Redefine Properties Limited · JSE:RDF
Redefine Properties — FY2025 Earnings Presentation
113 slides from Redefine Properties's earnings presentation, 2025
Slide 1: Group annual results for the year ended 31 August 2025
Follow our LinkedIn page for regular insights Follow our LinkedIn page for regular insights Group annual results for the year ended 31 August 2025 1
Slide 2: Our conversation
Our conversation Strategic Investing Optimising Operating overview strategically capital efficiently Engaging Growing Wrap-up Supplementary talent reputation information Group annual results for the year ended 31 August 2025 2
Slide 3: Strategic overview
Strategic overview Our future lies at the intersection of flexibility, sustainability and technology Rosebank Link, Gauteng, South Africa
Slide 4: Our approach is purposeful, adaptable and inclusive
Our approach is purposeful, adaptable and inclusive A people centric, directly managed, focused and diversified real estate business When R103.2 billion OUR PRIMARY GOAL Property asset platform is to grow and improve cash flow to create sustained value for all our stakeholders Poland R36.3 billion 2
Slide 5: Key financial outcomes
Key financial outcomes The property cycle is on its upward trajectory Property SA REIT Distributable Dividend assets loan-to-value income per share per share R103.2 billion 40.6% 52.39 cents 45.84 cents FY24 | R99.6 billion FY24 | 42.3% FY24 | 50.02 cents FY24 | 42.52 cents SA REIT NAV Interest SA P
Slide 6: Strategic outcomes
Strategic outcomes Redefine has ended FY25 in much better shape than when we started LY Y AL L TL T O N TA TE EFFICIEN AGE TALEN STRATEGIC I REPUTAT SE CAPI IMI OW G RA T T N S P INV E O OP E E GR Total assets grown by Loan-to-value ratio Distributable income Healthy staff engagement Retained top th
Slide 7: Investing strategically
Investing strategically A quality, diversified portfolio positioned to deliver sustainable returns 90 Rivonia Road, Gauteng, South Africa Group
Slide 8: Our group property asset platform
Our group property asset platform A quality, well-located and diversified portfolio that delivers sustainable risk-adjusted real estate returns Group* South Africa** Poland^ FY25 FY24 FY25 FY24 FY25 FY24 Property assets under management (R'bn) 103.2 99.6 66.8 64.7 36.3 34.7 Total GLA ('000 m²) 5 567
Slide 9: Investing strategically: South Africa
Investing strategically Allocating capital where the best risk-adjusted returns lie Centurion mall, Gauteng, South Africa South Africa
Slide 10: South Africa asset portfolio
South Africa asset portfolio Limpopo Improved operating metrics bodes well for growth expectations Gauteng Mpumalanga 72% Geographic North West South Africa* split by value FY25 FY24 Free State KwaZulu-Natal 5% Northern Cape Carrying value of properties R65.5bn R63.1bn Total GLA ('000) 3 658m² 3 738
Slide 11: South Africa portfolio key outcomes
South Africa portfolio key outcomes A diversified portfolio delivering stable results Portfolio vacancy Active occupancy Renewal reversions GLA % 93.5% -5.2% 5.9% 13.0% 2.7% Portfolio 6.5% FY24 | 93.2% FY24 | -5.9% GMR % 2.4% 9.9% 1.8% Portfolio 4.8% Retail Office Industrial Change in fair value by
Slide 12: South Africa retail portfolio
South Africa retail portfolio A bias to regional and convenience centres geared for growth Carrying value Number of properties Type by value R29.8bn 54 5% 13% FY24 | R28.3bn FY24 | 59 Super regional Number of tenants GLA Regional 41% 2 697 1 195 116 m² 41% Convenience Other FY24 | 2 807 FY24 | 1 219
Slide 13: South Africa retail portfolio key outcomes
South Africa retail portfolio key outcomes Lower inflation and interest rates bodes well for discretionary spend to drive sector recovery Contribution to vacancy by type Vacancy by type Active occupancy Renewal reversions# 94.1% 1.0% 16% 5% Retail vacancy 5.0% FY24 | 95.0% FY24 | 0.2% Office related
Slide 14: South Africa office portfolio
South Africa office portfolio High-quality portfolio located in well-performing nodes Carrying value Number of properties Value by grade R22.1bn 86 4% FY24 | R21.5bn FY24 | 86 Premium 39% A Grade Number of tenants GLA 57% 1 233 992 455 m² Secondary FY24 | 1 153 FY24 | 984 121 m² Change in fair value
Slide 15: South Africa office portfolio key outcomes
South Africa office portfolio key outcomes Gradual recovery driven by location, building efficiency and grade of properties Contribution to vacancy by type Vacancy by type Active occupancy Renewal reversions# 87.0% -12.9% 19% 18% Premium Grade 5.8% FY24 | 88.8% FY24 | -13.9% A Grade 15.8% 13.0% Seco
Slide 16: South Africa industrial portfolio
