Slide 1: Results presentation for the year ended 28 February 2025
Your lifestyleour focus BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 1
Slide 2: Agenda
AGENDA 1 2 3 IZINGA ECO-ESTATE GREENPARK THE HUNTSMAN OPERATIONAL OVERVIEW FINANCIAL OVERVIEW ANNUITIES 4 5 6 BALLITO HILLS THE POLOFIELDS DE AAN-ZICHT SUSTAINABILITY LOOKING FORWARD ANNEXURES BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 2
Slide 3: Operational overview
1 OPERATIONAL OVERVIEW Steve Brookes Chief executive officer THABA-ECO VILLAGE LIFESTYLE CENTRE BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 3
Slide 4: Operational highlights
OPERATIONAL HIGHLIGHTS 1 749 7.9% 27 162 Apartments sold and recognised in Revenue contribution to the group from Apartments with IFC EDGE certification revenue for the period Balwin Annuities MOOIKLOOF ECO-ESTATE THE POLOFIELDS 100th 41 975 53 Development under construction Apartments in developmen
Slide 5: Operational review
OPERATIONAL REVIEW Revenue reduced 6% to R2.2 billion compared to the prior year, reflecting the challenging conditions in the residential housing market Total number of apartments handed over amounted to 1 749 during the year (2024: 1 892 apartments) 47% of revenue recorded from the Gauteng region,
Slide 6: Operational review
OPERATIONAL REVIEW DE KUILE BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 6
Slide 7: Operational review
OPERATIONAL REVIEW BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 7
Slide 8: Development pipeline: build-for-sale
DEVELOPMENT PIPELINE BUILD-FOR-SALE BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 8
Slide 9: Development pipeline: build-for-sale (continued)
DEVELOPMENT PIPELINE BUILD-FOR-SALE (CONTINUED) BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 9
Slide 10: Development pipeline: rental portfolio
DEVELOPMENT PIPELINE RENTAL PORTFOLIO GREENPARK BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 10
Slide 11: Financial overview
2 FINANCIAL OVERVIEW Jonathan Bigham Chief financial officer THE WHISKEN BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 11
Slide 12: Financial overview
FINANCIAL OVERVIEW FOR THE YEAR ENDED 28 FEBRUARY 2025 R2.2 billion 6% 30% 2% R350.9 million -% R234.0 million 8% Revenue Gross profit margin Operating costs Profit for the year DE AAN-ZICHT THE REID 45.95 cents 4% R254.8 million Loan-to-value 40.4% 910.20 cents 6% Headline earnings per share Cash
Slide 13: Audited summary consolidated statement of profit or loss
AUDITED SUMMARY CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2025 BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 13
Slide 14: Financial performance: Revenue
FINANCIAL PERFORMANCE FOR THE YEAR ENDED 28 FEBRUARY 2025 Revenue Revenue decreased by 6% to R2.2 billion (2024: R2.4 billion) Revenue generated from the following sources: GREENKLOOF Apartments handed over decreased by 8% to 1 749 apartments (2024: 1 892 apartments) Sale of land at Mooikloof Smart
Slide 15: Financial performance: Revenue from sale of apartments
FINANCIAL PERFORMANCE FOR THE YEAR ENDED 28 FEBRUARY 2025 Revenue from sale of apartments BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 15
Slide 16: Average selling price analysis
AVERAGE SELLING PRICE ANALYSIS FOR THE YEAR ENDED 28 FEBRUARY 2025 MUNYAKA THE BLYDE BALLITO HILLS TH BLYDE THE HUNTSMAN BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 16
Slide 17: Average selling price analysis
AVERAGE SELLING PRICE ANALYSIS FOR THE YEAR ENDED 28 FEBRUARY 2025 GREENCREEK GREENBAY GREENCREEK GREENCREEK GREENBAY GREENLEE BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 17
Slide 18: Financial performance: Revenue from Balwin Annuity
FINANCIAL PERFORMANCE FOR THE YEAR ENDED 28 FEBRUARY 2025 Revenue from Balwin Annuity Revenue increased by 33% to R175.8 million (2024: R132.5 million) Contributes 7.9% of group revenue (2024: 5.6%) Fibre and infrastructure services remain the largest contributor’s at 44% of Annuity revenue BALWIN P
Slide 19: Financial performance: Gross profit
FINANCIAL PERFORMANCE FOR THE YEAR ENDED 28 FEBRUARY 2025 Gross profit BALLITO HILLS Gross profit margin shows a slight improvement to 30% (2024: 28%) Gross profit margin on sale of apartments remained consistent at 24% - strong margin performance in Western Cape with margin pressures experienced in
Slide 20: Financial performance: Operating expenses
