Emira Property Fund Ltd. · JSE:EMI
Emira Property Fund — FY2026 Earnings Presentation
121 slides from Emira Property Fund's earnings presentation, May 2026
Slide 1: Year-end results
Emira Property Fund Year-end results
Slide 2: Overview Results Outlook Annexures
Emira Property Fund Year-end Results 2026 1 Overview Results Outlook Annexures Disposals Direct Investments SA Operations Key Metrics Indirect Investments Financials Other Investments US Offshore Corporate Poland Offshore Funding NAV
Slide 3: Emira Property Fund Year-end Results 2026
Emira Property Fund Year-end Results 2026 2
Slide 4: Overview
Emira Property Fund Year-end Results 2026 3 Overview Emira has delivered solid results Two key strategic objectives: High level drivers for the period: during a period characterised by 1. To create meaningful liquidity • DL Invest value growth domestic macroeconomic stability • R1.3bn sales in FY26
Slide 5: Emira Property Fund Year-end Results 2026
Emira Property Fund Year-end Results 2026 4
Slide 6: Key metrics
Emira Property Fund Year-end Results 2026 5 Key metrics Distributable Vacancies (SA Directly Held) LTV income per share Commercial 4,1% by GLA (6,4%) 30,2% (36,3%) 129,53c Residential (Held portfolio) ICR (124,89c) 2,1% by units (2,8%) 2,8x (2,5x) +3,7% Tenant retention Commercial Dividend per share
Slide 7: Emira Property Fund Year-end Results 2026
Emira Property Fund Year-end Results 2026 6
Slide 8: Summary distribution statement
Emira Property Fund Year-end Results 2026 7 Summary distribution statement R’000 Mar 25 Mar 26 Variance % Direct Commercial Portfolio 753 386 654 243 (13,2) Residential Portfolio 165 239 106 863 (35,3) Indirect SA Corporate — 43 777 100,0 US 226 189 156 511 (30,8) DL Invest (Poland) 48 028 150 605 1
Slide 9: Emira Property Fund Year-end Results 2026
Emira Property Fund Year-end Results 2026 8
Slide 10: Distribution statement
Emira Property Fund Year-end Results 2026 9 Distribution statement Mar 2025 Mar 2026 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 753 386 654 243 (13,2) Residential Portfolio 165 239 106 863 (35,3) Indirect Portfolio SA Corporate — 43 777 100 US 226 189 15
Slide 11: Key portfolio metrics at March 2026
Emira Property Fund Year-end Results 2026 10 Key portfolio metrics at 31 March 2026 vs 31 March 2025 Operating environment Improved outlook came under Properties for the period under review pressure towards the end of Improving market fundamentals the period • Escalating global conflict 35 (42) and
Slide 12: Key portfolio metrics at 31 March 2026
Emira Property Fund Year-end Results 2026 11 Key portfolio metrics at 31 March 2026 vs 31 March 2025 Vacancies Office sector Urban Retail 4,1% (6,4%) • Continuous adjustment and ongoing recovery after extended period of disruption, steady enquiry and • Fundamentals improving, with increased trading
Slide 13: Key portfolio metrics at March 2026 (tenant retention, WALE)
Emira Property Fund Year-end Results 2026 12 Key portfolio metrics at 31 March 2026 vs 31 March 2025 Tenant retention Rental trends strengthening WALE • Incremental improvement in rent reversions 85,7% GLA (77,1%) • Steady underlying rental growth 3,0 years (2,8) Pressure on rental growth 81,6% by G
Slide 14: Key portfolio metrics — Environmental initiatives
Emira Property Fund Year-end Results 2026 13 Key portfolio metrics — Environmental initiatives at 31 March 2026 Energy • 6 new solar PV projects (5 new farms) installed with a combined capacity of 886kWp (kilowatts peak). Water • 49Kℓ groundwater harvesting project completed at Wonderpark Shopping C
Slide 15: Balance sheet
Emira Property Fund Year-end Results 2026 14 Balance sheet R’m Mar 25 Mar 26 % Ch Direct Portfolio 10 034 8 937 (10,9) Commercial Portfolio 8 127 7 817 (3,8) Residential Portfolio 1 907 1 120 (41,3) Indirect Portfolio SA Corporate — 624 100,0 US 2 664 1 324 (50,3) DL Invest Group 3 395 3 468 2,2 Loa
Slide 16: Valuation summary: Commercial Portfolio — like-for-like comparison
Emira Property Fund Year-end Results 2026 15 Valuation summary: Commercial Portfolio — like-for-like comparison† Mar 25 Mar 26 Valuation (Rm)^ 7 972 6 873 Number of properties 41 28 % of the portfolio valued externally 100 100 Valuation rate (R/m²) Urban Retail 19 442 20 581 Office 20 237 19 915 Ind
Slide 17: Emira Property Fund Year-end Results 2026
Emira Property Fund Year-end Results 2026 16
Slide 18: Distribution statement
