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Capital Markets Day 2025 V&A WATERFRONT BUSINESS & DEVELOPMENT OUTLOOK David Green, CEO V&A Waterfront
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Capital Markets Day 2025 01 HIGHLIGHTS V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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3Growthpoint Capital Markets Day 2025 V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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4Growthpoint Capital Markets Day 2025 V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT Food Retail marketplace Art, craft & design Ocean economy Sustainability
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5Growthpoint Capital Markets Day 2025 » Revenue growth: Increased by 16.1% year-on-year, reflecting strong performance across the portfolio » Net property income (NPI): Up 10.4% from FY24, driven by: - 6% growth in international tourism - Launch of new operational businesses in the hotel sector - Full-year trading of existing businesses and newly completed developments » Redevelopment impact: Results include the effect of: Table Bay redevelopment (-6%) and Lux Mall redevelopment (-1%) – both projects are scheduled to reopen by end of December 2025 » Like-for-like NPI: R1.6bn, representing a 12.7% increase compared to FY24 » Fair value property gain: R1.2bn, or 9.9% (FY24: R2.3bn) » Vacancy levels: Remain negligible at 0.3% (FY24: 0.3%) across the precinct » Capital structure: - The development pipeline is being funded through third-party funding 1. As at 30 September 2025, the V&A had total debt of R4.1bn (FY25: R3.3bn), including R710m (FY25: R290m) in revolving credit facilities 2. The undrawn facilities increased to R1.5bn (FY25: R0.6bn) 3. An additional R1.5bn debt was raised, increasing total third-party debt facilities to R5.5bn HIGHLIGHTS V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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6Growthpoint Capital Markets Day 2025 » The strategic decision to significantly upgrade the Table Bay Hotel is in full swing and is resulting in a temporary reduction in profitability over the development period » The hotel is expected to start trading with 200 out of the 300 rooms from mid-December 2025, with the remaining rooms to be completed by end FY26 » This hotel will be rebranded as the InterContinental Table Bay Hotel, managed by Sun International TABLE BAY REDEVELOPMENT IMPACT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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7Growthpoint Capital Markets Day 2025 Net Property Income * FY25 (R'm) Net Property Income* FY24 (R'm) % Growth Retail 746 694 7% Office¹ 502 430 17% Marine and Industrial 154 146 5% Hotels, residential and Leisure² 494 449 10% 1 896 1 718 10% *Excludes straight-line lease income 1. Like for like NPI growth in the Office portfolio is 10% 2. Like for like NPI growth in the hotel, residential and leisure portfolio is 27% 12-months to June (100%) NET PROPERTY INCOME V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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8Growthpoint Capital Markets Day 2025 89% 11% FY23 actual FY24 actual FY25 actual FY26 budget TOTAL REVENUE Operating business income vs property revenue V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT Total property revenue Operating business income 87% 13% 82% 18% 83% 17%
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Capital Markets Day 2025 02 RETAIL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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10Growthpoint Capital Markets Day 2025 Vacancies » Tenant churn to remain relevant and fresh » High demand driving low vacancies Renewal success rate » Renewal success rate remains high as a result of the high performance of retail tenants Arrears » Steady reduction in arrears Average in-force escalations » V&A achieving above inflationary increases RETAIL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT 0.3% FY24: 0.4% 98% FY24: 95% R8.78m FY24: R16.2m 6.6% FY24: 6.7% Total GLA: 101 834m2
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11Growthpoint Capital Markets Day 2025 Long-term sales trend 2020 to current 2024 Sales exceeded R10.0bn, with R1.4bn generated in Dec & a 7.1% growth over the last 12 months ending Oct 2025 SALES CONTINUE TO GROW WITH HIGHER SPEND PER HEAD V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT 1 500 000 000 1 000 000 000 750 000 000 500 000 000 250 000 000 1 250 000 000 Jan 21Jan 20 Jan 22 Jan 23 Jan 24 Jan 25 May 25
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12Growthpoint Capital Markets Day 2025 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2021 2022 2023 2024 2025 24.5 million visitors in the past 12-months Footfall FOOTFALL REMAINS SEASONAL, BUT CONSISTENT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT Source: MSCI Mar ‘25 report
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13Growthpoint Capital Markets Day 2025 (5) 0 5 10 15 20 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr International arrivals % V&A Sales growth % V&A sales growth vs. CT International arrivals growth % SALES GROWTH AND INTERNATIONAL ARRIVALS V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT 87% correlation
