Slides
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INTERIM FINANCIAL RESULTS For the period ended 31 August 2026
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AppendixThe futureFinancial review Underlying business performance Period under review AGENDA Strategic progress
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Strategic progress 01 Bankenveld District City
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STRATEGIC PILLARS – BUSINESS STRATEGY 4Interim Financial Results for the period ended 31 August 2026 OPERATIONAL REPOSITIONING THROUGH FOUR STRATEGIC PILLARS 1 ● Progressing Sale of non-core assets Proceeds support debt reduction (pillar 3) 2 ● Progressing Focussing Integrated Developments (trading out of non-core projects) Expanding Memorial Parks 3 ● Work in progress Reduction of debt in the long term 4 ● Progressed Staff strategic skills development SUPPORTED BY Capital allocation Capital will be allocated to core operating activities and debt servicing, excess working capital will be assed against the capital allocation waterfall. Cash generation Deployed to execute the current strategic pillars Driven by pillars 1 & 2 Return on invested capital Five-year programme reaching a minimum of 15% in year five Operational repositioning is creating a stronger platform for sustainable growth and improved shareholder returns
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STRATEGIC PILLARS: PROGRESS UPDATE 5Interim Financial Results for the period ended 31 August 2026 Sale of non-core assets 1 Progressing Bucket Development Period Progress update Bucket 1 Short term Cornubia Short-term • Offer to purchase accepted • Deal will become unconditional upon finalisation of the due diligence Vredehoek Short-term • Memorandum of understanding has been received • Due diligence to be finalised in the latter half of the financial year. Bucket 2 Medium term Other non-core projects Short/Medium term • Three land parcels investigated for re-purposing as a Memorial Park • Subdivision process commenced on fourth land parcel. Kwa-Nobuhle Medium-term • Reinstatement of rights is in process, completed in the current year • Property will be actively marketed once rights are in place Bucket 3 Long term Witpoortjie Long-term • Entrance road sustained damage requiring municipal budget allocations to fund the repairs, once completed the development will be marketed for sale. Given the size, developmental stage and nature of the non-core assets, the disposal programme is targeted for completion within the next five years.
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STRATEGIC PILLARS: PROGRESS UPDATE 6Interim Financial Results for the period ended 31 August 2026 Focusing Integrated Developments Expanding Memorial Parks 2 Progressing Trade-out of non-core developments Development Number of units (August 2025) Number of units (August 2026) Progress update Scottsdene 386 220 • 140 units under construction with guaranteed offtake agreement to rental investor Vista Park 4,870 4,870 • Phase 1 services completed, unlocking 2,021 opportunities. Sales of serviced stands will commence once clearance is obtained from the local municipality. Jabulani 1,076 997 • Construction activities are still to commence on 704 units which are contracted for sale to Provincial Government. • Budget allocation still to be finalised. Other non-core projects (remaining portions) 159 107 • Unit sales remain ongoing. Expansion of Memorial Parks business • Strategically re-purposing Group owned land for new Memorial Parks. • Objective remains the opening of a new Memorial Park every two years.
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STRATEGIC PILLARS: PROGRESS UPDATE 7Interim Financial Results for the period ended 31 August 2026 Focusing Integrated Developments Expanding Memorial Parks 2 Progressing Core developments Development Number of units Duration (years) Bankenveld District City (Gauteng) 20,000 20 Fleurhof (Gauteng) 4,707 >10 South Hills (Gauteng) 4,490 5 – 7 Belhar (Western Cape) 1,310 <5 Western Cape Actively working on replacement projects to maintain diversification 5 Shift focus to a maximum of five large scale integrated housing developments across two provinces
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Period under review 02 Skyline Views
