Slide 1: Unaudited Consolidated Interim Results
The Western Cape REIT Credible Predictable Consistent Unaudited Consolidated Interim Results For the period ended 31 August 2025 | Presentation 20 October 2025
Slide 2: Table of Contents
TABLE OF CONTENTS 01. Introduction and Update 02. HY2026 Corporate Performance 03. Portfolio Overview 04. HY2026 Financial Performance 05. Sustainability Update 06. Acquisitions, Developments and Property Valuations 07. Outlook and Guidance 08. Questions? WATERSIDE PLACE, TYGERVALLEY UNAUDITED CONSO
Slide 3: Introduction and Update
1 Presenters: 9 LONG STREET, CAPE TOWN Quintin Rossi CEO Christiaan Barnard CFO INTRODUCTION AND UPDATE Kim Pfaff-Karg CIO UNAUDITED CONSOLIDATED INTERIM RESULTS / FOR THE PERIOD ENDED 31 AUGUST 2025 3
Slide 4: Mission Statement and Strategy
01. Introduction and Update | MISSION STATEMENT AND STRATEGY THE MISSION To be the leading Western Cape-focused REIT and to consistently grow our distribution per share on an annualised basis and to operate within the top quartile of our peer group. F Y 2 0 2 6 S T R AT E G I C P R I O R I T I E S :
Slide 5: HY2026 Highlights
01. Introduction and Update | HY2026 HIGHLIGHTS Western Cape HY2026 DISTRIBUTIONS portfolio expansion Portfolio at a glance 43.87 cents per share DIPS R1.08 billion acquisition cost R5.70 billion 41.59 cents DPS Acquired 3 prime real estate assets 3% portfolio value growth 95% payout ratio 137 090m2
Slide 6: HY2026 Corporate Performance
2 27 JUNCTION ROAD, PAROW HY2026 CORPORATE PERFORMANCE UNAUDITED CONSOLIDATED INTERIM RESULTS / FOR THE PERIOD ENDED 31 AUGUST 2025 6
Slide 7: Spear Total Return Profile
02. HY2026 Corporate Performance | SPEAR TOTAL RETURN PROFILE 30% 415m R371m Gross number of Value of shares shares issued traded in 25% 25.9% HY2026 20% 21.3% 19% 15% 37.3m 9%* 10% Volume traded Ratio of volume during period shares traded to issued shares 5% 0% *Issued shares include new shares aft
Slide 8: Portfolio Overview
3 MEGA PARK, BELLVILLE PORTFOLIO OVERVIEW UNAUDITED CONSOLIDATED INTERIM RESULTS / FOR THE PERIOD ENDED 31 AUGUST 2025 8
Slide 9: Portfolio Snapshot
03. Portfolio Overview | PORTFOLIO SNAPSHOT ASSETS LEASING ASSET MANAGEMENT DEVELOPMENT 39 7.31% 1.31% 39 000m² Number of assets Weighted average lease HY2026 rental reversion Industrial pipeline escalation R5.70bn 97 567m² 8 000m² Portfolio value 95.03% Renewals (28 532m2) and Retail pipeline Occup
Slide 10: Sub-Sector Operational Performance
03. Portfolio Overview | SUB-SECTOR OPERATIONAL PERFORMANCE RETAIL COMMERCIAL INDUSTRIAL 55 560m2 GLA 127 447m2 GLA 304 310m2 GLA Occupancy = 96.24% Occupancy = 91% Occupancy = 96.49% Collections = 99% Collections = 98.50% Collections = 99% Reversions = 1.55% Reversions = (3.81%) Reversions = (10.84
Slide 11: General Business and Portfolio Update
03. Portfolio Overview | GENERAL BUSINESS AND PORTFOLIO UPDATE Operating environments remain challenging but regional real estate fundamentals remain strong Declining interest rates have had a positive impact on tenant operating environment Spear's debt portfolio has remained actively managed result