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14Growthpoint Capital Markets Day 2025Source: MSCI Mar ‘25 report Men’s Wear Women’s Wear Children’s Wear Unisex Wear Lingerie & Swimwear Shoes Accessories Fine Jewellery Watches Books Cards/Stationary and Party DIY & Cleaning Supplies Postal & E-comm/Repairs Dept-store 1 (food/elec/appl) Electronics Music and Games Cell phones/services Movies Optometrists Sunglass Stores Grocery/Supermarket Food – Specialist Restaurant and Bar Fast Food Coffee Shop Cosmetics/Beauty Care Pharmacy & Personal Care Hairdresser Homeware & Interior Luggage & Leatherware Gifts Fine Ware Toys Vet Stores Sportswear Outdoor Goods & Wear Centre Benchmark IPD trading density comparison to super regionals – March 2025 OUR TRADING DENSITY IS DOUBLE COMPETITORS’ OVERALL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT Average R9 048/m²
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15Growthpoint Capital Markets Day 2025 Consistently outstrips super regional shopping centres V&A TRADING DENSITY V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT 5,879 5,893 5,687 5,957 4,267 5,724 7,450 8,709 8,945 9,137 3,242 3,087 3,163 3,253 2,589 3,181 3,745 4,005 4,113 4,190 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 V&A MSCI Super Regional avg R/m²
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16Growthpoint Capital Markets Day 2025 16Growthpoint Capital Markets Day 2025 THE V&A WATERFRONT IN NUMBERS V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT 15 HELICOPTERS 13 HOTELS 1000 RESIDENTIAL UNITS 15 CONFERENCE VENUES 450 RETAILERS 100 EATERIES & COFFEE SHOPS 35 LEISURE CHARTER BOATS 83 CRUISE VISITS (2024/2025) MOCAA 80 GALLERIES 100+ ACTIVITIES
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Capital Markets Day 2025 03 RETAIL DEVELOPMENT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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18Growthpoint Capital Markets Day 2025 » Repurpose an entire first floor wing (GLA: 3 759m²) of the mall and create a new dedicated Luxury node in the Victoria Wharf Shopping Centre together with new vertical transportation and an enhanced entrance » Anticipated first store to commence trade: December 2025 LUX MALL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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Capital Markets Day 2025 04 COMMERCIAL OFFICE UPDATE V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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20Growthpoint Capital Markets Day 2025 Vacancies » Demand for office space remains strong, supported by semigration and the just energy transition Renewal success rate » High demand in the office space giving rise to the high renewal success rate Arrears » Minor increase in arrears Average in-force escalations » In-force escalations have remained consistent OFFICE V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT 0.4% FY24: 0.1% 93% FY24: 78% R11.6m FY24: R8.6m 7.2 % FY24: 7.4% Total GLA: 173 940m2
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21Growthpoint Capital Markets Day 2025* Impact of COVID rent relief 155 170 196 185 204 190* 216 230 269 273 289 100 120 140 160 180 200 220 240 260 280 300 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Rent per m² Rent per m² OFFICE AVERAGE GROSS RENTAL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT CAGR = 6.4%
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Capital Markets Day 2025 05 MARINE & INDUSTRIAL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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23Growthpoint Capital Markets Day 2025 Vacancies » No vacancies in the portfolio Arrears » Minor increase in arrears Average in-force escalations » Long leases with stabilised escalations MARINE & INDUSTRIAL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT 0.0% FY24: 0.0% R16.8m FY24: R15.2m 6.9% FY24: 6.7% Total GLA: 97 726m²
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24Growthpoint Capital Markets Day 2025 Cruise is an improving and growing part of the V&A offering Season 2024/25 » Passengers 122 747 » Crew 46 270 » Total 169 017 » Vessels 83 Season 2023/24 » Passengers 133 503 » Vessels 69 CRUISE V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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25Growthpoint Capital Markets Day 2025 Marine charter boats and moorings Boat charters » Operators are adding newer craft and experiences for visitors, » 33 operators Superyachts » 1/04/2024 – 31/03/2025 we had 39 superyacht visits CHARTER V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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26Growthpoint Capital Markets Day 2025* Impact of COVID rent relief 80,134 47,561 24,480* 66,064 91,266 112,499 137,021 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 2019 2020 2021 2022 2023 2024 2025 Turnover R ‘000 CHARTER BOATS AND MOORING TURNOVER V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT CAGR = 5.9%
