Slide 1: Southern Sun Investor Presentation May 2026
F’26 Income 9% to R7,2bn Ebitdar 12% to R2,4bn Adjusted HEPS 19% to 90,1c DPS 20% to 30,0c SOUTHERN SUN INVESTOR PRESENTATION MAY 2026
Slide 2: Disclaimer
DISCLAIMER Certain statements in this document may constitute forward looking statements. Such forward looking statements reflect the company’s beliefs and expectations and involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or
Slide 3: Group Structure
GROUP STRUCTURE Public 46% 54% 100% 100% SOUTH AFRICA OFFSHORE • Owned, managed • Owned, managed and leased hotels and leased hotels • UK Investments – 26% 3
Slide 4: Board of Directors
BOARD OF DIRECTORS Executive directors Independent non-executive directors Marcel Nikolaus von Aulock Laurelle McDonald Mohamed Haroun Ahmed Lynette Moretlo Molefi Sipho Chris Gina Chief Executive Officer Chief Financial Officer Lead independent Independent Independent non-executive director non-exe
Slide 5: Southern Sun at a Glance
SOUTHERN SUN AT A GLANCE Total Total Hotels Rooms Western Cape 17 3 352 KwaZulu-Natal 14 2 869 Gauteng 28 4 987 Eastern Cape 5 772 Mpumalanga 8 675 Other 6 715 South Africa 78 13 370 Mozambique 3 527 Zambia 3 414 Tanzania 1 152 Seychelles 1 80 UAE 1 353 Offshore 9 1 526 Marriott 1 483 Radisson 2 397
Slide 6: Portfolio
PORTFOLIO Luxury Full Service Economy Convention Centre 6
Slide 7: Cash Flow (Rm)
CASH FLOW (Rm) % FY26 FY25 Change Ebitdar per income statement 2 433 2 169 12 Property & equipment rentals (421) (349) (21) Move in working capital adjusted for non-cash & exceptional items (10) 37 Dividend income from associates 15 11 Cash generated from operations 2 017 1 868 8 Finance costs paid
Slide 8: Investment Activities (Rm)
INVESTMENT ACTIVITIES (Rm) FY26 FY25 Southern Sun Elangeni & Maharani 7 - uMhlanga land acquisition - 31 Beverly Hills professional fees 4 9 Acquisition of Sunswop units 3 5 Expansion capex 14 45 8
Slide 9: Investment Activities (Rm) Continued
INVESTMENT ACTIVITIES (Rm) CONTINUED FY26 FY25 Maintenance capex (Hotel & IT) 227 273 Major refurbishment projects 373 177 Southern Sun The Cullinan 28 47 Southern Sun Sandton 11 46 Southern Sun Rosebank 10 31 Birchwood Hotel & OR Tambo Conference Centre 45 - Southern Sun Mbombela 31 - Mount Grace H
Slide 10: Interest Bearing Debt (Rm)
INTEREST BEARING DEBT (Rm) FY26 FY25 External debt – South Africa (Rand based) 550 210 External debt – Offshore (US$ based)1 - 453 Prepaid borrowing costs (1) (1) Gross IBD 549 662 Cash on hand – South Africa (508) (209) Cash on hand – Offshore (127) (187) Net (cash)/IBD (86) 266 South Africa 41 - O
Slide 11: Review of Group Trading
REVIEW OF GROUP TRADING The group delivered a strong performance in the 2026 financial year, with income increasing by 9% to R7.2bn (2025: R6.6bn) and occupancy rising to 62.9% from 60.8% in the prior year. This was driven mainly by robust domestic trading, with South African operations up 10% to
Slide 12: Review of Group Trading
REVIEW OF GROUP TRADING Positive momentum has since been interrupted by the Middle East war. A meaningful portion of airlift into the Seychelles originates from the Middle East and has reduced materially since the conflict began on 28 February 2026. In Mozambique, fuel and US dollar (USD) shortage
Slide 13: Cash Flow and Capital Expenditure
CASH FLOW AND CAPITAL EXPENDITURE Despite these headwinds, South African Ebitdar increased by 13% to R2.4bn (2025: R2.1bn), underscoring the resilience of the domestic portfolio. Offshore operations aided by the successful reopening of Paradise Sun and marginal trading improvement in Mozambique du
Slide 14: Major Refurbishment Projects
MAJOR REFURBISHMENT PROJECTS Radisson Collection Hotel Waterfront Paradise Sun Southern Sun Mbombela Radisson Blu Gautrain Hotel Southern Sun The Cullinan Birchwood Hotel & OR Tambo Conference Centre 14
Slide 15: Radisson Collection Hotel Waterfront refurbishment
Conversion from Radisson Blu to Radisson Collection 95 bedrooms completed The group owns 51% of the sectional title participation quota Strong rate and volume performance in a buoyant Cape Town market 15
Slide 16: Southern Sun The Cullinan refurbishment
Swimming pool repairs, deck extension and water piping required a month’s closure in June 2024 Lobby, conference area and rooms completed over two years Strong rate growth post completion 16
Slide 17: Southern Sun Mbombela refurbishment
Bedrooms and bathrooms completed Hotel services both Government and Corporate markets including Sports Volume and rate growth post refurbishment 17
Slide 18: Paradise Sun refurbishment
Bedrooms, bathrooms, breakfast rooms and roof replacements (main & beach restaurants) The hotel closed on 1 April 2025 and reopened on 15 September 2025 Volume and rate growth post refurbishment with momentum temporarily interrupted by the middle east war 18
Slide 19: Major Refurbishment Projects FY27 Onwards
