Octodec Investments Limited · JSE:OCT
Octodec Investments — FY2025 Earnings Presentation
57 slides from Octodec Investments's earnings presentation, November 2025
Slide 1: Annual Results Presentation 2025
2025 ANNUAL RESULTS PRESENTATION 2025 Octodec Investments Limited 0 Annual Results Presentation 2025
Slide 2: Agenda
AGENDA Overview 1 Jeffrey Wapnick, CEO Our portfolio performance: residential 2 Charlene Conradie, outgoing COO Our portfolio performance: commercial 3 Charlene Conradie, outgoing COO Our commitment to operating responsibly 4 Jeffrey Wapnick, CEO (on behalf of Riaan Erasmus, Deputy CEO and FD) Finan
Slide 3: Overview
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Slide 4: Octodec at a Glance
OCTODEC AT A GLANCE WHAT WHY HOW We aim to serve a thriving tenant-base of With many decades of asset and property Octodec’s diverse property portfolio consists of residents, professionals, government management experience, Octodec’s talented market-leading residential, retail, office, and employees
Slide 5: Management Team
MANAGEMENT TEAM Riaan Erasmus Rob Gibson Jeffrey Wapnick Charlene Conradie Deputy Chief Executive Officer Incoming Chief Operating Officer Chief Executive Officer Outgoing Chief Operating Officer and Financial Director (CFO) (effective 1 September 2025) Octodec Investments Limited 4 Annual Results P
Slide 6: Salient Features and Performance Highlights
SALIENT FEATURES AND PERFORMANCE HIGHLIGHTS Increase in revenue of Distributable income after tax Distributable income per share Dividend per share 4.6% (REIT funds from operations) 171.50 cents 134.5 cents to R2 172.8 million R456.5 million representing an 8.2% increase representing a 7.6% increase
Slide 7: Rental Income Analysis
RENTAL INCOME ANALYSIS A WELL-DIVERSIFIED PORTFOLIO IN GAUTENG Rental income by sector CBD vs non-CBD rental income (%) 31 August 2025 46.7% CBD Residential (2024: 54.1%) 35.0% (2024: 34.5%) 4.4% Retail – street shops (2024: 23.3%) Non-CBD 7.0% 53.3% (2024: 45.9%) Offices (2024: 18.3%) 12.6% Retail
Slide 8: Our Portfolio Performance: Residential
OUR PORTFOLIO PERFORMANCE: RESIDENTIAL Kempton Place
Slide 9: Residential Portfolio Overview
RESIDENTIAL PORTFOLIO OVERVIEW RESILIENT DEMAND AMID TENANT AFFORDABILITY PRESSURES As at As at 31 August 2025 31 August 2024 • Improved rental growth due to a slight decrease in GLA (m2) 422 558 422 558 vacancies and an increase in market rentals Number of properties 64 65 Number of tenants 9 297 8
Slide 10: Top Three Residential Properties
TOP THREE RESIDENTIAL PROPERTIES A SNAPSHOT OF OUR QUALITY OFFERING REPRESENTING 11.3% OF THE TOTAL PORTFOLIO VALUE The Fields – Hatfield, Tshwane Kempton Place – Kempton Park Sharon’s Place – Tshwane CBD 2025 2025 2025 Number of units 737 Number of units 469 Number of units 399 Occupancy % (in unit
Slide 11: Residential Portfolio Overview
RESIDENTIAL PORTFOLIO OVERVIEW A RECOGNISED BRAND FOR CLEAN, SAFE, AND WELL-MAINTAINED ACCOMMODATION • Apartments range between bachelor and three-bedroom, as well as sharing units • Rentals range between R4 150 and R7 200 per month • Ongoing investment to ensure attractiveness and relevance to our
Slide 12: Yethu City
YETHU CITY INNOVATIVE THINKING TO MEET MARKET NEEDS • Pilot of a new product, offering quality co-living accommodation • Key features of the ‘Yethu City’ brand: Well designed All-inclusive co-living spaces; kitchens, Lower rental sharing rooms lounges, work areas, entry point priced at R2 800 roofto