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27Growthpoint Capital Markets Day 2025 4th Annual World Cruise Awards Winner – Africa’s Best Cruise Terminal 2024 » Cape Town Cruise Terminal (South Africa) 32nd World Travel Awards Africa Winner – Africa’s Leading Cruise Port » Port of Cape Town, South Africa 32nd Annual World Travel Awards Nomination for World's Leading Cruise Port 2025 » Port of Cape Town, South Africa 5th Annual World Cruise Awards Nomination for Africa’s Best Cruise Terminal 2025 » Cape Town Cruise Terminal (South Africa) MARINE AWARDS & RECOGNITION V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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Capital Markets Day 2025 06 HOTEL, LEISURE & RESIDENTIAL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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29Growthpoint Capital Markets Day 2025 Revenue per room (RevPar) » YoY 19% growth Occupancy Percentage » YoY 1% growth Arrears » Deferred rental from Covid is being settled in line with the agreements Average Daily Rate (ADR) » YoY 18% growth HOTELS & LEISURE V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT R4 749 FY24: R3 978 66% FY24: 65% R14.0m FY24: R44.4m R7 226 FY24: R6 105 International tourism is at an all-time high with improving airlift schedules direct to Cape Town, and the popularity of the destination enhancing the performance over the summer season Total IP GLA: 50 894m2 Total PPE GLA: 62 912m2
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30Growthpoint Capital Markets Day 2025 Residential vacancies » Remain low with high demand for the product Residential renewal success rate » Good retention of current base of tenants Arrears » Thorough vetting of prospective tenants results in excellent cash collection. RESIDENTIAL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT 1.9% FY24: 3.4% 80% FY24: 76% R0m FY24: R0m Newly revamped common areas in the residential offering Total number of apartments 259
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31Growthpoint Capital Markets Day 2025 57% 43% FY23 actual FY24 actual FY25 actual FY26 budget TOTAL REVENUE Hotel revenue – Leased vs. Managed V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT Leased hotels Operating hotels 55% 45% 67% 33% 85% 15%
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32Growthpoint Capital Markets Day 2025* Impact of COVID rent relief 69,618 66,293 8,956* 35,445 77,058 160,337 171,281 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 2019 2020 2021 2022 2023 2024 2025 R ‘000 15 Aircraft HELISTOP TURNOVER V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT CAGR = 16.2%
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33Growthpoint Capital Markets Day 2025 Redevelopment to Inter Continental » Table Bay Hotel lease is undergoing a major refurbishment and rebrand to open as an Intercontinental hotel opening in December 2025 » The hotel will be owned by V&A and operated under a management agreement by Sun International » Intercontinental hotel TABLE BAY HOTEL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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34Growthpoint Capital Markets Day 2025 » Development is underway of a142-key contemporary luxury lifestyle hotel and 6 serviced apartments » Located on Quay 7, owned by V&A and operated under an international management agreement QUAY 7 DEVELOPMENT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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35Growthpoint Capital Markets Day 2025 » Development of 98 apartments for sale, for circa R1bn of proceeds » Construction progressing well » Sales officially opened in April 2024 » At the end of October 2025, 94 apartments (96%) have been sold » Expected handover: February 2026 5 DOCK ROAD RESIDENTIAL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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Capital Markets Day 2025 07 PUTTING THE “BAY” BACK IN GRANGER BAY V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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37Growthpoint Capital Markets Day 2025 V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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38Growthpoint Capital Markets Day 2025 V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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39Growthpoint Capital Markets Day 2025 V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT TIDAL POOLS SLIPWAY BAY WALK BOATING STEPS QUAY KAYAK + STAND UP PADDLINGCENTRAL STEPS + AMPHITHEATRE OCEAN SWIMMING + SNORKELLING BEACHES PUBLIC SQUARE WALKING / JOGGING PROMENADE BOAT CRUISES, SAILING FISHING BOAT LAUNCHES SHOPS + EATERIESMARKET
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40Growthpoint Capital Markets Day 2025 GRANGER BAY MASTER PLAN V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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41Growthpoint Capital Markets Day 2025 V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT » Re-zoning and bulk application for the 440 000m2 additional bulk is currently underway » Adjudication is expected in November 2025
