Slides
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Interim results presentation OCTOBER 2026 JSE CODE EQU
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Agenda A walk-through of Equites’ 1H27 results, progress on the exit from the UK, accelerated SA capital deployment, and FY27 guidance 01 Highlights 02 03 04 P ortfolio & operations 05 Development update 06 07 T reasury & funding Sustainability EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS Strategy Financial performance 08 Prospects
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Highlights SECTION 01
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 2 1H27 highlights THE SIX MONTHS IN REVIEW • Interim DPS of 72.57 cps, 5.11% ahead of 1H26 (69.04 cps), at a 100% pay-out ratio • FY27 guidance reaffirmed at 147.7–150.5 cps, growth of 5%–7% on FY26 • UK exit substantially complete: Aviva portfolio sold for £200.5m in May-26, releasing £95m of net proceeds • SA deployment accelerating: R600m of development and acquisitive spend, with seven projects underway worth R2.4bn on completion • Balance sheet positioned to fund growth: LTV of 28.1% and R2.9bn of cash and undrawn facilities 72.57 cps Interim distribution per share +5.11% on 1H26 (69.04 cps) R17.43 NAV per share +4.5% from R16.69 at Feb-26 28.1% Loan-to-value Feb-26: 35.1% R2.9bn Cash and undrawn facilities Feb-26: R3.1bn £200.5m Aviva portfolio disposal £95m net proceeds released R600m Development and acquisitive spend 7 projects, R2.4bn on completion 2.8% Like-for-like SA valuation growth Driven by strong lease fundamentals R650m Raised in the DCM 3-year Z+90bp; 5-year Z+103bp
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Strategy SECTION 02
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ANDREA TAVERNA-TURISAN Chief Executive Officer CEO review From UK exit to SA deployment 1H27 marks the substantial completion of our UK exit. With the Aviva portfolio sold, we are recycling that capital into South African logistics developments at yields on cost of 8%–9%, funded from existing balance sheet headroom EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 4
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 5 Capital Deployment GROWTH THROUGH DISCIPLINED CAPITAL DEPLOYMENT • Four priorities guide capital allocation as the Group completes its UK exit and redeploys that capital into logistics real estate • Structural undersupply across prime logistics nodes continues to support low vacancy and sustained rental growth • Occupiers are prioritising supply chain efficiency; higher fuel costs add to demand for modern, well-located space • Development stays demand-led: pre-let first, speculative only where demand is proven • Land is secured on a measured basis, with joint ventures used to reduce holding costs and access scarce, well-located sites • The objective is sustainable distribution growth ahead of inflation 01 CONCLUDE THE UK EXIT Aviva portfolio sold for £200.5m in May-26; DHL Leeds is being marketed, with a sale expected within 12 months 02 ACCELERA TE CAPIT AL DEPLOYMENT Seven developments underway worth R2.4bn on completion, at yields on cost of 8%–9%; new sites secured in Boksburg for pre-let development and Benoni for expansion and improvement 03 OPTIMISE THE CAPIT AL STRUCTURE Redeploy UK proceeds into developments and acquisitions that clear return hurdles, restoring gearing towards target over time 04 DELIVER TOT AL RETURN Like-for-like rental growth, development delivery and lower funding costs drive DPS; valuation growth adds to NAV
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 6 UK exit progress AVIVA DISPOSAL CONCLUDED • The Aviva portfolio of five income-producing assets was sold for £200.5m in May-26, releasing £95m of net proceeds to Equites • Timing reflects a UK backdrop of elevated gilt yields and subdued rental growth, where the portfolio had largely realised its available value in this cycle • DHL Leeds settled its rent review at £9.17/sq ft and is now being marketed; the asset is unencumbered, so the full proceeds can be recycled into SA • Thrapston and Basingstoke remain, with each exit steered by the aim of maximising shareholder value • Balancing payment on Coton Park to be received in Oct-26 £200.5m Aviva consideration Five assets sold May-26 £95m Net proceeds to Equites After debt settlement 3 UK assets remaining DHL Leeds being marketed UK REMAINING SITES Property Status and next step DHL Leeds Unencumbered; rent review settled at £9.17/sq ft; disposal process under way, sale expected within 12 months Thrapston Newlands expected to draw down the land option in 2H27 Basingstoke Limited capital committed while management pursues a solution that maximises shareholder value UK 10 -YEAR GILT YIELD, % Aviva exit May-26
