Emira Property Fund Ltd. · JSE:EMI
Emira Property Fund — H1 2026 Earnings Presentation
125 slides from Emira Property Fund's earnings presentation, September 2025
Slide 1: Interim Results 2026
Emira Property Fund Interim Results 2026
Slide 2: Emira Property Fund Interim Results 2026
Emira Property Fund Interim Results 2026 1
Slide 3: Emira Property Fund Interim Results 2026
Emira Property Fund Interim Results 2026 2
Slide 4: Overview
Emira Property Fund Interim Results 2026 3 Overview Emira has delivered stable results Two key strategic objectives: High level drivers for the period: for an interim period marked by 1. To create meaningful liquidity heightened macroeconomic • has been achieved through a - first period with the ful
Slide 5: Key metrics
Emira Property Fund Interim Results 2026 4 Key metrics Distributable Vacancies LTV income per share Commercial 35,6% (36,3%) 64,83c 3,8% by GLA (6,4%) Residential (stabilised portfolio) (63,51c) ICR +1,9% 1,7% by units (2,8%) 2,7x (2,5x) Tenant retention Commercial NAV 86,8% (78,3%) Dividend per sha
Slide 6: Emira Property Fund Interim Results 2026
Emira Property Fund Interim Results 2026 5
Slide 7: Summary distribution statement
Emira Property Fund Interim Results 2026 6 Summary distribution statement R’000 Sep 24 Sep 25 Variance % Direct Commercial Portfolio 422 876 323 247 (23,6) Residential Portfolio 88 475 57 866 (34,6) Indirect SA Corporate — 13 006 100,0 US 110 971 97 256 (12,4) DL Invest (Poland) 7 285 74 894 100,0 C
Slide 8: Emira Property Fund Interim Results 2026
Emira Property Fund Interim Results 2026 7
Slide 9: Distribution statement
Emira Property Fund Interim Results 2026 8 Distribution statement Sep 2024 Sep 2025 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 422 876 323 247 (23,6) Residential Portfolio 88 475 57 866 (34,6) Indirect Portfolio SA Corporate — 13 006 100 US 110 971 97 95
Slide 10: Key portfolio metrics at September 2025
Emira Property Fund Interim Results 2026 9 Key portfolio metrics at 30 September 2025 vs 31 March 2025 • The South African commercial • The results are in line with our Properties property market and underlying expectations, reflecting the strength of fundamentals have shown resilience our strategy
Slide 11: Key portfolio metrics at 30 September 2025
Emira Property Fund Interim Results 2026 10 Key portfolio metrics at 30 September 2025 vs 31 March 2025 Vacancies Office sector Retail sector 3,8% (6,4%) • Market conditions remain challenging, but • The sector is on a recovery path, sentiment is on the rise, and there is a supported by improved tra
Slide 12: Key portfolio metrics: tenant retention and WALE
Emira Property Fund Interim Results 2026 11 Key portfolio metrics at 30 September 2025 vs 31 March 2025 Tenant retention • Seeing improvement and some positive WALE reversions 86,8% gross rental (78,3%) • Pressure on achieving positive rent reversions will continue, mainly due to contractual 2,7 yea
Slide 13: Key portfolio metrics — Environmental initiatives
Emira Property Fund Interim Results 2026 12 Key portfolio metrics — Environmental initiatives at 30 September 2025 Energy • 8 new solar PV projects (6 new farms) with a combined capacity of 1MWp (megawatts peak) to be installed during the financial year • Knightsbridge Block A achieved Net Zero Carb
Slide 14: Balance sheet
Emira Property Fund Interim Results 2026 13 Balance sheet R’m Mar 25 Sep 25 % Ch Direct Portfolio 10 034 9 404 (6,3) Commercial Portfolio 8 127 8 165 0,5 Residential Portfolio 1 907 1 239 (35,0) Indirect Portfolio SA Corporate — 524 100,0 US 2 664 2 239 (16,0) DL Invest Group 3 395 3 526 3,8 Loans r
Slide 15: Valuation summary: Commercial Portfolio – like-for-like comparison
Emira Property Fund Interim Results 2026 14 Valuation summary: Commercial Portfolio – like-for-like comparison† Mar 25 Sep 25 Valuation (Rm)^ 7 487 7 575 Number of properties 36 36 % of the portfolio valued externally 100 100 Valuation rate (R/m²) Retail 19 366 19 729 Office 20 244 20 219 Industrial
Slide 16: Emira Property Fund Interim Results 2026
Emira Property Fund Interim Results 2026 15
Slide 17: Distribution statement
Emira Property Fund Interim Results 2026 16 Distribution statement Sep 2024 Sep 2025 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 422 876 323 247 (23,6) Residential Portfolio 88 475 57 866 (34,6) Indirect Portfolio SA Corporate — 13 006 100,0 US 110 971 97
Slide 18: Key portfolio metrics: Residential
Emira Property Fund Interim Results 2026 17 Key portfolio metrics at 30 September 2025 vs 31 March 2025 Residential • Strong demand for rental housing Properties Vacancies held portfolio (by units) continuous, driven by barriers to homeownership such as: o high deposit requirements 15 (21) R1,4bn (R