Emira Property Fund Year-end Results 2026 17 Distribution statement Mar 2025 Mar 2026 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 753 386 654 243 (13,2) Residential Portfolio 165 238 106 863 (35,3) Indirect Portfolio SA Corporate — 43 777 100,0 US 226 189
Slide 19: Key portfolio metrics: Residential
Emira Property Fund Year-end Results 2026 18 Key portfolio metrics at 31 March 2026 vs 31 March 2025 Residential Operating environment Properties Vacancies: Held portfolio (by units) for the period under review • Good rental demand, supported 13 (21) 2,1% (2,8%) by affordability constraints in the o
Slide 20: Balance sheet
Emira Property Fund Year-end Results 2026 19 Balance sheet R’m Mar 25 Mar 26 % Ch Direct Portfolio 10 034 8 937 (10,9) Commercial Portfolio 8 127 7 817 (3,8) Residential Portfolio 1 907 1 120 (41,3) Indirect Portfolio SA Corporate — 624 100,0 US 2 664 1 324 (50,3) DL Invest Group 3 395 3 468 2,2 Loa
Slide 21: Emira Property Fund Year-end Results 2026
Emira Property Fund Year-end Results 2026 20
Slide 22: Distribution statement
Emira Property Fund Year-end Results 2026 21 Distribution statement Mar 2025 Mar 2026 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 753 386 654 243 (13,2) Residential Portfolio 165 239 106 863 (35,3) Indirect Portfolio SA Corporate — 43 777 100,0 US 226 189
Slide 23: Balance sheet
Emira Property Fund Year-end Results 2026 22 Balance sheet R’m Mar 25 Mar 26 % Ch Direct Portfolio 10 034 8 937 (10,9) Commercial Portfolio 8 127 7 817 (3,8) Residential Portfolio 1 907 1 120 (41,3) Indirect Portfolio SA Corporate — 624 100,0 US 2 664 1 324 (50,3) DL Invest Group 3 395 3 468 2,1 Loa
Slide 24: Distribution statement
Emira Property Fund Year-end Results 2026 23 Distribution statement Mar 2025 Mar 2026 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 753 386 654 243 (13,2) Residential Portfolio 165 239 106 863 (35,3) Indirect Portfolio SA Corporate — 43 777 100,0 US 226 189
Slide 25: Key portfolio metrics: United States
Emira Property Fund Year-end Results 2026 24 Key portfolio metrics at 31 March 2026 vs 31 March 2025 United States US consumer trends Value Tenant retention by gross rental • Growing affordability concerns as 97,8% (314 029 SF – 16 leases) (88,2%) inflation rises • Consumer spending remains stable,
Slide 26: Balance sheet
Emira Property Fund Year-end Results 2026 25 Balance sheet R’m Mar 25 Mar 26 % Ch Direct Portfolio 10 034 8 937 (10,9) Commercial Portfolio 8 127 7 817 (3,8) Residential Portfolio 1 907 1 120 (41,3) Indirect Portfolio SA Corporate — 624 100,0 US 2 664 1 324 (50,3) DL Invest Group 3 395 3 468 2,2 Loa
Slide 27: Distribution statement
Emira Property Fund Year-end Results 2026 26 Distribution statement Mar 2025 Mar 2026 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 753 386 654 243 (13,2) Residential Portfolio 165 239 106 863 (35,3) Indirect Portfolio SA Corporate — 43 777 100,0 US 226 189
Slide 28: Balance sheet
Emira Property Fund Year-end Results 2026 27 Balance sheet R’m Mar 25 Mar 26 % Ch Direct Portfolio 10 034 8 937 (10,9) Commercial Portfolio 8 127 7 817 (3,8) Residential Portfolio 1 907 1 120 (41,3) Indirect Portfolio SA Corporate — 624 100,0 US 2 664 1 324 (50,3) DL Invest Group 3 395 3 468 2,2 Loa
Slide 29: Key portfolio metrics: DL Invest — Poland
Emira Property Fund Year-end Results 2026 28 Key portfolio metrics at 31 March 2026 vs 31 March 2025 DL Invest — Poland • Inflationary pressures increased Value* (42 properties) Vacancies • Driven largely by higher fuel and energy 3,2% (3,1%) costs, partly linked to broader global dynamics and geopo
Slide 30: DL Invest update
Emira Property Fund Year-end Results 2026 29 DL Invest update Continued focus on logistics led growth and data centre strategy - Execution on 3 acquisitions in Warsaw, Lodz and Bochnia - Developments completed at Psary and Bielsko Biała - Development underway at 7 sites across Poland - Growing data
Slide 31: Emira Property Fund Year-end Results 2026
Emira Property Fund Year-end Results 2026 30
Slide 32: Distribution statement
Emira Property Fund Year-end Results 2026 31 Distribution statement Mar 2025 Mar 2026 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 753 386 654 243 (13,2) Residential Portfolio 165 239 106 863 (35,3) Indirect Portfolio SA Corporate — 43 777 100,0 US 226 189
Slide 33: Balance sheet
Emira Property Fund Year-end Results 2026 32 Balance sheet R’m Mar 25 Mar 26 % Ch Direct Portfolio 10 034 8 937 (10,9) Commercial Portfolio 8 127 7 817 (3,8) Residential Portfolio 1 907 1 120 (41,3) Indirect Portfolio SA Corporate — 624 100,0 US 2 664 1 324 (50,3) DL Invest Group 3 395 3 468 2,2 Loa
