Balwin Properties Ltd. · JSE:BWN
Balwin Properties — H1 FY2026 Earnings Presentation
46 slides from Balwin Properties's earnings presentation, Aug 31, 2025
Slide 1: Balwin Properties Results Presentation for the Six Months Ended 31 August 2025
Your lifestyleour focus BALWIN PROPERTIES RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 AUGUST 2025 1
Slide 2: Agenda
AGENDA 1 2 3 Izinga Eco Estate Greenpark The Eastlake OPERATIONAL OVERVIEW FINANCIAL OVERVIEW ANNUITIES 4 5 6 Ballito Hills The Polofields De Aan-Zicht SUSTAINABILITY LOOKING FORWARD ANNEXURES BALWIN PROPERTIES RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 AUGUST 2025 2
Slide 3: Operational Overview
1 OPERATIONAL OVERVIEW Steve Brookes Chief Executive Officer THABA-ECO VILLAGE LIFESTYLE CENTRE BALWIN PROPERTIES RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 AUGUST 2025 3
Slide 4: Operational Highlights
OPERATIONAL HIGHLIGHTS 928 8.3% 27 764 Apartments sold and recognised in Revenue contribution to the group from Apartments with International EDGE revenue for the period Balwin Annuities certification IZINGA THABA-ECO VILLAGE 51% 35 068 60 Revenue contribution from sale of Apartments in development
Slide 5: Operational Review
OPERATIONAL REVIEW Revenue increased 44% to R1.2 billion compared to the prior comparative period, reflecting the improved market conditions in the residential housing market Total number of apartments handed over amounted to 928 during the period (August 2024: 640 apartments) 52% of revenue recorde
Slide 6: Operational Review
OPERATIONAL REVIEW BALWIN PROPERTIES RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 AUGUST 2025 6
Slide 7: Development Pipeline
DEVELOPMENT PIPELINE Total apartments in Total apartments Total apartments Total apartments Total apartments sold but Total unsold Development development sold registered recognised in revenue not recognised in revenue apartments Balwin pipeline Gauteng 33 128 8 937 8 727 8 777 160 24 191 24 351 Kwa
Slide 8: Financial Overview
2 FINANCIAL OVERVIEW Jonathan Bigham Chief Financial Officer THE HUNTSMAN BALWIN PROPERTIES RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 AUGUST 2025 8
Slide 9: Financial Overview
FINANCIAL OVERVIEW FOR THE SIX MONTHS ENDED 31 AUGUST 2025 R1.2 billion 44% 29% 3% R193.1 million 24% R102.4 million 33% Revenue Gross profit margin Operating costs Profit for the period FYNBOS THE REID KIKUYU 20.91 cents 29% R303.4 million Loan-to-value 39.3% 946.03 cents 8% Headline earnings per
Slide 10: Interim Consolidated Statement of Profit and Loss and Other Comprehensive Income
INTERIM CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31 AUGUST 2025 BALWIN PROPERTIES RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 AUGUST 2025 10
Slide 11: Financial Performance: Revenue
FINANCIAL PERFORMANCE FOR THE SIX MONTHS ENDED 31 AUGUST 2025 Revenue Revenue increased by 44% to R1.2 billion (August 2024: R852.7 million) Revenue earned from the following sources: Revenue from sale of apartments Apartments handed over increased by 45% to 928 apartments (August 2024: 640 apartmen
Slide 12: Apartments Recognised in Revenue
APARTMENTS RECOGNISED IN REVENUE FOR THE SIX MONTHS ENDED 31 AUGUST 2025 REVENUE BY REGION (%) REVENUE BY COLLECTION (%) BALWIN PROPERTIES RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 AUGUST 2025 12
Slide 13: Average Selling Price Analysis
AVERAGE SELLING PRICE ANALYSIS FOR THE SIX MONTHS ENDED 31 AUGUST 2025 BALLITO HILLS GREENBAY BALWIN PROPERTIES RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 AUGUST 2025 13
Slide 14: Financial Performance: Revenue from Balwin Annuity
FINANCIAL PERFORMANCE FOR THE SIX MONTHS ENDED 31 AUGUST 2025 Revenue from Balwin Annuity Revenue increased by 55% to R101.5 million (August 2024: R65.87 million) Annuity revenue remained constant at 8.3% of group revenue (August 2024: 7.7%) BALWIN PROPERTIES RESULTS PRESENTATION FOR THE SIX MONTHS
Slide 15: Financial Performance: Gross Profit
FINANCIAL PERFORMANCE FOR THE SIX MONTHS ENDED 31 AUGUST 2025 Gross profit Gross profit margin marginally decreased to 29% (August 2024: 32%) Gross profit margin on sale of apartments remained stable at 23% (August 2024: 23%) Gross profit margin growth remains a key focus Medium-term objective to re
Slide 16: Financial Performance: Operating Expenses
FINANCIAL PERFORMANCE FOR THE SIX MONTHS ENDED 31 AUGUST 2025 Operating expenses Continued drive of cost containment evidenced in reduction of fixed costs from prior period. Variable expenditure is linked to sales activity and was managed to reflect slightly below the sales increase of 44%. Allowanc
