Burstone Group Limited · JSE:BTN
Burstone — FY2026 Earnings Presentation
57 slides from Burstone's earnings presentation, Mar 31, 2026
Slide 1: Twenty Full Year Results
Transform potential TWENTY FULL YEAR RESULTS 31 March 2026
Slide 2: Agenda
Agenda 01 Key highlights Andrew Wooler · Chief Executive Officer 02 Financial results Myles Kritzinger · Chief Financial Officer 03 Operational review Andrew Wooler · Chief Executive Officer 04 Closing and outlook Andrew Wooler · Chief Executive Officer 05 Q&A
Slide 3: Burstone at a glance as at 31 March 2026
Burstone at a glance as at 31 March 2026 We are a fully integrated international real estate business 30 years+ R42.9bn R11.0bn R4.4bn 50+ 9 Track record Total portfolio Third-party EUM2 Third-party Real estate Countries (GAV)1 commitments professionals Diversified earnings base: Real estate | Asset
Slide 4: FY26 Financial results – transition gaining momentum
FY26 Financial results – transition gaining momentum 2.2% 90% Strong operational momentum across DIPS growth Payout ratio 2.2% DPS growth the Group Earnings growth in line with guidance Stable pay-out ratio Underpinned by 4.2% LFL SA NOI growth Global economic volatility Cautious international Stron
Slide 5: FY26 Strategic objectives and delivery
FY26 Strategic objectives and delivery Strategic objective Priority Delivery • Consistent real estate performance across a diversified asset base • South Africa: Strong performance from real estate portfolio – remains c. 80% of Drive underlying real estate Group earnings Optimise current portfolio p
Slide 6: Underlying real estate performance
Underlying real estate performance Growth driven largely by South African real estate fundamentals South Africa: Rebounding performance Europe: Resilient in challenging market Australia: Scaling contribution c. 80% contributor to Group earnings, PEL NOI marginally down on a LFL basis R0.7bn (A$54.2m
Slide 7: Fund and asset management
Fund and asset management New equity commitments set to deliver growth Europe: Australia: South Africa: Blackstone: • Burstone Group’s share of earnings has • SA Core plus finality expected within 3 • No transaction activity improved to R9m (+28.6%) driven by months: • Advancing final terms on the p
Slide 8: Indicators of momentum
Indicators of momentum 1 2 3 4 5 R4.4bn new third Launch of new Integration and cost Strong SA LFL NOI SA Solar scaled party equity European light optimisation driving growth, with by 9.8MW commitments industrial platform operational continued (+55% YoY) leverage momentum • On deployment will • Targ
Slide 9: Financial results
Financial results 9
Slide 10: Strong fundamentals driving consistent delivery
Strong fundamentals driving consistent delivery Group operations Balance sheet FY26 results Dividend payout ratio of Stable LTV in line with guidance 90% of 39.6%* DIPS up 2.2% to 104.71cps Cash dividend up 2.2% to 94.24cps (FY25: 36.3%) (FY25: 102.47cps) (FY25: 92.22cps) Increasing to 92.5% in FY27
Slide 11: Distributable earnings in line with guidance
Distributable earnings in line with guidance Rm Up 2.2% 46 43 40 26 6 140 843 825 5 1 2 (33) 3 4 (10) 7 (234) 8 Underlying real estate and co-investments FY25 SA - LFL NOI SA - Disp/Acq NOI PEL- LFL Australia Fee income Overheads PEL - BX Net finance cost & FX FY26 Notes 1. LFL NOI is 4.2% better th
Slide 12: FY26 NAV broadly in line with prior year
FY26 NAV broadly in line with prior year Flat YoY Rm 595 70 9,483 1 2 3 9,486 (344) (160) 4 (157) FV adj - SA Real estate assets Non-cash working capital Treasury shares & other movements FY25 FV adj - Co-investment & FLA Amortisation & impairment FY26 Notes 1. Net fair value adjustments in South Af
Slide 13: LTV at 39.6%