Slide 19: Balance sheet
Emira Property Fund Interim Results 2026 18 Balance sheet R’m Mar 25 Sep 25 % Ch Direct Portfolio 10 034 9 404 (6,3) Commercial Portfolio 8 127 8 165 0,5 Residential Portfolio 1 907 1 239 (35,0) Indirect Portfolio SA Corporate — 524 100,0 US 2 664 2 239 (16,0) DL Invest Group 3 395 3 526 3,8 Loans r
Slide 20: Emira Property Fund Interim Results 2026
Emira Property Fund Interim Results 2026 19
Slide 21: Distribution statement
Emira Property Fund Interim Results 2026 20 Distribution statement Sep 2024 Sep 2025 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 422 876 323 247 (23,6) Residential Portfolio 88 475 57 866 (34,6) Indirect Portfolio SA Corporate — 13 006 100,0 US 110 971 97
Slide 22: Balance sheet
Emira Property Fund Interim Results 2026 21 Balance sheet R’m Mar 25 Sep 25 % Ch Direct Portfolio 10 034 9 404 (6,3) Commercial Portfolio 8 127 8 165 0,5 Residential Portfolio 1 907 1 239 (35,0) Indirect Portfolio SA Corporate — 524 100,0 US 2 664 2 239 (16,0) DL Invest Group 3 395 3 526 3,8 Loans r
Slide 23: SA Corporate investment
Emira Property Fund Interim Results 2026 22 SA Corporate investment SA Corporate (SAC) is a JSE listed REIT • SAC investment provides Emira access Emira's holding in SAC to a defensive portfolio of primarily retail & residential, SA assets As at 30 September 2025 6.4% • Emira has generated significa
Slide 24: Distribution statement
Emira Property Fund Interim Results 2026 23 Distribution statement Sep 2024 Sep 2025 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 422 876 323 247 (23,6) Residential Portfolio 88 475 57 866 (34,6) Indirect Portfolio SA Corporate — 13 006 100,0 US 110 971 97
Slide 25: Key portfolio metrics: United States
Emira Property Fund Interim Results 2026 24 Key portfolio metrics at 30 September 2025 vs 31 March 2025 United States • The impact of tariff increases remains Vacancies Weighted average rent reversions uncertain, but initial indicators suggest possible pressure on holiday order volumes • Market repo
Slide 26: Balance sheet
Emira Property Fund Interim Results 2026 25 Balance sheet R’m Mar 25 Sep 25 % Ch Direct Portfolio 10 034 9 404 (6,3) Commercial Portfolio 8 127 8 165 0,5 Residential Portfolio 1 907 1 239 (35,0) Indirect Portfolio SA Corporate — 524 100,0 US 2 664 2 239 (16,0) DL Invest Group 3 395 3 526 3,8 Loans r
Slide 27: Distribution statement
Emira Property Fund Interim Results 2026 26 Distribution statement Sep 2024 Sep 2025 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 422 876 323 247 (23,6) Residential Portfolio 88 475 57 866 (34,6) Indirect Portfolio SA Corporate — 13 006 100,0 US 110 971 97
Slide 28: Balance sheet
Emira Property Fund Interim Results 2026 27 Balance sheet R’m Mar 25 Sep 25 % Ch Direct Portfolio 10 034 9 404 (6,3) Commercial Portfolio 8 127 8 165 0,5 Residential Portfolio 1 907 1 239 (35,0) Indirect Portfolio SA Corporate — 524 100,0 US 2 664 2 239 (16,0) DL Invest Group 3 395 3 526 3,8 Loans r
Slide 29: Key portfolio metrics: DL Invest – Poland
Emira Property Fund Interim Results FY 2026 28 Key portfolio metrics at 30 September 2025 vs 31 March 2025 DL Invest – Poland DL Invest Group strategy Properties, GLA and value Number of tenants • No speculative developments; focus on pre-let projects, with building 39 (39) 388 (388) permits and sec
Slide 30: DL Investment update
Emira Property Fund Interim Results 2026 29 DL Investment update Strategic Partner with established market presence Long term investment into a business with a strong position in the Polish real estate market supported by an integrated business model and a diversified portfolio across multiple asset
Slide 31: Year-end Results 2025
Emira Property Fund Year-end Results 2025 30
Slide 32: Distribution statement
Emira Property Fund Interim Results 2026 31 Distribution statement Sep 2024 Sep 2025 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 422 876 323 247 (23,6) Residential Portfolio 88 475 57 866 (34,6) Indirect Portfolio SA Corporate — 13 006 100,0 US 110 971 97
Slide 33: Balance sheet
Emira Property Fund Interim Results 2026 32 Balance sheet R’m Mar 25 Sep 25 % Ch Direct Portfolio 10 034 9 404 (6,3) Commercial Portfolio 8 127 8 165 0,5 Residential Portfolio 1 907 1 239 (35,0) Indirect Portfolio SA Corporate — 524 100,0 US 2 664 2 239 (16,0) DL Invest Group 3 395 3 526 3,8 Loans r
Slide 34: Debt expiry profile (Rm)