Slide 17: Financial Performance: Earnings and Dividend
FINANCIAL PERFORMANCE FOR THE SIX MONTHS ENDED 31 AUGUST 2025 Earnings Profit after tax increased by 33% to R102.4 million 28% increase in earnings per share to 20.91 cents 29% increase in headline earnings per share to 20.91 cents Dividend The board has resolved not to declare a dividend for the 20
Slide 18: Interim Consolidated Statement of Financial Position
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2025 BALWIN PROPERTIES RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 AUGUST 2025 18
Slide 19: Financial Position: Non-current Assets
FINANCIAL POSITION AS AT 31 AUGUST 2025 Non-current assets Drivers of investment through annuity businesses, namely: – Solar assets – Fibre infrastructure – Investment property Developments under construction Includes the cost of land, infrastructure, development rights and construction costs Increa
Slide 20: Financial Position: Developments under Construction
FINANCIAL POSITION AS AT 31 AUGUST 2025 Developments under construction (continued) BALWIN PROPERTIES RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 AUGUST 2025 20
Slide 21: Financial Position: Developments under Construction
FINANCIAL POSITION AS AT 31 AUGUST 2025 Developments under construction (continued) No additional land registered in the period, in line with the strategic focus of developing the existing pipeline. The group remains alert to new opportunities in the Western Cape, where sustained demand for the Balw
Slide 22: Financial Position: Cash and Cash Equivalents
FINANCIAL POSITION AS AT 31 AUGUST 2025 Cash and cash equivalents Cash position at period end of R303.4 million (February 2025: R254.8 million) Cash on hand exceeds funding covenants and board thresholds Continued active oversight of Treasury Committee Active management of rate of sales to construct
Slide 23: Financial Position: Funding
FINANCIAL POSITION AS AT 31AUGUST 2025 Funding Development loans and facilities amounted to R3.2 billion (February 2025: R3.3 billion) Loan-to-value reduced to 39.3% (2025: 40.4%) Loan-to-value ratio is materially measured at cost – 95% of asset base measured at cost Improvement in profile of debt w
Slide 24: Interim Consolidated Statement of Cash Flows
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 31 AUGUST 2025 BALWIN PROPERTIES RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 AUGUST 2025 24
Slide 25: Annuities
3 ANNUITIES Raaziq Ismail Head of Legal and Annuity THE REID BALWIN PROPERTIES RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 AUGUST 2025 25
Slide 26: Annuities Overview
ANNUITIES OVERVIEW R105.2 million* R34.2 million* R1.09 billion Revenue Operating profit Assets under management as at year end BALLITO HILLS 1762 10 888 R58.1 million Tons of carbon dioxide emissions Active clients on Balwin Fibre network Savings to our clients through prevented through Balwin Ener
Slide 27: Annuities Consolidated Statement of Profit and Loss
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2025 31 August 25 31 August 24 Customer Green Other Unaudited Unaudited Unaudited (R’000) * ICT1 Real Esate2 Rentals3 Services4 Living5 Businesses6 R’000 R’000 Revenue 48 278 19 698 12 802 10 496 8
Slide 28: Balwin ICT Statement of Profit and Loss
BALWIN INFORMATION AND COMMUNICATION TECHNOLOGY (PTY) LTD – STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2025 OPERATIONAL UPDATE 31 August 25 31 August 24 Unaudited Unaudited Homes passed 15 631 Financial update R’000 R’000 Active clients 10 888 Revenue 48
Slide 29: Balwin Real Estate Statement of Profit and Loss
BALWIN REAL ESTATE– STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2025 31 August 25 31 August 24 OPERATIONAL UPDATE Unaudited Unaudited Financial update R’000 R’000 Head Office and Thaba lifestyle centre -100% tenanted Revenue 19 698 13 036 Head Office and
Slide 30: Balwin Rentals Statement of Profit and Loss
BALWIN RENTALS (PTY) LTD – STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2025 31 August 25 31 August 24 OPERATIONAL UPDATE Unaudited Unaudited Financial update R’000 R’000 Achieved an average occupancy of 97.4% for the period with a low of 95.8% and a high
Slide 31: Balwin Customer Services Statement of Profit and Loss