LTV at 39.6% 3.8% 39.6% 7 39.2% 36.3% (0.4%) 1 2 0.9% 3 0.6% 5 0.3% 0.4% 6 4 (1.5%) (1.2%) FV adj - Real estate assets SA Sales - Complete Offshore co-investments MTM, FX, Working capital Asset sales - Pending FY25 Pro-forma Capex Deferred payment Amortisation & impairment FY26 Actual FY26 Pro-forma
Slide 14: Treasury
Treasury 14
Slide 15: Treasury highlights
Treasury highlights Total Group net debt balance of R6.6bn Total weighted average cost of debt at Group debt maturity of 2.2 years 6.5% (FY25: R6.3bn) (FY25: 7.1%) (FY25: 3.0 years) Group interest hedge % at 78% Offshore capital hedge 101% ZAR interest rate swap maturity of 2.2 years (FY25: 95%) (FY
Slide 16: Group debt expiry profile
Group debt expiry profile Limited balance risk due to long dated expiries & undrawn facilities 3,000 Millions R2,697m 2,500 400 2,000 700 R1,832m Commercial paper 300 Bank debt 1,500 100 335 RCF R1,169m HQLA 1,000 782 EU debt 529 782 R700m Corporate Bond R515m 500 400 650 700 480 515 240 - FY27 FY28
Slide 17: Underlying real estate investments
Underlying real estate investments 17
Slide 18: South Africa
South Africa 18
Slide 19: Snapshot of SA performance
Snapshot of SA performance FY26 FY25 Dihlabeng Mall, Bethlehem LFL NOI Growth 4.2% 0.2% Cost to Income 22.6% 23.9% Arrears % of collectibles 3.2% 3.4% Vacancy (by GLA) 2.7% 6.7% Reversions (7.9%) (4.6%) WALE (years) 3.1 3.0 • Positive earnings trajectory: LFL NOI of 4.2% Nicol on main Office Park, J
Slide 20: SA retail (45% of portfolio)
SA retail (45% of portfolio) • 8.9% LFL NOI growth Financial and operational metrics • Enhancement to NOI from Zevenwacht Mall, post its redevelopment in FY25 8.9% 1.4% 5.2% • Average turnover 5.2% (FY25: 3.2%) LFL NOI growth Arrears (% of collectibles) Average turnover growth • Trading density R3 2
Slide 21: SA office (35% of portfolio)
SA office (35% of portfolio) • Continued improvement to an already Financial and operational metrics low vacancy rate • Positive LFL NOI growth underpinned by 2.9% 2.6% 3.5yrs stable portfolio with strong tenant Gross income growth LFL NOI growth (FY25: 3.0 yrs) retention partially offset by long-da
Slide 22: SA industrial (20% of portfolio)
SA industrial (20% of portfolio) Financial and operational metrics • Positive supply-demand dynamics remain (1.8%) 5.8% 3.8 years • Market rental growth in short-to-medium term remains strong LFL NOI growth Arrears (% of collectibles) WALE (FY25: (0.0%)) (FY25: 2.7%) (FY25: 3.5 years) • Decrease in
Slide 23: Offshore investments
Offshore investments 23
Slide 24: Europe co-investment
Europe co-investment 20% PEL co-investment – R1.7bn First loss exposure • LFL NOI down 3% from prior year Market context o Softening occupier market leading to higher vacancy of • European real estate transaction activity / markets remain subdued, 14.1% (FY25: 6.1%) with widening spreads between buy
Slide 25: Australia co-investment
Australia co-investment Industrial platforms deployed R340m/A$26.7m ITAP deployed R292m/A$25m • 2 Industrial platforms – alongside Phoenix and TPG AG, both in • ITAP Development Fund early yield phase but already delivering total return benefits in • Low yielding, capital return investment FY26 • Ma
Slide 26: Fund and asset management
Fund and asset management 26
Slide 27: Additive earnings becoming increasingly significant
Additive earnings becoming increasingly significant Europe Australia PEL: • EUM Growth: Irongate now manages A$668m of funds, a c. 7% • c.€1bn portfolio; 3rd party GAV c.€0.8bn increase from FY25 (A$624m) • Stable fees with marginal improvement in ManCo earnings from • Fee income of R9m, up 28.6% Yo
Slide 28: Group earnings underpinned by robust real estate | Additive fund management revenue