MAJOR REFURBISHMENT PROJECTS FY27 ONWARDS Southern Sun Newlands Hazyview Sun Southern Sun Waterfront Mount Grace Hotel & Spa Southern Sun Hyde Park Southern Sun Elangeni & Maharani 19
Slide 20: Debt Facilities, Liquidity and Covenants
DEBT FACILITIES, LIQUIDITY AND COVENANTS On 30 September 2025, the group successfully refinanced its debt package into two-year revolving credit facilities maturing on 30 September 2027, with an option to extend for a further 12 months to 30 September 2028 Since Southern Sun’s separate listing i
Slide 21: Income Statement (Rm)
INCOME STATEMENT (Rm) % FY26 FY25 Change Income 7 190 6 609 9 Rooms revenue 4 776 4 414 8 Owned stats FY26 FY25 Food & beverage revenue 1 743 1 593 9 Occupancy (%) 62,9 60,8 Property rental income 294 272 8 Average room rate (R) 1 525 1 463 Other revenue 377 330 14 RevPar (R) 959 890 Overheads (4 75
Slide 22: Reconciliation to Adjusted Headline Earnings (Rm)
RECONCILIATION TO ADJUSTED HEADLINE EARNINGS (Rm) FY26 FY25 % Net of tax Net of tax Change Profit attributable to equity holders 1 237 1 024 21 Loss/(profit) on disposal of PP&E 2 (1) Fair value adjustment of investment properties (59) (83) Net impairment of property, plant and equipment 31 129 Impa
Slide 23: Quarterly Performance (Rm)
QUARTERLY PERFORMANCE (Rm) Q1 Q2 H1 Q3 Q4 H2 YTD Revenue FY26 actual 1 485 1 637 3 122 2 190 1 878 4 068 7 190 FY25 actual 1 390 1 576 2 966 1 913 1 730 3 643 6 609 Change on FY25 (%) 7 4 5 14 9 12 9 FY26 Occupancy (%) 55,8 62,4 59,1 70,5 62,9 66,7 62,9 FY25 Occupancy (%) 55,3 62,6 58,9 66,2 59,1 62
Slide 24: Segmental Analysis (Rm)
SEGMENTAL ANALYSIS (Rm) Income Ebitdar Ebitdar margin % % FY26 FY25 FY26 FY25 Change FY26 FY25 Sandton Consortium 801 663 276 211 31 34 32 SA Portfolio 6 107 5 632 2 176 1 977 10 36 35 Western Cape 2 506 2 335 1 149 1 053 9 46 45 KwaZulu-Natal 1 126 997 284 247 15 25 25 Gauteng 1 720 1 605 534 491 9
Slide 25: Regional Review
REGIONAL REVIEW Gauteng Despite a challenging first half of the financial year, characterised by cost overruns from water outages, weaker conferencing demand and public holiday disruptions, trading rebounded in the second half with strong MICE demand spearheaded by the G20 Summit across the region
Slide 26: Regional Review
REGIONAL REVIEW KwaZulu-Natal Trading improved progressively over the year, supported by increased event activity and better demand across both midweek and peak leisure periods Durban beachfront hotels continue to be highly reliant on consistent MICE demand, and the group is actively collaborati
Slide 27: Regional Review
REGIONAL REVIEW Other The Other segment includes hotels situated in Mpumalanga, Eastern Cape, Kimberley, Bloemfontein and Polokwane which were supported by G20-related conferences and sporting events in H2 Offshore This segment includes hotels located in Mozambique, Seychelles, Zambia and Tanzan
Slide 28: Review of Group Profitability
REVIEW OF GROUP PROFITABILITY Property rental expenses: • Totalled R151m (2025: R121m), representing the variable portion of lease payments • Excluding the impact of IFRS 16, cash rent for the year rose to R421m, up from R349m in the prior year • The R42m increase in the IFRS 16 rental adjustment
Slide 29: Review of Group Profitability
REVIEW OF GROUP PROFITABILITY Impairments recognised against property, plant and equipment include the write-down of refurbishment capital expenditure at the Radisson Blu Gautrain Hotel, undertaken to refresh the product and support average room rate growth; an impairment at Southern Sun Pretoria
Slide 30: Review of Group Profitability
REVIEW OF GROUP PROFITABILITY The strong performance of the South African portfolio, together with the successful relaunch of Paradise Sun and disciplined cost control, cash management and debt reduction, resulted in a 19% increase in adjusted headline earnings to R1.2bn (2025: R1.0bn) Share buy
Slide 31: Strategy
STRATEGY Getting more out of our irreplaceable hotel portfolio by allocating capital to key properties so that they remain best-in-class and our customers’ preferred accommodation provider The group continues to prioritise targeted refurbishments and disciplined expansion to capture demand in st
Slide 32: Strategy
STRATEGY The group is also pursuing expansion opportunities in the Western Cape and KwaZulu-Natal • In Cape Town, we are advancing a proposed joint venture to develop two landmark mixed-use properties in the Foreshore precinct • In KwaZulu-Natal, the group is participating in the Southern Sun Hote
Slide 33: Strategy
STRATEGY However, the Middle East war poses risks to South Africa’s fragile economic recovery, with rising oil prices placing upward pressure on food and travel costs, driving inflation and constraining disposable income and broader macroeconomic growth These factors increase the likelihood that
Slide 34: Thank You
Follow the Sun THANK YOU