Slide 34: Debt expiry profile (Rm)
Emira Property Fund Year-end Results 2026 33 Debt expiry profile (Rm) 2 500 2 000 1 500 1 000 500 0- Sep 2026 Mar 2027 Sep 2027 Mar 2028 Sep 2028 Mar 2029 Sep 2029 Mar 2030 Sep 2030 Mar 2031 Drawn Undrawn FY26 FY27 Liquidity • Refinances/new loans: R3,9bn • Maturing in FY27: R530m • Undrawn debt: R1
Slide 35: Emira Property Fund Year-end Results 2026
Emira Property Fund Year-end Results 2026 34
Slide 36: 1,3% increase in NAV per share
Emira Property Fund Year-end Results 2026 35 Net asset value per share (cents) 2 190 9.5 20.5 2 170 78 27.6 2 150 30 55.0 2 130 2 110 (56.5) (14.6) 2 094,9 2 090 (7.5) 2 070 2,067.3 (6.4) 64,6 2 050 2 030 62,4 2 010 2 030,3 1 990 2 004,9 1 970 1 950 Mar 25 DL Invest Share SA Corporate Investment FX
Slide 37: Emira Property Fund Year-end Results 2026
Emira Property Fund Year-end Results 2026 36
Slide 38: Outlook
Emira Property Fund Year-end Results 2026 37 Outlook Reflecting on 2026 Outlook for FY27 Octodec • Successful steps taken to Material post-balance sheet event Management strategic direction delivering sustained growth and remains to deploy recycled capital where Emira secured 23.6% of the long-term
Slide 39: Emira Property Fund Year-end Results 2026
Emira Property Fund Year-end Results 2026 38
Slide 40: Emira Property Fund Year-end Results 2026
Emira Property Fund Year-end Results 2026 39
Slide 41: Number of properties
Emira Property Fund Year-end Results 2026 40 Number of properties 120 97 94 100 91 90 80 79 84 77 74 80 63 60 56 48 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 Mar 26 Number of properties per sector 25 21 20 20 16 15 12 13 10 9 10 10 5 0 Office* Urban Retail*
Slide 42: Sectoral spread of properties by GLA and value
Emira Property Fund Year-end Results 2026 41 Sectoral spread of properties by GLA and value GLA split per sector (%) Mar 2025 – 731 505m² GLA split per sector (%) Mar 2026 – 618 778m² Urban Retail 32 Urban Retail 36 Office 15 Office 17 Industrial 29 Industrial 30 Residential 24 Residential 17 Value
Slide 43: Geographical spread of buildings by number
Emira Property Fund Year-end Results 2026 42 Geographical spread of buildings by number 50 45 40 40 35 32 30 25 20 15 12 10 9 5 4 5 3 2 1 1 1 1 0 Johannesburg Pretoria Western Cape KwaZulu-Natal Bloemfontein Mpumalanga Mar 25 Mar 26
Slide 44: Geographical spread by value and GLA (%)
Emira Property Fund Year-end Results 2026 43 Geographical spread by value and GLA (%) Geographical spread by value (%) Mar 2025 Geographical spread by value (%) Mar 2026 Johannesburg 44 Johannesburg 40 Pretoria 44 Pretoria 48 Western Cape 4 Western Cape 4 KwaZulu-Natal 4 KwaZulu-Natal 3 Bloemfontein
Slide 45: Vacancy profile per sector by GLA (%)
Emira Property Fund Year-end Results 2026 44 Vacancy profile per sector by GLA (%) 12% 10,9 9,9 10% 8,4 8,0 7,9 8% 6,4 6% 4,8 4,5 4,2 4,2 4,1 4,1 3,9 3,8 4% 3,4 3,4 3,5 2% 0,7 0,7 0,4 0% Office Urban Retail Industrial Total Residential (SAPOA 12,6%) (SAPOA 4,5%) (RODE 4,0%) (Commercial) Calculated b
Slide 46: Disposals: SA Commercial
Emira Property Fund Year-end Results 2026 45 Disposals: SA Commercial FY26 disposals 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 May 2025 Bosk
Slide 47: Disposals: SA Residential
Emira Property Fund Year-end Results 2026 46 Disposals: SA Residential FY26 disposals Book Gross sale value price Transfer Property name Province Total units R R date Transferred 67 on 7th Gauteng 26 15 155 263 17 751 000 Birchwood Village Gauteng 33 35 589 231 31 405 700 Jackalberry Close Gauteng 5
Slide 48: Emira Property Fund Year-end Results 2026
Emira Property Fund Year-end Results 2026 47
Slide 49: Number of properties
Emira Property Fund Year-end Results 2026 48 Number of properties 90 79 78 76 80 73 73 71 70 69 70 63 60 50 42 41 40 35 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 Mar 26 Number of properties per sector 25 20 20 16 15 12 10 9 10 10 5 0 Office* Urban Retail
Slide 50: Sectoral spread of properties by GLA and value (%)
Emira Property Fund Year-end Results 2026 49 Sectoral spread of properties by GLA and value (%) GLA split per sector (%) Mar 2025 – 556 968m² GLA split per sector (%) Mar 2065 – 515 944m² Urban Retail 42 Urban Retail 44 Office 19 Office 21 Industrial 39 Industrial 35 Value split per sector (%) Mar 2
Slide 51: Geographical spread of buildings by number
