Slide 1: Final Results for the year ended 30 September 2025
FINAL RESULTS for the year ended 30 September 2025
Slide 2: Agenda
Agenda BUSINESS OVERVIEW FAIRVEST PORTFOLIO OPERATIONAL UPDATE RETAIL PORTFOLIO OFFICE PORTFOLIO INDUSTRIAL PORTFOLIO CAPITAL EXPENDITURE FINANCIAL UPDATE PROSPECTS FOR 2026 Q&A Shoprite Manguzi Fairvest Limited 1 Final results for the year ended 30 September 2025
Slide 3: Business Overview
BUSINESS OVERVIEW DARREN WILDER CEO Masingita Shopping Centre
Slide 4: Our value drivers
Our value drivers Fairvest will continue to move toward being a retail-only REIT by disposing of its non-core office and industrial assets and recycling the proceeds into rural, non-metropolitan retail properties, that service the previously underserviced markets that are strategically located close
Slide 5: Fairvest at a glance
Fairvest at a glance Bara Precinct 30 September 2025 130 assets 1 065 861m² of GLA Vacancies decreased to 4.1% (2024: 128) (2024: 1 038 350m²) (2024: 4.3%) Investments 23.6% in Dipula Diverse portfolio of R13.4 billion Market cap R12.0 billion (2024: 5.0%) (2024: R12.3 billion) (2024: R7.8 billion)
Slide 6: September 2025 highlights
September 2025 highlights Robust performance in a challenging environment Solar investment produced 14.3% with an 11.2% growth in distribution per B share of the portfolio’s electricity cost (2024: 10.6%) 142.57 cents per share distribution per A share Investment into solar projects of (2024: 138.34
Slide 7: Corporate social investment
Corporate social investment The Group has continued its focus on Corporate Social During the year under review, Fairvest spent Initiatives which is embedded in the Group’s culture. FOCUS ON CSI CLOSE TO THE R2.6 million on CSI initiatives. The type of initiatives PORTFOLIO The “Fairvest for Change”
Slide 8: Sustainability
Sustainability Cleary Park Fairvest is committed to treating the environment with care and sensitivity and takes this responsibility seriously. To this end, we have a number of solar, back up power and water projects in place to both limit our impact on the environment and to ensure ongoing organisa
Slide 9: Acquisitions
Acquisitions Jozini Mall GLA Purchase price Property name Location Sector (m²) (R) Yield Anchor tenants Transfer date Thembalethu Square* George, Western Cape Retail 8 734 133 000 000 9.97% Shoprite and Boxer 28 July 2025 Shoprite Manguzi Manguzi, KwaZulu-Natal Retail 8 425 137 360 000 9.75% Shoprit
Slide 10: Disposals
Disposals New Pioneer Park GLA Sales value Property name Location Sector (m²) (R) Date of transfer New Pioneer Park Gauteng Industrial 3 154 24 000 000 20 December 2024 Access City Gauteng Industrial 25 124 10 000 000 29 August 2025 28 278 34 000 000 Disposals to be transferred GLA Sales value Expec
Slide 11: Township Fibre Infrastructure Investment
Township Fibre Infrastructure Investment Bara Precinct R476.9 million invested – Allows Fairvest to Provide access to information rental income earned in excess of deepen community engagement and insights that are valuable to our existing 12% of capital invested. for the benefit of its existing reta
Slide 12: Fairvest Portfolio
FAIRVEST PORTFOLIO DARREN WILDER CEO Southview Shopping Centre
Slide 13: Group operational highlights
Group operational highlights 14 Sector WHERE WE ARE breakdown based on revenue 59 2 6 17 TOTAL 5 4 130 70.6% Retail 10 18.4% Office 13 11.0% Industrial Vacancy Tenant retention Positive rental reversion Average gross rental per m2 4.1% 83.0% 4.8% R134.18 (2024: 4.3%) (2024: 85.7%) (2024: 3.6%) (2024
Slide 14: Portfolio composition
Portfolio composition RETAIL OFFICE INDUSTRIAL Average Average Average property property property Total Number of value Value % of Number of value Value % of Number of value Value % of value Vacancy band properties (R’m) (R’m) total properties (R’m) (R’m) total properties (R’m) (R’m) total (R’m) 0%
