Vukile Property Fund Limited · JSE:VKE
Vukile Property Fund — Debt Investor Presentation (August 2025)
48 slides from Vukile Property Fund's debt investor presentation, August 2025
Slide 1: 1
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Slide 2: Debt Capital Markets Annual Roadshow August 2025
DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Notes 2
Slide 3: Contact Details
Contact Details Available for questions Laurence Cohen Maurice Shapiro Chief Financial Officer Group Head of Treasury Cohen.Laurence@vukile.co.za Maurice.Shapiro@vukile.co.za +27 (0)11 288 1014 +27 (0)11 288 1001 +27 (0)82 875 7366 +27 (0)83 577 6184 Marcus Veller Lusanda Ndesi Debt Capital Markets
Slide 4: Agenda
Agenda 01 Introduction 02 Treasury Management 03 Strategic Update 04 DMTN Programme 05 Questions and answers 4
Slide 5: Introduction
O1 Introduction \ VEKIIC Centres of Growth! \
Slide 6: Profile
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Profile Who we are High quality, low risk, specialist retail REIT operating in South Africa, Spain and Portugal Significant geographic diversification with c.65% of assets located in Spain and Portugal Operate with a clarity of vision,
Slide 7: Why Vukile?
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Why Vukile? Our investment case Innovation and Specialists High quality Robust financial Active Highest governance customer centricity Strong income & in retail portfolio metrics management standards as part of our DNA growth prospects
Slide 8: A transformative year for our business
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 A transformative year for our business… Exited our listed share exposure in: ▪ Fairvest – sold remaining stake for c.R141 million and redeployed into accretive solar projects ▪ Lar España - generating a capital gain of €82 million and
Slide 9: Evolving into a more international business with hard currency earnings
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 . . . evolving into a more international business with growing exposure to hard currency earnings emanating from blue-chip tenants and well diversified across macro-economic drivers CASTELLANA SOUTH AFRICA Total property €1 374 million
Slide 10: Retail portfolio composition
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Retail portfolio composition Well positioned, diversified and defensive portfolio focused on township and rural value markets Township Rural Urban Value Centre Commuter Limpopo 5 (6%) Value R5.1 billion R4.3 billion R4.0 billion R2.3 b
Slide 11: South African retail portfolio
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 South African retail portfolio Key retail portfolio metrics Portfolio value Total number GLA Operational capex PV installed Key facts of assets 21.6MWp (FY24) R16.7 billion 33 770 425m² R150 million +14.4MWp (FY25); 67% 27% of portfoli
Slide 12: Retail tenant exposure
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Retail tenant exposure High quality cashflows from a well diversified blue-chip tenant mix 32% of rent from essential services 58% of rent from top 20 tenants Pepkor 18% Grocery/ supermarket TFG Mr Price 8% Banking Pick n Pay 3% Pharma
Slide 13: Retail tenant exposure
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Retail tenant exposure Direct South African Retail Portfolio Tenant profile - by contractual rent Top 10 tenants - by contractual rent 8.2 2.3 Other 2.0 18% 8.0 1.4 1.2 7.7 2.3 1.2 6.8 3.4 Top 10 1.3 6.6 tenants 3.8 48% 0.9 2.7 of Reta
Slide 14: Key value drivers
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Key value drivers Well-curated tenant mix drives strong operations and affordable rentals Strong turnover growth from key tenants… results in strong portfolio trading density growth… which drives key affordability in asking rentals and
Slide 15: Valuations: retail portfolio
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Valuations: retail portfolio | 33 properties valued at R16.7 billion 8.5% increase with a conservative value density of R21 723/m² 171 27 85 1 020 1.1% 0.2% 16 720 R million 15 417 (i) 6.6% 0.6% Value Organic growth Effect of income pr
Slide 16: Energy and sustainability
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Energy and sustainability Solar capacity now generates 27% of the portfolio’s electricity As of FY25, Vukile has achieved a total installed solar PV capacity of 36.0 MWp FY25 marks a milestone year, with 14.4 MWp of new solar PV capaci
Slide 17: Net cost to property revenue