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 7 Use of Aviva proceeds HELD IN LIQUID ASSETS UNTIL DEPLOYED IN SA • Proceeds were not redeployed immediately: the pipeline could not absorb the full quantum, few acquisitions met the Group’s return thresholds, and listed DCM notes cannot be redeemed early • About 75% of net proceeds (R1.5bn) was invested in three highly liquid, UK-listed logistics REITs • This is a temporary measure: holdings will be sold to fund SA developments and acquisitions over the next 18 to 24 months • A takeover offer for Segro allowed Equites to crystallise a mark- to-market gain, with the proceeds repatriated to SA £95m Net Aviva proceeds Settled May-26 R1.5bn Invested in listed REITs c.75% of net proceeds 18–24 Months to deploy Into the SA pipeline OPTIONS ASSESSED FOR THE PROCEEDS Option Assessment Repayment of debt Limited by facilities available for early repayment; listed notes cannot be redeemed before maturity Developments Strong pipeline over the next 36 months, but the full quantum is not required immediately Acquisitions Few assets available that meet the Group’s investment criteria and pricing reflective of high demand for the asset class Share buybacks Where the share price was trading, buying back shares would be dilutive Listed UK logistics REITs Selected: liquid, property-related income while proceeds await deployment
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Development update SECTION 03
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 9 • R450m of development and 140m of acquisitive spend in 1H27; seven projects underway, c.200,000m² of GLA and R2.4bn of value on completion, with R1.3bn still to spend • All at yields on cost of 8%–9%, ahead of the Group’s marginal cost of debt; completions run from Sep-26 to Aug-27 • Predominantly pre-let: Tiger Brands, TFS, Shoprite and DHL make up most of the capital value, with Premier FMCG completing the tenanted pipeline • Two speculative units at Jet Park and Riverfields (36,631m², R420m) have only R73m outstanding; both complete in 2H27 and are being actively marketed • T wo new sites secured: DHL Boksburg through a formal RFP , and Benoni through RLF, let to Shoprite on a new ten-year lease Development pipeline R2.4BN UNDERWAY AT 8% –9% YIELDS ON COST Tenant Location GLA (m2) Capital value Outstanding Yield Complete Own % Developments completed during the period Sailun Africa Meadowview 12,206 R160m 8%-9% 100% Developments currently underway Tiger Brands Riverfields 89,000 R995m R500m 8%-9% Apr-27 50.0% Speculative Jet Park 17,000 R210m R41m 8%-9% Sep-26 100% Speculative Riverfields 19,631 R210m R32m 8%-9% Oct-26 100% Premier FMCG Lords View 7,226 R94m R33m 8%-9% Oct-26 75% DHL Boksburg 20,540 R221m R183m 8%-9% Jun-27 100% Shoprite Benoni 10,944 R278m R187m 8%-9% Dec-26 50.1% TFS Riverfields 34,800 R420m R280m 8%-9% Aug-27 50.0% Total 199,141 R2.4bn R1.3bn 8%-9%
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 10 Occupier demand 18 TENANTS SEEKING 291,500M² OF SPACE • Over the last 12 months, Equites has seen significant interest from corporates looking at warehouse space • Demand for prime logistics space remains strong: 18 prospective tenants sought 291,500m² in 2026, through RFPs for new developments and corporates seeking space • Equites has been successful in winning some of these RFPs, some are still ongoing, and in some instances corporates have changed their direction • Demand is spread across occupier types, led by 3PLs (107,000m²), retailers (83,000m²) and automotive (45,000m²) • Tenants continue to gravitate to Riverfields, Jet P ark and Meadowview, the nodes Equites has chosen to focus on • Repeat business: TFG and Shoprite each brought a new requirement this year, alongside the Cargo Compass and Premier FMCG expansions 18 Leads worked in 2026 291,500m² Total space sought 95% Of demand in Gauteng SPACE SOUGHT BY OCCUPIER TYPE IN 2026 Gauteng 275,500m² across 17 leads | Eastern Cape 16,000m² across 1 lead
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS PREMIUM LOGISTICS NODE • Proven, no longer emerging: occupier demand at Riverfields is now established, driven by the need for scale, operating efficiency and modern purpose-built space • Occupier base deepening: DSV, Shoprite, TFG, Sandvik, Imperial and Nebula anchor the node, with Tiger Brands and TFS the latest to consolidate into a purpose-built DC • Infrastructure advantage: Tridevco's logistics-grade road network already delivers the access and circulation large- format users need, a constraint competing nodes have yet to solve • Network effect compounding: each new occupier draws suppliers and logistics partners into the precinct, supporting rental growth and tenant retention • Ready for pipeline: serviced land in the node and in-house development capability allow Equites to move on new RFPs without competing for scarce sites • Tiger Brands spotlight: an 89,000 m² consolidated DC that cuts transport and overhead costs, due April 2027 Riverfields 11 Witfontein X113 X102
