the
relevant unsecured debt covenants.
Table 2: Unsecured debt covenants - 30 June 2025
Tolerance Actual IFRS basis Actual proportionate consolidation basis
Solvency ratio Shall not exceed 0.6 0.30 0.31
Consolidated coverage ratio At least 2.5:1 3.63 3.84
Adjusted consolidated coverage ratio At least 2.8:1 n/a 2.95
Unencumbered consolidated total assets/
unsecured consolidated total debt Minimum 180% 406% 402%
Unencumbered consolidated total (adjusted)
assets/unsecured consolidated total debt Minimum 120% n/a 254%
On 30 June 2025, DJV's liquidity comprised EUR73.6million in cash, and secured debt of EUR87.2million, secured against
two of DJV's operational commercial properties (figures not proportioned with MAS' ordinary interest in DJV). As a
result, DJV benefited from a negligible LTV, as well as substantial secured debt capacity.
DJV OWNERSHIP OF MAS SHARES, MAS' FUNDING COMMITMENTS TO DJV
On 30 June 2025, PKI owned 153,498,569 MAS shares. After the financial year end, on 4 August 2025, PKI launched its Voluntary
Bid to acquire all shares in MAS, which closed on 14 August 2025. As referred to in MAS' SENS announcement on 15 August 2025,
following settlement of the acceptances by MAS Shareholders, (i) PKI holds 254,093,543 MAS shares, being 36.32% of the issued
share capital of MAS (excluding treasury shares); and (ii) PKI, together with other shareholders deemed to be concert parties
under Maltese listings requirements, in aggregate hold 49.4% of the issued share capital of MAS.
By 30 June 2025, MAS had invested EUR470million in preferred equity and had no ongoing undrawn commitment to
invest in DJV preferred equity. The Group has a requirement to provide DJV with a EUR30million revolving credit facility,
which was undrawn on 30 June 2025.
OPERATIONS
Information regarding MAS' Central and Eastern European directly owned assets' LFL footfall and tenants' sales
(compared to the same period in 2024) and collection rates for the six months to 30 June 2025 is detailed in Table 3
and does not include operational information in respect of properties owned by the DJV. All figures were reported
on 26 August 2025.
Table 3: CEE Retail properties operational performance
Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Total
Footfall LFL (2025 compared to 2024) % 105 94 101 102 100 102 101
Open-air malls % 108 95 103 102 100 103 102
Enclosed malls % 100 94 96 102 100 99 98
Tenants' sales per m2 LFL (2025 compared to 2024) % 108 107 105 112 102 103 106
Open-air malls % 110 107 109 114 102 104 108
Enclosed malls % 105 105 100 110 102 101 104
Collection rate % 100 99.9 99.9 99.9 99.9 99.8 99.9
Consumption in all Central and Eastern European countries where the Group operates continued its growth trend.
Trading and footfall were robust in all Group properties throughout the six months to 30 June 2025. Occupancy
cost ratios were a healthy 10.8% (excluding certain tenant categories: supermarkets, DIY stores, entertainment and
services; 10.9% on 30 June 2024). Collection rates were excellent, and occupancy of Central and Eastern European
directly-owned retail assets improved to 97.9% on 30 June 2025 (97.5% on 30 June 2024).
During this period, on a LFL basis, Central and Eastern European tenants' sales were outstanding, and both open-
air malls and enclosed malls outperformed the same six-month period in 2024 (8% and 4%, respectively). Notable
outperformance of the aggregate was achieved by toys, entertainment, home furnishings, shoes and health and
beauty tenant categories. Pet shop and services categories have, however, performed less admirably.
LFL Passing NRI of the Group's directly-owned properties in CEE increased by 6.6% year-on-year, which is attributable
to rent indexation, rental from overage as well as outstanding rent reversions during the period.
Trading in DJV's operational retail properties, managed by MAS' asset management team, was exceptional during
the six months to 30 June 2025. LFL footfall and tenants' sales improved by 3% and 15%, respectively, compared to
the same six-month period in 2024. Similarly to MAS' directly-owned assets, collection rates were outstanding at
99.4%. As a result of DJV's largest retail development to date, Mall Moldova, becoming operational in April 2025,
occupancy in DJV's operational retail properties decreased slightly to 96.1% on 30 June 2025 (96.9% on 30 June
2024). Nevertheless, the occupancy cost ratio was outstanding, at 7.9% (excluding certain tenant categories:
supermarkets, DIY stores, entertainment and services).
