Fairvest Limited Class A · JSE:FTA
Fairvest Limited Class A — H1 2026 Earnings Presentation
57 slides from Fairvest Limited Class A's earnings presentation, 2026
Slide 1: Interim Results for the six months ended 31 March 2026
2026 INTERIM RESULTS for the six months ended 31 March 2026
Slide 2: Agenda
Agenda BUSINESS OVERVIEW FAIRVEST PORTFOLIO OPERATIONAL UPDATE RETAIL PORTFOLIO OFFICE PORTFOLIO INDUSTRIAL PORTFOLIO CAPITAL EXPENDITURE FINANCIAL UPDATE PROSPECTS FOR 2026 Q&A Shoprite Manguzi Fairvest Limited 1 Interim results for the six months ended 31 March 2026
Slide 3: Business Overview
BUSINESS OVERVIEW DARREN WILDER CEO Masingita Shopping Centre
Slide 4: Our value drivers
Our value drivers Fairvest will continue to move toward being a retail-only REIT by disposing of its non-core office and industrial assets and recycling the proceeds into rural and non-metropolitan retail properties that service the previously underserviced markets that are strategically located clo
Slide 5: Fairvest at a glance
Fairvest at a glance Sibilo Shopping Centre at 31 March 2026 130 assets 1 055 197m² of GLA Vacancies increased to 5.1% (Sept ‘25: 130) (Sept ‘25: 1 065 861m²) (Sept ‘25: 4.1%) Investments 23.6% in Dipula Diverse portfolio of R13.5 billion Market cap R13.8 billion (Sept ‘25: 23.6%) (Sept ‘25: R13.4 b
Slide 6: March 2026 highlights
March 2026 highlights Robust performance in a challenging environment Solar investment produced 17.5% with a 12.3% growth in distribution per B share of the portfolio’s electricity cost (Mar ‘25: 16.7%) 71.82 cents per share distribution per A share Investment into solar projects of (Mar ‘25: 69.66
Slide 7: Sustainability
Sustainability Cleary Park Fairvest is committed to treating the environment with care and sensitivity and takes this responsibility seriously. To this end, we have a number of solar, back up power and water projects in place to both limit our impact on the environment and to ensure ongoing organisa
Slide 8: Acquisitions and Disposals
Acquisitions and Disposals Tugela Ferry Mall Acquisitions to be transferred Purchase GLA price Expected Property name Location Sector (m²) R’000* Yield Anchor tenants transfer date Jozini Mall Jozini, KwaZulu-Natal Retail 19 188 415 069 10.17% Shoprite June 2026 Tugela Ferry Mall Tugela Ferry, KwaZu
Slide 9: Township Fibre Infrastructure Investment
Township Fibre Infrastructure Investment Nyanga Junction Additional R216.9 million invested during Allows Fairvest to deepen Provide access to information the period, bringing the total invested to community engagement and insights that are valuable to our R693.8 million. Rental income earned in exc
Slide 10: Fairvest Portfolio
FAIRVEST PORTFOLIO DARREN WILDER CEO Kathu Shopping Centre
Slide 11: Group operational highlights
Group operational highlights 15 Sector WHERE WE ARE breakdown based on revenue 59 2 6 17 TOTAL 5 4 130 70.4% Retail 10 18.5% Office 12 11.1% Industrial Vacancy Tenant retention Positive rental reversion Average gross rental per m2 5.1% 83.8% 5.7% R137.35 (Sept ‘25: 4.1%) (Sept ‘25: 83.0%) (Sept ‘25:
Slide 12: Portfolio composition
Portfolio composition RETAIL OFFICE INDUSTRIAL Average Average Average property property property Total Number of value Value % of Number of value Value % of Number of value Value % of value Vacancy band properties (R’m) (R’m) total properties (R’m) (R’m) total properties (R’m) (R’m) total (R’m) 0%
Slide 13: Portfolio leasing activity
Portfolio leasing activity Westgate Mall NEW DEALS RENEWALS March March March March 2026 2025 2026 2025 Number of leases 240 236 Number of leases 210 216 Total GLA (m2) 78 446 54 554 Total GLA (m2) 64 798 78 131 Average gross rental achieved (R/m2) 102.77 104.64 Average gross rental expiry (R/m2) 14
