Vukile Property Fund Income Statement

Financials in millions ZAR. Fiscal year is April - March.

Millions ZAR. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Rental Revenue	5,314	4,531	3,983	3,652	3,475	3,050
Other Revenue	310	177	7	10	23	17
Total Revenue	5,624	4,708	3,990	3,662	3,498	3,067
Revenue Growth (YoY	37.00%	18.00%	8.96%	4.69%	14.05%	-15.46%
Property Expenses	1,779	1,493	1,359	1,269	1,238	1,203
Selling, General & Administrative	532	478	409	330	296	286
Total Operating Expenses	2,340	1,966	1,771	1,603	1,558	1,540
Operating Income	3,284	2,742	2,219	2,059	1,940	1,527
Interest Expense	-1,322	-1,288	-1,103	-845	-760	-543
Interest & Investment Income	224.2	692	121	351	285	132
Currency Exchange Gain (Loss)	-39.5	-	-	-	-	9
Other Non-Operating Income	263	-18	197	-110	-46	300
EBT Excluding Unusual Items	2,410	2,128	1,434	1,455	1,419	1,425
Gain (Loss) on Sale of Investments	-	-6	6	-20	-36	-40
Asset Writedown	2,241	1,193	204	638	643	-927
Pretax Income	4,651	3,315	1,644	2,073	2,026	458
Income Tax Expense	137	83	34	35	34	40
Earnings From Continuing Operations	4,514	3,232	1,610	2,038	1,992	418
Minority Interest in Earnings	-184	-23	-23	-106	-83	166
Net Income	4,330	3,209	1,587	1,932	1,909	584
Net Income to Common	4,330	3,209	1,587	1,932	1,909	584
Net Income Growth	161.32%	102.20%	-17.86%	1.21%	226.88%	-
Basic Shares Outstanding	1,241	1,185	1,042	980	959	956
Diluted Shares Outstanding	1,241	1,185	1,042	980	959	956
Shares Change (YoY)	13.75%	13.72%	6.34%	2.26%	0.25%	0.10%
EPS (Basic)	3.49	2.71	1.52	1.97	1.99	0.61
EPS (Diluted)	3.49	2.71	1.52	1.97	1.99	0.61
EPS Growth	129.72%	77.81%	-22.75%	-1.03%	226.08%	-
Dividend Per Share	1.367	1.317	1.242	1.124	1.058	1.010
Dividend Growth	7.33%	6.01%	10.51%	6.22%	4.76%	-21.67%
Operating Margin	58.40%	58.24%	55.61%	56.23%	55.46%	49.79%
Profit Margin	76.99%	68.16%	39.77%	52.76%	54.57%	19.04%
EBITDA	3,286	2,745	2,227	2,062	1,944	1,529
EBITDA Margin	58.43%	58.30%	55.82%	56.31%	55.57%	49.85%
D&A For Ebitda	2	3	8	3	4	2
EBIT	3,284	2,742	2,219	2,059	1,940	1,527
EBIT Margin	58.40%	58.24%	55.61%	56.23%	55.46%	49.79%
Funds From Operations (FFO)	805	774	596	653	1,336	1,005
Adjusted Funds From Operations (AFFO)	-	774	596	653	1,336	1,005
FFO Payout Ratio	202.36%	190.96%	203.69%	169.22%	101.27%	45.87%
Effective Tax Rate	2.95%	2.50%	2.07%	1.69%	1.68%	8.73%
Revenue as Reported	5,314	4,531	3,983	1,922	3,475	3,050

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.