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Capital Markets Day 2025 08 SUSTAINABILITY UPDATE V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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43Growthpoint Capital Markets Day 2025 Currently » 16 Solar PV Installations with a total 2.11 MWp » ~2.73 million kWhrs produced annually » ~2 810 tonnes CO₂ equivalent offset annually 2026/27 » 6 Solar PV Installations (832 kWp) taking us to a total 2.942 MWp » ~ 3.81 million kWhrs produced annually » ~ 3 900 tonnes CO₂ equivalent offset annually SOLAR PHOTO VOLTAIC (PV) INVESTMENT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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44Growthpoint Capital Markets Day 2025 » V&A Waterfront signed a 10-year power purchase agreement (PPA) with Etana Energy for potential 62.8 gigawatt hours (GWh) or guaranteed 44.3 GWh of renewable energy » The deal means electricity from wind and solar farms operated by independent power producers will meet up to 60% of the V&A’s energy needs, starting by Q1/Q2 of 2026 » The 10-year PPA with Etana, a licensed electricity trader , is a key landmark in the rollout of the V&A’s sustainability strategy, which includes a commitment to offset our carbon emissions from renewables by 2035 ETANA ENERGY WHEELING AGREEMENT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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45Growthpoint Capital Markets Day 2025 VERTICAL WIND TURBINE PILOT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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46Growthpoint Capital Markets Day 2025 » Irrigation standard water and flushing of ablutions at Vic Wharf » Operational since March 2023 » Reclaims up to 216 kL per day ORGANICA BLACK WATER REUSE V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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47Growthpoint Capital Markets Day 2025 » 3.3 ML per day desalination plant has been completed » The 28-day trial period was successfully completed end February 2025 » Proxa appointed to manage the plant » Plant has been operating since March 2025 with 100% compliance to SANS241 standard DESALINATION PLANT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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48Growthpoint Capital Markets Day 2025 Project highlights » CAPEX - R153.7 million » Commissioning - Plant fully operational by March 2026 » Scope - Servicing Vic Wharf Shopping Centre, Quay 7 Hotel, and the InterContinental Table Bay Hotel Key efficiency drivers » Improved chiller performance - Lower condenser water temperature from 28.5°C to 18.5°C using seawater at East Pier » Pre-cooling (free cooling) - Seawater energy harnessed via heat exchanger for AHU coils - Vic Wharf AHUs converted to full pre-cooling (no chilled water coils) - Other areas achieve ~50% cooling via pre-cooling » Water savings - Elimination of cooling towers saves ~30 000 kilolitres annually - Equivalent to 660 large domestic swimming pools EAST PIER SEA WATER DISTRICT COOLING PLANT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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49Growthpoint Capital Markets Day 2025 Project Highlights » CAPEX - R131.8 million » Savings arise from generation of electricity and pyrolysing of 3rd party waste, with disposal gate fees paid to V&A for this 3rd party waste » Estimate to generate 7.3 million kWhrs per annum » Pyrolyses 1000 kg of combustible waste per hour Environmental benefits » Landfill diversion ratio - Increase from 70% to ~95% » Sustainability impact: - Significant reduction in waste sent to landfill WASTE TO ENERGY PYROLYSIS PLANT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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50Growthpoint Capital Markets Day 2025 APPROACH TO CIRCULARITY V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT Brine POTABL E H2O DESALINATION PLANT Sea Water Black Water IRRIGATIO N STANDARD H2O Pump Hous e CoCT Outfall ORGANICA® RECYCLING PLANT 1280 kWp VIC WHARF PV INSTALLATION PYROLYSIS WASTE TO ENERGY PLANT Combustible Waste 2 million kWhrs 2.2 million kWhrs 1.76 million kWhrs
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Capital Markets Day 2025 09 FUNDING V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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52Growthpoint Capital Markets Day 2025 52 DEBT PROFILE V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT Including newly raised R1.75bn debt (raised in September 2025) TOTAL DEBT (INCL. UNDRAWN FACILITIES & RCF’S) R5.25bn (FY25: R3.75bn) AVERAGE TENOR 3.16 years (FY25: 2.85) DEBT MATURITY PROFILE FY27 14.3% FY28 19.0% FY29 23.8% FY30 22.9% FY31 10.5% FY32 9.5% LTV 13.77% (FY25: 10.83%) ICR 7.37 (FY25: 8.39)
