Dipula Properties Limited Class B · JSE:DIB
Dipula Properties Limited Class B — H1 2026 Earnings Presentation
41 slides from Dipula Properties Limited Class B's earnings presentation, February 2026
Slide 1: 2026 Interim results presentation
2026 Interim results presentation for the six months e nd e d 28 Fe b rua ry 20 26
Slide 2: Business update, Financial update, Way forward
BUSINESS UPDATE 01 FINANCIAL UPDATE 02 WAY FORWARD 03 Interim results presentation for the six months ended 28 February 2026 2
Slide 3: Key Corporate Information at 28 February 2026
Key Corporate Information at 28 February 2026 Closing price JSE sector (27 Feb 2026) Number of shares Real Estate Investment Date listed DIB R7.16 in issue and Services: Diversified REITs 17 August 2011 (28 Feb 2025: DIB R5.25) 1 013 398 710# NAV per share Market capitalisation Portfolio size Gearin
Slide 4: Business update
GEZINA GALLERIES Izak Petersen CEO Business update 0 1
Slide 5: Business Update
Business Update Performance highlights Balance sheet Revenue (excluding straight-lining) R811m +7% Portfolio value # R11.5bn +12% (Feb 2025: R758m) (Feb 2025: R10.3bn) Rental income R603m +7% Net Asset Value R7.4bn +16% (Feb 2025: R565m) (Feb 2025: R6.4bn) Net property income R493m +8% NAV per share
Slide 6: Business Update: Trading environment and Portfolio Overview
Business Update Trading environment Portfolio Overview Positive sentiment toward deal-making despite global uncertainty Occupancy improved to 93%, stable period-on-period Portfolio growth exceeded R1bn through organic growth and acquisitions Inflation trending upward amid geopolitical pressures Weig
Slide 7: Portfolio Leasing (Excluding Residential)
Portfolio Leasing (Excluding Residential) 155 properties GLA 893 718m² R11.3bn (Feb 2025: 161) (Feb 2025: 867 526m² ) # (Feb 2025: R9.8bn) # Portfolio overview Lease activity Feb 2026 Feb 2025 New leases Feb 2026 Feb 2025 Disposals (Rm) 130 125 Number of leases 83 77 Refurbs (Rm) 56 117 Value of lea
Slide 8: Retail Portfolio
Retail Portfolio 79 properties GLA 445 605m² # R7.7bn # (Feb 2025: 83 properties) (Feb 2025: 419 750m²) (Feb 2025: R6.5bn) Overview Portfolio trends Largest share of capital allocated toward retail assets Feb 2026 Feb 2025 Occupancy improved to 95% Vacancy (%) 5.4 6.2 Weighted average rentals increa
Slide 9: Retail Portfolio
Retail Portfolio Lease expiry profile Lease activity GLA (000 m²) Rental (Rm) New leases Feb 2026 Feb 2025 100 18 15 16 16 95 Number of leases 55 65 91 14 14 13 13 12 11 84 90 84 Value of leases (Rm) 109 79 50 78 10 64 66 9 51 67 Total GLA (m²) 9 673 14 214 6 32 29 Weighted average gross rental achi
Slide 10: Retail Portfolio
Retail Portfolio Monthly trading densities and cost of occupation Trading Y-o-y Cost of GLA m² density movement occupation Category % R/m² / month % % Food & Grocery 46 4 676 0.9 3 Fashion & Footwear 27 2 364 1.6 7 Restaurant & Fast Food 5 4 962 6.8 5 Health & Beauty 5 4 835 1.2 5 Liquor 2 9 701 12.
