Slide 1: Balwin Properties Results Presentation for the twelve months ended 28 February 2026
Your lifestyleour focus BALWIN PROPERTIES RESULTS PRESENTATION FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2026 1
Slide 2: Agenda
AGENDA 1 2 3 Izinga Eco Estate Greenpark The Huntsman OPERATIONAL OVERVIEW FINANCIAL OVERVIEW ANNUITIES 4 5 6 Ballito Hills The Polofields De Aan-Zicht SUSTAINABILITY LOOKING FORWARD ANNEXURES BALWIN PROPERTIES RESULTS PRESENTATION FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2026 2
Slide 3: Operational Overview
1 OPERATIONAL OVERVIEW Steve Brookes Chief Executive Officer THABA-ECO VILLAGE LIFESTYLE CENTRE BALWIN PROPERTIES RESULTS PRESENTATION FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2026 3
Slide 4: Operational Highlights
OPERATIONAL HIGHLIGHTS 2 053 8.1% 27 802 Apartments sold and recognised in Revenue contribution to the group from Apartments with International EDGE revenue for the period Balwin Annuities certification IZINGA THABA-ECO VILLAGE 54% 26 334 61 Revenue contribution from sale of Apartments in build-to-s
Slide 5: Operational Review
OPERATIONAL REVIEW Revenue increased 21% to R2.7 billion compared to the prior year, reflecting the improvement in conditions in the residential housing market Total number of apartments handed over amounted to 2 053 during the year (2025: 1 749 apartments) 54% of revenue recorded from the Western C
Slide 6: Operational Review
OPERATIONAL REVIEW BALWIN PROPERTIES RESULTS PRESENTATION FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2026 6
Slide 7: Development Pipeline
DEVELOPMENT PIPELINE Total apartments in Total apartments Total apartments Total apartments Total apartments sold but not Total unsold Balwin Development development sold registered recognised in revenue recognised in revenue apartments pipeline Gauteng 27 483 9 441 9 200 9 248 193 18 042 18 235 Kwa
Slide 8: Financial Overview
2 FINANCIAL OVERVIEW Jonathan Bigham Chief Financial Officer THE HUNTSMAN BALWIN PROPERTIES RESULTS PRESENTATION FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2026 8
Slide 9: Financial Overview
FINANCIAL OVERVIEW FOR THE YEAR ENDED 28 FEBRUARY 2026 R2.7 billion 21% 27% 3% R390.9 million 11% R254.5 million 9% Revenue Gross profit margin Operating costs Profit for the year FYNBOS THE REID KIKUYU 47.72 cents 4% R208.6 million Loan-to-value 38.1% 976.89 cents 7% Headline earnings per share C
Slide 10: Audited Summary Consolidated Statement of Profit and Loss and Other Comprehensive Income
AUDITED SUMMARY CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2026 BALWIN PROPERTIES RESULTS PRESENTATION FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2026 10
Slide 11: Financial Performance
FINANCIAL PERFORMANCE FOR THE YEAR ENDED 28 FEBRUARY 2026 Revenue Revenue increased by 21% to R2.7 billion (2025: R2.2 billion) Revenue earned from the following sources: Revenue from sale of apartments Apartments handed over increased by 17% to 2 053 apartments (2025: 1 749 apartments) Continued st
Slide 12: Apartments Recognised in Revenue
APARTMENTS RECOGNISED IN REVENUE FOR THE YEAR ENDED 28 FEBRUARY 2026 REVENUE BY REGION (%) REVENUE BY COLLECTION (%) BALWIN PROPERTIES RESULTS PRESENTATION FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2026 12
Slide 13: Average Selling Price Analysis
AVERAGE SELLING PRICE ANALYSIS FOR THE YEAR ENDED 28 FEBRUARY 2026 Ballito Hills Greenbay BALWIN PROPERTIES RESULTS PRESENTATION FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2026 13
Slide 14: Financial Performance: Revenue from Balwin Annuity
FINANCIAL PERFORMANCE FOR THE YEAR ENDED 28 FEBRUARY 2026 Revenue from Balwin Annuity Revenue increased by 25% to R219.0 million (2025: R175.8 million) Maintained contribution to group revenue at 8.1% (2025: 7.9%) BALWIN PROPERTIES RESULTS PRESENTATION FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2026 14
Slide 15: Financial Performance: Gross Profit
FINANCIAL PERFORMANCE FOR THE YEAR ENDED 28 FEBRUARY 2026 Gross profit Gross profit margin shows a marginal reduction to 27% (2025: 30%) Excluding the impact of the two non-recurring land transactions in both the prior and current year, the group’s gross profit margin improved marginally to 30% (202
Slide 16: Financial Performance: Operating Expenses