South Africa industrial portfolio A defensive portfolio delivering consistent growth Carrying value Number of properties Value by grade R13.1bn 85 7% FY24 | R12.7bn FY24 | 90 1% 17% Warehousing 13% Light manufacturing 7% Heavy grade industrial Number of tenants GLA Industrial units 269 1 458 091 m²
Slide 17: South Africa industrial portfolio key outcomes
South Africa industrial portfolio key outcomes Demand for modern industrial units continue to support market rental growth Contribution to vacancy by type Vacancy by type Active occupancy Renewal reversions# 97.3% 0.8% 22% Warehousing 8.6% FY24 | 94.5% FY24 | 5.5% Retail warehousing 4.2% 1% 2.7% Ind
Slide 18: South Africa alternative income streams
South Africa alternative income streams Supplementing individual building strategies by creating new revenue opportunities FY25 revenue of R102.1 million (FY24: R88.3 million) IN-MALL AND SMME AND SED EXHIBITIONS KIOSKS NEW PROJECTS FY25 REVENUE EXTERIOR MEDIA SUPPORT Average organic Innovation with
Slide 19: Investing strategically: Poland
Investing strategically Strategic exposure to sectors with growth potential King Cross Marcelin, Poznań, Poland Poland
Slide 20: Poland asset portfolio
Poland asset portfolio Bias to retail and logistics sectors will benefit from evolving real estate dynamics Poland EPP* ELI** Self-storage FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 Property asset platform (ZAR) R36.3bn R34.7bn R30.0bn R28.9bn R5.3bn R5.3bn R1.0bn R0.5bn Property asset platform (EUR) €
Slide 21: Poland portfolio salient features
Poland portfolio salient features Operating conditions are improving Share of e-commerce in total retail sales (%) Implemented Significant focus on cost reduction plan, reducing complexity and 14% lifting EPP’s operating profit high leverage in JVs 12% margin 10% 8% 6% 4% Institutional investment Pr
Slide 22: Reducing complexity and high leverage to focus on quality assets
Reducing complexity and high leverage to focus on quality assets Restructuring the Polish joint ventures holds the key to achieving this Joint venture Action plan Update on action plan See-through LTV bridge 0.4% 46.7% 0.7% -0.1% 1.5% The sale of surplus land at Krakow and Pursue the sale of surplus
Slide 23: Poland EPP Core portfolio
Poland EPP Core portfolio An asset platform located in cities with the strongest consumer demand and growth potential Value of directly held Carrying value of Retail growth volume forecast 2025-2029 property assets investment in JVs R19.0bn R9.4bn Hungary 3.4% FY24 | R18.0bn FY24 | R9.3bn Czech Repu
Slide 24: Poland EPP Core portfolio key outcomes
Poland EPP Core portfolio key outcomes Stable operating metrics underpinned by improving consumer spend 2025 Occupancy Weighted avg. vs rent indexation rate EPP’s retail sales trends by category 99.4% 2024 FY24 | 99.1% 2.1% FY24 | 5.5% Cafe - Electronics -2% Renewal reversion # Weighted avg. unexpir
Slide 25: Poland EPP joint ventures
Poland EPP joint ventures Solid operating metrics driven by active approach to asset management FY25 Description Horse Group EPP Community Galeria Młociny Henderson EPP % shareholding 50.0% 48.2% 70.0% 30.0% Occupancy 98.3% 96.8% 97.1% 77.3% Weighted average renewal reversions -3.9% -0.1% -9.1% -8.7
Slide 26: Poland ELI portfolio
Poland ELI portfolio A modern logistics platform located in low-risk core markets Geographical spread Carrying value 74.6% by value R10.5bn located in major logistics FY24 | R10.3bn hubs Active income producing GLA Diverse tenant base with 514 638 45.4% of GLA let to last-mile and distribution FY24
Slide 27: Poland ELI portfolio key outcomes
Poland ELI portfolio key outcomes The Polish logistics market is evolving beyond big box facilities to service e-commerce, retail and logistics Tenant type by GLA Occupancy Renewal success rate by GLA 96.8% 4% 5% FY24 | 90.7% 61.9% 5% Production FY24 | 46.2% Distribution 44% 3PL 19% Delivery Renewal
Slide 28: Poland Self-storage portfolio and key outcomes
Poland Self-storage portfolio and key outcomes Creating a portfolio with excellent coverage of Polish cities offering the best self-storage prospects Carrying value Number of properties Geographical spread R993.0m 21 FY24 | R530.3m FY24 | 20 Tricity Active income-producing NLA Occupied NLA 30 543m2
Slide 29: Adapting our strategic priorities to evolving variables under our control
Adapting our strategic priorities to evolving variables under our control Creating smart, sustainable and relevant spaces 2026 focus areas Anticipated outcomes ▪ Disciplined capital allocation ▪ Secure sustainable growth ▪ Restructure offshore joint ventures ▪ Simplified asset base ▪ Foster tenant e