FINANCIAL PERFORMANCE FOR THE YEAR ENDED 28 FEBRUARY 2025 Operating expenses THE REID Total operating costs remained flat at R350.9 million (February 2024: R351.2 million) Balwin Properties (company) decreased operating expenses by 6% Balwin Annuities operating expenditure increased by 14% despite a
Slide 21: Financial performance: Earnings and dividend
FINANCIAL PERFORMANCE FOR THE YEAR ENDED 28 FEBRUARY 2025 Earnings Profit after tax increased by 8% to R234.0 million (2024: R217.4 million) 8% increase in earnings per share to 49.74 cents 4% decrease in headline earnings per share to 45.95 cents Headline earnings adjustment from profit of land sal
Slide 22: Audited summary consolidated statement of financial position
AUDITED SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2025 BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 22
Slide 23: Financial position
FINANCIAL POSITION AS AT 28 FEBRUARY 2025 Non-current assets Property, plant and equipment increased to R421.6 million (2024: R381.8 million) resulting from ongoing investment in solar assets and fibre infrastructure Investment property increased to R325.1 million (2024: R220.4 million) › Transfer o
Slide 24: Financial position: developments under construction
FINANCIAL POSITION AS AT 28 FEBRUARY 2025 Developments under construction (continued) GREENBAY BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 24
Slide 25: Financial position: developments under construction (continued)
FINANCIAL POSITION AS AT 28 FEBRUARY 2025 Developments under construction (continued) Increase driven by investment in two replacement projects in Western Cape › Suikerbos (Milnerton) - Replacement for Fynbos - 1 046 apartments at completion - First handovers scheduled for FY2026 - 165 apartments fo
Slide 26: Financial position: receivables and cash
FINANCIAL POSITION AS AT 28 FEBRUARY 2025 Trade receivables Mostly apartments handed over but not registered at year end Cash and cash equivalents Cash position at period end of R254.8 million (2024: R289.6 million) Cash on hand exceeds funding covenants and board thresholds Continued active oversig
Slide 27: Financial position: funding
FINANCIAL POSITION AS AT 28 FEBRUARY 2025 Funding Development loans and facilities amounted to R3.3 billion (2024: R3.1 billion) Loan-to-value consistent at 40.4% (2024: 40.5%) – covenant at 50% Loan-to-value ratio is materially measured at cost – 96% of asset base measured at cost Full compliance w
Slide 28: Audited summary consolidated statement of cash flows
AUDITED SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2025 BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 28
Slide 29: Annuities
3 ANNUITIES Raaziq Ismail Head of legal and annuity BA;LWIN PROPERTIES HEAD OFFICE JHB BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 29
Slide 30: Annuities overview
ANNUITIES OVERVIEW R96.7 million* R98.8 million 10 553 Operating profit Savings to our clients through Active clients on Balwin Fibre network Balwin Mortgages BALLITO HILLS 3 693 1 359 R1.08 billion Tons of carbon dioxide emissions Balwin Connect Clients (Internet Service Assets under management as
Slide 31: Annuities consolidated statement of profit and loss
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2025 Fibre and Other 28 Feb 25 29 Feb 24 Unaudited (R’000) * Connect1 Rentals2 Head office Mortgages Green Living3 Businesses4 Annuity Annuity Revenue 69 189 18 057 23 928 12 372 23 449 30 890 177
Slide 32: Balwin Fibre statement of profit and loss
BALWIN FIBRE (PTY) LTD – STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2025 28 Feb 25 29 Feb 24 OPERATIONAL UPDATE Unaudited Unaudited Financial update R’000 R’000 Homes passed 14 780 Revenue 64 188 53 415 Active clients 10 553 Cost of sales - - Uptake @
Slide 33: Balwin Rentals statement of profit and loss
BALWIN RENTALS (PTY) LTD – STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2025 28 Feb 25 29 Feb 24 OPERATIONAL UPDATE Unaudited Unaudited Financial update R’000 R’000 Achieved an average occupancy of 98% for the period 18 057 16 631 with a low of 94% and a
Slide 34: Balwin Head Office JHB statement of profit and loss
BALWIN HEAD OFFICE JHB (PTY) LTD – STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2025 OPERATIONAL UPDATE 28 Feb 25 29 Feb 24 Unaudited Unaudited 6 Star Green Rated building Financial update R’000 R’000 R2.1m from advertising Revenue 23 928 16 468 Cost of
Slide 35: Balwin Mortgages statement of profit and loss
BALWIN MORTGAGES (PTY) LTD – STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2025 OPERATIONAL UPDATE 28 Feb 25 29 Feb 24 Unaudited Unaudited 1 465 bonds secured for the period 1 March 2024 – Financial update R’000 R’000 28 February 2025 Revenue 12 372 12 48