Group earnings underpinned by robust real estate | Additive fund management revenue 1 Real estate earnings • NOI Additive • Investment income fee income ⇒ Consistent returns + growth 2 Fund management revenues • Base fees • Performance fees ⇒ Growth linked to new mandates & platform strategies FY25
Slide 29: Closing and outlook
Closing and outlook 29
Slide 30: Key takeaways from FY26 – Positioning the business for growth
Key takeaways from FY26 – Positioning the business for growth 01 Stable operating results Led by SA real estate delivering LFL NOI of 4.2% 02 Fund & asset management gaining momentum Equity under management increased by c. 6%; fee income 15.5% of earnings 03 Secured R4.4bn of third-party equity A$17
Slide 31: FY27 Outlook – Forward momentum
FY27 Outlook – Forward momentum 01 02 03 Diversified business model Forward earnings underpinned SA LFL NOI growth expected to resilient in extremely volatile by continued SA delivery and outperform prior year growth global environment growing fee income Quality portfolio enhanced by asset • Robust
Slide 32: FY27 set to deliver DPS growth of 7% - 9%
FY27 set to deliver DPS growth of 7% - 9% Opportunities Challenges ● Fast-tracked deployment of committed equity under ● Macroeconomic headwinds and interest rate volatility management ● Execution and pace of capital deployment ● Continued earnings accretive capital recycling across the portfolio ●
Slide 33: Q&A
Q&A 33
Slide 34: Annexures
Annexures 34
Slide 35: Group
4H Burstone REAL ESTATE PARTNERS 35
Slide 36: Statement of comprehensive income
Statement of comprehensive income Rm 31 March 2026 31 March 2025 % Change Revenue (excluding straight-line rental revenue adjustment) 1,870 1,838 1.7% Fee income from asset management business 145 179 (19.0%) Straight-line rental revenue adjustment 10 (9) 211.1% Revenue 2,025 2,009 0.8% Income from
Slide 37: Distributable earnings reconciliation for the period
Distributable earnings reconciliation for the period Rm 31 March 2026 31 March 2025 % Change Profit/(loss) after taxation 800 (2,224) 136.0% Straight-line rental revenue adjustment (10) 9 (211.1%) Fair value and foreign exchange adjustments on financial instruments 237 1,688 (86.0%) Fair value adjus
Slide 38: Statement of financial position
Statement of financial position Rm 31 March 2026 31 March 2025 % Change Rm 31 March 2026 31 March 2025 % Change Investment property 12,989 12,844 1.1% Stated capital 10,976 11,048 (0.7%) Foreign currency translation reserve 3 (6) 150.0% Straight-line rental revenue adjustment 315 308 2.3% Accumulate
Slide 39: Statement of cash flows
Statement of cash flows % Rm 31 March 2026 31 March 2025 Rm 31 March 2026 31 March 2025 % Change Change Net cash inflow from investing activities 656 5,588 (88.3%) Cash generated from operations 120.0% 911 414 Treasury shares acquired (73) (72) Finance costs paid 27.3% (1.4%) (404) (556) Treasury sh
Slide 40: Treasury
Treasury 4H Burstone REAL ESTATE PARTNERS 40
Slide 41: FY26: Group debt
FY26: Group debt FY26 Group ZAR AUD EUR Total Total debt 3.9 - 1.6 5.5 ZAR debt 3.9 - - 3.9 EUR debt - - 1.6 1.6 CCIRS - 0.8 0.7 1.5 EUR CCIRS - - 0.7 0.7 AUD CCIRS - 0.8 - 0.8 Interest rate swaps 2.5 - 1.2 3.7 Debt maturity (years) 2.2 - 1.9 2.2 Swap/CCIRS maturity (years) 2.3 2.0 2.6 2.2 Hedge % 7
Slide 42: Group debt profile
Group debt profile Debt portfolio composition Bank debt split by lender 8% 7% 5% 26% 49% 66% 39% CP Bonds Bank debt Standard Bank Nedbank RMB Sanlam Funding profile by lender and instrument Debt portfolio by region 3% 7% 24% 23% 25% 77% 25% 2% 14% DMTN Nedbank RMB Sanlam Standard Bank ABSA CP Foreig
Slide 43: Group euro debt and swap expiry
Group euro debt and swap expiry EUR CCIRs expiry profile and fixed rate EUR IRS expiry profile and fixed rate EUR debt and CCIRS expiry (EUR’m) EUR IRS expiry (EUR’m) 70 Millions 16 15 60 Millions 14 60 14 12 50 10 40 8 6 30 6 4 20 2 10 - FY27 FY28 FY29 FY30 - FY27 FY29 Maturity year Maturity year F
