Spear Reit Ratios and Metrics

Market cap in millions ZAR. Fiscal year is March - February.

Millions ZAR. Fiscal year is Mar - Feb.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Feb '26 Feb 24, 2026	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '22 Feb 28, 2022	Feb '21 Feb 28, 2021
Market Capitalization	5,149	2,593	1,863	1,666	1,990	1,063
Market Cap Growth	100.64%	39.14%	11.87%	-16.30%	87.20%	-41.60%
Enterprise Value	5,967	3,631	3,658	3,448	4,152	3,195
Last Close Price	13.01	8.98	7.06	5.57	5.88	3.21
PE Ratio	6.61	4.94	5.14	9.14	12.07	20.06
PS Ratio	6.63	3.76	3.02	2.87	3.46	2.00
PB Ratio	1.07	0.66	0.61	0.64	0.74	0.45
P/OCF Ratio	14.41	8.52	8.97	7.91	12.39	6.52
EV/Sales Ratio	7.69	5.26	5.94	5.94	7.23	6.02
EV/EBITDA Ratio	13.64	9.35	10.16	10.22	12.50	9.65
EV/EBIT Ratio	14.16	9.74	10.62	10.70	13.04	10.01
Debt / Equity Ratio	0.33	0.41	0.49	0.60	0.67	0.88
Debt / EBITDA Ratio	3.67	4.10	4.17	4.64	5.37	6.36
Net Debt / Equity Ratio	0.17	0.39	0.48	0.59	0.66	0.87
Net Debt / EBITDA Ratio	1.84	3.91	4.10	4.58	5.29	6.27
Asset Turnover	0.14	0.13	0.14	0.13	0.13	0.12
Quick Ratio	2.13	0.14	0.13	0.08	0.58	0.09
Current Ratio	2.40	0.32	1.41	0.97	1.52	0.15
Return on Equity (ROE)	16.79%	15.01%	12.76%	6.90%	6.51%	2.32%
Return on Assets (ROA)	4.88%	4.52%	4.82%	4.58%	4.37%	4.49%
Return on Invested Capital (ROIC)	6.50%	7.29%	7.84%	7.36%	6.95%	6.39%
Earnings Yield	12.97%	20.25%	19.47%	10.94%	8.29%	4.99%
Dividend Yield	6.48%	9.05%	11.18%	13.63%	11.61%	18.27%
Payout Ratio	38.82%	43.97%	47.39%	91.95%	76.98%	287.53%
Buyback Yield / Dilution	-37.97%	-27.76%	2.82%	-8.87%	-4.13%	-3.71%
Total Shareholder Return	-31.48%	-18.71%	14.00%	4.77%	7.48%	14.56%

Updated Aug 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.