Slide 14: Operational Update
OPERATIONAL UPDATE RIAZ KADER COO Taung Forum
Slide 15: Operational focus areas
Operational focus areas To maintain collectable arrears Weighted average growth on lease Target a weighted average below 2% of gross income expiry between 2% and 6% lease term above 36 months Determined focus on leasing of vacant Vacancies to be maintained at space – strong leasing team Strong focus
Slide 16: Retail Portfolio
RETAIL PORTFOLIO RIAZ KADER COO Cosmos Centre
Slide 17: Retail portfolio highlights
Retail portfolio highlights 10 WHERE WE ARE 20 2 5 13 5 4 10 TOTAL 8 77 Access Park Value Number of properties Total gross lettable area Vacancy Tenant retention R9.7 billion 77 571 819m² 4.3% 83.1% (Sept ‘25: R9.6 billion) (Sept ‘25: 77) (Sept ‘25: 577 828m²) (Sept ‘25: 3.6%) (Sept ‘25: 88.3%) Posi
Slide 18: Retail leasing activity
Retail leasing activity Transforum Centre NEW DEALS RENEWALS March March March March 2026 2025 2026 2025 Number of leases 147 151 Number of leases 146 148 Total GLA (m2) 27 017 25 180 Total GLA (m2) 32 279 40 588 Average gross rental achieved (R/m2) 132.68 139.93 Average gross rental expiry (R/m2) 1
Slide 19: Retail portfolio composition
Retail portfolio composition Bara Precinct Community Township Value Neighbour- Small March 2026 Centre Centre Centre CBD hood Rural Convenience Regional Total Number of properties 6 10 3 17 16 16 7 2 77 GLA (m²) 87 505 79 220 36 539 63 393 119 051 92 462 27 721 65 928 571 819 Retail vacancy GLA (m²)
Slide 20: Retail top 10 tenant exposure by revenue
Retail top 10 tenant exposure by revenue Total 10.9% 44.0% 11 10 9 8.4% 8 7 6.0% % 6 5 4.5% 3.7% 4 3.1% 2.9% 3 1.9% 2 1.4% 1.2% 1 0 GLA m2 75 221 58 363 43 551 21 193 23 629 18 841 18 465 9 652 3 894 10 592 % of total retail revenue Fairvest Limited 19 Interim results for the six months ended 31 M
Slide 21: Retail renewals and new deals
Retail renewals and new deals SIGNIFICANT RENEWALS 3 705 3 024 2 932 1 350 921 GLA (m2) SIGNIFICANT NEW DEALS 2 358 2 100 1 261 1 200 1 170 GLA (m2) Fairvest Limited 20 Interim results for the six months ended 31 March 2026
Slide 22: Trading densities and rent-to-sales ratio
Trading densities and rent-to-sales ratio ANNUALISED TRADING DENSITIES RENT-TO-SALES RATIO 50 000 5% Trading density (R/m²) 40 000 4% 30 000 3% 20 000 2% 10 000 1% 0 0 OVERALL GROWTH OVERALL RENT-TO-SALES YEAR-ON-YEAR AT 1.8% STABLE YEAR-ON-YEAR 2025 2026 Fairvest Limited 21 Interim results for
Slide 23: Trading density per business type
Trading density per business type ANNUALISED TRADING DENSITY YEAR-ON-YEAR 8.1% 120 000 100 000 2.9% 80 000 Trading density (R/m²) 4.9% 3.3% 60 000 0.7% 0.9% 5.8% (12.2%) 5.8% 6.2% 40 000 (15.1%) 2.6% 6.2% 7.4% 20 000 20.6% 0 Accessories Bottle Department Cell Electronics Fashion Butchery Grocery/ He
Slide 24: Trading density per classification type
Trading density per classification type ANNUALISED TRADING DENSITY YEAR-ON-YEAR 60 000 50 000 40 000 Trading density (R/m²) 30 000 20 000 10 000 0 Anchor Non-Anchor A B C A: N ational tenants, listed tenants, B: Franchisees, professional C: Small and medium-sized tenants (SMEs), start-up companies a
Slide 25: Trading density per segment
Trading density per segment 80 000 70 000 60 000 Trading Density (R/m²) 50 000 40 000 30 000 20 000 2021 2022 2023 2024 2025 2026 Value centre CBD Township centre Neighbourhood Convenience Community centre Rural Small regional All Fairvest Limited 24 Interim results for the six months ended 31 March
Slide 26: Retail strategic objectives
Retail strategic objectives Tenant expansion programmes and constant gap analysis reviews with the National Retailers (Boxer/Shoprite) and fast-growing brands like Econo Foods and Best Before. Renewed cautious interest from the major banks in opening new generation branches. Increased diesel and pet
