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Short-form announcement: Audited consolidated financial results for the year to 30 June 2026
MAS P.L.C.
Registered in Malta
Registration number C99355
JSE share code: MSP
ISIN: VGG5884M1041
LEI code: 213800T1TZPGQ7HS4Q13
SHORT-FORM ANNOUNCEMENT: AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR TO 30 JUNE 2026
INTRODUCTION
MAS P.L.C. (hereafter MAS, the Group or the Company) currently owns and operates directly held commercial income-producing
properties across three countries in Central and Eastern Europe (CEE). In addition, the Group deploys capital into commercial
and residential development projects held indirectly through the Development Joint Venture(Note1) in CEE with co-investor and
developer Prime Kapital.
The Group remains focused on maximising sustainable long-term value creation on a per share basis, while maintaining a prudent
risk profile and moderate to low leverage.
During the financial year to 30 June 2026 (current financial year), MAS began repositioning from a predominantly CEE real estate
business, focused mainly on Romania, to a generalist investment platform. The objective is to broaden the Group’s opportunity
set and allocate capital, without asset class or geographic constraints, to investments offering attractive long-term, risk-adjusted
compounding. DJV may pursue the adoption of a similar strategy.
The first material steps in this repositioning were the asset disposals announced on 22 May 2026. The Group continues to review
its portfolio and may dispose of further assets where pricing, execution certainty and terms are satisfactory. There is no
predetermined timetable or requirement for further disposals.
Capital allocation will remain disciplined and opportunity led. MAS will retain sufficient liquidity to meet its DJV commitments and
other obligations and will be patient in deploying capital released by disposals and retained earnings that exceeds its contractual
commitments, with emphasis placed on quality, durability, downside protection and long-term value creation. Periods of
meaningful undeployed capital may therefore occur. While this may reduce short-term earnings and returns, the board of directors
(Board) believes patience and selectivity are important to achieving superior long-term outcomes.
Share repurchases and other capital management actions may be considered where they are demonstrably superior to alternative
investment opportunities and subject to retaining sufficient balance sheet scale to achieve the Group’s generalist investment
platform objective. No dividend has been declared in respect of the current financial year, consistent with the Group’s current
capital allocation priorities. The Board will continue to assess the most effective means of allocating capital, having regard to
long-term value creation on a per share basis.
Unless otherwise stated, amounts included in this commentary are presented with reference to International Financial Reporting
Standards (IFRS). Detailed financial results for the year ended 30 June 2026 are available on MAS’ corporate website.
OWNERSHIP CONSOLIDATION
On 30 June 2026 DJV, via PK Investments Limited (PKI), a wholly owned subsidiary of DJV, held 47.8% of MAS’ ordinary shares
in issue, excluding treasury shares, and PKI together with parties deemed to be acting in concert with PKI for purposes of the
Company’s articles of association collectively owned, approximately 61% of MAS’ ordinary shares in issue, excluding treasury
shares.
After the reporting date, PKMI Limited (PKMI), a wholly owned subsidiary of DJV, launched a bid for up to 30million MAS shares.
Following the close of the bid on 3 July 2026, PKMI announced that it would not go ahead with any acquisitions because the
pricing of offers received was not considered sufficiently attractive. Accordingly, the shareholding levels referred to above
remained unchanged as at the date of this document.
The consolidation of ownership during the period resulted in a substantial reduction in the Company's free float. Considering
PKI’s shareholding on 30 June 2026, MAS concluded that PKI controls MAS for purposes of IFRS 10. Notwithstanding this, given
DJV governance arrangements in place, MAS concluded that it retains significant influence over DJV. Thus, MAS continues to
account for its 40% ordinary equity interest in DJV as an associate.
FINANCIAL RESULTS
For the year ended 30 June 2026, the Group generated returns from: (i) directly-owned income property and operations in CEE;
(ii) other investments, including DJV; and (iii) Corporate activities. The asset disposals and strategic repositioning are expected
to materially change the composition of the Group’s revenues and returns over time, reducing the contribution from directly-
owned income property as freed up capital is invested.