Slide 13: Our Portfolio Performance: Commercial
OUR PORTFOLIO PERFORMANCE: COMMERCIAL Waverley Plaza
Slide 14: Retail – Shopping Centres Overview
RETAIL – SHOPPING CENTRES OVERVIEW PROACTIVE MANAGEMENT OF TENANT MIX DELIVERS VALUE As at As at 31 August 2025 31 August 2024 GLA (m2) 97 271 97 545 Rental income (R’million) 201.0 189.2 Rental income growth (%) 6.2 3.2 Average size of centre (m2)* 12 960 12 936 Total vacancies (% of GLA) 6.9 10.3
Slide 15: Top Three Shopping Centres
TOP THREE SHOPPING CENTRES A SNAPSHOT OF OUR QUALITY OFFERING REPRESENTING 9.2% OF THE TOTAL PORTFOLIO VALUE Waverley Plaza – Waverley, Tshwane The Park – Elardus Park, Tshwane Woodmead Value Mart – Johannesburg 2025 2025 2025 GLA (m2) 11 573 GLA (m2) 12 020 GLA (m2) 17 199 Occupancy (%) 97.5 Occupa
Slide 16: Retail – Street Shops Overview
RETAIL – STREET SHOPS OVERVIEW RESILIENT TRADING AMONG INFRASTRUCTURE AND ECONOMIC CHALLENGES As at As at 31 August 2025 31 August 2024 GLA (m2) 326 048 339 983 Rental income (R’million) 361.3 356.9 Rental income growth (%) 1.2 1.4 Rental income growth (like-for-like) (%)* 2.0 2.2 Total vacancies (%
Slide 17: A Snapshot of Our Retail – Street Shops
A SNAPSHOT OF OUR RETAIL – STREET SHOPS PLAYING A KEY ROLE IN OUR CBD ECOSYSTEM Shoprite Lilian Ngoyi – Tshwane CBD Cuthchurch – Tshwane CBD Bank Towers – Tshwane CBD 2025 2025 2025 GLA (m2) 17 134 GLA (m2) 9 739 GLA (m2) 7 652 Occupancy (%) 39.1 Occupancy (%) 86.1 Occupancy (%) 66.9 Average rent pe
Slide 18: Some of the Top National Retailers Across Our Portfolio
SOME OF THE TOP NATIONAL RETAILERS ACROSS OUR PORTFOLIO Octodec Investments Limited 17 Annual Results Presentation 2025
Slide 19: Offices Overview
OFFICES OVERVIEW PORTFOLIO REMAINS STABLE, WITH SCOPE FOR DISPOSALS OR CONVERSIONS As at As at 31 August 2025 31 August 2024 GLA (m2) 437 837 453 809 Number of tenants 1 572 1 575 Let to Government (% of total rental income from offices) 56.7 56.1 Other (% of total rental income from offices) 43.3 4
Slide 20: Showcasing Our Varied Office Offering
SHOWCASING OUR VARIED OFFICE OFFERING REPRESENTING 5.3% OF THE TOTAL PORTFOLIO VALUE Louis Pasteur Hospital – Tshwane CBD Centre Walk – Tshwane CBD Premium Towers – Tshwane CBD 2025 2025 2025 GLA (m2) 24 799 GLA (m2) 25 744 GLA (m2) 7 849 Occupancy (%) 97.1 Occupancy (%) 95.4 Occupancy (%) 69.6 Aver
Slide 21: Industrial Overview
INDUSTRIAL OVERVIEW STEADY DEMAND WITH IMPROVED PERFORMANCE As at As at 31 August 2025 31 August 2024 Total GLA (m2) 189 514 210 584 Number of tenants 309 341 Rental income (R’million) 111.2 108.6 Rental income growth (%) 2.4 2.5 Rental income growth (like-for-like) (%)* 6.1 3.8 Total vacancies (% o
Slide 22: Our Industrial Parks
OUR INDUSTRIAL PARKS OFFERING SMALLER WAREHOUSES AND MINI UNITS REPRESENTING 3.7% OF THE TOTAL PORTFOLIO VALUE The Tannery – Silverton, Tshwane Sildale Park – Silverton, Tshwane John Street – Johannesburg CBD 2025 2025 2025 GLA (m2) 37 542 GLA (m2) 22 807 GLA (m2) 15 037 Occupancy (%) 96.2 Occupancy
Slide 23: Lease Expiry Profile in Line with Historic Trends
LEASE EXPIRY PROFILE IN LINE WITH HISTORIC TRENDS Expiries by rental income and GLA m2 LENGTH OF STAY August 2030 8.7 The average stay of a residential tenant is 26.2 months, 5.0 and beyond excluding Hatfield tenants who are traditionally students leasing 5.6 for 10 months during the academic year.
