Southern Sun Limited · JSE:SSU

Southern Sun — RMB Morgan Stanley Off Piste Investor Conference 2026

21 slides from Southern Sun's conference presentation, September 2026

  1. Slide 1: RMB Morgan Stanley Off Piste Investor Conference

    RMB MORGAN STANLEY OFF PISTE INVESTOR CONFERENCE SEPTEMBER 2026

  2. Slide 2: Disclaimer

    DISCLAIMER Certain statements in this document may constitute forward looking statements. Such forward looking statements reflect the company’s beliefs and expectations and involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or

  3. Slide 3: COVID-19: What did we learn?

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

  4. Slide 4: 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 the majority of our hotels – Asset heavy  Strong local brands in all tiers of the local market • Beverly Hills, Southern Sun, Garden Court, S

  5. Slide 5: 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 62,9% occupancy in FY26, we expect occupancy to increase rather than decline if SA improves • October 2025 was the first-time occ

  6. Slide 6: 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

  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, C

  8. Slide 8: The strategy is inward focused

    THE 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, in

  9. Slide 9: 5 year cash flow

    5 YEAR CASH FLOW Covid Recovery FY21 FY22 FY23 FY24 FY25 FY26 5-year Actual Actual Actual Actual Actual Actual analysis Cash generated from operations (139) 508 1 203 1 696 1 868 2 017 7 292 Finance costs paid (excl IFRS 16 adjustments) (218) (229) (210) (155) (86) (29) (709) Taxation paid (42) (9)

  10. Slide 10: Refurbishments completed in FY26

    REFURBISHMENTS COMPLETED IN FY26 Southern Sun The Cullinan ✓ DONE Southern Sun Sandton ✓ DONE Radisson Gautrain Sandton ✓ DONE Southern Sun Mbombela ✓ DONE ✓ DONE ✓ DONE ✓ DONE ✓ DONE Radisson Collection Southern Sun Rosebank Paradise Sun Sandton Towers Waterfront 10

  11. Slide 11: Refurbishment projects in progress

    REFURBISHMENT PROJECTS IN PROGRESS Southern Sun Newlands Hazyview Sun Southern Sun Waterfront Mount Grace Hotel & Spa Southern Sun Hyde Park Southern Sun Elangeni & Maharani 11

  12. Slide 12: Reception, Lounge, Bar, Suite

    Reception Lounge Bar Suite 12

  13. Slide 13: Maharani Suite, Elangeni Room, Maharani Pool Deck

    Maharani Suite Elangeni Room Maharani Pool Deck 13

  14. Slide 14: Hyde Park Sandton rooms and lift lobby

    Y SouthernSun HYDE PARK SANDTON Lift Lobby Y Southern Sun 14

  15. Slide 15: Waterfront Cape Town room and suite

    WATERFRONT CAPE TOWN Y Southern Sun Y Southern Sun 15

  16. Slide 16: Future developments

    FUTURE DEVELOPMENTS Beverly Hills  Total redevelopment  Expansion to 177 rooms Umhlanga land  We have two development sites land banked in Umhlanga Ridge Cullinan Land  Large conference hotel development Potential co-investment / management with 3rd parties  These would all take time to plan an

  17. Slide 17: New hotel supply

    NEW HOTEL SUPPLY  Multiple new hotels announced in Cape Town  Can’t get exact stats but 2 000 rooms mentioned  Many won’t happen or are poorly located but many will be built • IC Table Bay (Major Refurb) • EDITION V&A Waterfront • Mama Shelter in the City Centre • Bree Street Development • Etc 

  18. Slide 18: New hotel supply

    NEW HOTEL SUPPLY Has been happening since 1995 GAUTENG WESTERN CAPE Sandton Foreshore Precinct Rosebank V&A Waterfront OR Tambo International Airport Century City Pretoria East Waterfall, Midrand KWAZULU-NATAL Umhlanga Ridge Umhlanga Rocks North Coast 18

  19. Slide 19: Occupancy & rate 1997 to 2026

    OCCUPANCY & RATE 1997 TO 2026 75,0% 1 800 70,0% Commodity Boom, GFC and World Cup 1 600 65,0% COVID-19 Emerging Market Crisis Balanced Budget and 60,0% 4,3% Economic Growth 1 400 R14 : US$ high Stagnant SA Economy Interest Rate to 25,5% 2001 to 2007 55,0% R5,80 : US$ low 1 200 Average Room Rate (Ran

  20. Slide 20: Manage the risks

    MANAGE THE RISKS  Don’t make mistakes and debt is dangerous  Acquisitions and new builds have a high hurdle rate as long as our own shares are under-valued; buybacks are low risk and earnings accretive  Don’t want to stop large scale developments once started  Short-term: Supply shocks matter 

  21. Slide 21: Follow the Sun - Thank you

    Follow the Sun THANK YOU

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