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KEY METRICS 9Interim Financial Results for the period ended 31 August 2026 Non-core project completion / sale of non-core assets progressing on plan Strong organic growth from Memorial Parks NAV PER SHARE R17.21 ▲ +4.49% vs Feb 2026: R16.47 EARNINGS PER SHARE 78.99 cps ▼ -4.83% vs Aug 2025: 83.00 cps HEADLINE EPS 78.99 cps ▼ -4.67% vs Aug 2025: 82.86 cps GROSS PROFIT MARGIN 29.46% ▲ +0.03pp vs Aug 2025: 29.43% NET DEBT TO EQUITY 0.86x ▲ +0.12x vs Feb 2026: 0.74x ROLLING RETURN ON INCREMENTAL INVESTED CAPITAL (“ROIIC”) -3.67% ▲ +0.14pp vs Aug 2025: -17.67%
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Underlying business performance 03 Fleurhof
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RESIDENTIAL PROPERTY DEVELOPMENT 11Interim Financial Results for the period ended 31 August 2026 Focusing Integrated Developments Expanding Memorial Parks 2 Progressing Revenue (R’m) 417.87 2025: 420.20 GP margin (%) 26.56 2025: 26.25 Total remaining opportunities 31,792 (Excluding land classified as non-core) • Consistent performance in a challenging market — end-user demand constrained, affordable housing recovery slower than expected, increased focus on investor market • Sales-led model: 1,418 opportunities under construction/in stock, – 55% already sold via guaranteed off-take agreements to investor buyers, with a further 968 opportunities contracted ahead of H2 construction start • Revenue: reduction reflects capital tied up in work in progress, to be recognised on completion • Non-core progress: strong stock reductions at La Vie Nouvelle and South Hills Lifestyle Estate; Scottsdene’s remaining 140 units on track for H2 completion and transfer to investor buyer • BDC: bulk and link infrastructure on track for Q1 2028 completion; USDG agreement with City of Johannesburg was recommended for approval, awaiting finalisation of agreements. • Successful launch of new product mix with strong associated demand • Sustainable growth: – Land acquisition in Fleurhof adding a minimum of 966 opportunities (pending proclamation) capitalising on bulk and link previously created; – Western Cape expansion discussions ongoing
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MEMORIAL PARKS 12Interim Financial Results for the period ended 31 August 2026 Focusing Integrated Developments Expanding Memorial Parks 2 Progressing Revenue (R’m) 47.81 2025: 39.83 GP margin (%) 55 2025: 50 Total remaining opportunities 113 309 (Excluding pending expansions) • Revenue and gross profit growth • Successful launch of Rustenburg Memorial Park • Strategic expansions: Identified land parcels within the Group for repurposing • Layby: remains resilient increasing by 23% • Cash collections: strong covering Group overheads and contributing to finance costs
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Rustenburg Memorial Park Financial review 03
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RESULTS AT A GLANCE 14Interim Financial Results for the period ended 31 August 2026 R465.7m Revenue stable, margin held above target R465.7m revenue (Aug 2025: R460.0m); gross profit margin 29.46%, above the Group's 20– 25% target range R12.73m EPS/HEPS down on a one-off item, not operations R12.73m modification loss on the JV loan facility drove the EPS/HEPS decline — underlying trading improved +22% Memorial Parks accelerating Revenue ▲ 22% to R47.81m; gross margin up to 55% (Aug 2025: 50%), on strong grave sale and burial volume growth DSCR/ NDE Fully compliant on covenants DSCR 1.35 (min 1.2); net debt to equity 0.86 (max 1.5), up on deliberate investment through implementation of strategy and BDC infrastructure investment.
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Revenue (R’000) Unaudited Aug 2025 Unaudited Aug 2024 Audited Feb 2025 Residential Property Development 420 197 475 286 800 067 Memorial Parks 39 833 36 755 68 839 Total 460 030 512 041 868 907 92% 91% 90% 8% 9% 10% Feb-25 Aug-25 Aug-26 Segmental Revenue Contribution Residential Property Development Memorial Parks STATEMENT OF COMPREHENSIVE INCOME 15Interim Financial Results for the period ended 31 August 2026 (R’000) Unaudited Aug 2026 Unaudited Aug 2025 Audited Feb 2026 Revenue 465 668 460 030 893 174 ▲ Cost of sales (328 488) (324 654) (650 261) ▼ Gross profit 137 180 135 376 242 913 ▲ Gross profit margin 29.46% 29.43% 27.20% ▲ Other expenses (13 235) (1) (0) ▼ Administrative expenses (46 137) (45 113) (98 610) ▼ EBIT 79 346 97 655 171 049 ▼ Net finance income/ (expense) 10 085 (6 063) 12 569 ▲ Share of profit of joint ventures – net of tax 11 669 14 356 23 982 ▼ Profit after taxation 75 623 79 995 160 230 ▼ Increase in GP Margin from improved sales volumes in Memorial Parks IFRS 9 modification due to renegotiation of interest rate of joint venture loan agreement. Per IFRS, the carrying amount of the loan was recalculated based on the revised interest rate with the difference being recorded in other income. ▼ Increase in expenses / Decrease in income ▲ Decrease in expenses Segmental revenue contribution (R’000) Unaudited Aug 2026 Unaudited Aug 2025 Residential Property Development 417 862 420 197 Memorial Parks 47 806 39 833 Total 465 668 460 030