Slide 30: Optimising capital
Optimising capital Focus on balance sheet strength to drive growth Kenilworth, Western Cape, South Africa
Slide 31: Funding key outcomes
Funding key outcomes Key credit metrics improvement enables long-term value creation Sources of cash flow of R5.2 billion R’m FY25 FY24 Cashflow from operations 2 337 Local disposals 1 134 SA REIT LTV 40.6% 42.3% Shares issued* 895 Interest cover ratio 2.2x 2.1x Net Vendor loan repaid 351 Access to
Slide 32: SA REIT LTV ratio
SA REIT LTV ratio LTV within medium-term target rate of 38% to 41% 42.3% 2.9% 40.6% 0.3% 0.6% 0.2% 0.2% (3.4%) (0.8%) (0.7%) (0.7%) (0.2%) (0.1%) FY24 Operating Op Cashflow Val impacts Valuation DRIP SA disposals SA RDF RET loan ELI PPOCarry JV PanSA Africa Forex International International SA SA ca
Slide 33: Funding profile
Funding profile Proactively working on FY27 and FY28 early refinancing opportunities Making up the R3.1bn of facilities maturing in FY26 is the SA term funding of R1.2bn, a EPP term facility of R0.9bn and listed bonds of R1.0bn Of the R3.1bn maturing in FY26, SA term funding of R1.2bn has been r
Slide 34: Interest rate hedging
Interest rate hedging Leveraging low inflation environment to extend tenor R9.4bn of interest rate swaps matured during the year with an average fixed rate of 7.1% New interest rate swaps of R9.5bn were entered into at an average fixed rate of 7.1% for a tenor of 1.8-years Post period, R2.0bn
Slide 35: Funding sources
Funding sources Focus on DCM opportunities to further diversify our funding base Sources of debt FY25 Sources of debt FY24 ABSA 13% Standard Bank* 15% 21% Nedbank 13% ABSA 14% RMB 11% Nedbank 13% FY25 South Africa Standard Bank 11% RMB 12% EPP Core Listed DCM 8% Santander Bank 6% Liberty 7% 79% List
Slide 36: Adapting our strategic priorities to evolving variables under our control
Adapting our strategic priorities to evolving variables under our control Efficiently sourcing capital drives our long-term strategic growth profile 2026 focus areas Anticipated outcomes ▪ Expand sources of capital ▪ Lower cost of capital ▪ Reduce see-through LTV ▪ Improve equity risk ▪ Tailor hedgi
Slide 37: Operating efficiently
Operating efficiently Positioning for organic growth to lift operating margins Black River Office Park, Gauteng, South Africa
Slide 38: Key outcomes
Key outcomes Margin improvement driving high-quality earnings Distributable income sensitivity analysis Group distribuable EPP distributable (cents per share) income income R3.6bn €52.2m Local EUR interest rate ± 50bps 0.2 FY24 | R3.4bn FY24 | €46.4m ZAR interest rate ± 50bps 0.3 SA core digital rat
Slide 39: Group distributable income
Group distributable income Expansions and positive operational metrics driving profitable growth Tailwinds R453m Headwinds (R191m) 28 22 7 6 32 30 88 3 640 Rm 100 (24) (29) 140 (62) (76) 3 378 FY24 SA: NOI Int: EPP Int: Redefine SA: Bad SA: NOI SA: Finance Antecedent SA: Sundry Int: Other SA: NOI SA
Slide 40: EPP distributable income
EPP distributable income Strong occupancy and rightsizing the cost base delivers a healthy performance Tailwinds €15m Headwinds (€9m) 2 1 2 2 €m (1) 4 (2) 52 4 (6) 46 FY24 Administration costs Net fee income NOI Funding costs EPP Community Minorities PPO JV Galeria Mlociny Horse Group FY25 Actual FY
Slide 41: NAV per share
NAV per share SA REIT NAV grew by 28.2 cents to 816.5 cents EPP 4.3 EUR SSI 1.0 PLN Properties 27.0 RDF E 0.7 EUR EUR FEC 0.8 EUR loans (1.5) Vendor loans (0.2) Lango (0.1) USD EUR CCS (2.6) EUR CCS (5.4) 26.9 5.9 cents 26.8 (1.8) (6.9) 43.6 (9.5) (10.9) 816.5 788.3 (20.6) (25.3) FY24 FY24 NAV NAV S
Slide 42: Final dividend for the year ended 31 August 2025
Final dividend for the year ended 31 August 2025 High quality earnings, healthy liquidity and encouraging prospects support an improved 87.5% payout ratio Consistently within our 80% to 90% payout ratio Distributable income (DIPS) and dividend (DPS) per share Maintaining relevance and defensively
Slide 43: Adapting our strategic priorities to evolving variables under our control
Adapting our strategic priorities to evolving variables under our control At the core of our digital transformation is our tenants’ experience 2026 focus areas Anticipated outcomes ▪ Lift operating profit margin to 80% ▪ Drive organic distributable income growth ▪ Restore the earnings base ▪ Improve
Slide 44: Engaging talent
Engaging talent Empowering creativity, driving innovation, leading with purpose
Slide 45: Redefine's talent engagement key outcomes