Slide 12: Sectoral Split by Value, Revenue & GLA
03. Portfolio Overview | SECTORAL SPLIT BY VALUE, REVENUE & GLA 3% 39% 40% 63% 17% 1% R5.70bn R386m 487 317m 2 42% 18% 40% Commercial 96% Industrial 91% 95% 39 Retail 96% Renewable Energy Development Land UNAUDITED CONSOLIDATED INTERIM RESULTS / FOR THE PERIOD ENDED 31 AUGUST 2025 12
Slide 13: Sectoral Split by Sector - Industrial
03. Portfolio Overview | SECTORAL SPLIT BY SECTOR - INDUSTRIAL PROPERTY VALUE PROPERTY REVENUE (R'000) GROSS LETTABLE AREA (m 2) PROPERTY OCCUPANCY (%) 9% 37% 37% 97% 100% 24% 5% 13% 56% 8% R2 235m R153 382 13% 304 310m 2 96.49% 100% 92% 42% 11% 45% UNAUDITED CONSOLIDATED INTERIM RESULTS / FOR THE P
Slide 14: Sectoral Split by Sector - Commercial
03. Portfolio Overview | SECTORAL SPLIT BY SECTOR - COMMERCIAL 14% 87% 95% 12% 33% 22% 34% 12% 6% 91% 99% 16% 28% 2% R2 404m 4% R154 765 127 447m 2 1% 91% 4% 88% 92% 13% 19% 15% 16% 20% 17% 90% 59% 11% 1% Cape Town CBD Tygervalley Parow Century City Woodstock Paarden Eiland Epping Brooklyn Newlands
Slide 15: Sectoral Split by Sector - Retail
03. Portfolio Overview | SECTORAL SPLIT BY SECTOR - RETAIL 16% 94% 14% 12% 63% 43% 99% 63% R988m R66 488 55 560m 2 21% 45% 96.24% 23% 98% Convenience Retail Destination Retail Medical Retail UNAUDITED CONSOLIDATED INTERIM RESULTS / FOR THE PERIOD ENDED 31 AUGUST 2025 15
Slide 16: Letting Activity YTD HY2026
03. Portfolio Overview | LETTING ACTIVITY YTD HY2026 Gross rental at Average gross Expiries and Gross rental Average gross Renewals/ renewals/ new rental/ Average rental cancellations at expiry expiry rental New lets New lets New lets reversion GLA m² R'000 R/m² GLAm² R'000 R/m² % Commercial 15 852
Slide 17: Tenant and Vacancy Profile
Analysis of the property portfolio in respect 03. Portfolio Overview | of tenant profiles TENANT AND VACANCY PROFILE Analysis of the property portfolio as at 586 487 317m 2 463 179m 2 Number of 31 August 2025 GLA OCCUPIED tenants GLA: 487 317m 2 TOTAL Large national and international Based on GLA VA
Slide 18: Lease Expiry Profile Based on GLA
03. Portfolio Overview | LEASE EXPIRY PROFILE BASED ON GLA Total Total Total Total Total Total Total 5% 2% 23% 23% 13% 9% 25% 100% 90% 80% 70% 60% 50% 40% 30% 20% 19% 10% Average 0% Vacant Monthly Expiries Expiries Expiries Expiries Expiries 09/2025 - 08/2026 09/2026 - 08/2027 09/2027 - 08/2028 09/2
Slide 19: HY2026 Financial Performance
4 BLACKHEATH WAREHOUSE, BLACKHEATH HY2026 FINANCIAL PERFORMANCE UNAUDITED CONSOLIDATED INTERIM RESULTS / FOR THE PERIOD ENDED 31 AUGUST 2025 19
Slide 20: Consolidated Statement of Comprehensive Income
04. HY2026 Financial Performance | Group CONSOLIDATED STATEMENT OF Unaudited Six months ended August 2025 Unaudited Six months ended August 2024 Variance (excl. smoothing) Like-for-like variance (excl. smoothing) COMPREHENSIVE INCOME Property revenue R’000 R’000 % % for the period ended 31 August 20