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STATEMENT OF CASH FLOWS 16Interim Financial Results for the period ended 31 August 2026 (R’000) Unaudited Aug 2026 Unaudited Aug 2025 Audited Feb 2026 Cash (utilised in)/ generated from operations (110 304) (50 631) (14 786) Finance income received 23 999 26 706 55 243 Finance cost paid (72 556) (60 868) (135 639) Tax paid (1 059) (3 589) (3 891) Net cash (utilised in)/ generated from operating activities (159 920) (88 382) (99 073) Net cash invested in investing activities (27 596) (29 736) (122 429) Proceeds from borrowings 203 750 350 000 566 425 Capital repayment of borrowings (136 750) (207 500) (297 500) Share buy backs - (6 663) (5 167) Repayment of capital portion of leases (2 661) (2 507) (6 592) Dividends paid (8 238) (6 592) (6 663) Net cash advanced from / (repaid in) financing activities 56 101 126 738 250 502 Net increase in cash and cash equivalents (131 415) 8 620 29 001 Cash and cash equivalents at the beginning of the year 183 723 154 723 154 722 Cash and cash equivalents at the end of the year 52 308 163 343 183 723 Increase from sectional title units under construction and infrastructure spend at Fleurhof, Jabulani and BDC. The sectional title units, within Scottsdene, South Hills and Belhar, will be completed in the latter half of the financial year, with over 60% of these units having finalised guaranteed off-take agreements. Investment made into executing the Group strategic objectives Early refinance of maturing bond with R17 million upsize, balance of additional debt related to working capital facility. Payment of FY26 dividend CASH BRIDGE (R’000) 183,723 Opening cash (159,920) Operating activities (27,596) Investing activities 56,101 Financing activities 52,308 Closing cash
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Feb-26 Aug-25 Aug-26 Asset Composition (R’000) Cash and cash equivalents Trade and other receivables Construction contracts Inventories Loans & investments in JVs Other assets STATEMENT OF FINANCIAL POSITION - ASSETS 17Interim Financial Results for the period ended 31 August 2026 (R’000) Unaudited Aug 2026 Unaudited Aug 2025 Audited Feb 2026 Assets Cash and cash equivalents 52 308 163 343 183 722 Trade and other receivables 154 869 100 829 159 625 Current income tax assets 1 840 982 1 743 Construction contracts 2 403 631 1 855 341 2 107 207 Loans to joint ventures 397 441 497 081 387 466 Investments in joint ventures 167 144 155 466 148 981 Inventories 451 541 457 009 456 368 Investments 20 173 19 769 20 669 Property, plant and equipment 21 520 24 662 22 798 Investment property 32 498 22 493 32 497 Intangible assets 159 651 159 651 159 650 Deferred income tax asset 11 941 9 847 10 128 Total assets 3 874 557 3 466 473 3 690 857 The increase in this balance reflects a combination of the development of sectional title units that will be completed and ready for transfer in the second half of the financial year, together with infrastructure installations in Fleurhof, Jabulani and BDC. Investment in infrastructure during both the current and previous reporting periods has ensured a robust and sustainable development pipeline, with sufficient serviced opportunities available to support the Group in future financial periods.
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Feb-26 Aug-25 Aug-26 Equity & Liabilities Composition (R’000) Total equity Trade and other payables Borrowings Other liabilities Deferred income tax liabilities STATEMENT OF FINANCIAL POSITION - EQUITY/ LIABILITIES 18Interim Financial Results for the period ended 31 August 2026 (R’000) Unaudited Aug 2026 Unaudited Aug 2025 Audited Feb 2026 Total equity 1 642 286 1 504 642 1 571 178 Liabilities Trade and other payables 271 658 257 384 263 334 Current income tax liabilities - 6 606 239 Borrowings 1 453 521 1 255 294 1 380 291 Maintenance liability – Memorial Parks 71 037 61 487 66 328 Deferred income tax liabilities 436 055 381 060 409 486 Total liabilities 2 232 271 1 961 831 2 119 679 Total equity and liabilities 3 874 557 3 466 473 3 690 857 Early refinance of maturing facility Group's Domestic Medium Term Note (DMTN) programme, whereby R50 million was raised against the R33 million maturing note, representing R17 million of additional funding raised by the Group.