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Net cost to property revenue Driving operational efficiencies to manage costs Continued focus on sustainable strategies to decrease costs Net expenses Average annual escalation since 2013 ▪ The cost-to-income ratio has shown consistent
Slide 18: Castellana portfolio
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Castellana portfolio Well diversified across Spain and Portugal Parque Principado Spain (423,330m²) No. of assets Andalucía 6 Asturias 1 Vallsur Castilla y León 1 8 Avenida C. Valenciana 3 Parque Oeste Extremadura 3 Madrid 1 Ciudad Del
Slide 19: Castellana Properties portfolio
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Castellana Properties portfolio Key portfolio metrics GAV Normalised GRI Normalised NOI Key facts GLA Like-for-like growth Like-for-like growth €1 660 million(i) 539 707m²(ii) +5.0% +6.4% +38% GAV like-for-like growth Average asset val
Slide 20: Tenant mix
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Tenant mix Highly diversified retail mix leading to sustainable, high quality and low risk income streams 20 539 707m² 8.6 years 98.4% Assets Rentable area WALE (i) Occupancy Category profile by rent Top 10 tenants by rent 31 March 202
Slide 21: Valuations
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Valuations A significant expansion in both discount rates and exit yields observed during 2023 and 2024 valuations, offset the strong NOI performance seen year after year. The stabilised higher NOI bodes well for future valuation growt
Slide 22: Powerful entry into the Portuguese market
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Powerful entry into the Portuguese market Strategic expansion into the Portuguese market supported by €323 million in dominant assets Loures Alegro Forum 1 8a Avenida 2 Rio Sul 3 Shopping 4 Sintra 5 Madeira 1 8 Avenida Loures Municipal
Slide 23: Sustainability
01 INTRODUCTION DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Sustainability Castellana successfully continues with its ESG road map At corporate level At asset level EPRA sBPR Castellana Properties awarded EPRA sBPR Gold (top award) for 100% of Castellana Properties portfolio is currently certif
Slide 24: Treasury Management
O02 Treasury Management
Slide 25: Debt and balance sheet overview
02 TREASURY MANAGEMENT DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Debt and balance sheet overview Key balance sheet metrics Group loan-to-value ratio Group debt maturity Group debt maturities Bank debt facilities newly Liquidity ratio Liquidity and profile in FY26 negotiated and/or extended ex
Slide 26: Composition of group balance sheet
02 TREASURY MANAGEMENT DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Composition of group balance sheet Matching debt with property assets - by geography and currency Vukile company Castellana (non-recourse to Vukile) Total Company Assets (R35.5 billion) to Debt (R9.9 billion) EUR Assets (33.8 bi
Slide 27: Group loan-to-value bridge
02 TREASURY MANAGEMENT DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Group loan-to-value bridge Optimal capital allocation with efficient utilisation of the balance sheet at the right point in the cycle. Property valuations reduced LTV by 1.9% and will continue to support LTV reduction as a rate
Slide 28: Analysis of Group loan expiry profile
02 TREASURY MANAGEMENT DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Analysis of Group loan expiry profile Low risk expiry profile In February 2025, R495 million of unsecured corporate bonds were issued with 3½ and 6-year tenors, at margins of 1.15% and 1.375%, respectively (Vukile's lowest margi
Slide 29: Analysis of group loan repayment and hedging profile
02 TREASURY MANAGEMENT DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Analysis of group loan repayment and hedging profile Group loan and hedging (swap and fixed debt) expiry profile R2.5 billion 45.5% of available undrawn bank facilities 32.7% 28.4% 83.9% 33.3% of interest-bearing debt hedged 2.6
Slide 30: EUR foreign exchange risk management
02 TREASURY MANAGEMENT DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 EUR foreign exchange risk management Providing predictable income streams for investors through active hedging Vukile’s approach to foreign exchange rate risk and management EUR / ZAR exchange rate: 1999-2025 21 Vukile has adopt
Slide 31: EUR foreign exchange dividend hedging
02 TREASURY MANAGEMENT DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 EUR foreign exchange dividend hedging Increased hedging of future dividends to take advantage of a weaker ZAR exchange rate 31 March 2025 FY26 FY27 FY28 FY29 FY30 Over Over Over 12 months 3 years 5 years Fixed EUR / ZAR rate 22.