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS • Equites was successful in winning the TFS RFP in 1H27 • The site will be held in a JV between Equites and Tridevco • Development of a 34,800m² warehouse facility, with PC scheduled for Aug-27 • Underpinned by a 10-year lease • Equites to earn asset and property management fees • Acquisition of the Witfontein Extension 116 (“X116”) land holding, which unlocks this TFS development while securing substantial future development bulk for the Group in a premier logistics hub • Mirrors the established X95 and X113 ownership structures in the same node SPOTLIGHT ON THE DEVELOPMENT Takealot Fulfilment Solutions (TFS) 12
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 13 • Equites’ first lease signed with DHL in South Africa • DHL selected Equites as preferred developer and landlord via a formal RFP • Proposed development of a 20,540m² distribution facility for DHL in Boksburg • The facility will serve DHL’s bulk distribution requirement for Colgate-Palmolive, on a site directly adjacent to Colgate’s manufacturing factory • A pre-let deal with a leading global 3PL, reinforcing Equites’ position as the country’s leading developer of premium logistics facilities • 10-year lease, 6.5% escalation SPOTLIGHT ON THE DEVELOPMENT DHL Boksburg
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 14 Case study: unlocking occupier efficiency WAREHOUSING AS AN EFFICIENCY UNLOCK, NOT A COST BURDEN • The occupier: a distributor running four second-generation DCs of 15,000 m² each across Gauteng, built to c.9 m clear height • The problem: stock is split across four sites, so trucks run 20 round trips a day between them to rebalance inventory, and docks, offices, managers and security are paid for four times • The objective: move into one modern Equites DC sized for combined throughput with 10% growth headroom, cutting total logistics cost rather than rent alone • The principle: rent is c.5% of supply chain cost; a higher rent on less, better space pays for itself when it removes transport, labour and overhead THE NETWORK TODAY AND AFTER CONSOLIDATION T oday: four DCs One Equites DC Footprint 60,000 m² 33,400 m² (−44%) Building spec c.9 m, 5 pallet levels 15 m+, 9 pallet levels Net rental R70/m²/month R95/m²/month Electricity 35 kWh/m²/yr 28 kWh/m²/yr Inter-site shuttles 20 a day, 30 km each way None Overhead staff 48 FTE (12 per site) 18 FTE 24/7 security posts 8 3 Direct operatives 731 716 (2% productivity gain) WHERE THE 26,600 M² SAVING COMES FROM −8,400 m² pooled stock −17,600 m² higher racking −3,600 m² shared docks +3,000 m² growth headroom Illustrative occupier case built from public market data. Equites analysis.
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 15 The Equites Unlock: Warehouse consolidation EVERY M² CONSOLIDATED AWAY SAVES THE OCCUPIER C.R2,040 A YEAR; RENT IS UNDER A THIRD OF IT • Illustrative case: four older 15,000 m² DCs consolidated into one 33,400 m² modern facility, with 26,600 m² (44%) eliminated • Annual saving: R54.3m against a R28.5m one-off cost (relocation, racking, fit out, etc.), a payback of under seven months • Rent: R643 of the R2,043 saving per m² eliminated, under a third • T ransport and labour: occupiers spend c.$10 on transport and $5–7 on labour for every $1 of rent; rent is c.5% of supply chain cost (Prologis Research) • South Africa: transport is 57% of logistics cost and warehousing 15%; fuel is 40% of road transport cost (Stellenbosch University Logistics Barometer) ANNUAL SAVING PER M² ELIMINATED, R/M²/YR T otal: R2,043 per m² eliminated Illustrative case: 60,000 m² across four DCs to 33,400 m² in one. Outbound distance assumed neutral. Equites analysis of public data. R2,043 saved per m² a year, 1.8x the modern-DC rent 14 km truck travel removed per m² a year 6.1 litres diesel saved per m² a year (c.R193) R231 break-even rent per m² per month, vs R95 assumed
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 16 The diesel dividend ENDING INTER-SITE SHUTTLES TAKES 360,000 TRUCK KM OFF THE ROAD EACH YEAR • Distance removed: 360,000 truck km off the road each year • Diesel saved: 162,000 litres a year, worth R5.1m (R12.8m including drivers and fleet) • Emissions: 431 t CO₂e avoided a year (Scope 1 or 3) • Basis: 20 round trips a day, 30 km each way, 300 days, 45 l/100km (SA Truck Test 2022: c.49 l/100km loaded on the N3) 162,000 Litres of diesel saved a year R5.1m Annual diesel cost R12.8m including drivers and fleet 431 t CO₂e avoided a year Scope 1 or 3 ANNUAL DIESEL SAVED (R M) BY PRICE AND DISTANCE BETWEEN SITES Diesel (R/litre) 15 km 25 km 30 km 35 km R28.00 2.27 3.78 4.54 5.29 R31.72 (Oct-26) 2.57 4.28 5.14 6.00 R35.00 2.83 4.72 5.67 6.62 R38.00 3.08 5.13 6.16 7.18 Diesel: CEF projection for 7 Oct 2026 (0.05%, inland), TimesLIVE 23 Sep 2026. CO ₂e: DESNZ 2025 factor, 2.66 kg/litre. Equites analysis.