Slide 36: Balwin Green Living statement of profit and loss
BALWIN GREEN LIVING (PTY) LTD – STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2025 28 Feb 25 29 Feb 24 OPERATIONAL UPDATE Unaudited Unaudited Operating on 12 sites Financial update R’000 R’000 Revenue 23 449 11 743 A 10% discount on electricity tariff to
Slide 37: Other annuity businesses statement of profit and loss
OTHER ANNUITY BUSINESSES STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2025 28 Feb 25 29 Feb 24 Other businesses comprises of Unaudited Unaudited Financial update R’000 R’000 Approved Lifestyle Revenue 30 890 681 Blyde Hotel Maintenance Cost of sales (4 0
Slide 38: Sustainability
4 SUSTAINABILITY Steve Brookes Chief executive officer GREENCREEK BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 38
Slide 39: Sustainable business practices
SUSTAINABLE BUSINESS PRACTICES Continued commitment to reducing our environmental impact through innovation in design and building techniques The first South African company to have both a science-based target and Net Zero commitment approved by the International Science Based Target Initiative All
Slide 40: Sustainable business practices
SUSTAINABLE BUSINESS PRACTICES BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 40
Slide 41: Looking forward
5 LOOKING FORWARD Steve Brookes Chief executive officer TMUNYAKA BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 41
Slide 42: The future
THE FUTURE Maintain focus on core business and group’s ability to leverage its brand in growing annuity-based revenue streams Prevailing economic and local political uncertainty has created an unpredictable macroeconomic landscape which hampers demand for residential property Group is expecting futu
Slide 43: Annexures
6 ANNEXURES THABA-ECO VILLAGE BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 43
Slide 44: Operating model
OPERATING MODEL Development of large-scale residential estates in key target nodes Targeting an average profit margin of low to mid 30% range over the lifecycle of each project Drive efficiencies through turnkey approach to development Maintaining costs and cash preservation MUNYAKA MUNYAKA Developm
Slide 45: Turnkey development model
TURNKEY DEVELOPMENT MODEL THE HUNTSMAN MUNYAKA MUNYAKA DE AAN-ZICHT BALWIN PROPERTIES RESU LTS PRESENTATION FOR THE YEAR ENDED 28 FEBRUARY 202 5 45
Slide 46: Corporate overview
CORPORATE OVERVIEW Specialist, national residential property developer of large- scale sectional title estates Focus on high quality, environmentally efficient, affordable apartments with an innovative and all inclusive lifestyle offering for clients Currently developing approximately 2 000 apartmen
Slide 47: Governance process: development opportunities
GOVERNANCE PROCESS DEVELOPMENT OPPORTUNITIES Development opportunities identified Internal due diligence process followed: › Costs › Infrastructure › Zoning › Independent review of nodal residential demand Presented for approval to: MOOIKLOOF ECO-ESTATE › Executive Committee › Transactions Committee
Slide 48: Investment case
INVESTMENT CASE Well positioned to address the undersupply of quality, affordable housing in the low to middle market income market Long-term development pipeline in key strategic locations Proven and flexible business model for large-scale developments Strong management with approximately 30-years
Slide 49: Development brands
DEVELOPMENT BRANDS Core development model One-, two-, and three-bedroom four storey walk up apartments Prices range from R719 910 to R2 899 900 Developments located in high density, high growth nodes across key metropolitan areas Benefits from economies of scale, in-house construction THE BLYDE and
Slide 50: Development brands
DEVELOPMENT BRANDS Model targets a slightly lower income consumer than the Classic Collection Prices range from R599 900 to R1 519 900 Developed on a phase-by-phase approach Distinctive architecture and high-quality standards Residents have access to traditional lifestyle offerings associated with B
Slide 51: Development brands
DEVELOPMENT BRANDS Three elite model developments, The Polofields and Munyaka Lifestyle Centre apartments (Johannesburg, Waterfall) and Izinga Eco Estate (KwaZulu-Natal, Umhlanga) Apartments built to higher specifications with luxurious finishes Prices range from R2 349 900 to R10 999 900 Developmen