Slide 27: Office Portfolio
OFFICE PORTFOLIO 1 Sturdee RIAZ KADER COO
Slide 28: Office portfolio highlights
Office portfolio highlights 2 WHERE WE ARE 19 1 3 TOTAL 3 28 Tijger Park Value Number of properties Total gross lettable area Vacancy Tenant retention R2.4 billion 28 208 826m² 8.4% 87.3% (Sept ‘25: R2.3 billion) (Sept ‘25: 28) (Sept ‘25: 214 618m²) (Sept ‘25: 9.0%) (Sept ‘25: 67.2%) Positive rental
Slide 29: Office leasing activity
Office leasing activity Sandton Sunninghill Place NEW DEALS RENEWALS March March March March 2026 2025 2026 2025 Number of leases 61 45 Number of leases 24 35 Total GLA (m2) 20 712 10 910 Total GLA (m2) 11 025 16 231 Average gross rental achieved (R/m2) 140.64 114.95 Average gross rental expiry (R/m
Slide 30: Office renewals
Office renewals Bedfordview GLA (m²) Absa Cash Centre 2 359 The District 1 167 SIGNIFICANT RENEWALS OVER THE PAST SIX MONTHS Bridge On Bond 1 065 Suntyger 1 016 MetalBox 835 Fairvest Limited 29 Interim results for the six months ended 31 March 2026
Slide 31: Office new deals
Office new deals Rosebank Quarter GLA (m²) Rosebank Quarter 4 211 Sandton Rivonia 36 Homestead 2 459 SIGNIFICANT NEW DEALS OVER THE PAST SIX MONTHS 1 Sturdee 1 093 1 Sturdee 938 MetalBox 835 Fairvest Limited 30 Interim results for the six months ended 31 March 2026
Slide 32: Office strategic objectives
Office strategic objectives Continued success of the “Fairspec” implementation with unique intellectual property that is strategically deployed for value creation and is yield enhancing. Attracting, better quality/sustainable tenants. Further entrenchment of improved rental reversions, lease length
Slide 33: Industrial Portfolio
INDUSTRIAL PORTFOLIO RIAZ KADER COO Beka Candela
Slide 34: Industrial portfolio highlights
Industrial portfolio highlights 3 WHERE WE ARE 20 1 TOTAL 1 25 Germiston Route 24 Value Number of properties Total gross lettable area Vacancy Tenant retention R1.5 billion 25 274 552m² 4.3% 82.6% (Sept ‘25: R1.5 billion) (Sept ‘25: 25) (Sept ‘25: 273 415m²) (Sept ‘25: 1.2%) (Sept ‘25: 84.7%) Positi
Slide 35: Industrial leasing activity
Industrial leasing activity Beka Candela NEW DEALS RENEWALS March March March March 2026 2025 2026 2025 Number of leases 32 40 Number of leases 40 33 Total GLA (m2) 30 717 18 464 Total GLA (m2) 21 494 21 312 Average gross rental achieved (R/m2) 50.92 50.44 Average gross rental expiry (R/m2) 64.74 55
Slide 36: Industrial renewals
Industrial renewals Randburg Trevallyn GLA (m²) Pretoria Silverton 34 Bearing 3 800 Germiston Route 24 1 331 SIGNIFICANT RENEWALS OVER THE PAST SIX MONTHS Roodepoort Robertville Industrial Park 1 313 1 Range Road 1 221 Creston 1 143 Fairvest Limited 35 Interim results for the six months ended 31 Mar
Slide 37: Industrial new deals
Industrial new deals Germiston Route 24 GLA (m²) Westview Industrial Park 6 800 Pretoria Silverton 294 Battery 5 787 SIGNIFICANT NEW DEALS OVER THE PAST SIX MONTHS Roodepoort Robertville Industrial Park 3 222 1 Range Road 3 205 Westview Industrial Park 2 169 Fairvest Limited 36 Interim results for t
Slide 38: Industrial strategic objectives
Industrial strategic objectives Increased scrutiny by the insurance sector and local municipalities requires targeted deployment of compliance capital expenditure. Engagement with CID/Council to maintain the sustainability of the node surrounding our assets. Counter failing council infrastructure. F
Slide 39: Capital Expenditure
CAPITAL EXPENDITURE Sterkspruit
Slide 40: Town Centre Boksburg
TOWN CENTRE BOKSBURG Fairvest Limited 39 Interim results for the six months ended 31 March 2026
Slide 41: Midtown Mall