Emira Property Fund Interim Results 2026 33 Debt expiry profile (Rm) 2 500 2 000 1 500 1 000 500 0 Mar 2026 Sep 2026 Mar 2027 Sep 2027 Mar 2028 Sep 2028 Mar 2029 Sep 2029 Drawn Undrawn H1 2026 • Average duration to expiry: 2,8 years Liquidity • Refinances • Undrawn debt: R1,1bn /new loans: R2,1bn •
Slide 35: Emira Property Fund Interim Results 2026
Emira Property Fund Interim Results 2026 34
Slide 36: 1,4% increase in NAV per share
Emira Property Fund Interim Results 2026 35 Net asset value per share (cents) 2 190 2 170 2.0 78 14.7 2 150 27.5 2 130 30 2 110 37.9 2 096,1 2 090 (48.5) (4.8) 2 070 2 067.3 64,4 2 050 2 030 62,4 2 010 1 990 2 031,7 2 004,9 1 970 1 950 Mar 25 DL Invest Share buy-backs Investment properties Other USA
Slide 37: Emira Property Fund Interim Results 2026
Emira Property Fund Interim Results 2026 36
Slide 38: Outlook
Emira Property Fund Interim Results 2026 37 Outlook Previous outlook Update Focus for balance of FY26 • Focus on delivering sustained • This remains part of management's Management will continue to seek to growth and long-term value for focus deploy recycled capital shareholders into meaningful, • W
Slide 39: Emira Property Fund Interim Results 2026
Emira Property Fund Interim Results 2026 38
Slide 40: Emira Property Fund Interim Results 2026
Emira Property Fund Interim Results 2026 39
Slide 41: Number of properties
Emira Property Fund Interim Results 2026 40 Number of properties 120 97 94 100 91 90 80 79 84 77 74 80 63 60 56 40 20 0 Jun 19 Jun 20 Jun 21 Jun 22 Dec 22 Mar 23 Sep 23 Mar 24 Sep 24 Mar 25 Sep 25 Number of properties per sector 25 21 20 19 20 15 15 12 12 10 10 10 5 0 Office Urban Retail Industrial*
Slide 42: Sectoral spread of properties by GLA and value
Emira Property Fund Interim Results 2026 41 Sectoral spread of properties by GLA and value GLA split per sector (%) Mar 2025 – 731 505m² GLA split per sector (%) Sep 2025 – 664 378m² Urban Retail 32 Urban Retail 35 Office 15 Office 16 Industrial 29 Industrial 31 Residential 24 Residential 18 Value s
Slide 43: Geographical spread of buildings by number
Emira Property Fund Interim Results 2026 42 Geographical spread of buildings by number 40 36 12 10 5 4 4 4 1 1 1 1 Johannesburg Pretoria Western Cape KwaZulu-Natal Bloemfontein Mpumalanga Mar 25 Sep 25
Slide 44: Geographical spread by value and GLA (%)
Emira Property Fund Interim Results 2026 43 Geographical spread by value and GLA (%) Geographical spread by value (%) Mar 2025 Geographical spread by value (%) Sep 2025 Johannesburg 44 Johannesburg 42 Pretoria 44 Pretoria 46 Western Cape 4 Western Cape 3 KwaZulu-Natal 4 KwaZulu-Natal 4 Bloemfontein
Slide 45: Disposals: SA Commercial
Emira Property Fund Interim Results 2026 44 Disposals: SA Commercial FY26 disposals contracted for Book Gross sale Approximate Value* price net exit yield Transfer Property name Province Sector GLA m² R R (%) date Transferred HBP Industrial Unit Gauteng Industrial 7 292 60 100 000 58 500 000 9,24% 9
Slide 46: Disposals: SA Residential
Emira Property Fund Interim Results 2026 45 Disposals: SA Residential FY26 disposals contracted for Book Gross sale value price Transfer Property name Province Total units R R date Transferred 67 on 7th Gauteng 14 7 900 637 9 885 300 Birchwood Village Gauteng 30 65 265 058 28 453 700 Jackalberry Clo
Slide 47: Emira Property Fund Interim Results 2026
Emira Property Fund Interim Results 2026 46
Slide 48: Number of properties
Emira Property Fund Interim Results 2026 47 Number of properties 90 79 78 76 80 73 73 71 70 69 70 63 60 50 42 41 40 30 20 10 0 Jun 19 Jun 20 Jun 21 Jun 22 Dec 22 Mar 23 Sep 23 Mar 24 Sep 24 Mar 25 Sep 25 NUMBER OF PROPERTIES PER SECTOR 25 20 19 20 15 10 10 12 12 10 5 0 Office Urban Retail Industrial
Slide 49: Sectoral spread of properties by GLA and value (%)
Emira Property Fund Interim Results 2026 48 Sectoral spread of properties by GLA and value (%) GLA split per sector (%) Mar 2025 – 556 968m² GLA split per sector (%) Sep 2025 – 549 646m² Urban Retail 42 Urban Retail 43 Office 19 Office 19 Industrial 39 Industrial 38 Value split per sector (%) Mar 20
Slide 50: Geographical spread of buildings by number
Emira Property Fund Interim Results 2026 49 Geographical spread of buildings by number 40 35 30 25 24 24 20 15 10 9 10 5 4 4 2 2 1 1 1 1 0 Johannesburg Pretoria Western Cape KwaZulu-Natal Bloemfontein Mpumalanga Mar 25 Sep 25
Slide 51: Geographical spread by value and GLA (%)
Emira Property Fund Interim Results 2026 50 Geographical spread by value and GLA (%) Geographical spread by value (%) Mar 2025 Geographical spread by value (%) Sep 2025 Johannesburg 34 Johannesburg 34 Pretoria 53 Pretoria 53 Western Cape 3 Western Cape 3 KwaZulu-Natal 5 KwaZulu-Natal 5 Bloemfontein
Slide 52: Average value of properties per m² and property