FINANCIAL PERFORMANCE FOR THE YEAR ENDED 28 FEBRUARY 2026 Operating expenses Total operating costs increased by 11% to R390.9 million (2025: R350.9 million) Balwin Properties (company) increased operating expenses by 4%. This reflects the continued cost discipline, evidenced by the 7% reduction in f
Slide 17: Financial Performance: Earnings
FINANCIAL PERFORMANCE FOR THE YEAR ENDED 28 FEBRUARY 2026 Earnings Profit after tax increased by 9% to R254.5 million (36% increase in recurring profit after tax) 5% increase in earnings per share to 52.36 cents (40% increase in recurring earnings per share to 61.08 cents) 4% increase in headline ea
Slide 18: Audited Summary Consolidated Statement of Financial Position
AUDITED SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2026 BALWIN PROPERTIES RESULTS PRESENTATION FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2026 18
Slide 19: Financial Position
FINANCIAL POSITION AS AT 28 FEBRUARY 2026 Non-current assets Property, plant and equipment increased to R452.0 million (2025: R421.6 million), primarily driven by continued investment in solar assets and the ongoing rollout of fibre infrastructure within the annuity portfolio Investment property inc
Slide 20: Financial Position: Developments under construction
FINANCIAL POSITION AS AT 28 FEBRUARY 2026 Developments under construction (continued) BALWIN PROPERTIES RESULTS PRESENTATION FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2026 20
Slide 21: Financial Position: Developments under construction (continued)
FINANCIAL POSITION AS AT 28 FEBRUARY 2026 Developments under construction (continued) Increase predominantly concentrated in the Tshwane node, driven by infrastructure expenditure for the next phase of the Mooikloof Smart City development. Overall, R120.6 million was invested in infrastructure durin
Slide 22: Financial Position: Cash and cash equivalents
FINANCIAL POSITION AS AT 28 FEBRUARY 2026 Cash and cash equivalents Cash position at year end of R208.6 million (2025: R254.8 million) Cash on hand exceeds funding covenants and board thresholds Continued active oversight of Treasury Committee Active management of rate of sales to construction to ma
Slide 23: Financial Position: Funding
FINANCIAL POSITION AS AT 28 FEBRUARY 2026 Funding Development loans and facilities amounted to R3.2 billion (2025: R3.3 billion) Reduction in loan-to-value to 38.1% (2025: 40.4%) Loan-to-value ratio is materially measured at cost and free from fair value adjustments Full compliance with financial co
Slide 24: Audited Summary Consolidated Statement of Cash Flows
AUDITED SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2026 BALWIN PROPERTIES RESULTS PRESENTATION FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2026 24
Slide 25: Annuities
3 ANNUITIES Raaziq Ismail Head of Legal and Annuity THE REID BALWIN PROPERTIES RESULTS PRESENTATION FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2026 25
Slide 26: Annuities Overview
ANNUITIES OVERVIEW R228.9 million* R112.3 million* R1.2 billion Revenue Operating profit Assets under management at year end BALLITO HILLS 4 500 11 740 R126.0 million Tons of carbon dioxide emissions Active clients on Balwin Fibre network Savings to our clients through prevented through Balwin Energ
Slide 27: Consolidated Statement of Profit and Loss for Annuities
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2026 28 February 26 28 February 25 1 2 3 Customer Green Other Unaudited (R’000) * ICT Real Estate Rentals Unaudited Unaudited Services4 Living5 Businesses6 R’000 R’000 Revenue 89 052 51 537 32 416
Slide 28: Balwin Information and Communication Technology – Statement of Profit and Loss
BALWIN INFORMATION AND COMMUNICATION TECHNOLOGY (PTY) LTD – STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2026 28 February 26 28 February 25 OPERATIONAL UPDATE Unaudited Unaudited Homes passed 16 507 Financial update R’000 R’000 Active clients 11 740 Reve
Slide 29: Balwin Real Estate – Statement of Profit and Loss
BALWIN REAL ESTATE– STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2026 28 February 26 28 February 25 Unaudited Unaudited Financial update R’000 R’000 OPERATIONAL UPDATE Revenue 51 537 37 911 Head Office and Thaba lifestyle centre -100% tenanted Cost of sa
Slide 30: Balwin Rentals – Statement of Profit and Loss
BALWIN RENTALS (PTY) LTD – STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2026 OPERATIONAL UPDATE The rental portfolio achieved an average occupancy rate of 96.9% 28 February 26 28 February 25 during the period, with occupancy ranging between 95.5% and 99.
