Lighthouse Properties has increased its full-year distribution guidance after reporting higher revenue, earnings and tenant sales during the first half of 2026.
The Malta-domiciled, JSE-listed property group owns shopping centres in Spain, Portugal and France.
Revenue rose from €69.5 million to €77 million for the six months ended June.
Interim distribution rises 9.7%
Headline earnings per share increased from 1.43 euro cents to 1.52 euro cents.
The interim cash distribution rose by 9.7% to 1.44010 euro cents per share.
Lighthouse lifted its full-year distribution guidance from about 2.95 euro cents to 3.00 euro cents per share.
The revised figure represents growth of 8.7% on the 2025 distribution. The group had previously expected growth of 6.9%.
Acquisitions support first-half earnings
Newer acquisitions contributed for longer periods during the reporting cycle.
Espacio Mediterráneo, acquired in June 2025, contributed for the full six months.
Alcalá Magna added two more months of earnings than it did during the same period last year.
Rental indexation, particularly in Spain, and continued work across existing malls also supported the results.
Tenant sales and footfall increase
Growth extended beyond the contribution from acquisitions.
Tenant sales rose by 7.9% during the first quarter, while footfall increased by 2.4%.
Spain produced the strongest performance, with tenant sales up 8.6%. Other markets recorded high-single-digit growth.
Vacancies remained low at 1.4%, while Lighthouse collected 99% of billed rent.
Retailers expand across Lighthouse malls
Lighthouse’s strategy focuses on large shopping centres with strong market positions.
The group signed 44 leases during the first quarter at an average positive rental reversion of 6.2%.
Zara, Primark, Bershka and other retailers are expanding or refurbishing stores across its properties.
The malls are also adding new food, beauty and leisure tenants as Lighthouse adjusts the retail mix.
Existing properties offer further growth
Lighthouse expects its current portfolio to provide further earnings growth without relying solely on additional acquisitions.
The group’s loan-to-value ratio was 35.9%, compared with 36% a year earlier.
For JSE investors, Lighthouse provides exposure to consumer spending and rental income in Western Europe.
Its first-half results show continued demand for large shopping centres where landlords invest in tenant mix, store expansion and additional leisure offerings.
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