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Portfolio & operations SECTION 04
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 18 Operating metrics LONG-DATED, FULLY LET SA LOGISTICS INCOME • Vacancy remains minimal at 1.5% (Feb-26: 0.3%), reflecting the quality and location of the portfolio. This has reduced as at Sep- 26 with post period-end leases signed • Long-dated income: Group WALE of 13.0 years (Feb-26: 13.7 years), and 10.3 ex-RLF (by revenue) • Weighted average escalation of 6.1%; the Group trades a lower escalation for longer lease terms, prioritising income certainty and WALE. Weighted average escalation ex-RLF 6.9% • 93% of tenant base is A-grade, underpinning the certainty of income stream associated with Equites tenants 1.5% Vacancy, SA logistics Feb-26: 0.3% 13 years Group WALE Feb-26: 13.7 years 6.1% Weighted average escalation Feb-26: 6.1% 100% Income-producing assets Externally valued at Aug-26
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 19 • P ortfolio value: R25.4bn at Aug-26 (Feb-26: R28.7bn), lower mainly because of the Aviva disposal in May-26 • Core SA base: R21.8bn stabilised income-producing properties in SA, the cornerstone of the business • Developments: 4.7% of the portfolio (Feb-26: 3.2%), completing over the next 10 months and adding R2.4bn of income producing assets to the portfolio • Land bank: SA land for future development is 1.2% (R290m) of the portfolio (Feb-26: 1.0%); land has been secured on the R21 through the Tridevco JV • UK exposure: four remaining assets, with DHL Leeds being marketed for sale Portfolio snapshot KEY PORTFOLIO HIGHLIGHTS Investment property Decreased mainly due to the Aviva disposal R123m acquisitions Shoprite Benoni (R91m) DHL Boksburg (R32m) R117m disposals Digistics Waterfall, held for sale at FY26
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 20 • T wo new tenants at Meadowview: Sailun Africa took 12,206m² at site 1-F on a five-year lease escalating at 7.0%, and P .Serassis 5,097m² at site 1-D on a ten-year lease escalating at 6.5% • The Group trades a lower escalation for longer lease duration, prioritising income certainty and WALE • Well positioned for renewals: passing rentals on Equites- developed DCs in key nodes sit close to market, limiting reversion risk • FY28: 66,645m² of leases come up for renewal, with early engagement under way • Completion of the Riverfields developments (Tiger Brands, TFS) and the Jet Park speculative units will lengthen WALE in these nodes Leasing update LONG -DATED SA LOGISTICS INCOME, EXTERNALLY VALUED
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 21 Active tenant engagement NEW LEASES AND RENEWALS IN 1H27 • Four leases concluded in 1H27: two new tenants and two renewals, all in the Meadowview node • New leases further diversify the tenant base, adding Sailun Africa and P .Serassis • Escalations of 6.5%–7.0% on new leases, with the longer lease taking the lower escalation • Early engagement is under way on the 66,645m² of leases that come up for renewal in FY28 17,303m² New leases signed Two new tenants c.26,000m² Renewed Two existing tenants 66,645m² FY28 renewal pipeline Early engagement under way NEW LEASES CONCLUDED IN 1H27 Tenant Site GLA Term Escalation Sailun Africa Meadowview 1-F 12,206m² 5 years 7.0% P.Serassis Meadowview 1-D 5,097m² 10 years 6.5% TENANT CONCENTRATION, % OF REVENUE Tenant Aug-26 Feb-26 Shoprite 31% 31% DSV 11% 11% TFG 7% 7% Digistics 5% 6% Top 10 tenants 69% 71%
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 22 EQUITES JV WITH THE ERASMUS FAMILY • Equites Property Fund: drives business development, engaging prospective tenants and running the RFP process, and earmarks Tridevco land at Riverfields • T ridevco: owns the land parcels and receives the benefit of the REIT investment • Equites T ridevco: 50.0% held and controlled by Equites, so it is a REIT; it carries no land holding costs until an RFP is won • Selection as successful bidder: the land parcel transfers from Tridevco into Equites Tridevco and development commences • Outcome: lower land holding costs and less capitalised interest through the development cycle JV with Tridevco Equites Property Fund Tridevco 50.0% 50.0% Equites Tridevco (Pty) Ltd Lower land holding costs and less capitalised interest RFP won Land transferred in Development begins
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Financial performance SECTION 05