Slide 24: Material Leases Concluded During the Period
MATERIAL LEASES CONCLUDED DURING THE PERIOD TO 31 AUGUST 2025 Building Tenant Renewal expiry GLA (m²) Renewal status Rentmeester Park Special Investigating March 2030 12 025 Renewal lease concluded for five years at a 5.5% escalation. Unit The Fields City Lodge August 2026 9 709 Renewal lease conclu
Slide 25: Material Expired Leases > 3 000m²
MATERIAL EXPIRED LEASES > 3 000M² AT 31 AUGUST 2025 Building Tenant Lease expiry GLA (m²) Renewal status Louis Pasteur Louis Pasteur Private February 2025 15 446 Current tenant under business recue and lease will only be renewed once Hospital the business rescue process has been concluded. Tenant on
Slide 26: Collections Remain Strong
COLLECTIONS REMAIN STRONG TOTAL COLLECTIONS AT 31 AUGUST 2025 Collected to billed (%) Collected R2.38 billion (2024: R2.30 billion) Billed R2.40 billion (2024: R2.28 billion) Collected to billed % 99.0% (2024: 100.7%) Residential Commercial 100.2% 98.6% The Fields Octodec Investments Limited 25 Annu
Slide 27: Our Commitment to Operating Responsibly
OUR COMMITMENT TO OPERATING RESPONSIBLY The Fields
Slide 28: Focus on Environmental Stewardship
FOCUS ON ENVIRONMENTAL STEWARDSHIP The total installed solar capacity Carbon emissions by source is 4 469 kWp Indicator 2025 2024 % Change* covering 14.3% of GLA * Emissions (tCO2e) 124 209 121 112 2.56 Energy use (kWh) 119 853 971 117 653 845 1.87 Waste – landfill (kg) 4 389 104 4 418 601 (0.67) Wa
Slide 29: Solar Installations Demonstrating Environmental Stewardship
SOLAR INSTALLATIONS DEMONSTRATING ENVIRONMENTAL STEWARDSHIP Number of installations completed to date MWh production Estimated savings for the period 11 4 783 R8.5 million (Total capital investment of R69 million) (August 2025 YTD) (August 2025 YTD) The Fields The Park Odeon Forum Octodec Investment
Slide 30: Projects Demonstrating Social Commitment
PROJECTS DEMONSTRATING SOCIAL COMMITMENT We invested R15 million towards supplier development, supporting growth and opportunities for local businesses, R3.2 million towards social upliftment efforts, enhancing the quality of life and well-being of our communities, and R1 million towards a cleaning
Slide 31: Maintaining Exemplary Corporate Governance Standards
MAINTAINING EXEMPLARY CORPORATE GOVERNANCE STANDARDS • As part of our succession plan to ensure continuity and support strategic execution, the board strengthened its composition with two new appointments: Sanjay Bhikha Robin Lockhart-Ross • Sanjay Bhikha and Robin Lockhart-Ross were appointed as CA
Slide 32: Financial Results and Capital Management
FINANCIAL RESULTS AND CAPITAL MANAGEMENT Yethu City – on Sisulu
Slide 33: Distributable Earnings (SA REIT FFO)
DISTRIBUTABLE EARNINGS (SA REIT FFO) % 31 August 2025 31 August 2024 Revenue growth of 4.6% with the change R’000 R’000 Residential, Retail – Shopping Centres and Office portfolios contributing the Revenue 4.6 2 172 844 2 075 848 highest growth Sundry income 100.0 2 645 570 Doubtful debts at 2.1% of
Slide 34: Distributable Earnings Continued
DISTRIBUTABLE EARNINGS CONTINUED Property expenditure spread Administration cost spread (R’million) (R’million) 450 80 396 70 69 400 361 70 350 60 300 50 250 182 40 200 169 162 168 176 168 171 160 150 30 100 81 77 20 15 45 42 8 9 8 50 10 - 0 Assessment Collection Bad debts Cleaning, Security Utiliti
Slide 35: Abridged Condensed Consolidated Statement of Financial Position