Redefine’s talent engagement key outcomes The right people, at the right time, in the right place Employee retention rate Learnership Programme SA: 93.6% in its 12th year (FY24 | 90.8%) Received 12 000 applications for the 2025 intake Poland: 93.8% (FY24 | 92.2%) Employee net promotor score* Recogni
Slide 46: Adapting our strategic priorities to evolving variables under our control
Adapting our strategic priorities to evolving variables under our control Building a collective of people who create and manage spaces for positive impact 2026 focus areas Anticipated outcomes ▪ Refine skills and capabilities assessments ▪ Build a transformed pipeline of scarce skills ▪ Align struct
Slide 47: Growing reputation
Growing reputation Embedding ESG as an operational imperative by fostering stakeholder collaboration 115 West Street, Gauteng, South Africa
Slide 48: Our industry leading ESG in action
Our industry leading ESG in action Our impacts lie at the heart of the long-term value creation ENVIRONMENTAL SOCIAL GOVERNANCE Nine in total 128 EPCs Top 8 Net Zero Carbon (all required Most employer for the 10th 2nd in the EY Integrated Level 2 certifications and empowered SA REIT consecutive year
Slide 49: Making significant strides in our sustainability journey
Making significant strides in our sustainability journey Focused on managing the environmental and social impacts ENVIRONMENTAL SOCIAL GOVERNANCE GOLD: SILVER: SILVER: Energy consumption Diversity IN Check Friendly Workplace ® Modernisation Modernisation of Best Performance: reduced by 15% in Campai
Slide 50: Adapting our strategic priorities to evolving variables under our control
Adapting our strategic priorities to evolving variables under our control Innovation in action 2026 focus areas Anticipated outcomes ▪ Extend the Upside of Us to all stakeholders ▪ Build the Redefine brand ▪ Leverage market-leading ESG position ▪ Deepen relationships with stakeholders ▪ Embrace tech
Slide 51: Wrap-up
Wrap-up Cautiously optimistic as we continue the path of growing total returns Alice Lane, Gauteng, South Africa
Slide 52: Confidence has returned to SA's property sector
Confidence has returned to SA’s property sector Stability builds momentum, momentum builds value Prospect of sovereign credit rating uplift Rising optimism Lower REIT UPWARD (and Bond) PROPERTY Stable property Exit from Greylist yields fundamentals CYCLE Interest rates at long-term average Lower inf
Slide 53: Our game plan for FY26
Our game plan for FY26 Focusing on what matters most will draw our attention away from non-value-adding distractions We will continue to focus on the variables under our control Direct influence Indirect influence on value creation on value creation Rental growth and Capital allocation Capital sourc
Slide 54: Outlook
Outlook Portfolio quality and balance sheet strength have become the primary drivers of outperformance Our investment proposition Diversified Sustainable Engaged Consistent high-quality Funding model passionate delivery asset platform with solid credit and innovative of strategy positioned metrics h
Slide 55: Group annual results for the year ended 31 August 2025
Group annual results for the year ended 31 August 2025 55
Slide 56: Disclaimer
Disclaimer This presentation may include forward-looking statements which statements are not based on historical information, but rather premised on certain assumptions, risks, estimates and/or uncertainties (“risks and uncertainties”), which are taken into consideration as at date of this presentat
Slide 57: Supplementary information
Supplementary information Ushukela Industrial Park, KwaZulu-Natal, South Africa
Slide 58: Contents
Contents GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Portfolio overview 87 Redefine’s diversified property asset platform 59 South Africa | Sectoral and geographical split 88 Reconciliation of property - related assets 60 South Africa | Sector ty
Slide 59: Redefine's diversified property asset platform
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Redefine’s diversified property asset platform Portfolio valued at R103.2 billion Local property portfolio International property portfolio Property portfolio* R66.6bn European Logistics platform 48.5% R5.3bn Retail R29.8bn Stokado 83.1% R1.0bn Office R
Slide 60: Reconciliation of property-related assets
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Reconciliation of property-related assets RDF Group Europe head Property assets (R’m) Retail Office Industrial Specialised and ELI EPP* Stokado Lango office Total FY24 property asset platform 28 451 22 748 12 856 602 5 279 28 735 544 148 287 99 650 Move
Slide 61: Reconciliation of cash generated to total distributable income