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 24 Financial measures DELIVERING ON KEY GROWTH METRICS • Distribution growth: interim DPS of 72.57 cps, 5.11% ahead of 1H26, at a 100% pay-out ratio; FY27 guidance of 5-7% reaffirmed • NAV growth: NAV per share up 4.5% to R17.43, led by like-for-like SA valuation uplifts • Lower gearing: LTV down 7.0 percentage points to 28.1% following the Aviva disposal • Stronger debt service: interest cover up to 3.2x on higher SA development income and the repayment of UK debt • T otal return: c.18.5% on an annualised basis, combining distribution and NAV growth 72.57 cps Interim distribution per share +5.11% on 1H26 (69.04 cps) R17.43 NAV per share +4.5% from R16.69 at Feb-26 28.1% Loan-to-value Feb-26: 35.1% c.18.5% Total return Annualised, DPS plus NAV growth KEY FINANCIAL METRICS Metric 1H27 Comparative Change Distribution per share 72.57 cps 69.04 cps (1H26) +5.11% NAV per share R17.43 R16.69 (Feb-26) +4.5% Loan-to-value 28.1% 35.1% (Feb-26) -7.0pp Interest cover ratio 3.2x 2.9x (Feb-26) +0.3x SA cost of debt 8.23% 8.13% (Feb-26) +10bp Cash and undrawn facilities R2.9bn R3.1bn (Feb-26) -R0.2bn
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Financial position • Investment property: up R1.1bn to R23.8bn, driven by the SA fair value uplift and development and acquisition spend • UK assets: Aviva disposal reduced held-for-sale assets by R4.4bn to R0.6bn; the sale also resulted in the derecognition of the associated deferred tax liability (R160m) • T rading properties: Coton Park has reached PC; this balance only relates to the Basingstoke scheme; with management confident that a positive outcome will be reached • Other assets: reflects proceeds invested in liquid, UK-listed logistics REITs until deployed in properties, and trade receivables which reflects the receivable owed to Equites on Coton Park • Liquidity: R1.74bn of cash and R1.13bn of undrawn facilities (R2.9bn in total) • Debt management: Borrowings reduced by R2.7bn to R9.5bn; R2.3bn (£105m) UK debt settled as part of Aviva disposal, settled R1.5bn and raised R650m in DCM in Jun-26 ST ATEMENT OF FINANCIAL POSITION R’m AUG-26 FEB-26 VARIANCE % Investment property 23 769 22 687 1 082 5% Properties held-for-sale 602 5 027 (4 425) (88%) Trading properties 1 008 955 53 6% Cash and cash equivalents 1 740 2 081 (341) (16%) Other assets 2 165 651 1 514 233% T otal assets 29 283 31 400 (2 117) (7%) Loans and borrowings 9 467 12 124 (2 657) (22%) Other liabilities 576 813 (237) (29%) T otal liabilities 10 043 12 937 (2 894) (22%) Equity attributable to parent 15 136 14 473 663 5% NCI 4 104 3 990 114 3% Shareholders equity 19 240 18 463 777 4% Number of shares (million) 868 867 NAV per share (R) 17.43 16.69 0.74 5% 25 BALANCE SHEET STRENGTH DRIVING OPERATIONAL PERFORMANCE EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS
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DISTRIBUTION STATEMENT R'000 1H27 1H26 VARIANCE % Net property related income 992 713 984 939 7 774 1% Revenue from continuing operations (CO) 1 220 591 1 089 129 131 462 12% Revenue from discontinued operations (DCO) 58 229 149 351 (91 122) (61%) Operating expenses from CO (283 464) (250 354) (33 110) (13%) Operating expenses from DCO (2 643) (3 187) 544 17% Administrative expenses (46 358) (56 529) 10 171 18% Operating profit 946 355 928 410 17 945 2% Net finance costs (180 891) (234 262) 53 371 23% Current tax expense & other income 3 235 (7) 3 242 n/m Antecedent dividend 365 (2 733) 3 098 113% T otal distributable earnings 769 065 691 408 77 657 11% Adjusted for NCI (138 956) (121 126) (17 830) (15%) Distributable earnings 630 109 570 282 59 827 10% No. of shares outstanding (million) 868.24 825.99 42.25 5% Distribution (cents per share) 72.57 69.04 3.53 5% 26 Distribution statement • DPS: 72.57 cps, 5.1% ahead of 1H26 (69.04 cps) • Net property income: up 1% to R992.7m; like-for-like SA rental growth of 5.3%, offset by lower UK rental income after the Aviva disposal in May-26 • Admin expenses: down 18% to R46.4m (1H26: R56.5m), UK legal and professional costs have largely wound down (non- recurring) • Finance costs: net finance charges down 23% to R180.9m after settlement of UK debt • Borrowing costs: R94.5m (1H27) vs R103.3m (1H26); comprises: • SA Devs: 46% • SA Land 10% • UK Trading Property: 38% • UK Land: 7% • Current tax expense: relates to UK (Hoylands and Thrapston); not expected to have tax leakage in SA DISTRIBUTABLE EARNINGS DRIVEN BY STRONG FUNDAMENTALS EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS
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Distribution per share Contributors • Like-for-like SA rental growth of 5.3%, adding 4.18 cents • Tightening in the average cost of debt over the period, added 1.07 cents • Lower admin costs following the UK exit, adding 0.65 cents • Solar and other income, adding 0.29 cents Detractors • Write-down of ENGL and derecognition of land at Peterborough West, Goldthorpe and Thrapston, reducing DPS by 1.37 cents • Aviva portfolio disposal, a slight detractor despite a c.7% effective yield, reducing DPS by 0.71 cents • Development dilution, reducing DPS by 0.58 cents 27 DISTRIBUTABLE EARNINGS DRIVEN BY STRONG PROPERTY FUNDAMENTALS EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS
