Burstone Group Limited · JSE:BTN
Burstone — H1 2026 Earnings Presentation
13 slides from Burstone's earnings presentation, Sep 23, 2025
Slide 1: Pre-close trading update and investor presentation for the period ending 30 September 2025
Transform potential Pre-close trading update and investor presentation for the period ending 30 September 2025 23 SEPTEMBER 2025 THIS DOCUMENT SHOULD BE READ IN CONJUNCTION WITH THE FULL ANNOUNCEMENT MADE ON SENS ON 23 SEPTEMBER 2025 COMMENTARY ON THE GROUP'S FINANCIAL PERFORMANCE IN THIS PRE-CLOSE
Slide 2: Strategic progress
01 Strategic progress Transform potential
Slide 3: 1H26 Strategic highlights
1H26 Strategic highlights Group performance in line with Real estate performance Funds and asset management lower end of guidance ` marginally up momentum • DIPS expected to increase c. 2% YoY • South Africa: c. R13.6bn direct real estate • Australia: Irongate JV has secured significant • Impact of
Slide 4: 1H26 Strategic progress: Real estate investments
1H26 Strategic progress: Real estate investments Drive performance of underlying real estate assets South Africa • Mature and stable direct real estate portfolio – c. R13.6bn Total portfolio (GAV) of c. R43bn) • Positive earnings growth trajectory: LFL Base NOI of c. 4% - c. 5% (Offset by dilutionar
Slide 5: 1H26 Strategic progress: Funds and asset management
1H26 Strategic progress: Funds and asset management Gaining momentum to deliver over the medium term Australia • JV with Irongate is scaling, AUM is expected to grow by c. 7% c. A$668m from Mar-25. • Demonstrative framework for the Group’s funds management strategy • Fee income from the management c
Slide 6: Underlying real estate performance
02 Underlying real estate performance Transform potential
Slide 7: Performance of the South African portfolio
Performance of the South African portfolio • SA LFL base NPI: Expected to deliver growth of c. 4% - c. 5% o Vacancies: remain low at c. 6% - c. 7% (Mar-25: 6.7%) o Reversions: expected to improve to negative c. 2% - c. 4% (Mar- 25: negative 4.6%) • Sectors: o Retail: c. 8% - c. 10% LFL NOI growth •
Slide 8: Performance of the European co-investment
Performance of the European co-investment • Burstone has R1.9bn co-invested into the PEL platform alongside Blackstone • Macroeconomic impacts – Eurozone experiencing softening of the occupier market • PEL platform is expected to deliver LFL investment income in line with prior year driven by: o Con
Slide 9: Performance of the Australian co-investment
Performance of the Australian co-investment • Burstone has c. R0.7 billion (c. A$55m) in co-investments (c. 15% - c. 20%) across 3 platforms • ITAP platform: c. A$30m deployed into development opportunities with longer dated return profile • Industrial platforms • Industrial 1 (Phoenix): o GAV A$69m
Slide 10: Closing
03 Closing Transform potential
Slide 11: Closing remarks
Closing remarks 1. Burstone continues to advance its funds management strategy while delivering stable real estate performance • SA base LFL growth is positive, but overall contribution to Group DIPS offset by dilutionary impact of funding capex and prior year disposals • Europe - stable operations,
Slide 12: Q&A
Q&A Burstone REAL ESTATE PARTNERS,
Slide 13: 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