Reported Earnings • Nov 17
Second quarter 2026 earnings released: EPS: LK₨0.93 (vs LK₨0.93 in 2Q 2025) Second quarter 2026 results: EPS: LK₨0.93 (in line with 2Q 2025). Net income: LK₨28.7m (flat on 2Q 2025). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to LK₨84.90, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 13x in the Real Estate industry in Sri Lanka. Total returns to shareholders of 145% over the past three years. New Risk • Sep 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Sri Lankan stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (LK₨215m revenue, or US$711k). Market cap is less than US$10m (LK₨2.33b market cap, or US$7.71m). Minor Risks Dividend is not well covered by cash flows (157% cash payout ratio). Share price has been volatile over the past 3 months (9.3% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to LK₨57.90, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 16x in the Real Estate industry in Sri Lanka. Total returns to shareholders of 62% over the past three years. Reported Earnings • Aug 16
First quarter 2026 earnings released: EPS: LK₨0.98 (vs LK₨0.94 in 1Q 2025) First quarter 2026 results: EPS: LK₨0.98 (up from LK₨0.94 in 1Q 2025). Net income: LK₨30.5m (up 4.6% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Jun 05
Equity Two PLC, Annual General Meeting, Jun 26, 2025 Equity Two PLC, Annual General Meeting, Jun 26, 2025, at 14:00 Sri Lanka Standard Time. Location: lavender hall, bmich international convention & exhibition center, bauddaloka mawatha, colombo 07, Sri Lanka Reported Earnings • May 23
Full year 2025 earnings released: EPS: LK₨8.48 (vs LK₨7.67 in FY 2024) Full year 2025 results: EPS: LK₨8.48 (up from LK₨7.67 in FY 2024). Net income: LK₨262.8m (up 11% from FY 2024). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 18
Upcoming dividend of LK₨4.10 per share Eligible shareholders must have bought the stock before 25 April 2025. Payment date: 19 May 2025. Payout ratio is a comfortable 6.1% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Sri Lankan dividend payers (5.9%). Lower than average of industry peers (5.1%). Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to LK₨49.80, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 8x in the Real Estate industry in Sri Lanka. Total returns to shareholders of 48% over the past three years. Reported Earnings • Feb 16
Third quarter 2025 earnings released: EPS: LK₨0.87 (vs LK₨0.82 in 3Q 2024) Third quarter 2025 results: EPS: LK₨0.87 (up from LK₨0.82 in 3Q 2024). Net income: LK₨27.0m (up 5.9% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to LK₨48.50, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 8x in the Real Estate industry in Sri Lanka. Total loss to shareholders of 4.9% over the past three years. Recent Insider Transactions • Dec 15
Executive Director recently bought LK₨150k worth of stock On the 9th of December, Kurukulasuriya Calisanctus Fernando bought around 4k shares on-market at roughly LK₨41.80 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought LK₨16k more in shares than they have sold in the last 12 months. Board Change • Nov 22
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Executive Director Kurukulasuriya Calisanctus Fernando was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 15
Second quarter 2025 earnings released: EPS: LK₨0.93 (vs LK₨0.70 in 2Q 2024) Second quarter 2025 results: EPS: LK₨0.93 (up from LK₨0.70 in 2Q 2024). Net income: LK₨29.0m (up 34% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
First quarter 2025 earnings released: EPS: LK₨0.94 (vs LK₨0.76 in 1Q 2024) First quarter 2025 results: EPS: LK₨0.94 (up from LK₨0.76 in 1Q 2024). Net income: LK₨29.2m (up 24% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Jun 06
Equity Two PLC, Annual General Meeting, Jun 27, 2024 Equity Two PLC, Annual General Meeting, Jun 27, 2024, at 14:00 Sri Lanka Standard Time. Location: 8th floor of no.65c, dharmapala mawatha, colombo 7, Sri Lanka Reported Earnings • May 21
Full year 2024 earnings released: EPS: LK₨7.67 (vs LK₨3.27 in FY 2023) Full year 2024 results: EPS: LK₨7.67 (up from LK₨3.27 in FY 2023). Net income: LK₨237.7m (up 134% from FY 2023). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 29
Upcoming dividend of LK₨0.50 per share Eligible shareholders must have bought the stock before 05 April 2024. Payment date: 30 April 2024. Payout ratio is a comfortable 7.9% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Sri Lankan dividend payers (8.3%). Lower than average of industry peers (7.9%). Reported Earnings • Feb 16
