Slide 1: Audited Consolidated Financial Results
The Western Cape REIT Credible, Predictable, Consistent. Audited Consolidated Financial Results For the year ended 28 February 2026 | Presentation 18 May 2026
Slide 2: Contents
TABLE OF Contents Contents 01. Welcome, Introduction & Update 02. FY2026 Corporate Performance 03. Portfolio Overview 04. FY2026 Financial Performance 05. ESG 06. Transactions, Developments & Valuations 07. Outlook and Guidance 08. Questions? THE VIEW, TYGERVALLEY AUDITED CONSOLIDATED FINANCIAL RESU
Slide 3: Welcome, Introduction & Update
1 Presenters: Quintin Rossi CEO Christiaan Barnard Welcome, Introduction CFO & Update NO.1 WATERHOUSE, CENTURY CITY Kim Pfaff-Karg CIO AUDITED CONSOLIDATED FINANCIAL RESULTS / YEAR ENDED 28 FEBRUARY 2026 3
Slide 4: FY2026 in Review
01. Welcome, Introduction & Update | FY2026 in Review THE MISSION To be the leading Western Cape-focused REIT, to consistently grow our distribution per share on an annualised basis and to operate within the top quartile of our peer group. OPERATING STRATEGY To be value investors across the identifi
Slide 5: The Western Cape Investment Case
01. Welcome, Introduction & Update | “The Western Cape offers the most defensive and scalable real estate investment case in South Africa— The Western Cape underpinned by governance certainty, semigration-driven Investment Case: demand, and sustained economic outperformance.” N O TA B L E S H A R E
Slide 6: The Western Cape Investment Case: Cape Economy
01. Welcome, Introduction & Update | The Western Cape Investment Case: Macro Challenge Cape Economy D I V E R S I F I E D , F U T U R E - FA C I N G CAPE TOWN A STRONG STRUCTURAL RESILIENCE VS ECONOMY URBAN ECONOMIC ENGINE SA MACRO CHALLENGES Key sectors: Contributes ~71% of provincial GDP National
Slide 7: FY2026 Highlights
01. Welcome, Introduction & Update | 6.02% FY2026 Highlights TNAVIncom Portfolio FY2026 DIPS & DPS growth Solar PBalancExpan WESTERN CAPE PORTFOLIO FY2026 DISTRIBUTIONS PORTFOLIO E X PA N S I O N AT A G L A N C E 90.70 cents per share DIPS Acquired 3 prime real estate assets R7.18 billion 86.16 cent
Slide 8: FY2026 Corporate Performance
2 Performance MAYNARD MALL, WYNBERG FY2026 Corporate Performance AUDITED CONSOLIDATED FINANCIAL RESULTS / YEAR ENDED 28 FEBRUARY 2026 8
Slide 9: Spear Total Return Profile
02. FY2026 Corporate Performance | Spear Total Return Profile 50% 45% 46.52% 430m R1.2bn Gross number of Value of shares 40% shares issued traded in FY2026 35% 30% 32.19% 31.64% 25% 20% 109m 25.33% JSE ALPI and 15% SA REIT Index Volume traded Ratio of volume inclusion 10% during period shares traded
Slide 10: Portfolio Overview
3 CONSANI INDUSTRIAL PARK, ELSIES RIVER Portfolio Overview AUDITED CONSOLIDATED FINANCIAL RESULTS / YEAR ENDED 28 FEBRUARY 2026 10
Slide 11: Sub-Sector Operational Performance
03. Portfolio Overview | Sub-Sector Sub-Sector Operational Performance Retail Commercial Industrial 80 469m2 GLA 127 319m2 GLA 422 272m2 GLA Occupancy = 97.56% Occupancy = 92.55% Occupancy = 98.66% Collections = 99% Collections = 99% Collections = 99% Reversions = -0.71% Reversions = -6.05% Reversio
Slide 12: Portfolio At a Glance
03. Portfolio Overview | Sectoral split by Value, Revenue & GLA At a Glance 19% . bn 37% Commercial Industrial Retail Renewable Energy Development AUDITED CONSOLIDATED FINANCIAL RESULTS / YEAR ENDED 28 FEBRUARY 2026 12
Slide 13: Industrial
03. Portfolio Overview | Sectoral split by Sector Industrial Industrial Manufacturing Urban Logistics Logistics Mini Units AUDITED CONSOLIDATED FINANCIAL RESULTS / YEAR ENDED 28 FEBRUARY 2026 13
Slide 14: Commercial
03. Portfolio Overview | Sectoral split by Sector ommercial Commercial CBD Paarden Eiland Century City Brooklyn Tygervalley Epping Woodstock Newlands AUDITED CONSOLIDATED FINANCIAL RESULTS / YEAR ENDED 28 FEBRUARY 2026 14
Slide 15: Retail
03. Portfolio Overview | Sectoral split by Sector Retail etail Convenience Retail Medical Retail 9.28% R2 942/m 2 10.35% Commuter Convenience Rent turnover Trading density Effort ratio (full cost Destination Retail Centres ratio for retail of occupancy/ properties turnover) AUDITED CONSOLIDATED FINA