MAS recorded earnings of €25.3million for the current financial year, compared with €125million for the financial year to 30 June
2025 (prior financial year). On a per share basis, IFRS Basic earnings amounted to 4.46 eurocents, compared with 19.79
eurocents for the prior financial year.
The Group’s Adjusted net asset value based on IFRS on 30 June 2026 amounted to approximately 179 eurocents per share (171
eurocents per share on 30 June 2025). Total shareholder returns, the Group’s primary profitability measure, was 5% for the
current financial year.
OPERATIONS
Information regarding like-for-like (LFL) footfall and tenants’ sales for MAS’ directly-owned CEE assets, including assets disposed
of in July 2026, compared with the same period in 2025, together with collection rates for the six months to 30 June 2026 is set-
out in the table below.
Jan 26 Feb 26 Mar 26 Apr 26 May 26 Jun 26 Total
Footfall (2026 compared to 2025) % 98 99 99 97 103 98 98
Open-air malls % 97 99 99 97 104 98 98
Enclosed malls % 99 100 100 95 100 96 99
Tenants’ sales per m² (2026 compared to 2025) % 102 101 99 96 103 96 100
Open-air malls % 101 100 98 96 103 95 100
Enclosed malls % 105 103 101 97 104 99 102
Collection rate % 99.9 99.9 99.8 99.9 99.8 99.4 99.8
Consumption in Romania, the Group’s largest market, moderated during the period and was further affected by the increase in
the standard VAT rate from 19% to 21% from 1 August 2025. For the six months ended 30 June 2026, footfall across MAS’ CEE
properties declined marginally, while tenants’ LFL sales were stable.
With tenants’ sales stable, combined with contractual rents increasing, the occupancy cost ratio increased slightly to 11.0%
excluding certain tenant categories: supermarkets, DIY stores, entertainment and services, (10.8% on 30 June 2025). Collection
rates remained excellent while LFL occupancy improved slightly to 98.0% on 30 June 2026 (97.9% on 30 June 2025).
LFL NRI growth for the Group’s directly-owned CEE properties reduced to 3.6% year on year, mainly reflecting the moderation
in consumption dynamics which affected overage rent and lower base rent reversions achieved during the current financial year.
Base rent reversions across all directly-owned CEE properties were 8.6% above prior rental levels and applied to expiries of
€10.4million in the current financial year, compared with reversions of 10.4% applicable on expiries of €12.1million in the prior
financial year.
ASSET DISPOSALS
In December 2025, MAS contracted the disposal of Flensburg Galerie, the Group’s only remaining Western European property.
The disposal was implemented on 31 March 2026 and generated €11.7million of net proceeds.
In May 2026, MAS concluded binding agreements for the disposal of six open-air malls in Romania and Galleria Burgas enclosed
mall in Bulgaria. The transactions completed during July 2026 and generated total net proceeds of approximately €247.8million,
taking into account the corresponding reduction in the bank debt secured over the properties, and the payment of taxes.
The Group continues to review its remaining portfolio and may dispose of additional assets where terms are satisfactory. There
is no predetermined timetable, Board commitment or requirement to make further disposals.
DEBT(Note2)
On 30 June 2026, MAS had cash and cash equivalents of €70.2million and outstanding debt of €418.4million comprising bonds
and secured and unsecured bank loans. The Group’s loan-to-value ratio was 22.2% (23.2% on 30 June 2025).
During the current financial year, the Group concluded and drew down €45million of secured debt, through the refinancing and
top-up of a secured loan that was due in December 2025. MAS also extended its €20million revolving credit facility to November
2027.
During October 2025, the Group repurchased at par, via public tender, €120million of bonds issued by its subsidiary, MAS
Securities BV. MAS subsequently exercised its clean-up call option and redeemed the remaining bonds in November 2025, in
advance of their maturity in May 2026. In this context MAS discontinued its credit rating coverage with effect from March 2026.