Emira Property Fund Interim Results 2026 51 Average value of properties per m² and property Average value per m² 25 000 (0,1%) 2,0% 20 000 20 090 20 071 19 442 19 824 1,8% 15 000 10 000 14 459 14 722 (0,3%) 5 000 6 209 6 193 0 Office Urban Retail Industrial Total Mar 25 Sep 25 Average value per prop
Slide 53: Office sector exposure of properties — quality improvement
Emira Property Fund Interim Results 2026 52 Office sector exposure of properties — quality improvement Number of properties Average value per property (Rm) 2011 (Jun) 73 2011 (Jun) 52 2025 (Sep) 10 2025 (Sep) 217 Grade of Office Portfolio by value (%) Jun 2011 Grade of Office Portfolio by value (%)
Slide 54: Emira Property Fund Interim Results 2026
Emira Property Fund Interim Results 2026 53
Slide 55: Number of properties
Emira Property Fund Interim Results 2026 54 Number of properties 30 25 24 23 21 21 21 21 20 15 15 10 5 1 0 June 22 Dec 22 Mar 23 Sep 23 Mar 24 Sep 24 Mar 25 Sep 25* * Disposals: The Bolton, Urban Ridge West, Urban Ridge South, Molware, Kensington, Parklands (Riverside and Southwark)
Slide 56: Geographical spread of buildings by number
Emira Property Fund Interim Results 2026 55 Geographical spread of buildings by number 20 18 16 16 14 12 12 10 8 6 4 3 2 2 2 1 0 Johannesburg Pretoria Western Cape Mar 25 Sep 25
Slide 57: Geographical spread of properties by value and unit (%)
Emira Property Fund Interim Results 2026 56 Geographical spread of properties by value and unit (%) Geographical spread by unit (%) Mar 2025 – 3 347 units Geographical spread by unit (%) Sep 2025 – 2 203 units Johannesburg 88 Johannesburg 95 Pretoria 8 Pretoria 0,2 Western Cape 4 Western Cape 4,8 Ge
Slide 58: Average value of properties per unit
Emira Property Fund Interim Results 2026 57 Average value of properties per unit 575 000 569 741 570 000 565 000 562 630 560 000 555 000 550 000 Residential Mar 25 Sep 25
Slide 59: Emira Property Fund Interim Results 2026
Emira Property Fund Interim Results 2026 58
Slide 60: Vacancy profile per sector by GLA (%)
Emira Property Fund Interim Results 2026 59 Vacancy profile per sector by GLA (%) 10% 9,4 9% 8,4 8,0 7,9 8% 7% 6,4 6% 5,0 5% 4,8 4,2 4,2 3,9 3,8 4% 3,7 3,4 3% 2% 1% 0,7 0,4 0% Office Urban Retail Industrial Total Residential (SAPOA 13,1%) (MSCI 5,1%) (RODE 3,7%) (Commercial) Calculated by units Sep
Slide 61: Vacancy profile per sector and grade by GLA (%)
Emira Property Fund Interim Results 2026 60 Vacancy profile per sector and grade by GLA (%) 25% 19,7 20% 15% 12,2 10,4 10% 9,4 8,3 7,9 7,3 7,5 6,4 5,8 4,7 4,8 5% 4,2 4,2 3,9 3,8 0,7 0,4 0% Office P Office A Office B Urban Retail Industrial Total (SAPOA 5,8%) (SAPOA 10,8%) (SAPOA 17,0%) (MSCI 5,1%) (
Slide 62: Vacancy loss by gross rental (%)
Emira Property Fund Interim Results 2026 61 Vacancy loss by gross rental (%) 8% 7.6 7.0 7% 6.6 6% 5.7 5.0 5% 4.1 4.0 3.9 4% 3.5 3.3 3% 2% 1% 0.6 0.5 0% Office Urban Retail Industrial Total Sep 24 Mar 25 Sep 25
Slide 63: Vacancy loss per sector and grade by gross rental (%)
Emira Property Fund Interim Results 2026 62 Vacancy loss per sector and grade by gross rental (%) 20% 18.6 18% 16% 14% 12% 10% 8.0 8% 6.9 6.9 6.6 6% 5.7 5.0 4.5 3.9 4.1 4.0 4% 3.3 3.5 2% 0.5 0.6 0% Prime + Office A Office B Urban Retail Industrial Total (Commercial) Sep 24 Mar 25 Sep 25
Slide 64: Tenant retention (%)
Emira Property Fund Interim Results 2026 63 Tenant retention (%) 100% Hundreds 87 88 83 83 78 77 76 76 80% 72 60% 40% Gross rentals m² No. of leases Sep 24 Mar 25 Sep 25 FY26 expiries: 85 328m² equals 165 leases or R8,5m gross rentals per month
Slide 65: Tenant retention per sector by gross rental (%)
Emira Property Fund Interim Results 2026 64 Tenant retention per sector by gross rental (%) 100% 91 89 90% 86 87 85 87 83 80 80% 78 74 70% 65 60% 57 50% 40% 30% 20% 10% 0% Office Urban Retail Industrial Total Sep 24 Mar 25 Sep 25
Slide 66: Major renewals by gross rental and GLA: FY26
Emira Property Fund Interim Results 2026 65 10 Major renewals by gross rental and GLA: FY26 Property Sector Tenant Lease end GLA (m2) Status RTT Acsa Park Industrial RTT Group Dec 24 30 833 Renewed - 10 months South African Local Government Menlyn Corporate Park Office Association Oct 25 3 440 Renew
Slide 67: Major lease expiries by gross rental: FY26
Emira Property Fund Interim Results 2026 66 10 Major lease expiries by gross rental: FY26 Property Sector Tenant Lease end GLA (m2) Status Renewed – 3 years Menlyn Corporate Park Offices South African Local Government Oct 25 7 025 at reduced space of 3 440m² Lease with tenant for signature Denver Wa
Slide 68: Major lease expiries by GLA: FY26
