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	2020 - 2017
Period Ending	Dec '25 Dec 4, 2025	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	2020 - 2017
Market Capitalization	4,571	2,593	1,863	1,666	1,990	1,063	Upgrade
Market Cap Growth	84.67%	39.14%	11.87%	-16.30%	87.20%	-41.60%	Upgrade
Enterprise Value	5,389	3,631	3,658	3,448	4,152	3,195	Upgrade
Last Close Price	11.55	8.98	7.06	5.57	5.88	3.21	Upgrade
PE Ratio	5.87	4.94	5.14	9.14	12.07	20.06	Upgrade
PS Ratio	5.89	3.76	3.02	2.87	3.46	2.00	Upgrade
PB Ratio	0.95	0.66	0.61	0.64	0.74	0.45	Upgrade
P/OCF Ratio	12.80	8.52	8.97	7.91	12.39	6.52	Upgrade
EV/Sales Ratio	6.94	5.26	5.94	5.94	7.23	6.02	Upgrade
EV/EBITDA Ratio	12.32	9.35	10.16	10.22	12.50	9.65	Upgrade
EV/EBIT Ratio	12.79	9.74	10.62	10.70	13.04	10.01	Upgrade
Debt / Equity Ratio	0.33	0.41	0.49	0.60	0.67	0.88	Upgrade
Debt / EBITDA Ratio	3.67	4.10	4.17	4.64	5.37	6.36	Upgrade
Asset Turnover	0.14	0.13	0.14	0.13	0.13	0.12	Upgrade
Quick Ratio	2.13	0.14	0.13	0.08	0.58	0.09	Upgrade
Current Ratio	2.40	0.32	1.41	0.97	1.52	0.15	Upgrade
Return on Equity (ROE)	16.79%	15.01%	12.76%	6.90%	6.51%	2.32%	Upgrade
Return on Assets (ROA)	4.88%	4.52%	4.82%	4.58%	4.37%	4.49%	Upgrade
Return on Capital (ROIC)	4.97%	4.62%	4.92%	4.67%	4.45%	4.57%	Upgrade
Earnings Yield	14.61%	20.25%	19.47%	10.94%	8.29%	4.99%	Upgrade
Dividend Yield	7.21%	9.05%	11.18%	13.63%	11.61%	18.27%	Upgrade
Payout Ratio	38.82%	43.97%	47.39%	91.95%	76.98%	287.53%	Upgrade
Buyback Yield / Dilution	-37.97%	-27.76%	2.82%	-8.87%	-4.13%	-3.71%	Upgrade
Total Shareholder Return	-30.75%	-18.71%	14.00%	4.77%	7.48%	14.56%	Upgrade

Source: S&P Capital IQ. Real Estate template. Financial Sources.