Third quarter 2024 earnings released: EPS: LK₨0.82 (vs LK₨1.88 loss in 3Q 2023) Third quarter 2024 results: EPS: LK₨0.82 (up from LK₨1.88 loss in 3Q 2023). Net income: LK₨25.5m (up LK₨83.9m from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 16
Second quarter 2024 earnings released: EPS: LK₨0.70 (vs LK₨0.64 in 2Q 2023) Second quarter 2024 results: EPS: LK₨0.70 (up from LK₨0.64 in 2Q 2023). Revenue: LK₨42.4m (up 23% from 2Q 2023). Net income: LK₨21.5m (up 8.6% from 2Q 2023). Profit margin: 51% (down from 57% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Board Change • Oct 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Executive Director Kurukulasuriya Calisanctus Fernando was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Aug 16
First quarter 2024 earnings released: EPS: LK₨0.76 (vs LK₨0.50 in 1Q 2023) First quarter 2024 results: EPS: LK₨0.76 (up from LK₨0.50 in 1Q 2023). Revenue: LK₨41.5m (up 21% from 1Q 2023). Net income: LK₨23.6m (up 52% from 1Q 2023). Profit margin: 57% (up from 45% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jul 01
Executive Director recently bought LK₨677k worth of stock On the 22nd of June, Kurukulasuriya Calisanctus Fernando bought around 17k shares on-market at roughly LK₨40.00 per share. This transaction increased Kurukulasuriya Calisanctus' direct individual holding by 5x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Jun 07
Equity Two PLC, Annual General Meeting, Jun 28, 2023 Equity Two PLC, Annual General Meeting, Jun 28, 2023, at 14:00 Sri Lanka Standard Time. Location: 8th Floor of No.65C, Dharmapala Mawatha, Colombo 7 Colombo Sri Lanka Agenda: To consider the Annual Report of the Board of Directors including the financial statements of the Company for the financial year ended 31st March 2023, together with the Report of the Auditors thereon; to re-elect Mr. S Marimuthu, who retires by rotation in terms of Articles 72, 73 and 74 of the Articles of Association of the Company; to re-appoint Mr. P. D. D. Fernando as a Director of the Company who is over seventy years of age; to re-appoint Mr. K. C. N. Fernando as a Director of the Company who is over seventy years of age; and to consider other matters. Reported Earnings • May 26
Full year 2023 earnings released: EPS: LK₨3.27 (vs LK₨3.37 in FY 2022) Full year 2023 results: EPS: LK₨3.27 (down from LK₨3.37 in FY 2022). Revenue: LK₨146.1m (up 9.4% from FY 2022). Net income: LK₨101.5m (down 2.8% from FY 2022). Profit margin: 70% (down from 78% in FY 2022). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Mar 03
Upcoming dividend of LK₨0.50 per share at 1.2% yield Eligible shareholders must have bought the stock before 10 March 2023. Payment date: 30 March 2023. Trailing yield: 1.2%. Lower than top quartile of Sri Lankan dividend payers (7.8%). Lower than average of industry peers (7.3%). Reported Earnings • Feb 16
Third quarter 2023 earnings released: LK₨1.88 loss per share (vs LK₨0.54 profit in 3Q 2022) Third quarter 2023 results: LK₨1.88 loss per share (down from LK₨0.54 profit in 3Q 2022). Revenue: LK₨37.2m (up 12% from 3Q 2022). Net loss: LK₨58.4m (down 452% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: LK₨0.64 (vs LK₨0.52 in 2Q 2022) Second quarter 2023 results: EPS: LK₨0.64 (up from LK₨0.52 in 2Q 2022). Revenue: LK₨34.6m (up 4.0% from 2Q 2022). Net income: LK₨19.8m (up 23% from 2Q 2022). Profit margin: 57% (up from 49% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 16% share price gain to LK₨38.40, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 7x in the Real Estate industry in Sri Lanka. Total loss to shareholders of 33% over the past three years. Announcement • Jun 07
Equity Two PLC, Annual General Meeting, Jun 29, 2022 Equity Two PLC, Annual General Meeting, Jun 29, 2022, at 14:00 Sri Lanka Standard Time. Location: 8th Floor of No.65C, Dharmapala Mawatha Colombo-7 Sri Lanka Agenda: To consider the Annual Report of the Board of Directors including the financial statements for the financial year ended 31st March 2022, together with the Report of the Auditors; to consider re-election of Mr. E. H. Wijenaike, who retires by rotation in terms of Articles 72, 73 and 74 of the Articles of Association of the Company; to consider re-appointment of Mr. P. D. D. Fernando as a Director of the Company; to re-appoint Mr. K. C. N. Fernando as a Director of the Company; to re-appoint Mr. D. C. R. Gunawardena as a Director of the Company; to re-appoint Messrs. KPMG, Chartered Accountants as Auditors of the Company; and such other issues. Reported Earnings • Jun 02