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NA V per share UP 4.5% TO R17.43 FROM R16.69 AT FEB -26 Contributors • SA valuation uplift: like-for-like SA fair value growth added 47 cents • Listed equity investments: the Segro takeover offer crystallised a mark-to-market gain, adding 12 cents • Deferred tax: selling the Aviva-owning entities derecognised deferred tax • FX: foreign exchange movements added 4 cents • Interest rate derivatives: swap curve gains lifted the mark-to- market on the Group's swap book, adding 5 cents Detractors • Aviva disposal: sold for £200.5m, slightly below book value, detracting 7 cents • ENGL write-downs: on Goldthorpe and Thrapston, detracting 5 cents 28EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS NAV Bridge
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 29 Valuations INCOME-DRIVEN VALUATION GROWTH • 100% of income-producing assets (excluding assets held for sale) were externally valued at 31 August 2026 • Like-for-like SA valuation growth of 2.8% from Feb-26 (R587m), driven by stronger in-place and market rentals rather than yield compression • The portfolio is valued at a NIY of 7.98%, and 8.32% when SHP is excluded • Valuers held discount rates broadly flat at 12.5%–13.0% as 3PL and retailer demand continued to meet constrained supply in core nodes • A-grade specifications (yard capacity, height to eaves, flooring, ventilation, security) support letting demand beyond initial lease terms and preserve terminal values • Signed solar PP As are adding to the value of the income- producing portfolio
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Loan-to-value PROVIDING EQUITES WITH BALANCE SHEET FLEXIBILITY Contributors • Disposals: UK disposal proceeds of R2bn, net of debt settlement, drove the reduction, cutting LTV by 10.8 percentage points • Valuations: valuation growth across the portfolio reduced LTV by a further 0.8 percentage points Detractors • Developments and acquisitions: R600m of development and acquisitive spend over the six months increased LTV by 1.1 percentage points • UK equities: reinvesting R1.5bn of UK proceeds into UK-listed REITs partly offset the reduction, allowing gradual divestment without negative carry, adding 3.5 percentage points to LTV • FX: with UK exposure reduced, GBP/ZAR movements had minimal impact on LTV 30EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS FY26 Developments Acquisitions Disposals UK equities Valuations 1H27
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Treasury & funding SECTION 06
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 32 Treasury and funding KEY HIGHLIGHTS FOR THE PERIOD • Well capitalised: R2.9bn of cash and undrawn facilities, and unfettered access to capital markets • Stable cost of debt: the SA cost of debt rose 10bp to 8.23% against a 25bp increase in the base rate, helped by hedging and spread compression • Protected from earnings volatility: 83% of debt maturing after one year is hedged; a 100bp rate change impacts cost of debt by 20bp • Strong DCM support: R650m raised in June at the lowest 3- and 5-year spreads to date; AA-(ZA) rating affirmed by GCR in Jun-26 with a stable outlook • Short-dated debt is 2.1% of total debt (Feb-26: 11.6%), against a policy limit of 20% R2.9bn Cash and undrawn facilities R1.74bn cash, R1.13bn undrawn 8.23% SA cost of debt Weighted average debt maturity 2.9 years 83% Debt > 1 year hedged 19.8% rate sensitivity AA-(ZA) GCR credit rating Affirmed Jun-26, stable outlook KEY TREASURY METRICS Metric Aug-26 Feb-26 Aug-25 Loan-to-value 28.1% 35.1% 37.2% Interest cover ratio 3.2x 2.9x 2.9x Cash and undrawn facilities R2.9bn R3.1bn R3.4bn Weighted average debt maturity 2.9 years 2.9 years 3.2 years Interest rate hedge cover 83.4% 88.1% 96.9% SA cost of debt 8.23% 8.13% 8.25%
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 33 Capital structure UNDER-GEARED, WITH HEADROOM TO DEPLOY • Headroom to deploy: the Aviva disposal left LTV at 28.1%, below the through-the-cycle target range; SA capital deployment will restore gearing over time • Secured lender support: secured borrowings represent 32.9% of encumbered assets (Feb-26: 42.4%) • Unencumbered flexibility: 62.3% of assets are unencumbered, with unsecured borrowings at 25.2% of unencumbered assets • Diversified funding: R4.4bn (42%) of R10.5bn of ZAR facilities raised through the DMTN Programme; 25 NBFI investors currently hold Equites' listed debt 28.1% Loan-to-value Feb-26: 35.1% 3.2x Interest cover ratio Feb-26: 2.9x 62.3% Unencumbered asset ratio Feb-26: 63.8% 42% DMTN share of ZAR facilities R4.4bn of R10.5bn ASSET AND DEBT RATIOS Ratio Aug-26 Feb-26 Aug-25 Loan-to-value 28.1% 35.1% 37.2% Interest cover ratio 3.2x 2.9x 2.9x Unencumbered asset ratio 62.3% 63.8% 64.2% Unsecured debt ratio 55.9% 56.7% 54.1% Secured borrowings to encumbered assets 32.9% 42.4% 47.7% Unsecured borrowings to unencumbered assets 25.2% 31.6% 31.4%
