Burstone Group Limited · JSE:BTN
Burstone — Corporate Update (September 2026)
22 slides from Burstone's corporate update, Sep 28, 2026
Slide 1: Pre-close trading update and investor presentation for the period ending 30 September 2026
Transform potential Pre-close trading update and investor presentation for the period ending 30 September 2026 28 SEPTEMBER 2026 THIS DOCUMENT SHOULD BE READ IN CONJUNCTION WITH THE FULL ANNOUNCEMENT MADE ON SENS ON 28 SEPTEMBER 2026 COMMENTARY ON THE GROUP'S FINANCIAL PERFORMANCE IN THIS PRE-CLOSE
Slide 2: 1H27 Highlights
01 1H27 Highlights Transform potential
Slide 3: 1H27 Highlights
1H27 Highlights Full-year DIPS growth guidance of 4–6% maintained | 1H27 performance reflects capital deployment weighted to 2H27 >7% c.20% R5.4bn c.R4.5bn YoY Fund & Asset Management SA Core Plus platform launched Capital release expected, SA LFL NPI growth expected fee income growth expected with
Slide 4: Market update
02 Market update Transform potential
Slide 5: Global market dynamics and outlook
Global market dynamics and outlook Resilient real estate fundamentals and attractive opportunities despite challenging markets and slower deployment Capital markets | Higher hurdles, measured deployment Macro uncertainty Selective capital • Geopolitical tensions and higher energy prices are adding t
Slide 6: Performance update
03 Performance update Transform potential
Slide 7: 1H27 Strategic delivery | Optimise current portfolio
1H27 Strategic delivery | Optimise current portfolio Strong SA performance partly offsets near-term European pressure; Australia improving from a small relative base Priority: continue to drive underlying real estate performance in existing portfolios South Africa | Strong performance – better-than-
Slide 8: 1H27 Strategic delivery | Growth
1H27 Strategic delivery | Growth Fund and asset management continues to scale with strong fee growth; international deployment weighted to 2H27 Priority: scale fund and asset management platforms alongside capital partners 1H27 expected 1H27 delivered 1H27 delivered | ELI 2H27 pipeline c.20% R5.4bn
Slide 9: 1H27 Strategic delivery | Strategic enablers
1H27 Strategic delivery | Strategic enablers Disciplined execution: stable cost base, enhanced balance sheet capacity and benefits of continued solar rollout 3 Integration 4 Robust balance sheet 5 Holistic sustainability Priority: Leverage international infrastructure, Priority: Build balance sheet
Slide 10: Strategic partner update
04 Strategic partner update Transform potential
Slide 11: SA Core Plus platform | Overview
SA Core Plus platform | Overview As part of this transition, Burstone has been committed to launching a South African-focused, high-quality and diversified real 1 estate funds management business The Group has now catalysed the South African funds management strategy through a partnership with Nedba
Slide 12: SA Core Plus platform | Overview cont.
SA Core Plus platform | Overview cont. 4 Attractive fund and asset management mandate that enhances overall returns on Burstone capital • Equity raising fee • Fund and asset management mandate • Acquisition, development management and performance fees • Permanent capital vehicle 5 NPP and Burstone a
Slide 13: SA Core Plus platform | Financial effects
SA Core Plus platform | Financial effects Financial effects overview Income statement Balance sheet Net neutral impact Earnings enhancing Core strategic focus, evaluating growth opportunities versus maintaining target look-through LTV range Interest Co-invest R5.4bn Direct net saving SA AM fees – Eq
Slide 14: SA Core Plus platform | NAV build up
SA Core Plus platform | NAV build up SA Core Plus platform – Financial construct 8.4% implied disposal yield R’m 5.0% (,273) Total Capital Proceeds to Burstone 4,477 Debt raised 85% 3,800 NPP equity 15% 677 Implied discount to GAV1 (5%) BTN NAV dilution (1.7%) (3,800) 5,428 5,155 50% (,677) 50% 1,35
Slide 15: Balance sheet: segmental analysis
SA Core Plus platform | Balance sheet: segmental analysis Increasing diversification with transition from direct asset ownership to co-investment holdings being more meaningful and broadening Burstone’s funds management strategy GAV as at 31 March 2026 Post-transaction GAV 4% 6% 10% 30% 15% Segmenta
Slide 16: SA Core Plus platform | Mix of remaining SA portfolio
SA Core Plus platform | Mix of remaining SA portfolio Post the formation of the SA Core Plus platform, BTN will retain an R8.5bn direct SA portfolio1 The plan for these assets is to 1) Seed new platforms; 2) Sell into SA Core Plus platform; or 3) Strategically recycle Segmental breakdown - GAV Vacan
Slide 17: SA Core Plus platform | Conclusion
SA Core Plus platform | Conclusion SA Core Plus platform Strategic focus • De-risked balance sheet and lower look-through LTV • Simplification of the group balance sheet and related positions the Group with access to capital to pursue financing arrangements selective growth, value-accretive investme
Slide 18: Blackstone transition | Strategic partner update
Blackstone transition | Strategic partner update Burstone and Blackstone have agreed non-binding framework terms to facilitate an orderly transition of their European partnership Proposed framework Current position Sale of majority of equity investment c.€85.8m 1 Burstone intends to sell the majorit
Slide 19: Closing
05 Closing Transform potential
Slide 20: Closing remarks
Closing remarks 1. Earnings growth 1H27 is expected to be marginally below 2. Fund & asset management platform momentum full-year guidance range • Resilient underlying real estate performance across a diversified • Launch of the South African funds and asset management business, earnings base execut
Slide 21: Q&A
Q&A Burstone REAL ESTATE PARTNERS,
Slide 22: Disclaimer
Disclaimer The information contained herein is for information purposes only and readers should not rely on such information as advice in relation to a specific issue without taking financial, banking, investment or professional advice. Although information has been obtained from sources believed to