Emira Property Fund Year-end Results 2026 50 Geographical spread of buildings by number 40 35 30 25 24 21 20 15 10 10 8 5 4 2 2 2 1 1 1 1 0 Johannesburg Pretoria Western Cape KwaZulu-Natal Bloemfontein Mpumalanga Mar 25 Mar 26
Slide 52: Geographical spread by value and GLA (%)
Emira Property Fund Year-end Results 2026 51 Geographical spread by value and GLA (%) Geographical spread by value (%) Mar 2025 Geographical spread by value (%) Mar 2026 Johannesburg 34 Johannesburg 32 Pretoria 53 Pretoria 55 Western Cape 3 Western Cape 3 KwaZulu-Natal 5 KwaZulu-Natal 4 Bloemfontein
Slide 53: Average value of properties per m² and property
Emira Property Fund Year-end Results 2026 52 Average value of properties per m² and property Average value per m² 25 000 (1,3%) 2,5% 20 000 3,8% 15 000 20 090 19 829 19 442 19 920 (0,5%) 15 008 10 000 14 459 5 000 6 209 6 179 0 Office Urban Retail Industrial Total Mar 25 Mar 26 Average value per pro
Slide 54: Office sector exposure of properties — quality improvement
Emira Property Fund Year-end Results 2026 53 Office sector exposure of properties — quality improvement Number of properties Average value per property (Rm) 2011 (Jun) 73 2011 (Jun) 52 2026 (Mar) 235 2026 (Mar) 9 Grade of Office Portfolio by value (%) Jun 2011 Grade of Office Portfolio by value (%)
Slide 55: Vacancy profile per sector and grade by GLA (%)
Emira Property Fund Year-end Results 2026 54 Vacancy profile per sector and grade by GLA (%) 25% 19,9 20% 15% 12,2 11,6 11,4 10,4 10% 8,7 8,6 8,3 7,9 7,3 6,4 5,8 4,7 4,8 5% 3,9 4,2 4,2 4,1 3,8 4,1 0,7 0,4 0,7 0,0 0% Office P Office A Office B Urban Retail Industrial Total (SAPOA 5,1%) (SAPOA 10,1%)
Slide 56: Vacancy loss by gross rental (%)
Emira Property Fund Year-end Results 2026 55 Vacancy loss by gross rental (%) 10% 9,5 9,1 9% 8% 7,0 7% 6,6 6% 5,7 5,0 5% 4,6 4,1 4,0 3,9 4% 3,5 3,2 3% 2,6 2% 1% 0,5 0,6 0,6 0% Office Urban Retail Industrial Total Mar 24 Mar 25 Sep 25 Mar 26
Slide 57: Vacancy loss per sector and grade by gross rental (%)
Emira Property Fund Year-end Results 2026 56 Vacancy loss per sector and grade by gross rental (%) 20% 18,6 18% 16% 14% 12% 9,8 10% 8,5 8,0 8% 6,9 6,6 6% 5,7 5,0 4,5 4,6 3,9 4,1 4,0 4% 3,5 3,2 2,6 2% 0,5 0,6 0,6 0,0 0% Prime + Office A Office B Urban Retail Industrial Total (Commercial) Mar 24 Mar 2
Slide 58: Tenant retention (%)
Emira Property Fund Year-end Results 2026 57 Tenant retention (%) 100% 87 88 86 81 82 81 78 77 79 77 80% 76 72 60% 40% Gross rentals m² No. of leases Mar 24 Mar 25 Sep 25 Mar 26 FY26 expiries: 121 811m² equals 297 leases or R14,5m gross rentals per month
Slide 59: Tenant retention per sector by gross rental (%)
Emira Property Fund Year-end Results 2026 58 Tenant retention per sector by gross rental (%) 100% 93 89 89 90% 86 87 85 85 87 82 81 82 80% 78 74 71 70% 60 60% 57 50% 40% 30% 20% 10% 0% Office Urban Retail Industrial Total Mar 24 Mar 25 Sep 25 Mar 26
Slide 60: Biggest renewals by gross rental and GLA: FY26
Emira Property Fund Year-end Results 2026 59 10 Biggest renewals by gross rental and GLA: FY26 Property Sector Tenant Lease end GLA (m2) Status RTT Acsa Park Industrial RTT Group Dec 29 30 833 Renewed – 10 months South African Local Government Renewed – 3 years Menlyn Corporate Park Office Oct 25 3
Slide 61: Biggest lease expiries by gross rental: FY26
Emira Property Fund Year-end Results 2026 60 10 Biggest 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 Denver Warehouse Industrial FoodServ S
Slide 62: Biggest lease expiries by GLA: FY26
Emira Property Fund Year-end Results 2026 61 10 Biggest lease expiries by GLA: FY26 Property Sector Tenant Lease end GLA (m2) Status Denver Warehouse Industrial FoodServ Solutions Mar 26 9 752 Renewed – 5 years Renewed – 3 years Menlyn Corporate Park Offices South African Local Government Oct 25 7 0
Slide 63: Biggest expiries by gross rental: FY27
Emira Property Fund Year-end Results 2026 62 10 Biggest expiries by gross rental: FY27 Property Sector Tenant Lease end GLA (m2) Status Lease with tenant for signature RTT Continental Industrial RTT Group Feb 27 12 921 – 1 year Cambridge Park Industrial ITEC South Africa Dec 26 7 132 Busy with negot
Slide 64: Biggest expiries by GLA: FY27
Emira Property Fund Year-end Results 2026 63 10 Biggest expiries by GLA: FY27 Property Sector Tenant Lease end GLA (m2) Status Lease with tenant for signature RTT Continental Industrial RTT Group Feb 27 12 921 – 1 year Cambridge Park Industrial ITEC South Africa Dec 26 7 132 Busy with negotiations –
