Southern Sun Limited · JSE:SSU

Southern Sun — Investor Presentation (December 2025)

25 slides from Southern Sun's investor presentation, December 2025

  1. Slide 1: Unlock the Stock

    UNLOCK THE STOCK DECEMBER 2025

  2. Slide 2: COVID-19: What did we learn?

    COVID-19: WHAT DID WE LEARN?  Complete restructure of the base cost and how we operate, particularly central costs  Cleaned up the dual listing of Southern Sun and Hospitality Property Fund removing the REIT structure  Sold valuable assets (Maia, Seychelles and Lagos, Nigeria) that produced limit

  3. Slide 3: What have we got?

    WHAT HAVE WE GOT?  Irreplaceable portfolio of hotels with great locations and broad reach across the country • Cape Town / Sandton / Durban / Umhlanga • Own most of our hotels – Asset heavy  Strong local brands in all tiers of the local market • Beverly Hills, Southern Sun, Garden Court, SunSquare

  4. Slide 4: What have we got?

    WHAT HAVE WE GOT?  Strong balance sheet and cash flows with high operational gearing • Modest revenue growth should result in strong earnings growth • Record profits at 60.8% occupancy in F’25, we expect occupancy to increase rather than decline if SA improves • October 2025 was the first-time occu

  5. 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

  6. Slide 6: Our portfolio

    OUR PORTFOLIO Luxury 54 Arabella vy —v—— o) BEVERLY HILLS INTERCONTINENTAL JOWANNESBURG 0.8 TAMBO AIRPORT SANDTON MOUNT GRACE SUN & TOWERS worn. #68 ae ~~- Qa tent Sen Y Southern Sun Full Service © Southern Sun HOTELS @Y Southern Sun RESORTS Y Garden Court Economy © stayeasy Convention Centre SANDTO

  7. Slide 7: Who are our customers

    WHO ARE OUR CUSTOMERS  Business, Government, Groups & Conferencing, Exhibitions, MICE, Other • Business includes Sports, Schools, Churches, Media and Airlines • Government includes National, Provincial, Local and SOEs • Groups & Conferencing, MICE and Exhibitions includes large and small Groups, Co

  8. Slide 8: Strategy is inward focused

    STRATEGY IS INWARD FOCUSED  Operational • Hold onto the restructure savings and don’t let the bad habits creep back in • Apply our principles of being consistent, present and showing respect • Get better at what we do with a focus on the guest • Develop all channel relationships - direct, OTA, indu

  9. Slide 9: Cash flow (Rm)

    CASH FLOW (Rm) Pre-Covid Covid Recovery 3-year recovery F’20 F’21 F’22 F’23 F’24 F’25 period Cash generated from operations 1 259 (139) 508 1 203 1 696 1 868 4 767 Finance costs paid (excluding IFRS16 adjustments) (259) (218) (228) (210) (155) (86) (451) Taxation paid (120) (42) (9) (100) (225) (326

  10. Slide 10: Cash flow (Rm) continued

    CASH FLOW (Rm) CONTINUED Pre-Covid Covid Recovery 3-year recovery F’20 F’21 F’22 F’23 F’24 F’25 period Cash inflow (b/f) 490 24 224 1 700 997 955 3 652 Allocated to: Expansion capex (211) (16) - (166) (180) (45) (391) Share buy-back - - - (45) (617) - (662) Dividends paid (245) - - - (1) (168) (169)

  11. Slide 11: Current refurbishments in progress or completed

    CURRENT REFURBISHMENTS IN PROGRESS OR COMPLETED Southern Sun Rosebank Sandton Towers Southern Sun Sandton Radisson Gautrain Sandton 11

  12. Slide 12: Current refurbishments in progress or completed

    CURRENT REFURBISHMENTS IN PROGRESS OR COMPLETED Radisson Collection Hotel Waterfront Southern Sun Cullinan Southern Sun Mbombela Paradise Sun 12

  13. Slide 13: Lobby and public areas completed prior to Covid

     Lobby and public areas completed prior to Covid  Bedrooms, corridors and the lift lobby in the South Tower completed  New restaurant completed  Volume growth achieved in a tough node 13

  14. Slide 14: Restaurant refurbishment and bedrooms

     Restaurant refurbishment and bedrooms  Volume and rate growth post refurbishment 14

  15. Slide 15: Swimming pool repairs, deck extension and water piping

     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 15

  16. Slide 16: Completed bedrooms, corridors, lobby, club lounges

     Completed the bedrooms, corridors, lobby, club lounges and key plant and machinery  The hotel closed in April 2024 and reopened in November 2024 16

  17. Slide 17: Conversion from Radisson Blu to Radisson Collection

     Conversion from Radisson Blu to Radisson Collection  Bedrooms completed  We own 51% of the sectional title participation quota  Strong rate and volume performance in a buoyant Cape Town market 17

  18. Slide 18: Bedrooms and bathrooms completed

     Bedrooms and bathrooms completed  Hotel services both Government and Corporate markets including Sports  Volume and rate growth post refurbishment 18

  19. Slide 19: Bedrooms, bathrooms, breakfast rooms and roof replacements

     Bedrooms, bathrooms, breakfast rooms and roof replacements (main & beach restaurants)  The hotel closed on 1 April 2025 and reopened on 15 September 2025  Expect rate growth post refurbishment 19

  20. Slide 20: Future projects or mock ups in progress

    FUTURE PROJECTS OR MOCK UPS IN PROGRESS Southern Sun Hyde Park Southern Sun Waterfront Southern Sun Pretoria Southern Sun Newlands Southern Sun Elangeni & Maharani Mount Grace Hotel & Spa 20

  21. Slide 21: Future developments

    FUTURE DEVELOPMENTS  Beverly Hills • Total redevelopment • Expansion to 177 rooms  Umhlanga land • We have two development sites land banked Beverly Hills Hotel in Umhlanga Ridge • Southern Sun Hotel & Residences Oceans Southern Sun Hotel & Residences Oceans 21

  22. Slide 22: Future developments

    FUTURE DEVELOPMENTS  Precinct development plan with Growthpoint • Feasibility stage  Medium-term risk of oversupply in Cape Town  This is a key node outside of the V&A Waterfront given its proximity to the Cape Town International Convention Centre 22

  23. Slide 23: Manage the risks

    MANAGE THE RISKS  Leases • Southern Sun Elangeni & Maharani - renewed for 50 years • Southern Sun OR Tambo, Garden Court Nelson Mandela Boulevard, SunSquare & StayEasy City Bowl, Garden Court Marine Parade • Represents less than 6% of F’25 Ebitda with expiries between 0 and 9 years  Don’t make mis

  24. Slide 24: Focus on the long-term

    FOCUS ON THE LONG-TERM  Ensure we maintain a best-in-class portfolio  Growth rate in excess of CPI and wage increases  Sometimes you get a little unexpected validation  Mr. M – Saturday 26 May 1973 • Double suite B&B – R30  Closest comparable – Saturday 23 May 2026 • Suite BB at members rate –

  25. Slide 25: Follow the Sun

    Follow the Sun THANK YOU

Southern Sun — Investor Presentation (December 2025) on 6ix