Emira Property Fund Interim Results 2026 67 10 Major lease expiries by GLA: FY26 Property Sector Tenant Lease end GLA (m2) Status Denver Warehouse Industrial Foodserv Solutions Mar 26 9 752 Busy with negotiations – 3 years Renewed – 3 years Menlyn Corporate Park Offices South African Local Governmen
Slide 69: Major expiries by gross rental: FY27
Emira Property Fund Interim Results 2026 68 10 Major expiries by gross rental: FY27 Property Sector Tenant Lease end GLA (m2) Status Southern Centre Retail Pick n Pay Supermarket Nov 26 13 728 Finalising lease terms – 10 years RTT Continental Industrial RTT Group Feb 27 12 921 Expected to renew – 3
Slide 70: Major expiries by GLA: FY27
Emira Property Fund Interim Results 2026 69 10 Major expiries by GLA: FY27 Property Sector Tenant Lease end GLA (m2) Status Southern Centre Retail Pick n Pay Supermarket Nov 26 13 728 Finalising lease terms – 10 years RTT Continental Industrial RTT Group Feb 27 12 921 Expected to renew – 3 years Cam
Slide 71: Weighted reversions total by gross rentals
Emira Property Fund Interim Results 2026 70 Weighted reversions total by gross rentals Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 5 912 152,79 146,30 (4,2%) Urban Retail 10 187 224,83 226,11 0,6% Industrial 65 187 59,56 54,32 (8,8%) Total Sep 25 81 286 8
Slide 72: Weighted reversions renewals by gross rentals
Emira Property Fund Interim Results 2026 71 Weighted reversions renewals by gross rentals Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 4 160 135,38 137,12 1,3% Urban Retail 8 851 214,54 214,35 (0,1%) Industrial 46 875 55,12 53,89 (2,2%) Total Sep 25 59 886
Slide 73: Weighted reversions new leases by gross rentals
Emira Property Fund Interim Results 2026 72 Weighted reversions new leases by gross rentals Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 1 752 198,37 168,10 (15,3%) Urban Retail 1 336 303,34 304,06 0,2% Industrial 18 312 70,92 55,40 (21,9%) Total Sep 25 21
Slide 74: Weighted average lease escalations (%)
Emira Property Fund Interim Results 2026 73 Weighted average lease escalations (%)* 7% 6,6 6,6 6,6 6,6 7% 6,5 6,5 6,5 6,5 6,5 7% 6,4 6,4 6,4 6% 6,3 6,3 6% 6,2 6,2 6% 6% 6% Office Urban Retail Industrial Total *Based on occupied Fund GLA Mar 24 Sep 24 Mar 25 Sep 25
Slide 75: Weighted average lease expiry (WALE) (years)
Emira Property Fund Interim Results 2026 74 Weighted average lease expiry (WALE) (years) 4% 3,2 3,2 3,1 3,1 3% 2,9 2,8 2,8 2,7 2,7 2,6 2,6 2,6 2,5 2,5 3% 2,3 2,0 2% 2% 1% 1% 0% Office Urban Retail Industrial Total Sep 23 Sep 24 Mar 25 Sep 25
Slide 76: Lease expiry profile by gross rental (%)
Emira Property Fund Interim Results 2026 75 Lease expiry profile by gross rental (%) 50% 45% 44.1 43.7 39.5 40% 35% 30% 25.1 25% 22.9 22.2 20% 17.4 18.1 16.2 15% 12.4 9.5 9.5 10% 7.8 5.6 5.2 5% 0.0 0.2 0.6 0% Vacated Expiries rolled over Year 1 Year 2 Year 3 Year 4+ (30/09/25) (2H FY26) (FY27) (FY28
Slide 77: Lease expiry profile — Offices by gross rental (%)
Emira Property Fund Interim Results 2026 76 Lease expiry profile — Offices by gross rental (%) 55% 49,9 50% 47,2 45% 42,1 40% 35% 30% 27,6 25% 21,4 20% 18,0 18,8 17,3 16,0 15% 13,1 10,3 10% 8,2 5% 4,1 3,7 1,8 0,0 0,1 0,4 0% Vacated Expiries rolled over Year 1 Year 2 Year 3 Year 4+ (30/09/25) (2H FY2
Slide 78: Lease expiry profile — Urban Retail by gross rental (%)
Emira Property Fund Interim Results 2026 77 Lease expiry profile — Urban Retail by gross rental (%) 50% 45% 43.4 41.2 40.7 40% 35% 30% 24.7 25% 23.4 20.4 20% 19.1 16.7 13.6 14.5 15% 11.4 10.4 10% 6.0 6.8 6.5 5% 0.0 0.4 0.8 0% Vacated Expiries rolled over Year 1 Year 2 Year 3 Year 4+ (30/09/25) (2H F
Slide 79: Lease expiry profile — Industrial by gross rental (%)
Emira Property Fund Interim Results 2026 78 Lease expiry profile — Industrial by gross rental (%) 50% 46,7 45% 40% 36,1 34,5 35% 33,1 31,6 30% 27,4 25% 20% 14,6 13,8 13,7 15% 13,0 11,3 10% 6,5 5,6 6,5 5,4 5% 0,0 0,0 0,2 0% Vacated Expiries rolled over Year 1 Year 2 Year 3 Year 4+ (30/09/25) (2H FY26
Slide 80: Lease expiry profile — like-for-like comparison
Emira Property Fund Interim Results 2026 79 Lease expiry profile — like-for-like comparison 41 buildings in each FYR (%) 50% 45.5 45% 43.7 40% 35% 30% 25% 22.9 20.9 20% 18.1 15.5 15% 9.3 9.5 10% 8.5 5.2 5% 0.3 0.6 0% Vacated Expiries rolled over Year 1 Year 2 Year 3 Year 4+ (30/09/25) (2H FY26) (FY2
Slide 81: Leases concluded: Lease commencement 1 April 2025+
Emira Property Fund Interim Results 2026 80 Leases concluded: Lease commencement 1 April 2025+ New Renewal Total Number of leases 26 82 108 Offices 10 22 32 Urban Retail 9 44 54 Industrial 7 16 22 Total m² 21 400 59 871 81 271 Offices 1 752 4 160 5 912 Urban Retail 1 336 8 836 10 172 Industrial 18 3