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Reconciliation of cash generated to total distributable income FY25 FY24 (R’m) (R’m) Net cash inflow from operating activities (as per statement of cash flows) 3 468 2 929 Items in cash flows from operating activities, but not distributable 376 238 Work
Slide 62: Funds from operations
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Funds from operations FY25 FY24 SA REIT FUNDS FROM OPERATIONS (SA REIT FFO) PER SHARE (R’m) (R’m) Profit per IFRS Statement of Comprehensive Income (SOCI) attributable to the parent 4 128 3 969 Adjusted for:- Accounting/specific adjustments:- (1 853) (1
Slide 63: Funds from operations
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Funds from operations FY25 FY24 SA REIT FUNDS FROM OPERATIONS (SA REIT FFO) PER SHARE (R’m) (R’m) Other adjustments:- 592 791 Adjustments made for equity-accounted entities (69) 133 Distributable income received 600 638 NCI in respect of the above adjus
Slide 64: South Africa | Distributable income analysis
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME South Africa | Distributable income analysis Head Total SA Total SA R’m Retail Office Industrial Specialised office FY25 FY24 Property portfolio revenue 4 082 2 971 1 533 75 - 8 661 8 361 Operating costs (including expected credit losses on trade receiv
Slide 65: International | Distributable income analysis
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME International | Distributable income analysis Poland Africa Total Total RDF EUR USD international international R’m EPP Europe Self- storage head office head office FY25 FY24 Contractual rental income 2 338 - 61 - - 2 399 2 257 Total revenue 2 338 - 61
Slide 66: South Africa | Portfolio income analysis
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME South Africa | Portfolio income analysis Active portfolio NOI contribution Change R’m FY25 FY24 (%) Net operating income from investment properties 5 148 4 967 3.6% 1% Net operating income from acquired/development properties 262 119 120.2% 21% 35% Net
Slide 67: South Africa | Active portfolio expenditure analysis
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME South Africa | Active portfolio expenditure analysis Change R’m (%) FY24 905 Higher repairs and maintenance in office and retail sector relating to roof repairs, plumbing, electrical, air -conditioning as well as additional 21 15.9% repairs relating to
Slide 68: Group arrears and bad debts
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Group arrears and bad debts R’m FY25 FY24 FY23 Gross arrears Trade receivables 248.0 296.2 396.0 Municipal recoveries 334.0 342.1 312.8 Less: Expected credit loss (ECL) provision (112.2) (162.9) (209.6) Net arrears 469.8 475.4 499.2 B/S I/S charge B/S I
Slide 69: Income hedging position by currency and interest received
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Income hedging position by currency and interest received Income hedging position by currency FY26 FY27 FY28 EUR amount (€’m) 29.5 27.0 15.0 FEC rate (R: €1) 23.2 23.4 25.3 FY25 FY24 Interest received (R’m) (R’m) Bank interest income 73.0 32.8 Interest
Slide 70: Group funding snapshot
FUNDING Group funding snapshot FY25 FY24 SA REIT BPR – LTV (min required < 50%) 40.6% 42.3% Average term of debt 3.2 years 3.7 years % of debt secured 72.0% 75.5% % of asset secured 69.9% 69.5% Weighted average cost of ZAR debt 8.9% 9.2% Weighted average cost of FX debt 4.5% 5.1% Weighted average co
Slide 71: JV funding snapshot
FUNDING JV funding snapshot Horse Galeria Group* Community Młociny Henderson ELI Weighted average length of debt (years) 1.7 2.4 3.5 2.8 3.0 Weighted average cost of debt (%)** 4.6% 5.6% 5.0% 4.9% 3.5% Weighted average debt amortisation per annum (%) 0.7% 1.7% – 2.2% 0.3% LTV based on independent va
Slide 72: Loan-to-value calculation
FUNDING Loan-to-value calculation FY25 FY24 SA REIT BPR LTV ratio (R’m) (R’m) Value 103 226 99 649 Total assets 106 323 101 914 Less: Cash (1 563) (531) Less: Derivative financial assets (139) (400) Less: Trade and other receivables (including other monetary assets) (1 395) (1 334) Loan 41 904 42 10
Slide 73: Currency analysis of property assets and borrowings
FUNDING Currency analysis of property assets and borrowings FY25 FY24 Property Weighted Property Weighted Currency (R’m) assets Net debt* NAV hedge avg cost assets Net debt NAV hedge avg cost ZAR 66 823 23 845 35.7% 8.9% 64 755 24 638 38.0% 9.2% EUR 35 267 17 865 50.7% 4.5% 34 204 17 293 50.6% 5.0%
Slide 74: Analysis of secured and unsecured debt to property assets