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• The Group continues to receive strong support from lending institutions and the debt capital markets • Of the R10.5bn of ZAR facilities at Aug-26, R4.4bn (42%) was raised through the DMTN Programme (excluding private placements with banks) • R2.9bn of cash and available facilities (R1.74bn cash, R1.13bn undrawn), giving the liquidity to meet investment opportunities and debt maturities • 62% of property assets are unencumbered, with unsecured borrowings to unencumbered assets of 25.2% 34EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS Liquidity and funding FUNDING MIX AND COST OF DEBT SA cost of debt Liquidity (R’bn) Asset encumbrance (R’bn)
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Debt maturity profile STAGGERED MATURITY PROFILE REDUCING ROLLOVER RISK • Weighted average debt maturity of 2.9 years, maintained after repaying £105m (R2.3bn) of UK debt with six years to maturity • R1.6bn of debt refinanced to 2031, alongside the new 3- and 5-year listed notes issued in June • R1.5bn matures in the next 12 months, of which R0.8bn is DMTN notes to be refinanced at the November 2026 auction • R2.9bn of cash and facilities and R1.2bn of liquid listed equities comfortably cover near-term maturities • The next public auction maturity is only in Nov-27 35EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS Debt maturity profile DMTN maturity profile
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Spread compression DMTN SPREAD COMPRESSION • Equites’ spreads on DMTN listed notes have compressed year-on-year over the past six years • R650m raised in June 2026: a 3-year note at ZARONIA+90bp (EQT030) and a 5-year note at ZARONIA+103bp (EQT031), 37bp and 21bp tighter than the previous 3- and 5-year issues • Maturing notes during the period were priced at the equivalent of ZARONIA+99bp (1-year) and +145bp (3- year) • Equites remains a regular issuer in the SA debt capital markets, with the next public auction in November 2026 36EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS DMTN spread compression
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Tenor extension SPREAD COMPRESSION COMBINED WITH TENOR EXTENSION Longer-dated debt at lower pricing • Debt tenor increased in 5 of 6 half-year periods • Credit spreads tightened in every period • 1H26 exception: R200m of 5.5yr debt at 3mJ+165 matured; issued R1.2bn in 1yr listed notes at 3mJ+83 given market conditions; spread compression not comparable for this period Graph explanation • Lighter bars = debt matured; darker bars = new debt raised • Bar labels show the weighted average maturity of matured and new debt • Red diamonds = weighted average spread of matured debt; green diamonds = weighted average spread of new debt issued 37EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS
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Sustainability SECTION 07
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39EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS Sustainability RESILIENCE, RESOURCE EFFICIENCY AND TRANSFORMATION • Renewable energy: installed solar capacity grew to 28.2 MW, with two further PPAs contracted on long-term leases • A further 5.1 MW of grid-tied and hybrid solar-plus-battery capacity is planned over the next 24 months (R62m capex) • Green buildings: all new developments are certified EDGE Advanced; existing assets are being upgraded to EDGE Advanced and EDGE Net Zero Carbon • 125 kilolitres of water per day is recovered and reused on site, and 100% of non-potable water requirement is met • T ransformation: Level 2 B-BBEE rating with 80.0% verified black ownership; six Statement 102 transactions completed to date 28.2 MW Installed solar capacity 75% of buildings with solar PV 60% EDGE certified portfolio 77% certified facilities are EDGE Advanced Level 2 B-BBEE rating 80.0% verified black ownership 5.1 MW Solar pipeline Next 24 months WATER STEWARDSHIP The first water re-use treatment facility, at Riverfields, is due to be operational this financial year and will meet all non-potable water needs Partnerships with national water management bodies support scaling re-use projects across municipalities CERTIFIED BUILDING PERFORMANCE EDGE certified facilities outperform certification requirements by 28% on energy efficiency, 12% on water efficiency and 39% on embodied carbon
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Prospects SECTION 08
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EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS 41 FY27 guidance DPS GROWTH OF 5% TO 7% REAFFIRMED • FY27 DPS guidance of 147.7–150.5 cps is reaffirmed, growth of 5%–7% on FY26 at a 100% pay-out ratio • Growth comes from like-for-like rental growth, delivery of the R2.4bn development pipeline and continued optimisation of the cost of funding • Rental reversions and brief vacancies on the speculative developments are included in guidance • Capital deployment is funded from existing balance sheet headroom, without recourse to the debt or equity capital markets 147.7–150.5 cps Distribution per share +5% to +7% on FY26 (141.01 cps) 100% P ay-out ratio Maintained Guidance is subject to the assumptions set out in the accompanying results announcement
