Slides
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Interim results Pre-close presentation AUGUST 2026 JSE CODE EQU
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Period in review HIGHLIGHTS FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2026 2
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3 1H27 in review c.R0.6bn spent on Tiger Brands (Riverfields), TFS (Riverfields), DHL (Boksburg), Shoprite (Benoni), Premier FMCG (Lords View) Development spend Speculative developments in Meadowview fully let, leases commencing 1 Sep Speculative builds Disposed of AVIVA portfolio in May-26 and concluded rent review on DHL Leeds in Aug-26 UK update Rolled 3yr & 5yr debt in Jun-26 at ZARONIA plus 90 and 103 bp DCM activity
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Operating environment PROVIDING CONTEXT TO THE OPERATING ENVIRONMENT IN SA AND THE UK 4
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SA logistics update DEMAND FOR LOGISTICS ASSETS REMAINS STRONG • Listed property delivered a total return of 10.5% in 2Q26, outperforming both bonds (7.9%) and equities (-2.4%), with the asset class forecast to return 12-14% over the next 12 months • Industrial remains the strongest performing sector, with vacancies of 2-4% supported by supply chain optimisation, onshoring and e-commerce growth • Modern logistics facilities command c.R90/sqm against in-place rents of c.R70/sqm; and EQU's base build specification is let at the upper end of market rentals • Demand is underpinned by FMCG operators and expanding e-commerce retailers, sustaining development activity across the sector 5
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SA transaction update FOCUS REMAINS ON CAPITAL DEPLOYMENT • Development of 89,000m² facility for Tiger Brands in Riverfields Park IV to be undertaken by Equites Tridevco, a company in which Equites holds 50.1% • Concluded lease to develop 35,000m² DC for TFS on a new 10-year lease to commence on completion of the development by Equites Tridevco in Aug-27 • Acquired the Colgate facility in Boksburg; development activities underway for a new 21,000m² facility for DHL on a 10-year lease • Acquired a facility in Benoni within RLF, let to Shoprite on a new 10-year lease • Capital deployment remains focused on prime logistics nodes in Gauteng, eThekwini and greater Cape Town 6
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SA developments update FOCUS REMAINS ON CAPITAL DEPLOYMENT • Development pipeline aims to balance pre-let and speculative, anchored in Riverfields where major facilities are underway for Tiger Brands and TFS • Tiger Brands and TFS are blue-chip counterparties, strengthening the tenant base while diversifying away from Shoprite concentration • Riverfields continues to attract major attention from leading A-grade tenants focussed on consolidating supply chain logistics in this node • Pre-lets remain the focus, with a disciplined speculative programme capturing short-notice demand in SA logistics • The Premier FMCG expansion at Lords View substantiates the pattern of repeat business from existing tenants 7 Tenant Location GLA (m2) Capital value Outstanding Yield Complete Own % Developments currently underway Tiger Brands Riverfields 89,000 R995m R500m 8%-9% Apr-27 50.1% Speculative Jet Park 17,000 R210m R41m 8%-9% Sep-26 100% Speculative Riverfields 19,631 R210m R32m 8%-9% Aug-26 100% Premier FMCG Lords View 7,226 R94m R33m 8%-9% Sep-26 100% DHL Boksburg 20,540 R220m R183m 8%-9% Jun-27 100% Shoprite Benoni 10,944 R277m R186m 8%-9% Dec-26 50.1% TFS Riverfields 34,800 R420m R280m 8%-9% Aug-27 50.1%
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UK update UPDATE ON DISPOSALS • EQU concluded the disposal of its AVIVA portfolio in May-26, realising c.£95m net equity from the disposal • Proceeds were invested in UK REITs and c.£20m was repatriated to SA to repay debt • Finalised the rent review for DHL Leeds at £9.17/sq ft., and commenced marketing this unencumbered asset for disposal, with full proceeds on disposal to be reinvested in SA • Remaining sites are Coton Park, Thrapston and Basingstoke • Management’s commitment to maximise shareholder value will continue to guide negotiation strategy as EQU look to unwind UK exposure 8
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Operational update KEY PORTFOLIO MOVEMENTS AND SIGNIFICANT UPDATES 9