Slide 15: Portfolio leasing activity
Portfolio leasing activity Westgate Mall NEW DEALS RENEWALS September September September September 2025 2024 2025 2024 Number of leases 537 531 Number of leases 504 476 Total GLA (m2) 133 777 137 193 Total GLA (m2) 164 979 167 515 Average gross rental achieved (R/m2) 98.02 94.17 Average gross renta
Slide 16: Operational Update
OPERATIONAL UPDATE RIAZ KADER COO The Grove
Slide 17: Operational focus areas
Operational focus areas To maintain collectable arrears Weighted average growth on lease expiry Target a weighted average lease term below 2% of gross income between 2% and 6% remaining above 36 months Determined focus on leasing of vacant Vacancies to be maintained at space – strong leasing team St
Slide 18: Retail Portfolio
RETAIL PORTFOLIO RIAZ KADER COO Cosmos Centre
Slide 19: Retail portfolio highlights
Retail portfolio highlights 10 WHERE WE ARE 20 2 5 13 5 4 10 TOTAL 8 77 Access Park Value Number of properties Total gross lettable area Vacancy Tenant retention R9.6 billion 77 577 828m² 3.6% 88.3% (2024: R8.7 billion) (2024: 72) (2024: 549 005m²) (2024: 4.0%) (2024: 86.0%) Positive rental reversio
Slide 20: Retail leasing activity
Retail leasing activity Access Park NEW DEALS RENEWALS September September September September 2025 2024 2025 2024 Number of leases 331 296 Number of leases 362 329 Total GLA (m2) 46 765 40 348 Total GLA (m2) 94 051 69 815 Average gross rental achieved (R/m2) 143.90 140.10 Average gross rental expir
Slide 21: Retail portfolio composition
Retail portfolio composition Bara Precinct Community Township Value Neighbour- Small September 2025 Centre Centre Centre CBD hood Rural Convenience Regional Total Value (R’m) 1 333 543 1 330 752 1 203 600 736 300 1 761 493 1 350 186 583 070 1 335 600 9 634 544 Number of properties 6 10 3 17 16 16 7
Slide 22: Retail top 10 tenant exposure by revenue
Retail top 10 tenant exposure by revenue Total 43.1% 10.7% 11 10 9 8.4% 8 7 5.9% % 6 5 4.5% 3.8% 4 2.9% 2.8% 3 1.8% 2 1.2% 1.1% 1 0 GLA m2 74 951 60 099 43 302 21 472 25 129 17 068 18 465 9 652 10 396 3 314 Monthly revenue (% of total retail revenue) Fairvest Limited 21 Final results for the year
Slide 23: Retail renewals and new deals
Retail renewals and new deals SIGNIFICANT RENEWALS 5 670 4 356 3 839 3 152 2 964 GLA (m2) SIGNIFICANT NEW DEALS Wowe Fashion 3 665 2 282 1 970 1 614 1 349 GLA (m2) Fairvest Limited 22 Final results for the year ended 30 September 2025
Slide 24: Trading densities and rent-to-sales ratio
Trading densities and rent-to-sales ratio ANNUAL TRADING DENSITIES RENT-TO-SALES RATIO 50 000 5% Trading density (R/m²) 40 000 4% 30 000 3% 20 000 2% 10 000 1% 0 0 OVERALL GROWTH OVERALL RENT-TO-SALES YEAR-ON-YEAR AT 4.8% STABLE YEAR-ON-YEAR 2024 2025 Fairvest Limited 23 Final results for the ye
Slide 25: Trading density per business type
Trading density per business type TRADING DENSITY YEAR-ON-YEAR 120 000 7.6% 100 000 (0.4%) 80 000 6.6% (5.3%) Trading density (R/m²) 3.9% 3.8% 60 000 4.9% 7.4% 4.1% (0.6%) 40 000 6.1% 0.8% 2.5% 6.5% 20 000 7.7% 0 Accessories Bottle Department Cell Electronics Fashion Butchery Grocery/ Health and Hom
Slide 26: Trading density per classification type
Trading density per classification type TRADING DENSITY YEAR-ON-YEAR 60 000 50 000 40 000 Trading density (R/m²) 30 000 20 000 10 000 0 Anchor Non-Anchor A B C A: N ational tenants, listed tenants, B: Franchisees, professional C: Small and medium-sized tenants (SMEs), start-up companies and governme
Slide 27: Trading density per segment
Trading density per segment 80 000 70 000 60 000 Trading Density (R/m²) 50 000 40 000 30 000 20 000 2021 2022 2023 2024 2025 Value centre CBD Township centre Neighbourhood Convenience Community centre Rural Small regional All Fairvest Limited 26 Final results for the year ended 30 September 2025