Slide 65: Weighted reversions total by gross rentals
Emira Property Fund Year-end Results 2026 64 Weighted reversions total by gross rentals Weighted Weighted new Increase/ Sector Area expiry rental lease rental decrease % Office 14 070 152,97 152,05 (0,6) Urban Retail 28 694 189,51 184,01 (2,9) Industrial 79 002 57,02 53,24 (6,6) Total Mar 26 121 766
Slide 66: Weighted reversions renewals by gross rentals
Emira Property Fund Year-end Results 2026 65 Weighted reversions renewals by gross rentals Weighted Weighted new Increase/ Sector Area expiry rental lease rental decrease % Office 8 242 151,79 148,42 (2,2) Urban Retail 23 022 188,52 179,90 (4,6) Industrial 57 766 53,27 52,75 (1,0) Total Mar 26 89 03
Slide 67: Weighted reversions new leases by gross rentals
Emira Property Fund Year-end Results 2026 66 Weighted reversions new leases by gross rentals Weighted Weighted new Increase/ Sector Area expiry rental lease rental decrease % Office 5 828 154,65 157,19 1,6 Urban Retail 5 672 193,52 200,71 3,7 Industrial 21 236 67,33 54,54 (19,0) Total Mar 26 32 736
Slide 68: Weighted average lease escalations (%)
Emira Property Fund Year-end Results 2026 67 Weighted average lease escalations (%)* 7% 6,6 6,6 6,6 7% 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 6,2 6,2 6% 6% 6% Office Urban Retail Industrial Total *Based on occupied Fund GLA Mar 24 Mar 25 Sep 25 Mar 26
Slide 69: Weighted average lease expiry (WALE) (years)
Emira Property Fund Year-end Results 2026 68 Weighted average lease expiry (WALE) (years) 5% 4% 3,9 4% 3,2 3,1 3,1 3,0 3% 2,8 2,7 2,6 2,6 2,6 2,7 2,7 2,5 2,4 3% 2,3 2,1 2% 2% 1% 1% 0% Office Urban Retail Industrial Total Mar 24 Mar 25 Sep 25 Mar 26
Slide 70: Lease expiry profile by gross rental (%)
Emira Property Fund Year-end Results 2026 69 Lease expiry profile by gross rental (%) 40% 36,4 35,5 35% 33,8 30% 26,3 25% 22,0 20,4 21,0 20% 17,5 17,7 17,6 14,6 14,2 15% 9,8 10% 7,5 5,3 5% 0,2 0,1 0,1 0% Vacated Expiries rolled over Year 1 Year 2 Year 3 Year 4+ (31/03/26) (FY27) (FY28) (FY29) (FY30+
Slide 71: Lease expiry profile — Offices by gross rental (%)
Emira Property Fund Year-end Results 2026 70 Lease expiry profile — Offices by gross rental (%) 50% 45,9 45% 41,6 40% 35% 33,1 30% 28,6 25% 19,4 19,6 20% 17,6 17,6 18,3 17,3 16,6 15,2 15% 10% 5% 2,8 2,5 3,3 0,3 0,2 0,1 0% Vacated Expiries rolled over Year 1 Year 2 Year 3 Year 4+ (31/03/26) (FY27) (F
Slide 72: Lease expiry profile — Urban Retail by gross rental (%)
Emira Property Fund Year-end Results 2026 71 Lease expiry profile — Urban Retail by gross rental (%) 45% 40% 38,3 35% 33,3 32,4 30% 24,6 25% 22,4 19,9 20% 18,8 16,6 17,3 15,5 15,6 14,8 15% 14,1 10,7 10% 5,7 5% 0,0 0,0 0,0 0% Vacated Expiries rolled over Year 1 Year 2 Year 3 Year 4+ (31/03/26) (FY27)
Slide 73: Lease expiry profile — Industrial by gross rental (%)
Emira Property Fund Year-end Results 2026 72 Lease expiry profile — Industrial by gross rental (%) 45% 39,6 40% 37,5 35,2 35% 30,3 30,3 30% 24,4 25% 20,1 20% 19,0 15% 14,0 10,4 10,9 10,7 10% 7,2 6,2 5% 3,7 0,4 0,0 0,1 0% Vacated Expiries rolled over Year 1 Year 2 Year 3 Year 4+ (31/03/26) (FY27) (FY
Slide 74: Leases concluded: Lease commencement April 2025+
Emira Property Fund Year-end Results 2026 73 Leases concluded: Lease commencement 1 April 2025+ New Renewal Total Number of leases 70 152 222 Offices 27 40 67 Urban Retail 33 96 129 Industrial 10 16 26 Total m² 32 736 89 030 121 766 Offices 5 828 8 242 14 070 Urban Retail 5 672 23 022 28 694 Industr
Slide 75: Emira net rentals
Emira Property Fund Year-end Results 2026 74 Emira net rentals (Excluding vacancies, parking, storerooms, kiosks, ATMs, mezzanines) No. of Occupied Avg net rental Sector buildings GLA (m²) (R/m²) Office: P-Grade 4 55 965 164,74 Office: A-Grade 4 31 702 140,39 Office: B-Grade 1 5 279 123,99 Urban Ret
Slide 76: Tenant grading — by GLA (%)
Emira Property Fund Year-end Results 2026 75 Tenant grading — by GLA (%) Total portfolio (%) Per sector (%) 80% 75 19 69 70% 60% 50% 48 40% 31 13 30% 21 23 20% 13 12 10% 8 68 0% A Grade Office Urban Retail Industrial B Grade C Grade A Grade B Grade C Grade Grading • “A” Large national tenants, large
Slide 77: Tenant grading — by gross rental (%)
Emira Property Fund Year-end Results 2026 76 Tenant grading — by gross rental (%) Total portfolio (%) Per sector (%) 80% 71 70 18 70% 60% 57 50% 40% 15 30% 25 18 20 20% 16 13 10 10% 67 0% A Grade Office Urban Retail Industrial B Grade C Grade A Grade B Grade C Grade Grading • “A” Large national tena