FUNDING Analysis of secured and unsecured debt to property assets Assets Debt LTV (R’m) (R’m) (%) Secured 72 164 31 029 43.0% Local 49 296 19 746 40.1% Offshore 22 868 11 283 49.3% Unsecured 31 062 10 552 34.0% Local* 17 527 10 975 62.6% Offshore 13 535 (423) (3.1%) Group LTV without hedging MTM 103
Slide 75: Debt funding profile
FUNDING Debt funding profile Debt and hedge maturity profile Equity headroom for the unsecured lender 23.3 72.1 65.6 67.3 57.3 51.5 13.0 10.2 9.3 R’bn R’bn 6.5 6.4 6.2 5.1 3.4 FY26 FY27 FY28 FY29 FY30 >FY31 FY21 FY22 FY23 FY24 FY25 Debt incl CCS MTM Hedges Secured debt and secured assets Unsecured d
Slide 76: JV Debt maturity profile
FUNDING JV Debt maturity profile Horse Group Community Galeria Młociny Henderson ELI (R’m) % (R’m) % (R’m) % (R’m) % (R’m) % FY26 2 229.3 29.8% 306.3 4.3% - - 68.7 2.3% - - FY27 932.0 12.5% 3 458.7 48.3% - - 68.7 2.3% 449.2 9.7% FY28 4 318.9 57.7% 2 200.5 30.7% - - 2 884.0 95.4% 3 275.1 71.0% FY29 -
Slide 77: South Africa | Disposal of non-core property assets
INVESTING ACTIVITIES South Africa | Disposal of non-core property assets Date of Amount Yield Property Province transfer GLA (m²) (R’m) (%) Retail 37 681 432.0 9.7% Pro Shop Woodmead Gauteng Nov-24 2 283 64.0 8.7% Bryanston Shopping Centre Gauteng Dec-24 11 849 248.0 9.1% Besterbrown Other May-25 13
Slide 78: South Africa | Disposal of non-core property assets (continued)
INVESTING ACTIVITIES South Africa | Disposal of non-core property assets (continued) Date of Amount Yield Property Province transfer GLA (m²) (R’m) (%) Specialised* 87.3 – Park Central Gauteng Various Various 87.3 – Land* – 71.7 – S & J Business Park – 90.0% share Erf 250 X26 Gauteng Sep-24 – 10.3 –
Slide 79: South Africa | Non-current assets held for sale
INVESTING ACTIVITIES South Africa | Non-current assets held for sale Amount Yield Property Province GLA (m²) (R’m) (%) Office 4 984 41.9 15.3% 18 The Boulevard KwaZulu-Natal 4 984 41.9 15.3% Specialised* 20.6 – Park Central Gauteng Various 20.6 – Total 4 984 62.5 15.3% *Vacant p roperties do not ha
Slide 80: South Africa | Acquisitions
INVESTING ACTIVITIES South Africa | Acquisitions Date of Amount Yield Property Province transfer GLA (m²) (R’m) (%) Retail 10 673 281.9 9.3% Pan Africa Shopping Centre – Phase 1 & 3 – 67.9% share Gauteng Nov-24 6 872 168.3 9.3% Pan Africa Shopping Centre – Phase 2 Gauteng Nov-24 3 801 113.6 9.3% Off
Slide 81: South Africa | New developments completed
INVESTING ACTIVITIES South Africa | New developments completed Development Projected Total value of costs incurred Still to development cost Initial yield work completed during 2025 spend Completion Property Province GLA (m²) (R’m)* (%) (R’m)** (R’m)*** (R’m) date Office 2 449 58.9 9.9% 50.1 36.1 8.
Slide 82: South Africa | New developments in progress
INVESTING ACTIVITIES South Africa | New developments in progress Development Projected Total value of costs incurred Still to development cost Initial yield work completed during 2025 spend Completion Property Province GLA (m²) (R’m)* (%) (R’m)** (R’m)*** (R’m) date Retail 1 165 43.5 9.2% 15.7 15.7
Slide 83: South Africa | Redevelopment completed
INVESTING ACTIVITIES South Africa | Redevelopment completed Redevelopment Projected Total value of costs incurred development cost work completed during 2025 Completion Yield Property Province (R’m)* (R’m)** (R’m)*** date (%) Office 165.7 164.4 9.4 6.5% Black River Office Park – Central Building upg
Slide 84: South Africa | Redevelopment in progress
INVESTING ACTIVITIES South Africa | Redevelopment in progress Redevelopment Projected Total value of costs incurred Still to development cost work completed during 2025 Completion spend Yield Property Province (R’m)* (R’m)** (R’m)*** date (R’m) (%) Retail 109.2 45.2 45.2 64.0 4.7% Mall of the South
Slide 85: South Africa | Infrastructure projects
INVESTING ACTIVITIES South Africa | Infrastructure projects Completion Projected Total value of Still to / expected development cost work completed Infrastructure spend completion Property Province (R’m)* (R’m)** costs (R'm)*** (R’m) date Industrial - Completed 82.9 66.4 2.4 16.5 S & J Business Park
Slide 86: South Africa | Solar PV
INVESTING ACTIVITIES South Africa | Solar PV Plant size Capex Initial In progress (kWp) (R'm) return (%) Retail 5 024 92.9 15.5% Office 1 658 25.7 13.7% Industrial 1 698 21.5 22.0% Total 8 380 140.1 16.5% Plant size Installed (kWp) Retail 45 374 Office 4 794 Industrial 8 233 Total 58 401 Group annua
Slide 87: South Africa | Portfolio overview
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Portfolio overview FY25 FY24 Description Retail Office Industrial Specialised Total* Total* Number of properties 54 86 85 3 228 238 Number of tenants 2 697 1 233 269 1 4 200 4 239 Total GLA (‘000 m²) 1 195 992 1 458 13 3 658 3 738 Total GMR (R'm) 23