Slide 32: Overview of unencumbered assets
02 TREASURY MANAGEMENT DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Overview of unencumbered assets Total unencumbered Unencumbered direct Unencumbered listed Number of GLA assets property shares properties R13 369 m (A) R852m R12 517m 4 51 868m² Retail rent from Contractual rental Income from A
Slide 33: See-through loan-to-value ratio
02 TREASURY MANAGEMENT DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 “See-through” loan-to-value ratio Interest- Property bearing debt assets Cash R million R million R million LTV Shareholding Vukile Company, MICC and 9 892 16 723 494 56.2% 100.0% REimagine Clidet No. 1011 (Moruleng Mall) - 783
Slide 34: Strategic Update
O03 Strategic Update vukile
Slide 35: Castellana delivered €837 million in transactions in FY25
03 STRATEGIC UPDATE DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Castellana delivered €837 million in transactions in FY25 Active rotation of assets ▪ Strategic entry into Portugal with the acquisition of 5 Shopping Centers for c.€323 million. €1.734 billion(ii) ▪ Successful exit from Lar España
Slide 36: Seizing the moment: buying assets at better yields than the market
03 STRATEGIC UPDATE DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Seizing the moment: Buying assets at better yields than the market through successful, opportunistic dealmaking Pricing not reflective of improving market Net yield (%) Expected deals in the conditions and strong operational perfor
Slide 37: Proactively took advantage of a golden window of opportunity
03 STRATEGIC UPDATE DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Proactively took advantage of a golden window of opportunity to secure a future stream of growing earnings Achieved greater scale in Iberia, cementing our position as a market leader and further securing our strong negotiating posi
Slide 38: Our strategy is to set ourselves apart as a consumer-focused retail real estate business
03 STRATEGIC UPDATE DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Our strategy is to set ourselves apart as a consumer-focused retail real estate business Our consumer-led model is what creates value for all our stakeholders SHOPPERS TENANTS INVESTORS ▪ Understanding our ▪ Growing customer suppor
Slide 39: Strategy in action
03 STRATEGIC UPDATE DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Strategy in action Four pillars of focus to drive shareholder returns Value-add Evaluate new direct Evaluate new markets Sustainable real Driving operational growth in earnings for excellence + opportunities + asset acquisition + a
Slide 40: DMTN Programme
04 DMIN Programme
Slide 41: 2025 Issuance strategy
04 DMTN PROGRAMME DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 2025 Issuance strategy Prudent liquidity management ▪ During FY2026 R232 million of corporate notes mature ‒ VKE19, a R232 million 3 year note matures on 27 August 2025 ▪ Sufficient committed undrawn Revolving Credit Facilities to re
Slide 42: 2025 Auction timeline
04 DMTN PROGRAMME DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 2025 Auction timeline Transparent Communication Target Issuance Size Instrument Type Tenor Senior Unsecured 5 Year (27 August 2030) R500 billion Floating Rate Note 7 Year (27 August 2032) August 2025 Interest Payment Dates 27 Feb, 27
Slide 43: Corporate bond issuances
04 DMTN PROGRAMME DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Corporate bond issuances Composition of unsecured debt and covenant exclusive debt Corporate Bonds Security Amount - Rm Reference Rate Margin Maturity Date Initial Term VKE19 Unsecured 232 3m JIBAR 1.39% 27 August 2025 3.0 years VKE2
Slide 44: Questions and answers
O05 Questions and answers vukile 44
Slide 45: Notes
05 QUESTIONS AND ANSWERS DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Notes 45
Slide 46: Notes
05 QUESTIONS AND ANSWERS DEBT CAPITAL MARKETS ANNUAL ROADSHOW AUGUST 2025 Notes 46
Slide 47: Legal disclaimer
Legal disclaimer This document has been prepared and issued by and is the sole responsibility of the management of the Company and its subsidiaries. No information made available in connection with this presentation may be passed on, copied, reproduced, in whole or in part, or otherwise disseminated
Slide 48: www.vukile.co.za
www.vukile.co.za 48
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