Slide 16: Letting Activity YTD FY2026
03. Portfolio Overview | Letting Activity YTD FY2026 Expiries and Gross rental at Average gross Renewals/ Gross new Average gross Rental New lets and vacated expiry expiry rental New lets rental new rental reversion renewals GLA m² R'000 R/m² GLA m² R'000 R/m² % Commercial 34 856 6 447 184.97 33 866
Slide 17: Tenant and Vacancy Profile
03. Portfolio Overview | Tenant and Vacancy Profile Analysis of the property portfolio as at 28 February 2026 GLA: 630 061m 2 TOTAL VACANCY: 17 120 m = 2.72% 2 NUMBER OF TENANTS: 659 OCCUPIED: 612 941m 2 Based on GLA 2.44% Large national, large listed and government tenants 59% 186 tenants Commercia
Slide 18: Lease Expiry Profile Based on GLA
03. Portfolio Overview | Lease Expiry Profile Based on GLA Total Total Total Total Total Total Total 3% 2% 23% 19% 14% 7% 32% 100% 90% 80% 70% 60% 50% 40% 30% 20% 19% 10% Average 0% Vacant Monthly Expiries Expiries Expiries Expiries Expiries 03/2026 - 03/2027 03/2027 - 02/2028 03/2028 - 02/2029 03/2
Slide 19: FY2026 Financial Performance
4 Performance MEGA PARK, BELLVILLE FY2026 Financial Performance AUDITED CONSOLIDATED FINANCIAL RESULTS / YEAR ENDED 28 FEBRUARY 2026 19
Slide 20: Consolidated Statement of Comprehensive Income
Group Variance Like-for-like (excluding variance 04. FY2026 Financial Performance | February 2026 February 2025 smoothing) (excl. smoothing) Consolidated Statement R’000 R’000 % % Property revenue – Contractual rental income 606 350 498 529 21.63 20.33 of Comprehensive Income – Tenant recoveries 232
Slide 21: Reconciliation Between Earnings and Distributable Earnings
SA REIT funds from operations (SA REIT FFO) per share 04. FY2026 Financial Performance | Reconciliation Between February February 2026 2025 Earnings and R’000 R’000 Profit or loss per IFRS statement of comprehensive income attributable to the parent 799 747 525 120 Accounting/specific adjustments: (
Slide 22: Reconciliation Between Earnings and Distributable Earnings (continued)
04. FY2026 Financial Performance | SA REIT funds from operations (SA REIT FFO) per share (continued) Reconciliation Between Interim distributable company FFO Interim period payout ratio (R’000) (%) 164 584 95 105 663 95 Earnings and Interim company dividend per share (DPS) (cents) 41.59 39.53 Interi
Slide 23: Consolidated Statement of Financial Position
04. FY2026 Financial Performance | Consolidated Statement of Financial Position as at 28 February 2026 Group Accumulated income 1 454 967 955 549 February February Total attributable to owners 5 376 484 3 908 570 2026 2025 Non-controlling interest 13 112 13 112 R’000 R’000 TOTAL EQUITY 5 389 596 3 9
Slide 24: TNAV Bridge and LTV Sensitivity
04. FY2026 Financial Performance | TNAV Bridge and LTV Sensitivity FY2026 fair value IFRS 2 expense for Profit for the year (excl. Disposal of TNAV BRIDGE adjustment future CSP fair value adjustment) Treasury shares 14 R0.81 R1.11 R0.16 R0.04 R12.91 R12.20 (R0.10) (R0.57) 12 (R0.72) (R0.02) S42 acqu
Slide 25: Funding Maturity
04. FY2026 Financial Performance | Funding Maturity 22.94% FUNDERS AVERAGE 8.59% COST OF LOAN-TO-VALUE FUNDING 49 bps down GROUP NET DEBT PROFILE GROSS DEBT EXPIRY 7% AS AT 28 FEBRUARY 2026 AS AT 28 FEBRUARY 2026 FY2028 25% 25% FY2028 FY2030 TOTAL Variable Fixed Fixed Variable debt NET DEBT debt 45%
Slide 26: Balance Sheet and Funding Update
04. FY2026 Financial Performance | Balance Sheet and Funding Update FY2026 FY2025 DEBT COVENANTS WEIGHTED AVERAGE 34 26 EXPIRY: ALL DEBT months months CURRENT WEIGHTED AVERAGE 31 20 RATIO 22.94% 4.34 TIMES EXPIRY: FIXED DEBT months months WEIGHTED AVERAGE 40 25 EXPIRY: VARIABLE DEBT months months WE
Slide 27: Financial Highlights and Valuations
04. FY2026 Financial Performance | Financial Highlights Valuations PROPERTY DISTRIBUTIONS COLLECTIONS & CASH VA L U AT I O N S 90.70 cents 44.57 cents 8.93% 13.93% FY2026 DIPS FY2026 final 99.33% R382m FY2026 average exit FY2026 average (FY2025: 85.55 cents DIPS) distribution FY2026 collections Cash