Slide 88: South Africa | Sectoral and geographical split
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Sectoral and geographical split Valuation No. of GLA GMR By number (R’m) properties (m²) (R’000) Type by value of properties Type by GLA Type by GMR Sector 1% 1% 1% 20% 24% 20% ⚫ Retail 29 811 54 1 195 116 239 478 33% 37% 40% ⚫ Office 22 114 86 992
Slide 89: South Africa | Sectoral and type split
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Sectoral and type split Valuation GLA GMR (R’m) (m²) (R’000) Type by value Type by GLA Type by GMR Retail 5% 13% 11% 10% 6% 13% ⚫ Super regional 3 941 124 822 30 536 ⚫ Regional 12 190 474 705 96 025 41% 41% ⚫ Convenience 12 242 470 033 98 182 39% 40
Slide 90: South Africa | Top 10 properties and tenants of total portfolio
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Top 10 properties and tenants of total portfolio Value GMR Property Region (R’m) % GLA (m²) % Tenant GLA (m²) % (R’000) % Centurion Mall Gauteng 3 837 113 114 Macsteel 542 768 Alice Lane Gauteng 3 298 70 853 Shoprite 120 710 Mall of the South Gauten
Slide 91: South Africa | Top 10 retail properties and tenants
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Top 10 retail properties and tenants Value GMR Property Region (R’m) % GLA (m²) % Tenant GLA (m²) % (R’000) % Centurion Mall Gauteng 3 837 113 114 Shoprite 91 347 Mall of the South Gauteng 1 992 67 527 Pick n Pay 86 699 Blue Route Mall Western Cape
Slide 92: South Africa | Top 10 office properties and tenants
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Top 10 office properties and tenants Value GMR Property Region (R’m) % GLA (m²) % Tenant GLA (m²) % (R’000) % Alice Lane Gauteng 3 298 70 853 TP South Africa Trading 33 682 Black River Office Park Western Cape 1 316 51 888 Webber Wentzel 32 469 The
Slide 93: South Africa | Top 10 industrial properties and tenants
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Top 10 industrial properties and tenants Value GMR Property Region (R’m) % GLA (m²) % Tenant GLA (m²) % (R’000) % 233 Barbara Road Gauteng 978 102 631 Macsteel 542 768 Hirt & Carter Cornubia KwaZulu-Natal 823 47 718 Massmart 52 601 10 Rubicon Boulev
Slide 94: South Africa | Specialised properties and tenants
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Specialised properties and tenants Value GMR Property Region (R’m) % GLA (m²) % Tenant GLA (m²) % (R’000) % Bedford Gardens Hospital Gauteng 407 12 817 Bedford Gardens Hospital 12 817 Loftus Park Hotel – 25.0% share Gauteng 52 – Park Central Gauteng
Slide 95: South Africa | Portfolio overview – Talis
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Portfolio overview – Talis FY25 FY24 Description Office Industrial Total Total Number of properties 10 1 11 11 Number of tenants 62 6 68 62 Total GLA (‘000 m²) 130 26 156 153 Total GMR (R'm) 12 2 14 12 Vacancy (%) total 27.8% 1.0% 23.3% 29.8% Asset
Slide 96: South Africa | Talis properties and top 10 tenants
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Talis properties and top 10 tenants Value GMR Property Region (R’m) % GLA (m²) % Tenant GLA (m²) % (R’000) % 61 Jorrisen Street Gauteng 193 19 123 Government 99 106 240 & 260 Justice Mohamed St Gauteng 173 12 726 AMR Wholesalers 6 365 12 Piet Rauten
Slide 97: South Africa | Undeveloped land
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Undeveloped land Value Property# Province (R'm) S & J Business Park – 90.0% share Gauteng 757.4 Galleria – 90.0% share Gauteng 141.1 Atlantic Hills – 55.0% share Western Cape 44.5 Erf 179205 Western Cape 35.2 Erf 25701C (Ptn 3) – 50.1% share Western
Slide 98: South Africa | Retail portfolio – Turnover comparison by business type
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Retail portfolio – Turnover comparison by business type R35,000 104% R30,000 R25,000 R20,000 R’m R15,000 106% 103% R10,000 R5,000 102% 105% 108% 104% 105% 103% 99% 99% R0 Total Grocery & Apparel Pharmacy & Food & Electronics Balance of Hardware Home
Slide 99: Overview of Poland joint ventures
POLAND – OPERATING ACTIVITIES Overview of Poland joint ventures Horse Group EPP Community Galeria Młociny Henderson ELI Effective interest 50.0% 48.2% 70.0% 30.0% 48.5% Carrying value of investment in JV R4.2bn R3.0bn R2.8bn R0.5bn R4.6bn Total assets R16.1bn R14.7bn R7.9bn R4.9bn R21.3bn Total liab
Slide 100: Poland | EPP portfolio overview (including JVs)
POLAND – EPP OPERATING ACTIVITIES Poland | EPP portfolio overview (including JVs) EPP JVS Horse EPP Galeria Description EPP Core Group Community Młociny Henderson EPP total FY24 % EPP share in JV 100% 50% 48.2% 70% 30% Number of properties 5 11 15 1 3 35 36 Number of tenants 668 568 728 188 58 2 210