Slide 44: Group euro debt and swap expiry
Group euro debt and swap expiry PEL interest rate swap expiry profile and fixed rate PEL IRS (EUR’m) 140 Millions 124 120 100 80 60 40 20 - FY27 FY28 Maturity year PEL IRS - Sum of Fixed Profile (foreign) 44
Slide 45: Group ZAR and AUD swap expiry
Group ZAR and AUD swap expiry ZAR interest rate swap expiry profile and swap rate AUD CCIRs expiry profile and fixed rate ZAR interest rate swaps (R’m) Cross currency swaps (AUD’m) 2,000 1,850 25 Millions Millions 1,800 22 1,600 20 20 1,400 16 1,200 15 1,000 800 10 600 7 475 400 5 200 200 - - FY27 F
Slide 46: South Africa
South Africa 4H Burstone REAL ESTATE PARTNERS 46
Slide 47: SA Performance
SA Performance Rm Notes FY26 FY25 % diff Rm FY26 FY25 Gross income 1 320 1 265 4.3% No. of properties 52 58 Net expense (328) (313) (4.8%) Property asset value R13.6bn R13.2bn LFL net operating income 1 992 952 4.2% Retail 2 428 393 8.9% GLA (m²) 781 807 845 345 Office 3 349 340 2.6% Vacancy (by GLA
Slide 48: SA Retail portfolio
SA Retail portfolio Continued improvement in trading performance Rm FY26 FY25 Rm FY26 FY25 % diff No. of properties 12 13 Gross income 561 522 7.5% Property asset value R6.2bn R5.8bn Net expense (133) (129) 3.1% GLA (m²) 227 259 253 025 Vacancy (by GLA) 0.6% 4.3% LFL net operating income 428 393 8.9
Slide 49: SA Office portfolio
SA Office portfolio Market oversupply continues to hinder rental growth Rm FY26 FY25 % diff Rm FY26 FY25 Gross income 491 477 2.9% No. of properties 23 24 Net expense (142) (137) (3.6%) Property asset value R4.7bn R4.7bn LFL net operating income 349 340 2.6% GLA (m²) 218 053 221 009 Acquisitions and
Slide 50: SA Industrial portfolio
SA Industrial portfolio Improvement in vacancies in the sector Rm FY26 FY25 % diff Rm FY26 FY25 Gross income 268 266 0.8% No. of properties 17 21 Net expense (53) (47) (12.8%) Property asset value R2.7bn R2.7bn LFL net operating income 215 219 (1.8%) GLA (m²) 336 495 371 311 Acquisitions and disposa
Slide 51: SA letting activity
SA letting activity At 31 March Expiries and Renewals and Weighted average Weighted average Rental Average Incentive Retention WALE 2026 cancellations new lets gross expiry rental gross new rental reversion escalation GLA (m²) GLA (m²) R/m² R/m² % % % lease value % years Office 43 636 42 987 216.7 1
Slide 52: Total SA portfolio
Total SA portfolio TOTAL OFFICE INDUSTRIAL RETAIL 31-Mar-26 31-Mar-25 31-Mar-26 31-Mar-25 31-Mar-26 31-Mar-25 31-Mar-26 31-Mar-25 Portfolio Asset value (R'bn) 13.6 13.2 4.7 4.7 2.7 2.7 6.2 5.8 Number of properties 52 58 23 24 17 21 12 13 GLA (m2) 781 807 845 345 218 053 221 009 336 495 371 311 227 2
Slide 53: SA Base portfolio composition
SA Base portfolio composition Sectoral spread by NOI Sectoral spread by GLA Sectoral spread by asset value 21% 21% 29% 43% 43% 45% 36% 34% 28% Retail Office Industrial Retail Office Industrial Retail Office Industrial Industrial Retail Office 6% 21% 25% 24% 56% 4% 75% 10% 79% High Tech Industrial St
Slide 54: SA lease expiry profile
SA lease expiry profile Well-staggered lease expiry profile with 78% of leases expiring in FY28 and beyond 22% 22% 16% 15% 13% 12% 12% 11% 10% 9% 7% 6% 7% 6% 6% 5% 4% 3% 3% 3% 3% 3% 2% 1% FY27 FY28 FY29 FY30 FY31 FY32+ Office Industrial Retail Total 54
Slide 55: Australia
Australia 4H Burstone REAL ESTATE PARTNERS 55
Slide 56: Australia structure
Australia structure Irongate management Burstone Group Ltd 50% 50% Irongate JV c. R0.7bn deployment Co-investments in ITAP TPG AG Phoenix platforms Equity: ITAP: 18.67% EUM: A$454m EUM: A$178m Equity: GAV: A$3.3bn1 GAV: A$373m EUM: A$36m TPG AG: 15.0% GAV: A$69m Medium term liquidity events Excludes
Slide 57: 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