Full year 2022 earnings released: EPS: LK₨3.37 (vs LK₨3.75 in FY 2021) Full year 2022 results: EPS: LK₨3.37 (down from LK₨3.75 in FY 2021). Revenue: LK₨133.6m (up 6.6% from FY 2021). Net income: LK₨104.4m (down 10% from FY 2021). Profit margin: 78% (down from 93% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 16
Upcoming dividend of LK₨0.65 per share Eligible shareholders must have bought the stock before 23 March 2022. Payment date: 12 April 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Sri Lankan dividend payers (6.6%). Lower than average of industry peers (4.9%). Reported Earnings • Feb 15
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: LK₨0.54 (down from LK₨0.56 in 3Q 2021). Revenue: LK₨33.3m (up 4.5% from 3Q 2021). Net income: LK₨16.6m (down 4.8% from 3Q 2021). Profit margin: 50% (down from 55% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improved over the past week After last week's 22% share price gain to LK₨61.40, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 15x in the Real Estate industry in Sri Lanka. Total returns to shareholders of 19% over the past three years. Reported Earnings • Nov 15
Second quarter 2022 earnings released: EPS LK₨0.52 (vs LK₨0.56 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: LK₨33.3m (up 7.2% from 2Q 2021). Net income: LK₨16.2m (down 7.6% from 2Q 2021). Profit margin: 49% (down from 56% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improved over the past week After last week's 20% share price gain to LK₨60.00, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 13x in the Real Estate industry in Sri Lanka. Total returns to shareholders of 52% over the past three years. Reported Earnings • Aug 18
First quarter 2022 earnings released: EPS LK₨0.58 (vs LK₨0.50 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: LK₨33.3m (up 13% from 1Q 2021). Net income: LK₨17.9m (up 16% from 1Q 2021). Profit margin: 54% (up from 53% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improved over the past week After last week's 19% share price gain to LK₨69.30, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 16x in the Real Estate industry in Sri Lanka. Total returns to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 18% share price gain to LK₨56.90, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 11x in the Real Estate industry in Sri Lanka. Total loss to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 17% share price gain to LK₨52.80, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 10x in the Real Estate industry in Sri Lanka. Total loss to shareholders of 6.4% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 24% share price decline to LK₨53.40, the stock is trading at a trailing P/E ratio of 22.4x, down from the previous P/E ratio of 29.3x. This compares to an average P/E of 10x in the Real Estate industry in Sri Lanka. Total return to shareholders over the past three years is a loss of 6.9%. Reported Earnings • Feb 13
Third quarter 2021 earnings released: EPS LK₨0.56 (vs LK₨0.60 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2021 results: Revenue: LK₨31.8m (down 8.4% from 3Q 2020). Net income: LK₨17.4m (down 6.5% from 3Q 2020). Profit margin: 55% (up from 54% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improved over the past week After last week's 19% share price gain to LK₨70.00, the stock is trading at a trailing P/E ratio of 29x, up from the previous P/E ratio of 24.4x. This compares to an average P/E of 10x in the Real Estate industry in Sri Lanka. Total returns to shareholders over the past three years are 23%. Is New 90 Day High Low • Jan 22
New 90-day high: LK₨64.10 The company is up 18% from its price of LK₨54.20 on 21 October 2020. The Sri Lankan market is up 40% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is up 14% over the same period. Reported Earnings • Nov 15
Second quarter 2021 earnings released: EPS LK₨0.56 The company reported a poor second quarter result with weaker earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: LK₨31.0m (down 15% from 2Q 2020). Net income: LK₨17.5m (down 14% from 2Q 2020). Profit margin: 56% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 2% per year. Is New 90 Day High Low • Sep 28
New 90-day high: LK₨64.80 The company is up 28% from its price of LK₨50.80 on 30 June 2020. The Sri Lankan market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 11% over the same period. Announcement • Sep 17
Equity Two plc Appoints Sivanandan Marimuthu as Non Executive/ Independendent Director Equity Two PLC informed that Mr. Sivanandan Marimuthu joins board as non executive/Independendent director with effect September 15, 2020. 