Slide 28: Retail strategic objectives
Retail strategic objectives Tenant expansion programmes and constant gap analysis reviews with the National Retailers, i.e. Boxer, TFG and Shoprite. Installation of water and electricity back-up solutions due to failing infrastructure. Constant monitoring of nodal macro-economic indicators to better
Slide 29: Office Portfolio
OFFICE PORTFOLIO RIAZ KADER COO Rosebank Quarter
Slide 30: Office portfolio highlights
Office portfolio highlights 1 WHERE WE ARE 19 1 3 TOTAL 4 28 Tijger Park Value Number of properties Total gross lettable area Vacancy Tenant retention R2.3 billion 28 214 618m² 9.0% 67.2% (2024: R2.2 billion) (2024: 29) (2024: 214 100m²) (2024: 9.6%) (2024: 75.9%) Positive rental reversion Average g
Slide 31: Office leasing activity
Office leasing activity Sandton Sunninghill Place NEW DEALS RENEWALS September September September September 2025 2024 2025 2024 Number of leases 122 149 Number of leases 76 73 Total GLA (m2) 33 230 38 025 Total GLA (m2) 31 112 29 764 Average gross rental achieved (R/m2) 108.25 117.15 Average gross
Slide 32: Office renewals
Office renewals 1 Sturdee GLA (m²) Crownwood Office Park 5 308 127 Bethlehem Street 1 990 SIGNIFICANT LEASE RENEWALS OVER THE PAST 12 MONTHS 1 Sturdee 1 682 Omniplace 1 661 Aviary 1 395 Fairvest Limited 31 Final results for the year ended 30 September 2025
Slide 33: Office new deals
Office new deals Rosebank Quarter GLA (m²) Voortrekker Xchange 7 143 SIGNIFICANT LEASE NEW Endemol Kent 2 526 DEALS OVER THE PAST 353 Festival Street 1 300 12 MONTHS Rosebank Quarter 1 130 Lakeview Terrace 1 006 Fairvest Limited 32 Final results for the year ended 30 September 2025
Slide 34: Office strategic objectives
Office strategic objectives Improved implementation of “FairSpecíng” attracts a better-quality tenant/revenue. Ready to move in space, focussed execution, improved broker awareness. The success of this initiative is in the simplicity of the product. Focus on improving rental reversions, lease length
Slide 35: Industrial Portfolio
INDUSTRIAL PORTFOLIO RIAZ KADER COO Beka Candela
Slide 36: Industrial portfolio highlights
Industrial portfolio highlights 3 WHERE WE ARE 20 1 TOTAL 1 25 Germiston Route 24 Value Number of properties Total gross lettable area Vacancy Tenant retention R1.5 billion 25 273 415m² 1.2% 84.7% (2024: R1.4 billion) (2024: 27) (2024: 275 245m²) (2024: 0.9%) (2024: 91.5%) Positive rental reversion
Slide 37: Industrial leasing activity
Industrial leasing activity Beka Candela NEW DEALS RENEWALS September September September September 2025 2024 2025 2024 Number of leases 84 86 Number of leases 66 74 Total GLA (m2) 53 782 58 820 Total GLA (m2) 39 816 67 936 Average gross rental achieved (R/m2) 51.80 47.82 Average gross rental expiry
Slide 38: Industrial renewals
Industrial renewals Randburg Trevallyn GLA (m²) Germiston Route 24 6 290 1 Range Road 2 250 SIGNIFICANT LEASE RENEWALS OVER THE PAST 12 MONTHS Pretoria Silverton 301 Battery 1 990 Germiston Route 24 1 752 Roodepoort Robertville Industrial Park 1 420 Fairvest Limited 37 Final results for the year end
Slide 39: Industrial new deals
Industrial new deals Germiston Route 24 GLA (m²) Lea Glen 3 411 SIGNIFICANT LEASE Roodepoort Robertville Industrial Park 3 222 NEW DEALS OVER Beka Candela 2 936 THE PAST 12 MONTHS Trador 2 843 Simgold 2 485 Fairvest Limited 38 Final results for the year ended 30 September 2025
Slide 40: Industrial strategic objectives
Industrial strategic objectives Continued focus on tenant and landlord compliance due to changes in the insurance industry. Engagement with CID/Council to maintain the sustainability of the node surrounding our assets. Target tenant retention and increase lease length in order to reduce churn within
Slide 41: Capital Expenditure
CAPITAL EXPENDITURE Suntyger
Slide 42: Bedfordview