Slide 101: Poland | EPP joint ventures
POLAND – EPP OPERATING ACTIVITIES Poland | EPP joint ventures Asset management programme aimed at increasing attractiveness of M1 shopping centres is well advanced with number of new stor es opened such as Half Price (M1 Radom, Poznań and Zabrze), centrumrowerowe.pl (M1 Poznań), Action, dm (M1 Łód
Slide 102: Poland | Retail market
POLAND – EPP OPERATING ACTIVITIES Poland | Retail market At the end of August 2025, the total stock of modern retail space in Poland amounted to 17.9 million m² of GLA including over Shopping centre 10 million m² of shopping centres, 3.2 million m² of retail parks, 2.7 million m² of stand-alone wa
Slide 103: Poland | EPP core top 10 properties and tenants
POLAND – EPP OPERATING ACTIVITIES Poland | EPP core top 10 properties and tenants of total portfolio Value Value GMR GMR Property (€’m) (R’m) GLA (m²) Tenant GLA (m²) % (€’m) (R’m) % Galaxy 278 5 758 56 705 Auchan 29 927 Galeria Echo Kielce 227 4 691 71 671 CCC Group 15 960 Pasaż Grunwaldzki 218 4 5
Slide 104: Poland | EPP Horse Group JV top 10 properties and tenants
POLAND – EPP OPERATING ACTIVITIES Poland | EPP Horse Group JV top 10 properties and tenants of total portfolio Value Value GMR GMR Property (€’m) (R’m) GLA (m²) Tenant GLA (m²) % (€’m) (R’m) % M1 Kraków 131 2 711 49 815 Auchan 125 962 M1 Czeladź 113 2 343 53 103 OBI 90 386 M1 Marki 107 2 215 47 878
Slide 105: Poland | EPP Community JV top 10 properties and tenants
POLAND – EPP OPERATING ACTIVITIES Poland | EPP Community JV top 10 properties and tenants of total portfolio Value Value GMR GMR Property (€’m) (R’m) GLA (m²) Tenant GLA (m²) % (€’m) (R’m) % Galeria Amber 96 1 977 33 751 LPP Group 29 698 Park Rozwoju 72 1 497 34 676 CCC Group 20 001 Galeria Twierdza
Slide 106: Poland | EPP Henderson JV properties and top 10 tenants
POLAND – EPP OPERATING ACTIVITIES Poland | EPP Henderson JV properties and top 10 tenants of total portfolio Value Value GMR GMR Property (€’m) (R’m) GLA (m²) Tenant GLA (m²) % (€’m) (R’m) % O3 Business Park 118 2 443 56 834 Philips 9 033 Malta Office Park 60 1 243 28 473 HCL 7 003 Symetris Business
Slide 107: Poland | Galeria Młociny JV property and top 10 tenants
POLAND – EPP OPERATING ACTIVITIES Poland | Galeria Młociny JV property and top 10 tenants of total portfolio Value Value GMR GMR Property (€’m) (R’m) GLA (m²) Tenant GLA (m²) % (€’m) (R’m) % Młociny 371 7 677 81 103 Inter Cars 6 075 Inditex Group 5 784 Primark 5 465 CCC Group 4 126 Multikino 3 952 H
Slide 108: Poland | EPP BREEAM certifications
POLAND – EPP OPERATING ACTIVITIES Poland | EPP BREEAM certifications In-use part 1: In-use Part 2: In-use part 1: In-use Part 2: Asset Building Asset Building Asset Performance* Management** Asset Performance* Management** EPP Core Galaxy Very Good Excellent EPP Community JV Astra Park Excellent Exc
Slide 109: Poland logistics market
POLAND – ELI OPERATING ACTIVITIES Poland logistics market In the first half of 2025, Poland’s logistics real estate sector sustained steady growth, with total stock rising 7.0% Stock with GLA 1 year-on-year to 36.0 million m² 36.0 million m² Poland’s logistics investment market gained significan
Slide 110: Poland | ELI JV top 10 properties and tenants
POLAND – ELI OPERATING ACTIVITIES Poland | ELI JV top 10 properties and tenants of total portfolio Value Value GMR GMR Property (€’m) (R’m) GLA (m²) Tenant GLA (m²) % (€’000) (R’000) % Lublin Logistics 89 1 838 86 374 Weber 78 734 Warsaw Logistics 77 1 598 72 281 Rohlig 43 831 Bielsko Logistics 76 1
Slide 111: Poland | ELI net operating income
POLAND – ELI OPERATING ACTIVITIES Poland | ELI net operating income FY25 FY24 FY25 FY24 (€’m) (€’m) (R’m) (R’m) Active assets * 19.0 13.3 379.2 255.8 Other assets ** 0.6 2.3 11.5 44.8 Active joint ventures * 3.1 1.6 62.8 30.2 Other joint ventures ** – 1.1 (0.8) 21.1 Total NOI 22.7 18.3 452.7 351.8 N
Slide 112: Poland | ELI land holdings
POLAND – ELI OPERATING ACTIVITIES Poland | ELI land holdings Total GLA Fair value Fair value Property (m²) (€’m) (R’m) Bielsko-Biala phase III 24 255 Warsaw Targówek^ 22 783 Wroclaw City phase II 8 115 Total 55 153 18.2 376.8 ^ 60% jo int venture with Pan attoni Group annual results for the year end
Slide 113: Poland | EPP BREEAM certifications
POLAND – EPP OPERATING ACTIVITIES Poland | EPP BREEAM certifications BREEAM Asset BREEAM Certification 2% 17% Excellent New buildings Bielsko Logistics phase I Very good 29% Bielsko Logistics phase II Good Very good Ruda Logistics phase I Good Good Ruda Logistics phase II Very good Ruda Logistics ph