Slide 21: Reconciliation Between Earnings and Distributable Earnings
04. HY2026 Financial Performance | SA REIT funds from operations (SA REIT FFO) per share RECONCILIATION BETWEEN August 2025 EARNINGS AND DISTRIBUTABLE August 2024 R’000 R’000 Profit or loss per IFRS Statement of Comprehensive Income 259 732 117 114 EARNINGS attributable to the parent Accounting/spec
Slide 22: Consolidated Statement of Financial Position
04. HY2026 Financial Performance | Group Unaudited Audited CONSOLIDATED STATEMENT OF Six months ended August 2025 Year ended February 2025 FINANCIAL POSITION R’000 R’000 ASSETS Investment property (including straight-line accrual) 5 598 299 5 432 267 as at 31 August 2025 Property, plant and equipmen
Slide 23: TNAV Bridge and LTV Sensitivity
04. HY2026 Financial Performance | TNAV BRIDGE AND LTV SENSITIVITY TNAV BRIDGE Profit for the year Fair value adjustments and IFRS 2 expense for (excl. fair value adjustment) impairments future CSP 14 R0.38 R0.27 R0.03 R12.20 R12.10 12 (R0.34) (R0.42) (R0.03) 10 Distributions paid Capital raise Issu
Slide 24: Funders and Funding Maturity
04. HY2026 Financial Performance | 9.02% FUNDING MATURITY 13.85% FUNDERS AVERAGE COST OF LOAN-TO-VALUE FUNDING 6 bps GROUP NET DEBT PROFILE GROSS DEBT EXPIRY AS AT 31 AUGUST 2025 AS AT 31 AUGUST 2025 4% FY2027 13% FY2028 TOTAL 16% Fixed Variable 39% debt NET DEBT FY2026 FY2029 FIXED R1.56bn debt VAR
Slide 25: Balance Sheet and Funding Update
04. HY2026 Financial Performance | BALANCE SHEET AND FUNDING UPDATE AUGUST 2025 FY2025 WEIGHTED AVERAGE COVENANTS AUGUST 2025 EXPIRY: ALL DEBT 29 months 26 months WEIGHTED AVERAGE 35 months 25 months EXPIRY: VARIABLE DEBT LTV 50% 13.85% WEIGHTED AVERAGE EXPIRY: FIXED DEBT 28 months 20 months WEIGHTE
Slide 26: Financial Highlights
04. HY2026 Financial Performance | FINANCIAL HIGHLIGHTS DISTRIBUTIONS COLLECTIONS PROPERTY O P E R AT I N G GROUP DEBT & CASH VA L U AT I O N S 43.78 cents 98.96% 9.01% 4.05 times 13.85% HY2026 DIPS HY2026 collections HY2026 average exit Interest cover ratio (ICR) LTV (HY2025: 41.61 cents DIPS) capi
Slide 27: Sustainability Update
5 78 ON EDWARD, BELLVILLE NO. 2 ESTUARIES, CENTURY CITY SABLE SQUARE, MILNERTON VIKING PARK, EPPING MANHATTAN PLAZA, TYGERVALLEY NORTHGATE PARK, 26 MARINE DRIVE, 7 HEWITT AVENUE, BROOKLYN PAARDEN EILAND EPPING THE ISLAND, PAARDEN EILAND RADNOR ROAD, NO. 1 WATERHOUSE, BELLVILLE CENTURY CITY SUSTAINAB
Slide 28: Summary of Solar PV
05. Sustainability Update | Self-funded Financed 6 11 SUMMARY OF SOLAR PV Roof rental Future capex 26 5 30% 4 PRODUCTION (KWH) NUMBER OF PROPERTIES WITH SOLAR TOTAL FUTURE: 26 TOTAL KWP OF SOLAR INSTALLED TOTAL: 10 203 % OF PORTFOLIO ASSETS WITH SOLAR Current Average 2 447 total portfolio FY2019 297
Slide 29: Acquisitions, Developments and Property Valuations
6 RADNOR ROAD, PAROW ACQUISITIONS, DEVELOPMENTS AND PROPERTY VALUATIONS UNAUDITED CONSOLIDATED INTERIM RESULTS / FOR THE PERIOD ENDED 31 AUGUST 2025 29
Slide 30: Acquisitions
