Vukile Property Fund Limited · JSE:VKE
Vukile Property Fund — Investor Presentation (March 2026)
18 slides from Vukile Property Fund's investor presentation, Mar 23, 2026
Slide 1: Centres of Growth FY2026 Presentation
Centres of Growth FY2026 PRESENTATION 23 MARCH 2026
Slide 2: Agenda
Agenda 01 Introduction 02 South African retail portfolio overview and trading update 03 Castellana Properties overview and trading update 04 Summary and prospects 05 Questions and answers 2
Slide 3: Introduction
Introduction LAURENCE RAPP Centres of Growth
Slide 4: H2 FY26 marked by significant strategic dealmaking, reshaping our portfolio
01 INTRODUCTION PRE-CLOSE 23 MARCH 2026 H2 FY26 marked by significant strategic dealmaking, reshaping our portfolio and continued delivery of excellent operating metrics Both Spanish and Portuguese portfolios delivered outstanding metrics with footfall at all-time highs and portfolio fully occupied.
Slide 5: South African retail portfolio overview and trading update
South African retail portfolio overview and trading update ITUMELENG MOTHIBELI 5
Slide 6: Retail portfolio performance and trading environment
02 SOUTH AFRICAN RETAIL PORTFOLIO PRE-CLOSE 23 MARCH 2026 Retail portfolio performance and trading environment Portfolio performance overview § Annual like-for-like NOI growth is projected to increase by 10.1% (FY25 6.4%), driven MAR SEP FEB MAR SEP FEB by sustained high occupancy, additional PV, op
Slide 7: Footfall and sales
02 SOUTH AFRICAN RETAIL PORTFOLIO PRE-CLOSE 23 MARCH 2026 Footfall and sales Portfolio continues to show growth in both footfall and sales driven by strong promotional activity Total Value portfolio Township Rural Urban Commuter Centres § Year-on-year portfolio sales increased by 5.3% and continue t
Slide 8: Retail category performance
02 SOUTH AFRICAN RETAIL PORTFOLIO PRE-CLOSE 23 MARCH 2026 Retail category performance Strong category trade across the board continues to drive top-line growth 100 100% -7.1% 90 80% 3.3% Annualised Trading Density Feb 2026 [R/m²] 80 60% 1.5% Annualised Trading Density Sep 2025 [R/m²] 70 2.0% 40% Ran
Slide 9: Leasing activity
02 SOUTH AFRICAN RETAIL PORTFOLIO PRE-CLOSE 23 MARCH 2026 Leasing activity Vacancies stable at 1.7%, with continued vibrant leasing activity and strong support across all segments Environment of increased demand for space in investment-grade dominant assets due to slowing new supply, leading to high
Slide 10: Castellana Properties overview and trading update
Castellana Properties overview and trading update ALFONSO BRUNET Centres of Growth
Slide 11: Footfall and sales
03 CASTELLANA PROPERTIES PRE-CLOSE 23 MARCH 2026 Footfall and sales Resilient performance supported by strong footfall and sales growth Castellana Spain Portugal portfolio § During the fiscal period from April 2025 to February 2026, footfall increased by 3.3% year-on-year, underscoring the sustained
Slide 12: Operating metrics and leasing activity
03 CASTELLANA PROPERTIES PRE-CLOSE 23 MARCH 2026 Operating metrics and leasing activity Strong operating performance supported by robust tenant demand Spain Portugal Castellana Portfolio Leases signed (i) 194 leases 60 leases 254 leases 67 127 36 24 103 151 Renewals New contracts Renewals New contra
Slide 13: Operating metrics and leasing activity
03 CASTELLANA PROPERTIES PRE-CLOSE 23 MARCH 2026 Operating metrics and leasing activity Full occupancy and outstanding rent collection highlight the strength of the portfolio and management execution Spain Portugal Castellana Portfolio Vacancy (i) 1.0% 0.9% 1.0% Rent collection 99.2% 96.3% 98.3% (i)
Slide 14: Capital Allocation and Guidance
aS sla \ SE very £ 2 o) 6 5 o o) + Capital Allocation and Guidance LAURENCE RAPP a) ve ~) > 3
Slide 15: Accretive capital allocation and asset rotation further enhancing our asset base
04 CAPITAL ALLOCATION AND GUIDANCE PRE-CLOSE 23 MARCH 2026 Accretive capital allocation and asset rotation further enhancing our asset base Sources of Funds Amount NOI yield (%) CoC yield (%) Equity raise (new shares issued October 2025) R2.65 billion 8.7% New debt raised (between January 2026 and M
Slide 16: Outlook and guidance
04 CAPITAL ALLOCATION AND GUIDANCE PRE-CLOSE 23 MARCH 2026 Outlook and guidance Vukile closes the second half of FY26 with a portfolio further reshaped to deliver on our growth strategy Excellent trading metrics demonstrates our ongoing delivery in asset management initiatives and the tangible value
Slide 17: Questions and answers
a me 05 Questions and answers
Slide 18: Vukile: Building communities, growing value
vukile Centres of Growth BUILDING COMMUNITIES, GROWING VALUE.
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