Slide 78: Tenant exposure by GLA (%)
Emira Property Fund Year-end Results 2026 77 Tenant exposure by GLA (%) Top 10 tenants of the total portfolio (%) Tenant exposure — Top 10 tenants (%) RTT Group 12,1 Pick n Pay 8,2 39 Shoprite Checkers 3,7 Pepkor 2,6 The Beverage Company 2,5 61 King Price Insurance 2,3 The Foschini Group 2,1 FoodSer
Slide 79: Tenant exposure by gross rental (%)
Emira Property Fund Year-end Results 2026 78 Tenant exposure by gross rental (%) Top 10 tenants of the total portfolio (%) Tenant exposure — Top 10 tenants (%) Pick n Pay 6,0 RTT Group 5,3 34 Pepkor 4,2 King Price Insurance 3,8 Shoprite Checkers 3,7 The Foschini Group 3,2 66 Mr Price Group 2,7 Assup
Slide 80: Potential new major capex project
Emira Property Fund Year-end Results 2026 79 Potential new major capex project Major projects being considered Type m² Value (Rm) Construction time Wonderpark Shopping Centre – PV Phase 4 Urban Retail N/A 17,0 12 months
Slide 81: Top properties by value — Commercial
Emira Property Fund Year-end Results 2026 80 Top 10 properties by value — Commercial Property Node Classification GLA (m2) Major Tenants by GLA (>500m²) where applicable Wonderpark Pretoria North Retail – Regional 91 038 Pick n Pay (12 867m²), Game (5 292m²), Checkers (4 709m²), Woolworths (4 642m²)
Slide 82: Environmental — Disclosure and certifications
Emira Property Fund Year-end Results 2026 81 Environmental — Disclosure and certifications Environmental reporting CDP Green Buildings and framework alignment • CDP's 2025 Integrated Questionnaire aligns Net Zero Carbon Certification: with IFRS S2, ISSB, TCFD and ESRS • Knightsbridge A Net Zero – Ca
Slide 83: Environmental — Energy
Emira Property Fund Year-end Results 2026 82 Environmental — Energy 100% 84,7 84,4 80% 72,1 60% 40% 20% 13,7 14,5 14,6 14,3 0,8 1,0 0% Grid electricity Renewable electricity Diesel Mar 24 Mar 25 Mar 26 Energy consumption highlights Clean energy production • Grid and renewable electricity: Compared t
Slide 84: Environmental — water, waste and biodiversity
Emira Property Fund Year-end Results 2026 83 Environmental — water, waste and biodiversity Water Waste Biodiversity • Emira continues to implement sustained • Aligned with SA National Waste Strategy 2020 • Biodiversity loss and climate change are initiatives to enhance water resilience across and SD
Slide 85: Allocation (%)
Emira Property Fund Year-end Results 2026 84 Allocation (%) Mar 25 Sep 25 US 16,6 16,6% 9,3 9,3% Office 13,5 14,7 Urban Retail 28,8 31,4 Industrial 7,9 7,9 62,2% 62,0% Residential 11,9 7,8 Land 0,1 0,2 DL Invest 21,2 21,2% 24,3 24,3% SA Corporate 0 0,0% 4,4 4,4%
Slide 86: Emira Property Fund Year-end Results 2026
Emira Property Fund Year-end Results 2026 85
Slide 87: Number of properties
Emira Property Fund Year-end Results 2026 86 Number of properties 30 25 24 23 21 21 21 21 20 15 15 13 10 5 1 0 June 22 Dec 22 Mar 23 Sep 23 Mar 24 Sep 24 Mar 25 Sep 25 Mar 26* * Disposals: The Bolton, Urban Ridge West, Urban Ridge South, Molware, Kensington, Parklands (Riverside and Southwark), Trad
Slide 88: Geographical spread of buildings by number
Emira Property Fund Year-end Results 2026 87 Geographical spread of buildings by number 20 18 16 16 14 12 11 10 8 6 4 3 2 2 1 1 0 Johannesburg Pretoria Western Cape Mar 25 Mar 26
Slide 89: Geographical spread of properties by value and unit (%)
Emira Property Fund Year-end Results 2026 88 Geographical spread of properties by value and unit (%) Geographical spread by unit (%) Mar 2025 – 3 347 units Geographical spread by unit (%) Mar 2026 – 1 970 units Johannesburg 88 Johannesburg 95 Pretoria 8 Pretoria 0,2 Western Cape 4 Western Cape 4,8 G
Slide 90: Average value of properties per unit
Emira Property Fund Year-end Results 2026 89 Average value of properties per unit 600 000 595 516 595 000 590 000 585 000 580 000 575 000 569 741 568 676 570 000 565 000 560 000 555 000 550 000 Residential Mar 24 Mar 25 Mar 26
Slide 91: Emira Property Fund Year-end Results 2026
Emira Property Fund Year-end Results 2026 90
Slide 92: Period-on-period like-for-like growth: Commercial Portfolio (%)
Emira Property Fund Year-end Results 2025 91 Period-on-period like-for-like growth: Commercial Portfolio (%) 5% 4% 3,0% 3% 2% 1,7% 1,8% 1,2% 0,9% 1% 0% -1% -2% -3% -2,8% -4% -5% Revenue (rental income) Property expenses net of recoveries Net property income Mar 25 Mar 26
Slide 93: Operational cost-to-income ratio (%): Commercial