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Questions & discussion INVESTOR RELATIONS JSE CODE EQU Ir@equites.co.za +27 21 460 0404 FURTHER INFORMATION www.equites.co.za EQUITES PROPERTY FUND LIMITED | 1H27 INTERIM RESULTS | OCTOBER 2026
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Appendix to the Interim results presentation JSE CODE EQU
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CASH TO DISTRIBUTABLE EARNINGS R'000 1H27 1H26 Cash generated from operations 678 291 637 687 Working capital movements Trading properties 10 052 39 278 Trade and other receivables 42 173 163 161 Derivative instruments 171 880 (11 678) Trade and other payables (22 940) 78 419 Adjustments to cash flow Depreciation and amortisation (8 588) (9 129) Loss allowance (743) 1 103 Impairment of trading property - (99 364) Fair value adjustment - derivative instruments (74 251) (2 819) IFRS 2 share-based payment charge (21 393) 1 250 Adjustments to distributable earnings Fair value adjustment to derivative financial assets and liabilities (74 353) 67 062 Fair value adjustment to equity instruments (92 550) - Net development (profit) / loss (18 589) 118 131 Other capital items 27 434 6 515 Depreciation 3 534 4 288 Share-based payments 21 692 (1 250) Antecedent dividend 365 (2 733) Other adjustments Finance cost (166 721) (485 562) Finance income 134 434 187 055 Investment income 161 548 - Current tax (2 209) (7) Non-controlling interest (138 956) (121 125) Distributable earnings 630 110 570 282 44 Distributable earnings • Cash from operations: R678.3m (1H26: R637.7m), reconciled to distributable earnings of R630.1m (R570.3m) • Working capital: the R201.2m net inflow (1H26: R269.2m) is in cash but not distributable • Cash flow adjustments: R105.0m deducted (1H26: R109.0m), mainly the R74.3m derivative fair value adjustment, plus loss allowance, a distributable expense with no cash flow • Distributable earnings adjustments: R132.5m deducted (1H26: R192.0m added). Fair value gains (R166.9m), depreciation, share based payment and the antecedent dividend is non-cash and Coton Park development profit (R18.6m) and once-off legal costs is capital/non-recurring in nature • Other adjustments: net deduction of R11.8m (1H26: R419.6m). Adding back total investment income (R161.5m) isolates dividends earned; R139.0m of non-controlling interest is deducted RECONCILIATION OF CASH TO DISTRIBUTABLE EARNINGS EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS
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45 Admin costs • Admin costs: gross admin expense per the income statement of R99.6m (1H26: R73.1m), reconciled to a distributable portion of R46.4m (R56.5m) • Share-based payments: R27.6m added back (1H26: R1.3m deducted), the largest reconciling item, as the charge has no cash flow • Development and legal costs: R14.8m added back (1H26: R10.2m), as both are capital in nature and not part of distributable admin costs • Depreciation: R2.9m added back (1H26: R3.3m), a further non- cash item included in admin costs RECONCILIATION OF DISTRIBUTABLE PORTION OF ADMIN COSTS EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS ADMIN COST RECONCILIATION R'000 1H27 1H26 Gross admin expense from income statement (99 556) (73 081) Adjustments to distributable earnings Share-based payments 27 614 (1 250) Development admin 1 158 3 959 Sundry income 7 918 4 310 Legal 13 594 6 211 Depreciation 2 915 3 322 Distributable portion of admin (46 357) (56 529)
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Interest rate hedges HEDGING TERM DEBT 46EQUITES PROPERTY FUND | 1H27 INTERIM RESULTS - R2.0bn R4.0bn R6.0bn R8.0bn R10.0bn 1H27 2H27 1H28 2H28 1H29 2H29 1H30 2H30 1H31 2H31 1H32 Borrowings Rate hedges Interest rate hedging • 83.4% of debt maturing after one year is hedged (policy minimum 80%), reducing earnings volatility as rates rise • A 100bp rise in rates would lift the SA cost of debt by c.20bp, a sensitivity of 19.8% (Feb-26: 31.6%) • Short-dated debt fell to 2.1% of total debt (Feb-26: 11.6%), against a policy limit of 20% • Equites hedges its 50.1% share of RLF debt within the broader Group structure 8.49% 8.30% 8.19% 8.24% 8.39% 6.00% 6.50% 7.00% 7.50% 8.00% 8.50% 9.00% 9.50% 10.00%Cost of debt ZARONIA Prob_range Vanilla Non-vanilla Combined
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INTE RIM RE SUL TS PRE SE NTATIO N | O C TO BE R 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 P ortside T ower4 Bree Street Cape T own 8001 South Africa 4 Meadowview Lane Equites P ark Meadowview Linbro P ark 2065 South Africa