Bedfordview Fairvest Limited 41 Final results for the year ended 30 September 2025
Slide 43: Crownwood Office Park
Crownwood Office Park Fairvest Limited 42 Final results for the year ended 30 September 2025
Slide 44: 1 Range Road
1 Range Road Fairvest Limited 43 Final results for the year ended 30 September 2025
Slide 45: Rosebank Quarter
Rosebank Quarter Fairvest Limited 44 Final results for the year ended 30 September 2025
Slide 46: Rosebank Quarter
Rosebank Quarter Fairvest Limited 45 Final results for the year ended 30 September 2025
Slide 47: Financial Update
FINANCIAL UPDATE JACQUES KRIEL CFO Access Park
Slide 48: Distributable income analysis
Distributable income analysis 12 months 12 months ended ended R‘000 30 September 30 September % Unaudited 2025 2024 change Revenue (excluding straight-line rental income) 2 141 800 2 034 340 5.3% Sundry income 2 943 11 149 (73.6%) Property expenses (885 734) (863 084) 2.6% Net property income 1 259
Slide 49: Summarised consolidated statement of financial position
Summarised consolidated statement of financial position Audited at Audited at 30 September 30 September R’000 2025 2024 Assets Investment property 13 430 472 12 306 955 Other financial assets 17 615 234 139 Trade and other receivables 210 421 190 827 Loans receivable and amounts owing by non-control
Slide 50: NAV Bridge per B share
NAV Bridge per B share Cents per share 590 13.4 0.9 0.1 (45.2) 570 32.0 550 40.1 (8.4) 530 (2.6) 516.3 516.3 510 486.0 490 470 450 As at Operating Fair value Income from Impact of new Impact of new Dividends Change in value Shares vested As at 30 September profit adjustments equity accounted shares
Slide 51: Property portfolio valuations
Property portfolio valuations VALUATION 2025 2025 LIKE FOR LIKE RATE PER SQM R’000 DISCOUNT RATES EXIT CAP RATES INCREASE (R/m2) RETAIL 9 634 544 14.0% 9.9% 4.1% 16 674 OFFICE 2 345 528 14.4% 10.2% 3.1% 10 929 INDUSTRIAL 1 450 400 14.4% 10.4% 0.8% 5 305 Total 13 430 472 14.1% 10.0% 3.6% 12 601 Build
Slide 52: Capital expenditure
Capital expenditure CAPITAL EXPENDITURE PROPERTY VALUE % OF VALUE R’000 R’000 SPENT RETAIL 142 324 9 634 544 1.5% Clubview Corner OFFICE 110 812 2 345 528 4.7% Suntyger INDUSTRIAL 35 721 1 450 400 2.5% Urban Park Total 288 857 13 430 472 2.2% Fairvest Limited 51 Final results for the year ended 30 S
Slide 53: Arrears and bad debts
Arrears and bad debts 2025 2025 2025 2025 2024 R’000 TOTAL ARREARS TOTAL PROVISION TOTAL NET ARREARS % OF REVENUE % OF REVENUE RETAIL 47 089 32 303 14 787 0.9% 1.7% OFFICE 42 045 28 387 13 658 3.0% 3.4% INDUSTRIAL 21 630 17 188 4 442 1.5% 2.6% 110 764 77 878 32 886 1.3% 2.1% Fairvest Limited 52 Fina
Slide 54: Debt and hedge maturity profile
Debt and hedge maturity profile Millions 3 000 2 750 2 500 2 000 1 500 1 094 897 909 900 1 000 700 500 300 0 Expiring in the next 12 months Expiring in the next 24 months Expiring in the next 36 months Expiring in the next 48 months Expiring in the next 60 months Debt Swaps Fairvest Limited 53 F
Slide 55: Debt metrics
Debt metrics 30 September 30 September 2025 2024 Loan-to-value (SA REIT BP) 25.6% 33.3% % of debt fixed 93.6% 68.6% Weighted average cost of funding 9.05% 9.70% Interest cover times 3.1 2.6 Weighted average maturity of debt months 30 19 Weighted average maturity of swaps months 14 14 Total debt (R’m
Slide 56: Prospects for 2026
PROSPECTS FOR 2026 DARREN WILDER CEO Nquthu Shopping Centre
Slide 57: Prospects
Prospects Growth in distribution per B share Maintain 100% pay-out ratio Continue to simplify the business of 9% to 11% expected for 2026 Maintain LTV at below 35% Conservative balance sheet Acquisitions only at the right price Nquthu Shopping Centre Fairvest Limited 56 Final results for the year en
Slide 58: Thank you
THANK YOU Sebokeng Plaza
Slide 59: Q&A
Q&A Mala Plaza
Slide 60: www.fairvest.co.za
www.fairvest.co.za