Slide 31: Balwin Customer Services – Statement of Profit and Loss
BALWIN CUSTOMER SERVICES – STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2026 28 February 26 28 February 25 Unaudited Unaudited OPERATIONAL UPDATE Financial update R’000 R’000 A total of 1,961 home loans were secured during the period from 1 Revenue 19 30
Slide 32: Balwin Green Living – Statement of Profit and Loss
BALWIN GREEN LIVING (PTY) LTD – STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2026 OPERATIONAL UPDATE 28 February 26 28 February 25 Unaudited Unaudited Operational across 13 developments Financial update R’000 R’000 A minimum discount of 10% on electricit
Slide 33: Other Annuity Businesses Statement of Profit and Loss
OTHER ANNUITY BUSINESSES STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2026 Other businesses comprise the following operations 28 February 26 28 February 25 Unaudited Unaudited Padel Enterprises Financial update R’000 R’000 Padel eCommerce Revenue 14 855
Slide 34: Sustainability
4 SUSTAINABILITY Steve Brookes Chief Executive Officer GREENCREEK BALWIN PROPERTIES RESULTS PRESENTATION FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2026 34
Slide 35: Sustainable Business Practices
SUSTAINABLE BUSINESS PRACTICES Continued commitment to reducing our environmental impact through innovation in design and building techniques The first South African company to have both a science-based target and Net Zero commitment approved by the International Science Based Target Initiative All
Slide 36: Looking Forward
5 LOOKING FORWARD Steve Brookes Chief Executive Officer THE BLYDE MINT RESORT BALWIN PROPERTIES RESULTS PRESENTATION FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2026 36
Slide 37: The Future
THE FUTURE Focus on delivering high-quality, affordable, and lifestyle-oriented residential developments continues to align with strong demand fundamentals in the South African housing market Healthy position of forward sold apartments of 2 304 to May 2026, providing resilience against future uncert
Slide 38: Annexures
6 ANNEXURES THABA-ECO VILLAGE BALWIN PROPERTIES RESULTS PRESENTATION FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2026 38
Slide 39: Operating Model
OPERATING MODEL Development of large-scale residential estates in key target nodes Targeting an average profit margin of low to mid 30% range over the lifecycle of each project Drive efficiencies through turnkey approach to development Maintaining costs and cash preservation MUNYAKA Development pipe
Slide 40: Turnkey Development Model
TURNKEY DEVELOPMENT MODEL THE REID BALWIN PROPERTIES RESULTS PRESENTATION FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2026 40
Slide 41: Corporate Overview
CORPORATE OVERVIEW Specialist, national residential property developer of large- scale sectional title estates Focus on high quality, environmentally efficient, affordable apartments with an innovative and all inclusive lifestyle offering for clients Currently developing approximately 3 000 apartmen
Slide 42: Governance Process Development Opportunities
GOVERNANCE PROCESS DEVELOPMENT OPPORTUNITIES Development opportunities identified Internal due diligence process followed: › Costs › Infrastructure › Zoning › Independent review of nodal residential demand Presented for approval to: MOOIKLOOF ECO-ESTATE › Executive Committee › Transactions Committee
Slide 43: Investment Case
INVESTMENT CASE Well positioned to address the undersupply of quality, affordable housing in the low to middle market income market Long-term development pipeline in key strategic locations Proven and flexible business model for large-scale developments Growing annuity revenue stream Strong manageme
Slide 44: Development Brands
DEVELOPMENT BRANDS Core development model One-, two-, and three-bedroom four storey walk up apartments Prices range from R719 910 to R2 899 900 Developments located in high density, high growth nodes across key metropolitan areas Benefits from economies of scale, in-house construction THE BLYDE and
Slide 45: Development Brands
DEVELOPMENT BRANDS Model targets a slightly lower income consumer than the Classic Collection Prices range from R575 900 to R1 599 900 Developed on a phase-by-phase approach Distinctive architecture and high-quality standards Residents have access to traditional lifestyle offerings associated with B
Slide 46: Development Brands
DEVELOPMENT BRANDS Three elite model developments, The Polofields and Munyaka Lifestyle Centre apartments (Johannesburg, Waterfall) and Izinga Eco Estate (KwaZulu-Natal, Umhlanga) Apartments built to higher specifications with luxurious finishes Prices range from R1 999 900 to R3 299 900 Development