AX Real Estate buy-back narrows discount as shares trade below NAV

AX Real Estate acquired 24,000 of its own ordinary A shares on 4 September at €0.535 each, totalling €12,840. The transaction is part of a broader buy-back programme launched on 30 June 2026 and set to run until 27 April 2027.

The company disclosed the purchase through a regular weekly announcement on the Malta Stock Exchange. The shares were bought at a price below the company’s audited net asset value of €0.553 per share.

Under the programme’s pricing framework, AX Real Estate may purchase shares at the prevailing market price when that price is below NAV, subject to a minimum of €0.47. If the market price rises above NAV, the company can instead buy at NAV.

The programme’s primary goal is to support liquidity in the trading of the company’s A shares. For September, AX Real Estate is limited to acquiring 100,000 shares per trading day, with a cap of 25,000 shares from any single shareholder on any given day.

Transactions are executed through independent brokers on the Malta Stock Exchange. The company publishes details of its purchases on a weekly basis.

The buy-back signals management’s view that the market is undervaluing the company’s property portfolio relative to its book value. By repurchasing shares at a discount to NAV, AX Real Estate is effectively returning capital to ongoing shareholders while tightening the float.

For investors, the programme offers a mechanism that could support share price levels and reduce the discount to NAV. It also reflects a deliberate capital allocation strategy in a small market where liquidity is a recurring concern for listed real estate companies.