06. Acquisitions, Developments and Property Valuations | ACQUISITIONS B E R G R I V E R B U S I N E S S PA R K , M AY N A R D M A L L , C O N S A N I I N D U S T R I A L PA R K , PA A R L WYNBERG GOODWOOD Industrial Retail Industrial Sector Sector Sector R182 150 R455 000 R437 300 Acquisition cost (
Slide 31: New Acquisitions & Sub-Sector Segmentation
06. Acquisitions, Developments and Property Valuations | Commercial Retail NEW ACQUISITIONS & SUB-SECTOR SEGMENTATION Industrial Development Land ACQUISITIONS AT COST NUMBER OF PROPERTIES VALUE R'000 GLA (m 2) OCCUPANCY % 1 42% 19% 99% 3 R1 074 450 137 090m 2 99.67% 2 58% 81% 100% REVISED NUMBER OF
Slide 32: Development Growth
06. Acquisitions, Developments and Property Valuations | DEVELOPMENT GROWTH G T X PA R K , B R AV O PA R K E X T E N S I O N , THE ANCHORIDGE, R404 AIRPORT ROAD, GEORGE R A N G E R O A D , B L A C K H E AT H M A R I N E D R I V E , PA A R D E N E I L A N D 75.6% 7 000m2 52 000m2 Ownership Developabl
Slide 33: Development Growth - The Anchoridge
06. Acquisitions, Developments and Property Valuations | DEVELOPMENT GROWTH - THE ANCHORIDGE GROSS AREA (EXCLUDING PARKING) 35 000m2 GLA & UNIT BREAKDOWN MARINE DRIVE A 7 350m2 2 057m2 2 056m2 23 000m2 1 007m2 B MARINE DRIVE SERVICE ROAD Retail Commercial Light Industrial Residential Storerooms PARK
Slide 34: Property Valuations
06. Acquisitions, Developments and Property Valuations | PROPERTY VALUATIONS VALUATION SUMMARY AND ASSUMPTIONS August February 2026 2025 Valuation excluding land (R'000) 5 628 286 5 463 121 Number of properties 39 39 % of portfolio valued externally (%) 85 69 Valuation rate Industrial (R/m²) 7 346 7
Slide 35: Outlook and Guidance
7 RADNOR ROAD, BELLVILLE OUTLOOK AND GUIDANCE UNAUDITED CONSOLIDATED INTERIM RESULTS / FOR THE PERIOD ENDED 31 AUGUST 2025 35
Slide 36: Outlook and Prospects
07. Outlook and Guidance | OUTLOOK AND PROSPECTS South Africa is set to exit the Financial Action Task Force (FATF) greylist by October 2025, which will benefit foreign direct investment, debt, currency and international credibility Management remains laser-focused on its strategy to achieve forecas
Slide 37: Outlook and Prospects (Continued)
07. Outlook and Guidance | OUTLOOK AND PROSPECTS (CONTINUED) The South African interest rate cutting cycle will bode well for overall business and consumer health with Spear’s retail assets being benefactors of growing disposable income spend Spear remains focused on its growth strategy into high-qu
Slide 38: FY2026 Guidance
07. Outlook and Guidance | FY2026 GUIDANCE Given Spear’s strategy-aligned operational and financial performance during HY2026 and the information management has at its disposal at the interim results reporting date, management’s full-year DIPS guidance is maintained at a growth rate of between 4% –
Slide 39: Thank You
8 THANK YOU Questions? Email questions to INFO@SPEARPROP.CO.ZA Live Q&A after presentation spearreitlimited Spear REIT Limited Spear REIT Limited @SpearREIT BRAVO PARK, BLACKHEATH UNAUDITED CONSOLIDATED INTERIM RESULTS / FOR THE PERIOD ENDED 31 AUGUST 2025 39