Emira Property Fund Year-end Results 2026 92 Operational cost-to-income ratio (%)*^ Commercial Portfolio 50% 48,3% 46,5% 46,9% 45% 40% 35% 30% 27,7% 25% 23,9% 24,0% 20% 15% 10% 5% 0% Gross Net Mar 24 Mar 25 Mar 26 * Held properties only ^ Excludes Fund administrative expenses per IFRS income stateme
Slide 94: Operational cost-to-income ratio (%): Residential
Emira Property Fund Year-end Results 2026 93 Operational cost-to-income ratio (%) *^ Residential Portfolio 50% 45,7% 45% 43,5% 40% 39,0% 36,9% 35% 33,1% 32,4% 30% 25% 20% 15% 10% 5% 0% Gross Net Mar 24 Mar 25 Mar 26 * Held properties only ^ Excludes Fund administrative expenses per IFRS income state
Slide 95: Property expense analysis (%): Commercial
Emira Property Fund Year-end Results 2026 94 Property expense analysis (%) Commercial Portfolio Municipal charges 59 58 Security expenses 7 8 Service contracts 8 7 Maintenance and refurbishments 6 7 Property management fee 5 5 Rent and levies paid 3 4 Administration expenses 3 4 Leasing expenses 5 4
Slide 96: Property expense analysis (%): Residential
Emira Property Fund Year-end Results 2026 95 Property expense analysis (%) Residential Portfolio 53 Municipal charges 43 13 Property management fee 13 14 Maintenance and refurbishments 12 Rent and levies paid 7 6 Administration expenses 8 6 Security expenses 5 7 Staff-related expenses 4 1 Marketing
Slide 97: Reconciliation of cash generated from operations to distributable income
Emira Property Fund Year-end Results 2026 96 Reconciliation of cash generated from operations to distributable income Year ended R’000 31 Mar 2026 Net cash flow from operating activities (as per statement of cash flows) (461 610) Items in cash flow from operating activities, but not related to distr
Slide 98: Foreign income: Weighted average hedged rate per reporting period
Emira Property Fund Year-end Results 2026 97 Foreign income: Weighted average hedged rate per reporting period Forward Forward Nominal rate against Nominal rate against Period (EUR’000) ZAR (USD’000) ZAR Sep 26 1 850 21,73 6 435 18,23 Mar 27 1 911 22,25 5 040 20,09 Sep 27 1 939 22,81 19 150 17,49 Ma
Slide 99: Valuation parameters: Commercial Portfolio
Emira Property Fund Year-end Results 2026 98 Valuation parameters Commercial Portfolio Mar 2025 Mar 2026 Direct Property Portfolio Retail Office Industrial Total Retail Office Industrial Total Number of properties 12 10 20 42 10 9 16 35 GLA (m²) 233 999 107 966 215 003 556 968 203 311 105 624 183 71
Slide 100: Valuation parameters: Residential Portfolio
Emira Property Fund Year-end Results 2026 99 Valuation parameters Residential Portfolio Mar 25 Mar 26 Valuation (Rm) 1 907 1 120 Number of properties 21 13 Number of units 3 347 1 970 Average value per property (R’000) 91 86 Average value per unit (R’000) 570 569 % of the portfolio valued externally
Slide 101: Debt mix analysis
Emira Property Fund Year-end Results 2026 100 Debt mix analysis Currency ZAR USD EUR Total Income-producing assets (Rm) 9 658 1 324 3 468 14 450 Total facilities (Rm) 6 837 — 883 7 720 Reclassified as foreign debt through CCIRS (Rm) (1 047) 164 883 — Adjusted total facilities (Rm) 5 790 164 1 765 7
Slide 102: Debt funding cost (Emira)
Emira Property Fund Year-end Results 2026 101 Debt funding cost (Emira) Mar 2025 Mar 2026 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 8,94 8,91 1,8 USD 5,43 5,43 1,5 5,95 5,95 0,8 EUR
Slide 103: Debt facilities by source (Rm)
Emira Property Fund Year-end Results 2026 102 Debt facilities by source (Rm) 3 500 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 104: Interest rate hedging profile (Rm)
Emira Property Fund Year-end Results 2026 103 Interest rate hedging profile (Rm) 1 200 1 000 800 600 400 200 0- Sep 2026 Mar 2027 Sep 2027 Mar 2028 Sep 2028 Mar 2029 88,3% 2,2 years 7,57% Interest rate weighted average duration to expiry weighted average all-in interest rate exposure hedged
Slide 105: Group Loan-to-value calculation
Emira Property Fund Year-end Results 2026 104 Group Loan-to-value calculation Rm Net interest-bearing debt 4 365 Non-current portion 5 281 Current portion 549 Add back: Unamortised debt raising fees 22 Less: Net derivative assets (105) Add: BEE SPVs debt 150 Add: Inani guarantee liability 39 Less: C
Slide 106: Group Loan to value: look through
Emira Property Fund Year-end Results 2026 105 Group 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 4 365 1 850 5 107 606 12 075 Non-current portion 5 281 1 982 5 905 619 13 928 Current portion 5