Slide 82: Emira net rentals
Emira Property Fund Interim Results 2026 81 Emira net rentals (Excluding vacancies, parking, store-rooms, kiosks, ATMs, mezzanines) No. of Occupied Avg net rental Sector buildings GLA (m²) (R/m²) Office: P-Grade 4 59 789 164,10 Office: A-Grade 5 32 513 141,01 Office: B-Grade 1 5 133 123,63 Urban Ret
Slide 83: Tenant grading — by GLA (%)
Emira Property Fund Interim Results 2026 82 Tenant grading — by GLA (%) Total portfolio (%) Per sector (%) 80% 75 Hundreds 70% 24 60% 56 50% 47 40% 30 31 30% 23 20% 14 14 11 13 62 10% 0% A Grade Office Urban Retail Industrial B Grade C Grade A Grade B Grade C Grade Grading • “A” Large national tenan
Slide 84: Tenant grading — by gross rental (%)
Emira Property Fund Interim Results 2026 83 Tenant grading — by gross rental (%) Total portfolio (%) Per sector (%) 80% 71 Hundreds 21 70% 60% 53 53 50% 40% 34 30% 24 23 15 20% 16 13 13 64 10% 0% A Grade Office Urban Retail Industrial B Grade C Grade A Grade B Grade C Grade Grading • “A” Large natio
Slide 85: Tenant exposure by GLA (%)
Emira Property Fund Interim Results 2026 84 Tenant exposure by GLA (%) Top 10 tenants of the total portfolio (%) Tenant exposure — Top 10 tenants (%) RTT Group 11.3 Pick n Pay 7.8 37 Shoprite Checkers 3.4 The Beverage Company 2.3 Pepkor 2.3 63 King Price Insurance 2.2 Woolworths 2.1 The Foschini Gro
Slide 86: Tenant exposure by gross rental (%)
Emira Property Fund Interim Results 2026 85 Tenant exposure by gross rental (%) Top 10 tenants of the total portfolio (%) Tenant exposure — Top 10 tenants (%) Pick n Pay 5.8 RTT Group 3.8 32 Pepkor 3.7 Shoprite Checkers 3.6 King Price Insurance 3.6 The Foschini Group 2.9 68 Mr Price Group 2.6 SA Loc
Slide 87: Potential new major capex projects
Emira Property Fund Interim Results 2026 86 Potential new major capex projects Major projects being considered Type m² Value (Rm) Construction time Quagga Shopping Centre – Refurbishment and new entrance Urban Retail N/A 29,0 12 months Randridge Mall – Tenant relocations to accommodate new national
Slide 88: Top properties by value — Commercial
Emira Property Fund Interim Results 2026 87 Top 10 properties by value — Commercial Property Node Classification GLA (m2) Major Tenants Wonderpark Pretoria North Retail – Regional 91 038 Pick n Pay (12 867m²), Game (5 292m²), Checkers (4 709m²), Woolworths (4 642m²), Shopping Centre Shopping Centre
Slide 89: Environmental — Disclosure and certifications
Emira Property Fund Interim Results 2026 88 Environmental — Disclosure and certifications Environmental reporting CDP Green Buildings and framework alignment o CDP's 2025 Integrated Questionnaire aligns Net Zero Carbon Certification: with IFRS S2, ISSB, TCFD, and ESRS o Knightsbridge A Net Zero – Ca
Slide 90: Environmental — Energy
Emira Property Fund Interim Results 2026 89 Environmental — Energy 100% 88,7 79,2 81,8 80% 60% 40% 16,8 12,6 20% 8,2 10,3 0,9 1,3 0% Grid electricity Renewable electricity Diesel Sep 23 Sep 24 Sep 25 Energy consumption highlights Clean energy production • Grid and renewable electricity: Compared to
Slide 91: Environmental — water, waste and biodiversity
Emira Property Fund Interim Results 2026 90 Environmental — water, waste and biodiversity Water Waste Biodiversity o Emira continues to implement sustained o Aligned with SA National Waste Strategy 2020 o Biodiversity loss and climate change are initiatives to enhance water resilience across and SDG
Slide 92: Allocation (%) — Total
Emira Property Fund Interim Results 2026 91 Allocation (%) — Total Mar 25 Sep 25 US 16.6 16,6% 14.3 14,3% Office 13.5 13.8 Urban Retail 28.8 29.6 Industrial 7.9 8.2 62,2% 59,7% Residential 11.9 7.9 Land 0.1 0.2 DL Invest 21.2 21,2% 22.6 22,6% SA Corporate 0 0,0% 3.4 3,4%
Slide 93: Emira Property Fund Interim Results 2026
Emira Property Fund Interim Results 2026 92
Slide 94: Emira Property Fund Interim Results 2026
Emira Property Fund Interim Results 2026 93
Slide 95: Operational cost-to-income ratio (%) — Commercial
Emira Property Fund Interim Results 2026 94 Operational cost-to-income ratio (%)* Commercial Portfolio 50% 48.4% 46.9% 44.8% 45% 40% 35% 30% 25.2% 25% 23.9% 21.6% 20% 15% 10% 5% 0% Gross Net Sep 24 Mar 25 Sep 25 * Held properties only
Slide 96: Operational cost-to-income ratio (%) — Residential
Emira Property Fund Interim Results 2026 95 Operational cost-to-income ratio (%) Residential Portfolio 50% 44.4% 45% 40% 39.0% 37.3% 35.5% 35% 32.4% 30.6% 30% 25% 20% 15% 10% 5% 0% Gross Net Sep 24 Mar 25 Sep 25
Slide 97: Property expense analysis (%) — Commercial