ABRIDGED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 August 2025 31 August 2024 Assets R’000 R’000 Fair value increase of 0.6% Non-current assets (Like for like increase of 1.4% to R50.5 million per property) Investment property 10 594 600 10 515 700 Investment in joint ventures 56 123
Slide 36: Abridged Condensed Consolidated Statement of Financial Position Continued
ABRIDGED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONTINUED 31 August 2025 31 August 2024 Equity and Liabilities R’000 R’000 Borrowings decreased to R4.333 billion through disposals of non-core assets Equity 6 569 255 6 416 238 (FY2024: R4.409 billion) Non-current liabilities 3 902 718
Slide 37: Approach to Dividends
APPROACH TO DIVIDENDS Octodec’s dividend policy is based on • retaining sufficient funds (R98.5 million) for defensive capital spend, development, and acquisition opportunities as and when these arise; • maintaining a strong balance sheet with an acceptable loan to value ratio – medium to long term
Slide 38: Stable Investment Property Valuations
STABLE INVESTMENT PROPERTY VALUATIONS Investment property R11.2 billion (2024: R11.2 billion) • Fair value increase of 0.6% • Like-for-like fair value increase of 1.4% to R50.5 million per property • External valuations performed in line with JSE Listings Requirements • 79 properties, representing 2
Slide 39: Diverse Portfolio of 218 Properties – Valuation Inputs
DIVERSE PORTFOLIO OF 218 PROPERTIES – VALUATION INPUTS* Fair value Average value Capitalisation Long range Expense Size to Type Number R’billion per m2 rate % vacancy % ratio % portfolio % MIP – Residential & Street Shops 36 R2.6 R8 251 9.9 6.6 36.2 23.4 MIP – Offices & Street Shops 44 R2.1 R6 667 1
Slide 40: Capital Allocation and Requirements
CAPITAL ALLOCATION AND REQUIREMENTS Asset recycling and redeployment • Sold and transferred 17 properties for R156.7 million at an exit yield of 9.5% • Actively pursuing the disposal of the iconic Killarney Mall and management remain committed to the sale thereof, in the event of which proceeds will
Slide 41: FY2025 Deployment of Capital
FY2025 DEPLOYMENT OF CAPITAL Retained profit FY2024 Capital requirement Spend (R’m) R89 million Acquisition 8 Building capital maintenance 11 Compliance (FLS) 10 Government lease building upgrades 11 Capex spent FY2025 Building upgrades 10 R134.2 million Energy Management 11 Solar projects 24 Tenant
Slide 42: Deployment of Capital Continued
DEPLOYMENT OF CAPITAL CONTINUED FY2025 CAPEX PROJECTS Communal rooftop Solar project at The Fields Rentmeester refurbishment in Water silo installation entertainment area at completed progress Yethu City – on Sisulu Silver Place Yethu City on – on Sisulu Sisulu The Fields Rentmeester Octodec Investm
Slide 43: FY2026 Deployment of Capital
FY2026 DEPLOYMENT OF CAPITAL Budget Capital requirement Spend (R’m) R194 million Louis Pasteur external building upgrade 25 Compliance (Fire and Life Safety) 10 Government lease commitments (upgrades) 53 Tentant installations 14 Retained earnings Various small capital requirements 13 R98 million The
Slide 44: Deployment of Capital Continued: Gezina City
DEPLOYMENT OF CAPITAL CONTINUED GEZINA CITY EAST ELEVATION The expansion of the Gezina City asset will create capacity through WEST ELEVATION lifting the roof height as opposed to increasing the footprint. SOUTH ELEVATION NORTH ELEVATION Octodec Investments Limited 43 Annual Results Presentation 202