Slide 107: Group Interest cover ratio calculation
Emira Property Fund Year-end Results 2026 106 Group Interest cover ratio calculation R'000 Profit before finance costs 1 125 555 Adjustments Exclude: Allowance for future rental escalations (317) Amortisation of lease costs and tenant installations 29 891 Future capital growth incentive provision 33
Slide 108: Segmental loan to value and interest cover ratios
Emira Property Fund Year-end Results 2026 107 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 (%) 30,2 58,2 Loan-to-value ratio covenant (%)* 50,0 n/
Slide 109: Cross-currency interest-rate swap and foreign debt exposure
Emira Property Fund Year-end Results 2026 108 Cross-currency interest-rate swap and foreign debt exposure Weighted Weighted Foreign average average Weighted asset Nominal initial interest rate average (fair value) CCIRS vs USD’000/ Nominal exchange USD/EUR duration USD’000/ foreign EUR’000 R'000 rat
Slide 110: Emira Property Fund Year-end Results 2026
Emira Property Fund Year-end Results 2026 109
Slide 111: US Portfolio summary
Emira Property Fund Year-end Results 2026 110 US Portfolio summary (vs 31 March 2025) Properties Average value Rent reversions Average annual per SF base rental 6 0,03% (11) USD175,30 (0,6%) USD13,75/SF (USD191,15) (USD14,44/SF) Value Vacancies (by SF) Lease expiry profile Renewals concluded USD381,
Slide 112: US thesis — recap
Emira Property Fund Year-end Results 2026 111 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 • Di
Slide 113: US geographical exposure
Emira Property Fund US geographical exposure Ohio Missouri Kentucky Property Name Location State Belden Park Crossing North Canton Ohio 32 Eastgate Cincinnati Ohio Woodlands Square Oldsmar Florida Truman's Marketplace Grandview Missouri Dallas Newport Pavilion Cincinnati Kentucky Summit Woods Kansas
Slide 114: Valuation parameters: US Portfolio
Emira Property Fund Year-end Results 2026 113 Valuation parameters: US Portfolio Direct Property Portfolio Mar 2025 Mar 2026 Number of properties 11 5^ Total GLA (sq ft) 3 524 012 1 837 412 Gross portfolio value (USD’m) 673,6 301,1 Average value per property (USD’m) 61,2 60,2 Valuation per square fo
Slide 115: US Portfolio — leasing
Emira Property Fund Year-end Results 2026 114 US Portfolio — leasing Weighted Weighted Area expiry rental new lease rental Increase/decrease Ave duration No. (SF) (USD/SF P.A.) (USD/SF P.A.) (%) (years) Reversions Renewals 16 300 249 11,38 11,38 0,03 5,2 Total — Reversions 16 300 249 11,38 11,38 0,0
Slide 116: US Portfolio — lease expiry profile by GLA (SF) (%)
Emira Property Fund Year-end Results 2026 115 US Portfolio — lease expiry profile by GLA (SF) (%) 70% 60% 52,1 50% 47,7 40% 38,0 30% 20,7 20% 16,1 17,4 14,2 15,7 11,1 12,4 12,8 12,5 10% 8,9 4,6 6,2 3,6 3,6 2,3 0,1 0,0 0,0 0% Vacancy Expiries rolled over Year 1 Year 2 Year 3 Year 4 Year 5+ (31/03/202
Slide 117: US Portfolio — lease expiry profile by rental (%)
Emira Property Fund Year-end Results 2026 116 US Portfolio — lease expiry profile by rental (%) 70% 60% 53,1 50% 47,2 42,1 40% 30% 20,2 20% 18,5 18,2 18,1 11,9 11,4 13,0 9,8 11,4 11,3 8,2 10% 5,3 0,0 0,0 0,0 0,2 0,0 0,0 0% Vacancy Expiries rolled over Year 1 Year 2 Year 3 Year 4 Year 5+ (31/03/2026)
Slide 118: US tenant exposure by rental
Emira Property Fund Year-end Results 2026 117 US tenant exposure by rental Top 10 tenants of the total portfolio (%) Tenant exposure — Top 10 tenants (%) Muvico, LLC 6,3 Kohl's 5,4 39 TJX Companies 4,4 Ulta Beauty Inc 4,3 Burlington 3,7 61 Michaels Stores Inc. 3,5 PetSmart 3,3 Best Buy 2,7 Urban Air
Slide 119: US tenant exposure by GLA (SF)
Emira Property Fund Year-end Results 2026 118 US tenant exposure by GLA (SF) Top 10 tenants of the total portfolio (%) Tenant exposure — Top 10 tenants (%) Kohl's 8,8 TJX Companies 8,1 Lowe's Home Centers 6,4 Kroger 6,0 49 51 Burlington 5,2 Bealls 4,0 Michaels Stores Inc. 3,3 Muvico 3,2 Four B Corp.
Slide 120: Biggest lease expiries by rental: FY26
Emira Property Fund Year-end Results 2026 119 10 Biggest lease expiries by rental: FY26 Property Tenant Lease end GLA (SF) Status Belden Park Crossing Kohl’s Jan 26 99 776 Renewed – 5 years Truman’s Marketplace Burlington Coat Factory Feb 26 64 930 Renewed – 5 years Belden Park Crossing Value City F
Slide 121: Forward-looking statements
Emira Property Fund Year-end Results 2026 120 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 direc