Slide 11: Retail Portfolio Revamps
Retail Portfolio Revamps Umzimkhulu Mall Gezina Woolworths Belle Ombre Protea Point Shopping Centre Umzimkhulu, KwaZulu-Natal Pretoria, Gauteng Pretoria, Gauteng Johannesburg, Gauteng Completion date: Nov 2025 Completion date: Aug 2026 Completion date: Nov 2026 Completion date: Nov 2027 Major retena
Slide 12: Office Portfolio
Office Portfolio 27 properties GLA 110 804m² # R1.6bn # (Feb 2025: 31 properties) (Feb 2025: 125 184m²) (Feb 2025: R1.6bn) Overview Portfolio trends Vacancy remains sticky, but exposure continues to reduce Feb 2026 Feb 2025 Vacancies concentrated within a limited number of assets Vacancy (%) 23.2 18
Slide 13: Office Portfolio
Office Portfolio Lease expiry profile Lease activity GLA (000 m²) Rental (Rm) New leases Feb 2026 Feb 2025 40 6 5 37 5 34 5 Number of leases 10 5 30 4 4 4 Value of leases (Rm) 12 11 20 24 25 30 3 19 Total GLA (m²) 3 164 1 741 2 2 2 10 0,4 3 1 Weighted average gross rental achieved (R/m²) 98.38 89.70
Slide 14: Industrial Portfolio
Industrial Portfolio 45 properties GLA 311 850m² # R1.7bn # (Feb 2025: 43 properties) (Feb 2025: 293 000m²) (Feb 2025: R1.2bn) Overview Portfolio trends Strong market fundamentals and leasing initiatives resulted in a 97% occupancy Feb 2026 Feb 2025 Vacancy (%) 3.1 3.9 GLA exposure increased to 311
Slide 15: Industrial Portfolio
Industrial Portfolio Lease expiry profile Lease activity GLA (000 m²) Rental (Rm) New leases Feb 2026 Feb 2025 150 6 141 5 Number of leases 18 7 5 132 100 4 4 Value of leases (Rm) 26 12 4 3 3 3 2 Total GLA (m²) 12 951 5 669 50 2 59 2 2 15 43 2 37 34 1 Weighted average gross rental achieved (R/m²) 71
Slide 16: Residential Portfolio
Residential Portfolio 4 properties GLA 25 459m² * R379m* Portfolio vacancy 6% (Feb 2025: 4 properties) (Feb 2025: 28 828m²) (Feb 2025: R417bn) (Feb 2025: 9%) Average rentals and unit size by asset NORWOOD PALM SPRINGS URBAN VILLAGE BRUMA Average Average Average Average rental Average rental Average
Slide 17: Business Update: ESG
Business Update ESG Solar PV capacity installed in excess of 16 600kWp Water security and conservation remains a key focus B-BBEE improved to level 2 CSI the backbone of our community relations Workforce increased to 91 people Process automation and improvement of operating procedures Interim result
Slide 18: Financial update
ZIYABUYA SHOPPING CENTRE Sudesh Moodley FD Financial update 0 2
Slide 19: Financial Highlights
Financial Highlights Revenue (excl. straight line) Distributable earnings Dividend per share R811 million R310 million 27.50 cents (Feb 2025: R758 million) (Feb 2025: R259 million) (Feb 2025: 25.60 cents) 7% 20% 7.4% Investment properties Interest-bearing liabilities Net asset value R11.5 billion *
Slide 20: Distribution Statement
Distribution Statement 28 Feb 2026 28 Feb 2025 Variance R 000 R 000 Revenue 811 359 758 167 7.0% Property related expenses (318 077) (303 878) 4.7% Net property income 493 282 454 289 8.6% Administration and corporate costs (31 237) (27 936) 11.8% Net operating profit 462 045 426 353 8.4% Net financ
Slide 21: Sectoral Performance
Sectoral Performance Rental income & recoveries Property related expenses Net property income 4% 4% 4% 4% 4% 3% 14% 13% 7% 8% 18% 17% 14% 16% 13% 14% 13% 12% 69% 69% 75% 72% 66% 67% Feb 2026 Feb 2025 Feb 2026 Feb 2025 Feb 2026 Feb 2025 Retail Office Industrial Residential Interim results presentatio
Slide 22: Cost to income
Cost to income Total cost to income 60% Feb 2026 Feb 2025 50% 50,7% 43,6% 44,3% 43,5% 40% 41,6% 42,8% 41,0% 35,0% 30% 24,0% 20% 20,6% 10% 4,2% 4,0% 0% Total cost Retail Office Industrial Residential Admin to income Interim results presentation for the six months ended 28 February 2026 22
Slide 23: Statement of Financial Position
Statement of Financial Position (Extracts) 28 Feb 2026 28 Feb 2025 Variance R 000 R 000 Investment property and 11 496 705 10 261 580 12.0% held-for-sale * Trade and other receivables 317 639 270 857 17.3% Cash and cash equivalents 107 557 93 470 15.1% Derivative financial instruments 324 9 308 (96.