Emira Property Fund Interim Results 2026 96 Property expense analysis (%) Commercial Portfolio Municipal charges 58 61 Security expenses 8 8 Service contracts 8 7 Maintenance and refurbishments 8 4 Property management fee 5 5 Rent and levies paid 3 4 Administration expenses 2 3 Leasing expenses 4 5
Slide 98: Property expense analysis (%) — Residential
Emira Property Fund Interim Results 2026 97 Property expense analysis (%) Residential Portfolio 46 Municipal charges 40 13 Property management fee 18 13 Maintenance and refurbishments 11 8 Rent and levies paid 7 6 Administration expenses 7 4 Security expenses 5 4 Staff-related expenses 4 0 Marketing
Slide 99: Reconciliation of cash generated from operations to distributable income
Emira Property Fund Interim Results 2026 98 Reconciliation of cash generated from operations to distributable income Six months ended R’000 30 Sep 2025 Net cash flow from operating activities (as per statement of cash flows) (216 995) Items in cash flow from operating activities, but not related to
Slide 100: Foreign income: Weighted average hedged rate per reporting period
Emira Property Fund Interim Results 2026 99 Foreign income: Weighted average hedged rate per reporting period Forward Forward Nominal rate against Nominal rate against Period (EUR’000) ZAR (USD’000) ZAR Mar 26 1 823 21,24 3 700 19,85 Sep 26 1 850 21,73 3 500 20,67 Mar 27 1 911 22,25 3 640 21,25 Sep
Slide 101: Valuation parameters — Commercial Portfolio
Emira Property Fund Interim Results 2026 100 Valuation parameters Commercial Portfolio Mar 2025 Sep 2025 Direct Property Portfolio Retail Office Industrial Total Retail Office Industrial Total Number of properties 12 10 20 42 12 10 19 41 GLA (m²) 233 999 107 966 215 003 556 968 233 999 107 936 207 7
Slide 102: Valuation parameters — Residential Portfolio
Emira Property Fund Interim Results 2026 101 Valuation parameters Residential Portfolio Mar 25 Sep 25 Valuation (Rm) 1 907 1 239 Number of properties 21 15 Number of units 3 347 2 203 Average value per property (R’000) 91 83 Average value per unit (R’000) 570 563 % of the portfolio valued externally
Slide 103: Debt mix analysis
Emira Property Fund Interim Results 2026 102 Debt mix analysis Currency ZAR USD EUR Total Income-producing assets (Rm) 10 018 2 239 3 526 15 783 Total facilities (Rm) 5 937 — 912 6 849 Reclassified as foreign debt through CCIRS (Rm) (1 701) 788 912 — Adjusted total facilities (Rm) 4 236 788 1 824 4
Slide 104: Debt funding cost (Emira)
Emira Property Fund Interim Results 2026 103 Debt funding cost (Emira) Mar 2025 Sep 2025 Average Average Fixed Average Average Fixed all-in rate fixed rate* duration all-in rate fixed rate* duration (%) (%) (Years) (%) (%) (years) ZAR 9,23 9,15 1,6 9,24 9,18 1,5 USD 5,43 5,43 1,5 5,45 5,45 1,2 EUR 4
Slide 105: Debt covenants: Emira
Emira Property Fund Interim Results 2026 104 Debt covenants: Emira Transaction LTV, Corporate LTV Amount drawn Transaction LTV including derivatives covenant Transaction ICR Corporate ICR Value of (incl. accrued security/ Amount Amount interest + properties available drawn derivatives) Prescribed Ac
Slide 106: Debt facilities by source (Rm)
Emira Property Fund Interim Results 2026 105 Debt facilities by source (Rm) 3 000 2 500 2 000 1 500 1 000 500 0 Rand Merchant Bank ABSA Nedbank Standard Bank Sanlam DMTN programme Drawn Undrawn
Slide 107: Interest rate hedging profile (Rm)
Emira Property Fund Interim Results 2026 106 Interest rate hedging profile (Rm) 1 400 1 200 1 000 800 600 400 200 0- Mar 2026 Sep 2026 Mar 2027 Sep 2027 Mar 2028 Sep 2028 82,2% 2,2 years 7,34% debt hedged weighted average duration to expiry weighted average all-in interest rate
Slide 108: Loan-to-value calculation
Emira Property Fund Interim Results 2026 107 Loan-to-value calculation Rm Net interest-bearing debt 5 624 Non-current portion 5 053 Current portion 715 Add back: Unamortised debt raising fees 12 Add: Net derivative liabilities 33 Add: BEE SPVs debt 150 Less: Cash on hand (339) Income-producing asset
Slide 109: Loan to value: look through
Emira Property Fund 108 Loan to value: look through Proportionally consolidate equity investments As reported US DL Invest SAC Adjusted Rm Rm Rm Rm Rm Net interest-bearing debt 5 624 3 814 3 814 490 13 156 Non-current portion 5 053 3 517 4 124 517 13 211 Current portion 715 715 Add back: Unamortised
Slide 110: Interest cover ratio calculation
Emira Property Fund Interim Results 2026 109 Interest cover ratio calculation R'000 Profit before finance costs 684 729 Adjustments Exclude: Allowance for future rental escalations 5 165 Amortisation of lease costs and tenant installations 11 931 Depreciation 94 Net fair value adjustments (336 007)