MIDTOWN MALL Fairvest Limited 40 Interim results for the six months ended 31 March 2026
Slide 42: Cosmos Centre The Arches
COSMOS CENTRE THE ARCHES Before Before After After Fairvest Limited 41 Interim results for the six months ended 31 March 2026
Slide 43: Hatfield Quarter, Sandton, Rivonia 36 Homestead
HATFIELD QUARTER SANDTON RIVONIA 36 HOMESTEAD Fairvest Limited 42 Interim results for the six months ended 31 March 2026
Slide 44: Financial Update
FINANCIAL UPDATE JACQUES KRIEL CFO Clearwater Crossing
Slide 45: Distributable income analysis
Distributable income analysis Six months Six months ended ended R‘000 31 March 31 March % Unaudited 2026 2025* change Revenue (excluding straight line rental income) 1 152 737 1 063 491 8.4% Sundry income 464 2 439 (81.0%) Property expenses (483 611) (454 757) 6.3% Net property income 669 590 611 17
Slide 46: Summarised consolidated statement of financial position
Summarised consolidated statement of financial position Unaudited at Audited at 31 March 30 September R’000 2026 2025 Assets Investment property 13 528 994 13 430 472 Other financial assets 17 609 17 615 Trade and other receivables 249 751 210 421 Loans receivable and amounts owing by non-controllin
Slide 47: NAV Bridge per B share
NAV Bridge per B share Cents per share 590 570 1.8 1.0 550 3.4 23.5 530 516.3 517.6 (25.0) (3.4) 510 490 470 450 As at Operating Income from Fair value Change Dividends Shares As at 30 September 2025 profit equity accounted adjustments in value of paid vested under 31 March 2026 investments A Share
Slide 48: Capital expenditure
Capital expenditure CAPITAL EXPENDITURE PROPERTY VALUE % OF VALUE R’000 R’000 SPENT RETAIL 55 539 9 696 096 0.6% Clubview Corner OFFICE 57 809 2 364 217 2.4% Suntyger INDUSTRIAL 13 503 1 468 681 0.9% Urban Park Total 126 851 13 528 994 0.9% Fairvest Limited 47 Interim results for the six months ende
Slide 49: Arrears and bad debts
Arrears and bad debts MAR ‘26 MAR ‘26 MAR ‘26 MAR ‘26 SEPT ‘25 R’000 TOTAL ARREARS TOTAL PROVISION TOTAL NET ARREARS % OF REVENUE % OF REVENUE RETAIL 52 192 31 887 20 305 1.1% 0.9% OFFICE 41 988 28 331 13 657 2.8% 3.0% INDUSTRIAL 23 109 18 905 4 204 1.4% 1.5% 117 289 79 123 38 166 1.4% 1.3% Fairvest
Slide 50: Debt and hedge maturity profile
Debt and hedge maturity profile Millions 2 000 1 750 1 500 1 291 1 088 1 000 912 900 830 500 200 0 Expiring in the next 12 months Expiring in the next 24 months Expiring in the next 36 months Expiring in the next 48 months Expiring in the next 60 months Debt Swaps Fairvest Limited 49 Interim res
Slide 51: Total debt facilities before and after refinance
Total debt facilities before and after refinance Millions 1 950 2 000 1 650 1 608 1 500 1 400 1 400 1 118 1 100 1 000 918 500 200 81 0 Expiring in the next 12 months Expiring in the next 24 months Expiring in the next 36 months Expiring in the next 48 months Expiring in the next 60 months Before r
Slide 52: Debt metrics
Debt metrics 31 March 30 September 2026 2025 Loan-to-value (SA REIT BP) 26.6% 25.6% % of debt fixed 61.3% 93.6% Weighted average cost of funding 8.76% 9.05% Interest cover times 4.0 3.1 Weighted average maturity of debt months 25.2 30 Weighted average maturity of swaps months 12 14 Total debt (R’m)
Slide 53: Prospects for 2026
PROSPECTS FOR 2026 DARREN WILDER CEO Nquthu Shopping Centre
Slide 54: Prospects
Prospects Distribution per B share for the year expected to increase Maintain 100% pay-out ratio Continue to simplify the business by between 11% to 13% Maintain LTV at below 35% Conservative balance sheet Acquisitions only at the right price Nquthu Shopping Centre Fairvest Limited 53 Interim result
Slide 55: Thank you
THANK YOU Sebokeng Plaza
Slide 56: Q&A
Q&A Mala Plaza
Slide 57: www.fairvest.co.za
www.fairvest.co.za