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19 Outstanding capital Rand (R’000) Opening balance 1 March 2026 1 374 060 New debt 203 750 Debt repaid (136 750) Closing balance 31 August 2026 1 447 291 BORROWING MATURITIES COVENANTS Compliant with regulated covenant levels for the reporting period Interim Financial Results for the period ended 31 August 2026 Debt Maturity Profile (R’000) 150,000 210,000 515,000 85,000 465,000 FY2027 FY2028 FY2029 FY2030 FY2031 Net debt to equity ratio 0.86 28 Feb 2026: 0.74 Max 1.5 Debt service cover ratio 1.35 28 Feb 2026: 1.54 Min 1.2 BORROWINGS AND COVENANTS
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The future 04 Bankenveld District City
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OUTLOOK 21Interim Financial Results for the period ended 31 August 2026 RESIDENTIAL DEVELOPMENTS Market demand remains entrenched and borrowing conditions are improving — mortgage bond approvals stable, banks continue to support affordable housing Rising investor buyer interest and consumer confidence, in a stable, low-inflation rate environment Macroeconomic watch: higher oil price pressuring transport and living costs — mitigated by long-term project horizons and developments near employment hubs Election and political uncertainty remains a watch item Public sector commitment to infrastructure spend remains strong MEMORIAL PARKS Market demand for premium burial spaces remains high Operational parks are performing very well Organic expansion through repurposing Group-owned land OUTLOOK Strong demand for affordable housing in well located areas Continued rollout of BDC infrastructure Macro-economic conditions and price escalations closely monitored Positive but measured outlook, with focus on infrastructure amid market uncertainty Ongoing investigations to lower the barrier to entry
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Fleurhof Investor Relations Ben Pierre Malherbe (CEO) Email: benpierre@calgrom3.com Sayuri Naicker (CFO) Email: sayurin@calgrom3.com Vanessa Rech (KRIS) Email: vrech@kris.co.za Tel: 083 307 5600 Q & A
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Disclaimer 23 Calgro M3 has acted in good faith and has made every reasonable effort to ensure the accuracy and completeness of the information contained in this presentation, including all information that may be defined as 'forward-looking statements'. Forward-looking statements may be identified by words such as 'believe', 'anticipate', 'expect', 'plan', 'estimate', 'intend', 'project', 'target', 'predict' and 'hope'. By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future, involve known and unknown risks, uncertainties and other facts or factors which may cause the actual results, performance or achievements of the Group, or its sector to be materially different from any results, performance or achievement expressed or implied by such forward-looking statements. Forward-looking statements are not guarantees of future performance and are based on assumptions regarding the Group’s present and future business strategies and the environments in which it operates now and in the future. No assurance can be given that forward-looking statements will prove to be correct and undue reliance should not be placed on such statements. Calgro M3 does not undertake to update any forward-looking statements contained in this document and does not assume responsibility for any loss or damage whatsoever and howsoever arising as a result of the reliance by any party thereon. Interim Financial Results for the period ended 31 August 2026
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Skyline Views Appendix 05
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RECAP: STRATEGIC OUTLOOK 25Interim Financial Results for the period ended 31 August 2026 1 Continue to execute on the strategic pillars 2 Prioritise disposing of non-core assets 3 Completion of remaining non-core projects 4 Expansion of Memorial Parks footprint to boost recurring cash flows 5 Reduction of debt through balance sheet optimisation 6 Continued rollout of remaining core pipeline • Balance the two business segments long-term by reducing non-contributing Residential projects and growing the Memorial Parks footprint • Manage net debt relative to market capitalisation by delivering on short-to-medium term goals • Enhance staff expertise through strategic skills development, appointing specialists for skills transfer • Mid-to-high properties • Cornubia (Umhlanga) • Vredehoek • Kwa-Nobuhle • Vista Park • Witpoortjie Development Number of units Scottsdene 220 Vista Park 4,870 Jabulani 997 Mid to high 107 Active management of concentration risk through diversification across a balance of core projects
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LONG-TERM CORE PROJECTS (> 5 YEARS) 26Interim Financial Results for the period ended 31 August 2026 Region Development Number of units Duration (years) Gauteng Bankenveld 20 000 >15 Fleurhof 4,707 >10 South Hills 4,490 5-7 Western Cape Belhar 1,310 3-5 Actively working on replacement projects Total >30,000 The above core pipeline excludes new land acquisitions and land parcels already owned to be unlocked. Priority – Building value-for-money homes in integrated developments BDC - Artist’s impression
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REPOSITIONING OF MEMORIAL PARKS PORTFOLIO 27Interim Financial Results for the period ended 31 August 2026 R47.9 m 2% contribution to Group Revenue 2023 R68.2 m 4% contribution to Group Revenue 2024 R95.5 m 8% contribution to Group Revenue 2025 R106.9 m 10% contribution to Group Revenue 2026 Cash collections More meaningful contribution to Group revenue with a strategic target of cash collections covering both Group overheads and annual interest expense with a long-term objective of generating a ROIC in line with Group targets.