BALWIN CUSTOMER SERVICES – STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2025 OPERATIONAL UPDATE 31 August 25 31 August 24 890 bonds secured for the period 1 March 2025 – Unaudited Unaudited 31 August 2025 Financial update R’000 R’000 Green bond concession
Slide 32: Balwin Green Living Statement of Profit and Loss
BALWIN GREEN LIVING (PTY) LTD – STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2025 31 August 25 31 August 24 OPERATIONAL UPDATE Unaudited Unaudited Financial update R’000 R’000 Operating on 13 sites Revenue 8 276 6 419 A 10% discount on electricity tariff t
Slide 33: Other Annuity Businesses Statement of Profit and Loss
OTHER ANNUITY BUSINESSES STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2025 31 August 25 31 August 24 OPERATIONAL UPDATE Unaudited Unaudited Financial update R’000 R’000 Other businesses comprises of Revenue 5 665 713 Signage and towers Cost of sales (1 574
Slide 34: Sustainability
4 SUSTAINABILITY Steve Brookes Chief Executive Officer GREENCREEK BALWIN PROPERTIES RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 AUGUST 2025 34
Slide 35: Sustainable Business Practices
SUSTAINABLE BUSINESS PRACTICES Continued commitment to reducing our environmental impact through innovation in design and building techniques The first South African company to have both a science-based target and Net Zero commitment approved by the International Science Based Target Initiative All
Slide 36: Looking Forward
5 LOOKING FORWARD Steve Brookes Chief Executive Officer THE BLYDE MINT RESORT BALWIN PROPERTIES RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 AUGUST 2025 36
Slide 37: The Future
THE FUTURE Maintain focus on core operations by leveraging existing land bank and existing pipeline of developments Opportunities for growth in strategic areas on terms that do not put liquidity and debt pressure on the group Healthy position of forward sold apartments of 1028 Key focus on cost redu
Slide 38: Annexures
6 ANNEXURES THABA-ECO VILLAGE BALWIN PROPERTIES RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 AUGUST 2025 38
Slide 39: Operating Model
OPERATING MODEL Development of large-scale residential estates in key target nodes Targeting an average profit margin of low to mid 30% range over the lifecycle of each project Drive efficiencies through turnkey approach to development Maintaining costs and cash preservation MUNYAKA MUNYAKA Developm
Slide 40: Turnkey Development Model
TURNKEY DEVELOPMENT MODEL THE HUNTSMAN MUNYAKA DE AAN-ZICHT BALWIN PROPERTIES RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 AUGUST 2025 40
Slide 41: Corporate Overview
CORPORATE OVERVIEW Specialist, national residential property developer of large- scale sectional title estates Focus on high quality, environmentally efficient, affordable apartments with an innovative and all inclusive lifestyle offering for clients Currently developing approximately 2 000 apartmen
Slide 42: Governance Process Development Opportunities
GOVERNANCE PROCESS DEVELOPMENT OPPORTUNITIES Development opportunities identified Internal due diligence process followed: › Costs › Infrastructure › Zoning › Independent review of nodal residential demand Presented for approval to: MOOIKLOOF ECO-ESTATE › Executive Committee › Transactions Committee
Slide 43: Investment Case
INVESTMENT CASE Well positioned to address the undersupply of quality, affordable housing in the low to middle market income market Long-term development pipeline in key strategic locations Proven and flexible business model for large-scale developments Strong management with approximately 30-years
Slide 44: Development Brands
DEVELOPMENT BRANDS Core development model One-, two-, and three-bedroom four storey walk up apartments Prices range from R719 910 to R2 899 900 Developments located in high density, high growth nodes across key metropolitan areas Benefits from economies of scale, in-house construction THE BLYDE and
Slide 45: Development Brands
DEVELOPMENT BRANDS Model targets a slightly lower income consumer than the Classic Collection Prices range from R599 900 to R1 519 900 Developed on a phase-by-phase approach Distinctive architecture and high-quality standards Residents have access to traditional lifestyle offerings associated with B
Slide 46: Development Brands
DEVELOPMENT BRANDS Three elite model developments, The Polofields and Munyaka Lifestyle Centre apartments (Johannesburg, Waterfall) and Izinga Eco Estate (KwaZulu-Natal, Umhlanga) Apartments built to higher specifications with luxurious finishes Prices range from R899 900 to R10 999 900 Developments