PROPERTY VALUATIONS
The overall EUR57.2million income property fair value uplift was the result of positive fair value adjustments of
EUR64.6million to directly-owned income property in CEE (LFL improvement of 7.3% compared to valuations on 30 June
2024) and a decrease of EUR7.4million in WE (11.9% decrease compared to valuations on 30 June 2024, partially due to
an increase in the valuation discount rate, and partially due to reduced growth prospects for Flensburg Galerie).
The valuation of MAS' (and DJV's) properties is determined biannually by external, independent professional valuers,
with appropriate, recognised qualifications and recent experience in the relevant location and property category.
Valuations are primarily based on discounted forecasted cash flows and are therefore forward-looking. Compared
to valuations on 30 June 2024, the weighted average unlevered discount rate for directly-owned income property
in CEE decreased from 9.53% to 9.43%.
ASSET DISPOSALS
During the financial year to 30 June 2025, MAS disposed of its Strip Mall assets located in Focsani, Slobozia, Ramnicu
Sarat, Sebes, Targu Secuiesc, Fagaras and Gheorgheni in December 2024 at a price above the Strip Malls' book
values on 30 June 2024. The Group, as well as DJV, which joined the transaction for the sale of the Slobozia Value
Centre Extension, completed the transaction and collected the proceeds on 31 January 2025.
The Company also identified certain properties, as part of MAS' strategy to efficiently recycle and re-allocate capital,
which were designated as non-core, and marked as potential future disposals. Some of these assets also currently
meet the classification requirements to be considered as 'held for sale' in compliance with strict IFRS standards.
As a result, the Flensburg Galerie (Germany) and Nova Park (Poland) assets have been reclassified as such in MAS'
consolidated annual financial statements for the financial year to 30 June 2025. These properties are individual
assets in countries where the Group has limited operational presence and narrow growth prospects and will be
disposed of in due course. With respect to the disposal process of Flensburg Galerie, management's estimate for
disposal realisation costs and losses, based on expected sale proceeds, was reinstated as an adjustment in the
Group's segmental reporting on a proportionate consolidation basis and amounts to EUR16.1million.
DJV DEVELOPMENTS
Construction at Mall Moldova, Iasi, owned by the DJV, was finalised as scheduled, and the centre opened on
17 April 2025. It is Romania's second super-regional enclosed mall and retail node, and the only one of this magnitude
outside of Bucharest. This is the largest shopping destination in the Moldova region, bringing in the Eastern part of
the country over 250 national and international retail brands, of which 50 are exclusive. Occupancy at opening was
over 94% of the centre's 87,100m2 GLA, part of a 110,400m2 retail destination, and footfall and tenants' sales since
then were exceptional.
PROSPECTS AND DIVIDEND
MAS suspended dividend payments from August 2023 to accumulate liquidity and strengthen its capital position in a
challenging macroeconomic environment, which adversely impacted access to, and cost of, unsecured funding for high-yield
real estate issuers. Absent proceeds from distributions by DJV, asset sales, or additional debt and/or equity raisings,
MAS faces a projected liquidity shortfall of approximately EUR50million to 30 June 2026, notwithstanding the substantial
senior secured debt already raised or in the process of being raised.
With respect to potential distributions by DJV, MAS has taken note of PKI's announcement regarding the outcome
of the voluntary bid, which referred to DJV's intention to make a special distribution to support MAS in reinstating
dividend payments from September 2025.
DJV is currently reviewing both its own and MAS' liquidity positions to determine the appropriate level of distribution
that could contribute to addressing MAS' liquidity shortfall while meeting DJV's own requirements (2). To the extent that
such a distribution satisfactorily addresses MAS' liquidity needs, the Board remains firmly committed to resuming dividend
payments at a sustainable pay-out ratio over the medium to long-term, subject to the absence of unforeseen circumstances
and provided that such payments are consistent with the relative attractiveness of investment opportunities available at
the time, capital resources are sufficient to cover its funding commitments and the Company's long-term objectives,
including self-imposed gearing limitations, are not placed at undue risk.