Furthermore, in September 2026, MAS Securities BV completed the repurchase of its listed bonds due in April 2029, at a premium
of 1% to their redemption value.
Debt secured on Flensburg Galerie in Germany was repaid on disposal of the property. In respect of the CEE assets disposed
of, the Group increased the net proceeds on disposal compared with the €216.1million anticipated when the transactions were
agreed to by restructuring cross-collateral arrangements. In addition, the Group concluded and drew down a €25million top-up of
secured debt on Galleria Burgas before 30 June 2026.
MAS’ weighted average cost of debt (WACD) decreased to 5.43% per annum for the current financial year, (5.51% for the prior
financial year). Except for MAS’ revolving credit facility, interest rates on all variable-rate debt are hedged. The Group typically
hedges its interest rate risk, through interest rate caps, providing protection against future increases in variable EURIBOR rates.
SHARE REPURCHASES
During the current financial year, MAS repurchased 28,548,702 shares through on-market transactions on the JSE, being 4.08%
of the Company’s issued share capital (excluding treasury shares) on the date the repurchase authority was granted. The shares
were repurchased at a weighted average price of €1.0726 per share.
On 30 June 2026, the Group held a total of 45,135,608 treasury shares.
COMMITMENTS TO DJV
On 30 June 2026, MAS had invested the full amount of its €470million preferred equity commitment to DJV. MAS is also
committed to provide DJV with a €30million revolving credit facility, which was undrawn on 30 June 2026.
Subsequent to 30 June 2026, DJV redeemed €25million of preferred equity to MAS. DJV retains the right to recall this amount.
The Board considers these commitments when assessing the Group’s liquidity requirements and capital available for deployment.
MAS intends to maintain sufficient resources to meet its contractual obligations while preserving flexibility to pursue investment
opportunities.
Mihail Vasilescu Irina Grigore
Chief Executive Officer Chief Financial Officer
29 September 2026, Malta
Note 1: DJV refers to PKM Development Ltd, an associate of MAS since 2016 with independent governance. Details on the DJV arrangements are available on
MAS’ corporate website at https://masrei.com/wp-content/uploads/2025/07/Summary-of-DJV-Agreement.pdf.
Note 2: Figures presented herein include cash and cash equivalents and secured debt associated with assets disposed of after the reporting date (classified as
assets and liabilities of disposal groups held for sale on 30 June 2026).
Disclaimer
Certain of the statements in this announcement/commentary/financial statements may constitute forward-looking statements. These are not guarantees or
predictions of future performance. The information on which forward-looking statements were based was not audited. Readers are cautioned not to place undue
reliance on forward-looking statements.
FINANCIAL PERFORMANCE 30 Jun 2026 30 Jun 2025 % Change
Adjusted Net Asset Value attributable to owners of the Group (EUR thousand) 1,183,963 1,176,083 0.67%
Adjusted Net Asset Value per share (€ thousand) 179 171 4.99%
Gross revenue (EUR thousand) 103,685 101,865 1.79%
IFRS basic earnings per share (eurocents) 4.46 19.79 -77.46%
Headline earnings (EUR thousand) 57,546 52,170 10.30%
Headline earnings per share (eurocents) 10.14 8.26 22.76%
Closing number of shares in issue (excluding treasury shares) 659,715,269 688,045,349 -4.12%
MAS did not declare or pay dividends during the periods presented.
This short-form announcement is the responsibility of the Directors and is only a summary of the information contained in the
consolidated annual financial statements (‘Annual Financial Statements’) released on SENS today, 30 September 2026 and
available at: https://senspdf.jse.co.za/documents/2026/jse/isse/msp/MASFYFS26.pdf,
and on the Company's website at: https://www.masrei.com/investors/financials.
This short-form announcement does not contain full or complete details, and 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.
For further information please contact
PSG Capital, JSE Sponsor +27 (0)10 978 2434
The Nielsen Network, Investor Relations +27 (0)82 597 0140
Date: 30/09/2026 09:17:00
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