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• Renewals: Two Meadowview renewals concluded in 1H27 at a weighted average positive reversion of 3%; EQU commence renewal negotiations with tenants 18 months prior to expiry • New tenants: Three new leases signed – one at Riverfields X116 (Riverfields Park IV) and two Meadowview (site 3B (Meadowview I-B) & 5 (Meadowview I-F)), introducing three new tenants into the Equites portfolio • Disposals: Concluded the disposal of Digistics Waterfall for R117m PRO -ACTIVE APPROACH TO PORTFOLIO MANAGEMENT Key highlights for 1H27 10
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Property fundamentals LIMITED EXPOSURE TO RENEWALS IN THE NEXT 24 MONTHS • Eight leases for renewal in FY28 with GLA of c.93,000m2; no upcoming lease expiries for remainder of FY27 • Weighted average reversion of c.-9% expected across the renewals portfolio • Vacancies at Aug-26: three sites in Meadowview of 20,500m2 and Lords View 8,525m2 • Meadowview vacancies during 1H27 reduced by 17,303m2 from 1-Sep-26, including new tenants into the EQU tenant mix, while Lords View site attracting interest • EQU has historically operated with near-zero vacancies. The current vacancies are a normal feature of the property lifecycle, and the superior quality of the buildings and their prime logistics locations should limit the vacancy period 11
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Balance sheet management FOCUSING ON STRENGTH OF BALANCE SHEET AND REDUCING COST OF DEBT 12
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R2.8bn in cash and undrawn facilities ICR of c.3.1x, well in excess of covenant 13 PRO -ACTIVE APPROACH TO FINANCIAL AND RISK MANAGEMENT Weighted average debt maturity of 2.9 years, with continued reduction in costs through refinancing and effective hedging 87% hedging ratio, with interest rate sensitivity of 27bp for every 100bp change in rates LTV forecast to be c.30% at 1H27, following UK disposals in May-26 Key highlights for FY26 Liquidity Funding Interest rate risk LTV
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Loan-to-value ratio UK PORTFOLIO DISPOSAL TO DRIVE LTV LOWER • The LTV ratio is forecast to reduce by 5 percentage points (ppt) from 35.1% at Feb-26 to c.30% at Aug-26 • UK disposal proceeds realised almost R2bn net of debt settlement • Reinvestment of R1.5bn of UK proceeds into UK REITs allows for gradual disinvestment and deployment into developments without negative carry implications • An aggregate c.R600m of development and acquisitive spend during the 6 months increased LTV by 1ppt and 0.3ppt • Given the reduced UK exposure, there is minimal impact from changes in the GBP/ZAR exchange rate 14
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Cost of debt and liquidity STRONG PROPERTY FUNDAMENTALS DRIVING DEBT COSTS LOWER • Cost of debt of 8.2%, providing EQU with a strong basis to compete and be successful in RFPs at accretive levels • 87% hedging ratio with a 7bp change in debt costs for every 25bp interest rate move • Listed notes 1H27: 3-year note at ZARONIA+90bp and 5-year note at ZARONIA+103bp, replacing a 3-year R300m note at JIBAR+129 (equivalent to 3-month JIBAR + 74 and 87bp) • Significant portion of debt and derivatives transitioned to ZARONIA • ICR of c.3.1x provides EQU with execution of strong development pipeline 15
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ESG UPDATES ON SOLAR AND WATER DEVELOPMENTS WITHIN THE PORTFOLIO 16
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ESG update COMMITMENT TO SUSTAINABILITY • Solar generated revenue continued to increase with additional PPAs signed in 1H27 • Water security and stewardship initiatives – including the Waste Water Treatment and Ground Water Recovery plants – are nearing completion • Enhanced social impact data collection and monitoring processes is delivering value to all our stakeholders; • Social impact initiatives include post-construction employment opportunities for community labour within the park 17
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Prospects AFFIRMATION OF GUIDANCE 18
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Guidance REAFFIRMATION OF GUIDANCE • DPS guidance remains unchanged. Forecasting growth of 5% – 7% per share for FY27, implying a dividend between 148.06 and 150.88 cents per share • Management remain confident that DPS will land within the guidance provided 19
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INTERIM RESULTS PRE -CLOSE PRESENTATION | AUGUST 2026 info@equites.co.za Western Cape +27 21 460 0404 info@equites.co.za Gauteng +27 10 286 0469 equites.co.za 14th Floor Portside Tower 4 Bree Street Cape Town 8001 South Africa 4 Meadowview Lane Equites Park Meadowview Linbro Park 2065 South Africa