EARNINGS GUIDANCE
Earnings guidance, and if appropriate information regarding the resumption of dividends, for the 2026 financial year, will be
provided after clarity has been received regarding DJV's distributions.
Irina Grigore
Chief Executive Officer
Bogdan-Ionut Oslobeanu 27 August 2025, Malta
Chief Financial Officer Released on 29 August 2025
(1) DJV is an abbreviation for a separate corporate entity named PKM Development Ltd (PKM Development), an associate of MAS since 2016
with independent governance. MAS owns 40% of PKM Development's ordinary equity (EUR20million), an investment conditional on it
irrevocably undertaking to provide preferred equity to PKM Development on notice of drawdown. By 30 June 2025, MAS had invested
EUR470million in preferred equity and had no ongoing undrawn commitment to invest in DJV preferred equity. In addition, MAS has
committed to provide PKM Development a revolving credit facility of EUR30million at a 7.5% fixed rate, which was undrawn on 30 June 2025
(figures not proportionally consolidated). The balance of the ordinary equity in PKM Development (EUR30million) was taken up by
Prime Kapital in 2016 in cash. In terms of applicable contractual undertakings and restrictions, Prime Kapital:
(i) is not permitted to undertake real estate development in CEE outside of PKM Development until the DJV's capital commitments are
fully drawn and invested or 2030 (end of exclusivity period);
(ii) contributes secured development pipeline to PKM Development at cost;
(iii) takes responsibility for sourcing further developments, and
(iv) provides PKM Development with all necessary construction and development services via its integrated in-house platform.
(2) Access to information on MAS financial performance for the 2025 financial year was equally restricted to PKI and DJV, as was the
case for all shareholders, due to MAS information management processes. Consequently, DJV was not in a position to finalise its
analysis before the release of MAS 2025 financial year results.
All amounts in EUR thousand unless otherwise stated.
On 30 Jun 2025 On 30 Jun 2024
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Audited) (Audited)
Non-current assets 1,522,517 1,543,847
Current assets 329,136 99,263
Total assets 1,851,653 1,643,110
Equity attributable to owners of the Group 1,212,059 1,086,655
Total equity 1,212,059 1,086,655
Non-current liabilities 389,459 519,904
Current liabilities 250,135 36,551
Total liabilities 639,594 556,455
Total shareholder equity and liabilities 1,851,653 1,643,110
Year to Year to
30 Jun 25 30 Jun 24
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS (Audited) (Audited)
Continuing operations
Rental income 76,172 72,237
Service charge income and other recoveries 25,693 23,557
Gross revenue 101,865 95,794
Impairment of receivables (59) (427)
Service charge and other property operating expenses (30,703) (28,247)
Net rental income 71,103 67,120
Corporate expenses (7,204) (7,143)
Other income 740 7,694
Investment expenses (2,100) (1,414)
Fair value adjustments 53,190 55,237
Loss on disposal of subsidiary (3,289) -
Foreign currency exchange differences (36) (53)
Share of profit from equity-accounted investee, net of tax 18,451 7,686
Reversal of impairment of share-based payment prepayments 39 184
Profit before finance income/(costs) 130,894 129,311
Finance income 38,823 31,571
Finance costs (28,536) (25,325)
Profit before tax 141,181 135,557
Current tax (4,226) (3,402)
Deferred tax (11,769) (10,981)
Profit from continuing operations 125,186 121,174
Discontinued operations
(Loss)/profit from discontinued operations, net of tax (219) 2,009
Profit for the year 124,967 123,183
Attributable to:
Owners of the Group 124,967 123,183
Profit for the year 124,967 123,183
FINANCIAL PERFORMANCE 30 Jun 2025 30 Jun 2024 % Change
IFRS Net Asset Value attributable to owners of the Group (EUR thousand) 1,212,059 1,086,655 11.54%
IFRS Net Asset Value per share (eurocents) 176.2 157.9 11.54%
IFRS Gross revenue from continuing operations (EUR thousand) 101,865 95,794 6.34%
IFRS Earnings per share (eurocents) 19.79 18.88 4.82%
Cash dividend (eurocents) - - 0.00%
Headline earnings (EUR thousand) 52,170 51,593 1.12%
Headline earnings per share (eurocents) 8.26 7.91 4.42%
Closing number of shares in issue* 688,045,349 688,045,349 0.00%
MAS Tangible Net Asset Value (EUR thousand) 1,281,157 1,138,802 12.50%
MAS Tangible Net Asset Value per share (eurocents) 186.0 166.0 12.05%
Weighted Average Number of Ordinary Shares* 688,045,349 687,977,255 0.01%
MAS Distributable Earnings per share (eurocents) 9.53 7.46 27.75%
* Excluding treasury shares.