Slide 45: Deployment of Capital Continued: Gezina City
DEPLOYMENT OF CAPITAL CONTINUED GEZINA CITY Artist’s rendering Octodec Investments Limited 44 Annual Results Presentation 2025
Slide 46: Strong Cash Generated from Operations
STRONG CASH GENERATED FROM OPERATIONS Cash flow bridge for the period ended 31 August 2025 (R’million) 856.4 (372.0) (3.6) 152.3 (338.1) 136.5 6.5 (100.0) 69.2 (134.2) Cash and bank Cash generated Net finance Taxation Dividends paid Developments, Net payments Proceeds Net borrowings Cash and bank ba
Slide 47: Prudent Capital Management
PRUDENT CAPITAL MANAGEMENT Weighted average interest rate • Debt carefully managed within internal targets set 31 August 2025 per annum • Loan covenant LTV at 38.9% (FY2024: 39.8%) Assets R’million % • Interest cover ratio (ICR) at 2.2x (FY2024: 2.1x) Bank loans – secured 3 998.6 9.0 • Bank covenant
Slide 48: Diversified Sources of Funding
DIVERSIFIED SOURCES OF FUNDING SUCCESSFUL REFINANCING OF FACILITIES AT IMPROVED MARGINS 31 August 2025 31 August 2024 • Refinance of three ABSA credit facilities with tenors of four years (total R600 million) – improved margin (c.33bps) • Refinance of two SBSA credit facilities for three years (tota
Slide 49: Funding Expiry Profile
FUNDING EXPIRY PROFILE HEDGING STRATEGY CONSIDERS INTEREST RATE CYCLE Loan expiry profile Interest rate derivatives expiry (R’million and %) • The weighted average term to expiry of the profile (R’million and %) loans and interest rate derivatives is currently 2.3 years (FY2024: 2.4 years) and 1.3 y
Slide 50: Outlook
OUTLOOK The Park
Slide 51: Outlook and Prospects
OUTLOOK AND PROSPECTS • Increase in business confidence supported by a relatively stable political • Vacate of City of Tshwane Metropolitan Municipality at the end of October environment, lower inflation and interest rates 2025 (previously noted) of 12 086m² office space; actively exploring opportun
Slide 52: Questions and Answers
QUESTIONS AND ANSWERS Yethu City – on Sisulu
Slide 53: Appendices
Vale APPENDICES Silver Place ies
Slide 54: Our Strategy
OUR STRATEGY OUR MEDIUM TO LONG-TERM STRATEGIC OBJECTIVES Our vision is to innovate and create Enhance the value of our Enhance our property portfolio sustainable economic value through our human capital contributions investment in a multi-sector property portfolio. • Create and maintain an environm
Slide 55: Top 10 Properties
TOP 10 PROPERTIES ACCOUNT FOR 30% OF THE INVESTMENT PROPERTY PORTFOLIO BY VALUE AT 31 AUGUST 2025 2 Property Location Sector Size (m ) The Fields Hatfield, Tshwane Mixed use 60 716 Killarney Mall Killarney, Johannesburg Shopping centre 47 470 The Tannery Industrial Park Silverton, Tshwane Industrial
Slide 56: Vacancies as Percentage of Lettable GLA
VACANCIES AS PERCENTAGE OF LETTABLE GLA Total Vacancies (%) Core Vacancies (%)* 45 30 39.1 40 36.3 25 24.3 35 20.8 30 20 25 21.5 14.0 20.1 15 20 12.0 10.0 10.0 15 10 9.2 8.0 10.3 10.8 6.9 9.2 5.6 10 6.9 8.0 6.1 5 5 0 0 Offices Retail: Retail: Industrial Residential Offices Retail: Retail: Industrial
Slide 57: www.octodec.co.za
Our vision To innovate and create sustainable economic value through our investment in a multi-sector property portfolio. We are deeply committed to the communities we serve, partnering with them to shape a forward-looking, inclusive future. By reimagining and transforming buildings, we cultivate vi