Performance
Report

OUR PILLARS UPHOLD CONFIDENCE

Performance
Report

OUR PILLARS UPHOLD CONFIDENCE

Performance Report

Financial
Capital

Key Inputs

Rs 0 M

spent in professional fees on development projects: Winners, Splendour and the morcellement at Case Noyale

Rs 0 M

continued investment in C Rodrigues Mourouk hotel

Rs 0 M

spent on revamping La Galerie du Génie and public areas at Edith

Rs 0 M

invested in targeted Capex investments in building upgrades

Rs 0 M

spent on major repairs to preserve asset value

OUTPUTS: PERFORMANCE AGAINST STRATEGIC OBJECTIVES

We delivered a solid financial performance, driven by disciplined cost management, steady rental income, and prudent capital allocation, resulting in improved profitability and a stronger balance sheet.

Maximise shareholder value

  • Market Capitalisation: Rs 905M(↓ 2024: 1089M)
  • Revenue: Rs 418Mexcluding sale of land(↑ 2024: Rs 396M)
  • Operating profit excluding sale of Land: Rs263M(↑2024: MUR 248M)
  • Profit before tax:Rs190M,excluding revaluation gains(↑ 2024: Rs 161M)
  • NAV per share: Rs 4.70(↑ 2024: Rs 4.39)
  • Gearing: 30.2%(↓ 2024: 35%)
  • Dividends paid per share: Rs 0.08(←→ 2024: Rs 0.08)
  • Profit per share: Rs 0.36(↑ 2024: Rs 0.25)

Operational excellence

  • Rental collection remained high and maintained above 99%
  •  Administrative and operating costs reduced to 36% of revenue
  •  Revenue grew organically by 5.4% and Operating Profit by 6.1% , driven by effective cost management and tenant stability
  • The Group exercised strategic prudence by stepping back from an earmarked acquisition after the required development permits could not be secured

2026 Priorities

  • Maintain Grade A rating from CARE Ratings Africa
  • Maintain rental collection above 98%
  • Achieve revenue growth of 5%
  • Monitor and control administrative and operating costs to remain below 35% of revenue
  • Improve EBITDA by 5%
  •  Conclude the acquisition of one industrial space and the redevelopment of one industrial site
  •  Accumulate sufficient capital to fund earmarked development projects planned for FY26

Manufactured
Capital

Key Inputs

0 m²

office space

0 m²

industrial space

0 m²

retail space

0 m²

hotel space

Rs 0 M

invested in capital expenditure across 17 properties

Rs 0 M

spent on repairs and maintenance across 17 properties

OUTPUTS: PERFORMANCE AGAINST STRATEGIC OBJECTIVES

We continued to strengthen the quality and performance of our property portfolio through targeted asset upgrades, new project launches, and sustainability-focused initiatives. These efforts contributed to maintaining high occupancy levels and enhancing long-term asset value.

Maximise shareholder value

  • Property Assets: Rs 4.6Bn ( ↑2024:Rs 4.5Bn)
  •  Total Assets: Rs 5.2Bn (↑ 2024:Rs 5.1Bn)
  • Occupancy rate: 98% ( ↑2024: 97%)
  • Arpents of land available for development: 1,374A

Operational excellence

  • Signed an MOU with Winners as the anchor tenant for the commercial project at La Gaulette, strengthening future revenue visibility 
  • Launched the Montebello project, with construction scheduled to begin in the first quarter of FY26 
  • Initiated the LEED certification process for Cim House and Les Cascades Building, reinforcing Lavastone Properties commitment to green standards 
  • Progressed on upgrade works at Les Cascades Building to meet LEED certification standards
  • Completed the revamping of La Galerie du Génie and public areas of La Cour du Génie at Edith, enhancing its design, functionality, and customer appeal
  •  Concluded on the sale of Plaine Lauzun to close in early FY26 following delays in obtaining clearances from local authorities

2026 Priorities

  • Launch construction of the Morcellement in Case Noyale the La Gaulette commercial developments
  • Begin construction works on the Montebello industrial project
  • Finalise the sale of the remaining land at Trianon
  • Acquire and redevelop an existing industrial facility in Coromandel
  • Upgrade and modernise Les Cascades Building to improve the tenant experience
  • Achieve LEED certification for Les Cascades Building
  • Complete and hand over the Winners commercial development by the end of 2026
  • Conclude the sale of the Plaine Lauzun Industrial Park

Intellectual
Capital

Key Inputs

Redesigned

key operational processes and
implemented new systems to
enhance efficiency

OUTPUTS: PERFORMANCE AGAINST STRATEGIC OBJECTIVES

We continued to strengthen our organisational knowledge, technical expertise, digital capabilities, and project management frameworks to improve efficiency and deliver high service levels. Key initiatives included digitalising key processes and advancing LEED certification efforts across our buildings.