Slide 28: ESG
5 TYGERVALLEY 78 ON EDWARD, TYGERVALLEY MANHATTAN PLAZA, NORTHGATE PARK, BROOKLYN BOSTON CIRCLE, AIRPORT INDUSTRIA SABLE SQUARE, MILNERTON VIKING PARK, EPPING THE VIEW, BRAVO PARK, 7 HEWITT AVENUE, BLACKHEATH TYGERVALLEY EPPING RADNOR ROAD, NO.1 WATERHOUSE, BELLVILLE CENTURY CITY ESG NEWLANDS TERRAC
Slide 29: Summary of Solar PV
FY2026 Sector Penetration 05. ESG | Summary of Solar PV Sector Penetration (%) Total solar revenue: 30 38.84% 15.78% R31m 26.98% 24.01% 25 Group 24.01% Portfolio Penetration (%) 15 000 Solar Production (kWh) 21.09% Total solar 20 NOI: 17.07% 10 24.20% R22m 14.80% 15 Number of Assets 10.22% 5 5 000 1
Slide 30: Sustainability Update
05. ESG | Sustainability Update ESG & SOCIO-ECONOMIC BURSARIES GOVERNANCE UPLIFTMENT Property studies, 3 external individuals, Adoption of KING V Financial donations and ongoing economic UCT 2 of which are HDIs support by Spear Adoption of SA REIT Best Practice 2025 Accounting studies 2 employees of
Slide 31: Transactions, Developments & Valuations
6 Transaction 9 LONG STREET, CAPE TOWN Transactions, Developments & Valuations AUDITED CONSOLIDATED FINANCIAL RESULTS / YEAR ENDED 28 FEBRUARY 2026 31
Slide 32: FY2026 Acquisitions
06. Transactions, Developments & Valuations | FY2026 Acquisitions Maynard Mall, Wynberg Berg River Business Park, Paarl Consani Industrial Park, Goodwood Retail 9.55% Industrial 9.35% Industrial 9.71% Sector Yield Sector Yield Sector Yield R455 000 31 October 2025 R182 150 20 November 2025 R437 300
Slide 33: Post Year-end Acquisitions & Disposals
06. Transactions, Developments & Valuations | Post Year-end Acquisitions & Disposals Watergate Centre, Mitchells Plain Hamilton and Chiappini House, Cape Town Retail 19 642 Aug 2026 Commercial R23 948 5 cents Sector GLA (m2) Estimated transfer Sector Rate/m2 NAV upliftment R442 000 R22 502 2 years 7
Slide 34: Development Growth
06. Transactions, Developments & Valuations | Development Growth GTX Park, Bravo Park Extension, The Anchoridge, R404 Airport Road, George Range Road, Blackheath Marine Drive, Paarden Eiland 75.6% 7 000m2 52 000m2 Ownership Developable GLA Developable GLA ±30 000m2 Industrial Mixed Use Developable G
Slide 35: Property Valuations
06. Transactions, Developments & Valuations | Property Valuations Valuation summary and assumptions January February 2025 2025 Valuation excluding land (R'000) 4 570 974 Number of properties 42 39 % of portfolio valued externally (%) 96 69 Valuation rate Industrial (R/m²) 7 431 7 032 Office (R/m²) 1
Slide 36: Outlook and Guidance
7 THE ISLAND, PAARDEN EILAND Outlook Outlook and Guidance AUDITED CONSOLIDATED FINANCIAL RESULTS / YEAR ENDED 28 FEBRUARY 2026 36
Slide 37: Outlook and Prospects
07. Outlook and Guidance | Outlook and Prospects SPEAR IS ENTERING FY2027 DEFENSIVE AND GROWTH PIPELINE WESTERN CAPE S T R AT E G I C F O C U S FROM A POSITION OF HIGH-QUALITY PORTFOLIO A D VA N TA G E O P E R AT I O N A L A N D F I N A N C I A L STRENGTH DRIVEN BY: FY2026 guidance Maintain strong l
Slide 38: FY2027 Strategic Priorities
07. Outlook and Guidance | FY2027 Strategic Priorities Perform STRENGTHEN LEASING U N L O C K O R G A N I C VA L U E TA R G E T E D A S S E T G R O W T H PERFORMANCE Value Asset Activate embedded portfolio bulk Pursue yield-enhancing industrial, Aggressive and proactive leasing retail, commercial an
Slide 39: FY2027 Guidance
07. Outlook and Guidance | FY2027 Guidance Based on Spear’s strategy-led operational and financial performance, and considering prevailing market conditions, together with the information management has available at this time, DIPS growth is expected to be between 6% and 8% higher for FY2027 compare
Slide 40: Thank you
BERG RIVER BUSINESS PARK, PAARL Thank you Questions? Email questions to INFO@SPEARPROP.CO.ZA spearreitlimited Spear REIT Limited Spear REIT Limited @SpearREIT Live Q&A after presentation AUDITED CONSOLIDATED FINANCIAL RESULTS / YEAR ENDED 28 FEBRUARY 2026 40