MAS DISTRIBUTABLE EARNINGS Year to Year to
STATEMENT OF PROFIT OR LOSS 30 Jun 2025 30 Jun 2024
IFRS EARNINGS 124,967 123,183
IFRS DISTRIBUTABLE EARNINGS 65,568 51,333
Net rental income 71,103 67,120
Corporate expenses (6,735) (6,325)
Finance income on preferred equity and revolving credit facility 36,545 28,945
Other finance income 2,278 2,626
Finance costs (28,536) (25,325)
Share of distributable loss from equity-accounted investee, net of tax (5,586) (14,099)
Profit/(loss) from discontinued operations - distributable 21 (175)
Current tax (4,226) (3,402)
Other distributable net income 704 1,968
IFRS NON-DISTRIBUTABLE EARNINGS 59,399 71,850
Share of non-distributable profit from equity-accounted investee, net of tax 24,037 21,785
(Loss)/profit from discontinued operations - non-distributable (240) 2,184
Investment expenses (2,100) (1,414)
Fair value adjustments 53,190 55,237
Deferred tax (11,769) (10,981)
Share based-payments (430) (634)
Other non-distributable net (costs)/income (3,289) 5,673
Weighted Average Number of Ordinary Shares 688,045,349 687,977,255
MAS Distributable Earnings per share (eurocents) 9.53 7.46
MAS Cash-Backed Distributable Earnings per share (eurocents) 5.03 5.50
MAS TANGIBLE NET ASSET VALUE On On
STATEMENT OF FINANCIAL POSITION 30 Jun 2025 30 Jun 2024
ASSETS 1,851,653 1,643,110
Investment property 919,427 1,030,329
Preferred equity and revolving credit facility 545,975 467,496
Investment in equity-accounted investee 51,549 33,098
Other non-current assets 4,472 11,228
Intangible assets 1,094 1,696
Trade and other receivables 18,379 17,961
Investment property held for sale 125,678 -
Cash and other financial assets 185,079 81,302
LIABILITIES 639,594 556,455
Bonds 213,294 212,503
Bank loans 340,211 262,908
Other non-current liabilities 6,433 6,921
Deferred tax liabilities 53,791 47,338
Trade and other payables 25,865 26,785
NET ASSET VALUE 1,212,059 1,086,655
Adjustments 69,097 52,147
remove Deferred tax liabilities 53,791 47,338
remove Intangible assets (1,094) (1,696)
remove Investment in equity-accounted investee (51,549) (33,098)
add back Tangible Investment in equity-accounted investee** 67,949 39,603
MAS TNAV 1,281,156 1,138,802
Number of Ordinary Shares in Issue 688,045,349 688,045,349
MAS TNAV per share (eurocents) 186.0 166.0
TSR 12.0% 13.7%
** Investment in equity-accounted investee adjusted for its deferred tax liability on the same date.
This short-form announcement is the responsibility of the Directors and is only a summary of the information contained
in the consolidated audited annual financial statements ("Annual Financial Statements") available at: https://senspdf.jse.co.za/documents/2025/jse/isse/msp/afs2025.pdf and on the Company's
website: https://www.masrei.com/investors/financials. This short-form announcement does not contain full or complete details,
any investment decisions by investors and/or shareholders should be based on consideration of the Annual Financial Statements.
The Annual Financial Statements have been audited by the Company's auditors, PricewaterhouseCoopers (Malta), who expressed
an unmodified audit opinion thereon.
Date: 29-08-2025 08:00:00
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