Maximise shareholder value

  • WALE: 6.15 years , ensuring stable and predictable revenue streams
  • Reaffirmed Grade A ratings by CARE Ratings Africa for both MCB bond and ABSA loan facilities
  •  Successfully bid for an existing industrial building in Coromandel and four acres of prime industrial land at Terre Rouge, expanding the Group’s footprint and future development pipeline
  • Secured 11 new tenants, enhancing portfolio diversification

Operational excellence and Customer service & retention

  • Client retention rate: 86% ( ↓ 2024: 90%)
  •  Contract renewals: 22 (↓ 2024: 41)
  • Improved vacancy rate at 2% ( ↓2024: 4%), reflecting strong tenant engagement
  • Implemented a new parking management system at ASAS parking
  • Rolled out the new KYC platform, CASS, to strengthen compliance and streamline customer onboarding
  • Completed LEED gap analyses for Absa House (HVAC system) and Les Cascades Building (fresh air system)
  • Provided support to Cim Finance in achieving LEED certification for Cim House
  • Implemented a new Performance Management System (PMS) to strengthen employee alignment and performance culture
  • Initiated a strategic roadmap through FY30 to guide future growth

2026 Priorities

  • Invest in new property and facilities management software to enhance operational efficiency
  • Implement the new Performance Management System (PMS) to strengthen employee accountability and development
  • Maintain LEED certification across applicable properties
  • Complete ongoing development projects on schedule
  • Negotiate financing for development projects spanning FY25–FY30 to secure long-term growth capital
  • Deploy automated parking management systems across the portfolio
  • Maintain client retention at above 95%

Natural
Capital

Key Inputs

1,374

arpents of bare land, providing long-term development potential

50 arpents

Approximately at Case Noyale identified for near-term development opportunities

Asset development

guided by LEED principles

OUTPUTS: PERFORMANCE AGAINST STRATEGIC OBJECTIVES

We strengthened our commitment to minimising our carbon footprint across all operations. During the year, we implemented targeted initiatives resource management, renewable energy initiatives, and expanded recycling practices.

Sustainability

  • Reduction in water expenses by 10% ( ↓ 2024: 50%)
  • Improved waste collection and recycling performance (Detailed in our ESG Report)
  • Modest increase of 1% in electricity consumption across our portfolio (Detailed in our ESG Report)
  • Recycled 8,721 kg of food waste through BIO Bins
  • Submitted application to the CEB for two PV farms at Case Noyle, and letter of intent received for MSDG farm
  • Improved recycling and composting of biodegradable waste across several properties
  • Implemented smart meters on all floors at Absa House to enhance utility and energy management

2026 Priorities

  • Secure necessary permits and begin installation of the PV farm at Case Noyale.
  • Initiate LEED certification processes for additional key properties to strengthen sustainability across the portfolio.

Social
Capital

Key Inputs

Rs 0 M

invested in CSR initiatives, through contributions to the Taylor Smith Foundation

OUTPUTS: PERFORMANCE AGAINST STRATEGIC OBJECTIVES

We maintained close relationships with our tenants, communities, and partners through targeted CSR initiatives, transparent communication, and meaningful engagement. These actions reinforced our role as a responsible corporate citizen and a trusted landlord.

Customer service and retention

  • Maintained regular communication through the monthly Marketing & Communication Report distributed to EDITH tenants.

Sustainability

  • Contributed Rs 1.4M ( ↑ 2024: 1.3M) to CSR Activities, supporting programmes in
    education, youth development, women’s empowerment, sports, and environmental
    protection
  • Set up a Sustainability committee to strengthen ESG oversight
  • Community outreach: Sponsored a women’s football team in Rodrigues,
    promoting inclusion and empowerment through sports
  • Environmental initiatives:
    – Supported the Mauritius Wildlife Foundation in biodiversity conservation projects
    at Île aux Aigrettes (Mauritius) and Anse Quitor (Rodrigues)
    – Partnered with The Odysseo Foundation, dedicated to protecting and restoring
    Mauritius’ marine ecosystems
  • Education initiatives:
    – Sponsored a student through Fondation Cours Jeanne d’Arc
    – Supported the Anfen Cookery School in Port Louis, contributing to their project
    “Projet Santé Mentale des Jeunes”, which creates vocational pathways for youth
  • Health initiatives:
    – Supported the Rotary Club of Phoenix, through our contribution to their
    “Wheelchairs Project”

2026 Priorities

  • Advance sustainable development initiatives across economic, social, and environmental pillars
  • Keep education at the core of CSR programmes, fostering long-term community empowerment
  • Support NGOs and community groups in driving meaningful social impact
  • Roll out the next phase of the communication strategy at EDITH to strengthen tenant engagement

Human
Capital

Key Inputs

49

employees

Organisation

of off-site team-building sessions organised, focusing on communication, coordination, and time management

Rs 0 M

invested in staff training, reflecting commitment to employee development

40% women & 60% men

invested in capital expenditure across 17 properties

OUTPUTS: PERFORMANCE AGAINST STRATEGIC OBJECTIVES

A strong and engaged workforce remains central to our longterm success. Efforts focused on strengthening communication, reinforcing accountability, and cultivating a workplace where employees feel valued and empowered to perform at their best.

Employee engagement

  • Achieved 81% employee engagement score in the WTW survey
  • Set up a Workers’ Council Committee to better represent employee interests
  • Enhanced internal communication, with regular updates on company performance and ongoing initiatives
  • Launched a new Performance Management System (PMS) to improve ownership and alignment with business goals
  • Increased the welfare budget to support staff wellbeing
  • Carried out regular townhall meetings with each department, presenting key achievements and progress updates

2026 Priorities

  • Continue upskilling employees across all levels through targeted training initiatives
  • Deploy the online Performance Management System (PMS) platform
  • Update the business continuity plan and identify successors for critical positions