Slide 111: Segmental loan to value and interest cover ratios
Emira Property Fund Interim Results 2026 110 Segmental loan to value and interest cover ratios Indirect investments (equity accounted) Emira Group US Accounting treatment n/a Equity accounted Equity held (%) n/a 46,7 – 49,6 Loan-to-value ratio (%) 35,6 55,6 Loan-to-value ratio covenant (%)* 50,0 n/a
Slide 112: Cross-currency interest-rate swap and foreign debt exposure
Emira Property Fund Interim Results 2026 111 Cross-currency interest-rate swap and foreign debt exposure Weighted Weighted Foreign average average Weighted asset Nominal initial interest rate Interest average (fair value) CCIRS vs USD’000/ Nominal exchange USD/EUR rate ZAR duration USD’000/ foreign
Slide 113: Emira Property Fund Interim Results 2026
Emira Property Fund Interim Results 2026 112
Slide 114: Emira Property Fund Interim Results 2026
Emira Property Fund Interim Results 2026 113
Slide 115: US Portfolio summary
Emira Property Fund Interim Results 2026 114 US Portfolio summary (vs 31 March 2025) Properties Average value Rent reversions Average annual 8 per SF 0,4% base rental (11) USD187,19 (0,6%) USD14,82/SF (USD191,15) (USD14,26/SF) Value Vacancies (by GLA) Lease expiry profile Renewals concluded USD457,9
Slide 116: US thesis — recap
Emira Property Fund Interim Results 2026 115 US thesis — recap • First world economy • Oct 2017 start • Undervalued subsector, focusing on • USD yields >10,5% open-air power centres with grocer • Mid, South and South Eastern focus component and value offering • 5 to 10-year fixed interest only • Div
Slide 117: US geographical exposure
Emira Property Fund Interim Results 2026 116 US geographical exposure Ohio Indiana Missouri Kentucky Dallas Texas Key States with owned assets Florida Owned asset location Rainier HQ
Slide 118: Valuation parameters: US Portfolio
Emira Property Fund Interim Results 2026 117 Valuation parameters: US Portfolio Direct Property Portfolio Mar 2025 Sep 2025 Number of properties 11 8 GLA (SF) 3 524 012 2 446 130 Valuation (USDm) 673,6 457,9 Average value per property (USDm) 61,2 61,2 Valuation rate (USD/SF) 191,15 187,19 % of the p
Slide 119: US Portfolio — leasing
Emira Property Fund Interim Results 2026 118 US Portfolio — leasing Weighted Weighted Area expiry rental new lease rental Ave duration Increase/decrease No. (SF) (USD/SF P.A.) (USD/SF P.A.) (years) (%) Reversions Renewals 18 329 161 11,39 11,44 0,4 5,0 Total — Reversions 18 329 161 11,39 11,44 0,4 5
Slide 120: US Portfolio — lease expiry profile by GLA (SF) (%)
Emira Property Fund Interim Results 2026 119 US Portfolio — lease expiry profile by GLA (SF) (%) 70% 60% 54.0 50.9 50% 40% 30% 19.0 20% 15.8 12.4 11.5 12.5 13.0 10% 3.5 2.8 1.8 2.8 0.0 0.0 0% Vacancy Expiries rolled over Year 1 Year 2 Year 3 Year 4 Year 5+ (30/09/2025) (2H FY26) (FY27) (FY28) (FY29)
Slide 121: US Portfolio — lease expiry profile by rental (%)
Emira Property Fund Interim Results 2026 120 US Portfolio — lease expiry profile by rental (%) 70% 60% 56.4 54.5 50% 40% 30% 20% 18.1 18.7 16.3 11.7 11.1 9.1 10% 2.7 1.4 0.0 0.0 0.0 0.0 0% Vacancy Expiries rolled over Year 1 Year 2 Year 3 Year 4 Year 5+ (30/09/2025) (2H FY26) (FY27) (FY28) (FY29) (F
Slide 122: US tenant exposure by rental
Emira Property Fund Interim Results 2026 121 US tenant exposure by rental Top 10 tenants of the total portfolio (%) Tenant exposure — Top 10 tenants (%) TJX Companies 5.3 Burlington 4.0 33 Muvico,LLC 3.9 Ulta Beauty Inc. 3.6 Kohl's 3.3 PetSmart 3.1 67 Five Below 2.7 Hobby Lobby and Mardell 2.7 Best
Slide 123: US tenant exposure by GLA (SF)
Emira Property Fund Interim Results 2026 122 US tenant exposure by GLA (SF) Top 10 tenants of the total portfolio (%) Tenant exposure — Top 10 tenants (%) TJX Companies 8.1 Kohl's 5.8 Burlington 5.6 43 Hobby Lobby and Mardell 4.9 Lowe's Companies Inc. 4.2 57 Kroger 4.0 PetSmart 3.1 Bealls 2.6 Best B
Slide 124: Major lease expiries by rental: FY26
Emira Property Fund Interim Results 2026 123 10 Major lease expiries by rental: FY26 Property Tenant Lease end GLA (SF) Status Belden Park Crossing Kohl’s Jan 26 99 776 Renewed – 5 years Trumans Marketplace Burlington Coat Factory Feb 26 64 930 Renewed – 5 years Stony Creek Best Buy Mar 26 31 004 Ex
Slide 125: Forward-looking statements
Emira Property Fund Interim Results 2026 124 Forward-looking statements This results presentation contains certain forward-looking statements relating to the financial performance and position of the Group. All forward-looking statements are solely based on the views and considerations of the direct