Slide 24: Debt Profile
Debt Profile Key Treasury metrics Debt and hedge expiry profile Debt expiry Hedge expiry 28 Feb 28 Feb 2026 2025 50% 51% Loan to Value (LTV) (%) 34.0 36.1 Interest cover ratio (x) 3.4 2.8 40% Undrawn facilities and cash on hand (Rm) 530 400 Weighted average cost of debt (%) 9.0 9.3 30% 32% 31% Total
Slide 25: Cash Flow
Cash Flow ‒ Rm 1 September 2025 ‒ 28 February 2026 1 September 2024 ‒ 28 February 2025 96 Opening balance 113 446 Cash generated from operations 413 - 154 Net finance cost - 166 - 279 Dividend paid - 252 - 729 Acquisitions and capex - 107 41 Disposals 49 -9 Shares acquired in respect of share-based
Slide 26: Way forward
KROONSTAD CIRCLE Izak Petersen CEO Way forward 0 3
Slide 27: Way Forward
Way Forward Outlook for interest rates: what’s next? Focus on controlling the controllables Identify opportunities arising from adversity Pursue portfolio-enhancing acquisitions Outlook for developments in the Middle East Maintain prudent capital allocation discipline Continue building a defensive,
Slide 28: Questions & Answers
QUESTIONS & ANSWERS NQUTHU PLAZA 28
Slide 29: Annexures
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Slide 30: Strategy
Strategy Remaining Buying Managing Shareholder value creation disciplined well brilliantly Geographically diversified Our value proposition SA Economically active locations focused Sectorally diversified We are an internally managed, innovative and diversified REIT dedicated to creating sust
Slide 31: Geographic Snapshot as at 28 Feb 2026
Geographic Snapshot as at 28 Feb 2026 Limpopo Retail 79 9 2 Office 27 Gauteng 51 23 27 4 155 Industrial 45 North West Mpumalanga 6 2 2 1 2 Residential 4 KwaZulu-Natal Free State 5 6 2 2 Eastern Cape 3 4 Western Cape 1 1 2 Interim results presentation for the six months ended 28 February 2026 31
Slide 32: Total Portfolio ‒ Key Indicators
Total Portfolio ‒ Key Indicators Sectoral split Portfolio Total GLA Average WALE by GLA # value property size 3% 3% 16% Retail R11.3 bn 893 718m² 5 766m² 2.4 years 35% Office BY GROSS BY GLA 50% 14% Feb 2025: Feb 2025: Feb 2025: Feb 2025: INCOME 67% R9.8bn 867 526m² 5 388m² 2.5 years Industrial Aver
Slide 33: Retail Portfolio ‒ Key Indicators
Retail Portfolio ‒ Key Indicators Average Portfolio value * Total GLA WALE by GLA property size R7.7 bn 445 605m² 5 641m² 2.7 years Feb 2025: Feb 2025: Feb 2025: Feb 2025: R6.5bn 419 750m² 5 057m² 2.8 years Average Average value property value per m² by GLA Tenant retention Vacancy R97m R17 179 91%
Slide 34: Office Portfolio ‒ Key Indicators
Office Portfolio ‒ Key Indicators Average Portfolio value * Total GLA WALE by GLA property size R1.6 bn 110 804m² 4 104m² 1.9 years Feb 2025: Feb 2025: Feb 2025: Feb 2025: R1.6bn 125 184m² 4 038m² 2.3 years Average Average value Tenant retention Vacancy property value per m² by GLA R57m R13 998 96%
Slide 35: Industrial Portfolio ‒ Key Indicators
Industrial Portfolio ‒ Key Indicators Average Portfolio value * Total GLA WALE by GLA property size R1.7 bn 311 850m² 6 930m² 2.1 years Feb 2025: Feb 2025: Feb 2025: Feb 2025: R1.2bn 293 000m² 6 814m² 2.1 years Average Average value Tenant retention Vacancy property value per m² by GLA R38m R5 449 8
Slide 36: Top Ten Properties by Value
Top Ten Properties by Value* Value Value Building name Region GLA m² Rm R/m² Protea Gardens Gauteng 25 289 478 18 906 Gillwell Mall Eastern Cape 21 305 426 19 971 Gezina Galleries Gauteng 16 956 417 24 588 Umzimkhulu Mall KwaZulu-Natal 18 003 379 21 049 Seshego Circle Limpopo 15 869 373 23 473 Chill
Slide 37: Top Ten Retail Properties
Top Ten Retail Properties* Value Value Building name Region GLA m² Rm R/m² Protea Gardens Gauteng 25 289 478 18 906 Gillwell Mall Eastern Cape 21 305 426 19 971 Gezina Galleries Gauteng 16 956 417 24 588 Umzimkhulu Mall KwaZulu-Natal 18 003 379 21 049 Seshego Circle Limpopo 15 869 373 23 473 Chilli
Slide 38: Top Ten Office Properties by Value
Top Ten Office Properties by Value* Value Value Building name Region GLA m² Rm R/m² SAPS VIP Gauteng 21 478 361 16 789 Avanti Office Park Western Cape 8 816 209 23 696 SAPS IJS Gauteng 7 874 127 16 142 Firestation Rosebank Gauteng 4 259 121 28 457 Carnation Place Gauteng 4 541 97 21 339 Valley View
Slide 39: Top Ten Industrial Properties by Value
Top Ten Industrial Properties by Value* Value Value Building name Region GLA m² Rm R/m² Corporate Park Limpopo 28 058 224 7 987 New Brighton Eastern Cape 24 515 179 7 318 Bayer Klerksdorp North West 11 864 134 11 328 Sterkolite Building Gauteng 12 782 91 7 096 Range Road Western Cape 11 782 87 7 410
Slide 40: Residential Properties by Value
Residential Properties by Value* Value Value Building name Region GLA m² Rm R/m² Palm Springs Gauteng 18 796 213 11 332 Urban Village Bruma Gauteng 5 288 88 16 585 Urban Village Midrand Gauteng - 57 - Norwood Urban Village Gauteng 1 375 21 15 494 25 459 379 14 887 * Including NCI Interim results pre
Slide 41: Disclaimer
Disclaimer Certain statements contained in this document constitute forward-looking information. Forward-looking information may relate to Dipula Properties Limited’s (Dipula Income Fund Limited’s) (“the Company”) future outlook and anticipated events or results and may include statements regarding