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53Growthpoint Capital Markets Day 2025 53Growthpoint Capital Markets Day 2025 OUTLOOK AND STRATEGIC HIGHLIGHTS V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT EBIT performance »Excluding residential sales, EBIT is expected to be marginally higher than the previous year »Including residential sales, double-digit growth in distributions anticipated Growth drivers »Medium to long term: High single-digit growth supported by international tourism »Local market: Currently constrained but showing early signs of recovery Key developments »InterContinental Table Bay Hotel: Scheduled to come online in H2 2026, with a negative profitability impact evident in FY2026 »Lux Mall Construction: Nearing completion; operational by June 2026 Trading performance »Strong momentum in retail and hospitality, underpinned by increased international tourism Distribution outlook »Initial drag on distributions due to timing lag between capital investment and accretion, including 3rd- party funding
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Capital Markets Day 2025 10 ANNEXURES V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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THANK YOU V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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Capital Markets Day – 27 November 2025 UNLOCKING DOMESTIC GROWTH THROUGH STRATEGIC DEVELOPMENTS & PARTNERSHIPS Werner van Antwerpen, Head Corporate Advisory Focusing on precincts to drive growth in the South African portfolio
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2Growthpoint Capital Markets Day 2025 2Growthpoint Capital Markets Day 2025 Honeywell, Midrand AGENDA UNLOCKING DOMESTIC GROWTH THROUGH STRATEGIC DEVELOPMENTS & PARTNERSHIPS - WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY 1. Executive summary 2. Latest property portfolio thinking 3. Some successful precincts in South Africa 4. Some Growthpoint precinct pipeline opportunities
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3Growthpoint Capital Markets Day 2025 3Growthpoint Capital Markets Day 2025 LATEST PROPERTY PORTFOLIO THINKING UNLOCKING DOMESTIC GROWTH THROUGH STRATEGIC DEVELOPMENTS & PARTNERSHIPS - WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY Old portfolio thinking Focused on the following »Properties scattered within certain key Metro’s with the highest potential for growth »Properties within key nodes within those Metro’s »Properties within Metro’s where the municipality is still functional Key concerns »Some Metro’s have become dysfunctional over the last decade with Metro’s in Gauteng and KZN being a major concern »The lack of macro economic growth having an impact on some provinces more than others Current portfolio thinking Focused on the following »Not having properties scattered throughout a Metro, but focusing on a couple of large precincts »This gives the landlord the advantage to control the whole precinct environment from a security, infrastructure, landscaping and service delivery perspective, which can result in superior growth »Derisking the property portfolio to some extent from the Metro’s dysfunctionality Key concerns »The lack of macro economic growth impacting some provinces more than others Tourist driven future portfolio thinking Focused on the following »Focusing on large precincts that have touristic appeal »Taking control of the surrounding environment within the precinct »Controlling the experience from where the tourist lands at the airport to the precinct destination further integrating into the value chain »This can be taken a step further by setting up marketing hubs throughout the world with marketing packages from the experience upon landing at the airport to the precinct »By taking this approach, the precinct owner attracts global tourists with higher spending power AIRPORT PRECINCT MARKETING AGENTS/ TEAMS
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4Growthpoint Capital Markets Day 2025 4Growthpoint Capital Markets Day 2025 SOME SUCCESSFUL PRECINCTS IN SOUTH AFRICA UNLOCKING DOMESTIC GROWTH THROUGH STRATEGIC DEVELOPMENTS & PARTNERSHIPS - WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY Why precincts – 12 reasons why precincts can achieve superior outcomes Improved security These developments typically include comprehensive security measures, such as surveillance systems & private security services, creating safer environments for residents, tourists & businesses Integrated landscaping & services By taking control of landscaping & essential services, precinct developments ensure well-maintained & aesthetically pleasing environments, which attract more tenants and visitors Public-private partnerships Successful precincts often result from strong collaborations between public and private sectors, driving coordinated investments and developments Economic growth Precinct developments stimulate local economies by attracting businesses, increasing foot traffic and creating job opportunities Sustainable development These projects often incorporate sustainable practices, such as green buildings & efficient resource management, contributing to environmental conservation Tourism boost Well-developed precincts can become tourist attractions, boosting local and international tourism and contributing to the economy Brand identity Establishing a clear identity for a precinct helps in marketing and attracting businesses and visitors, enhancing its competitive advantage Innovation and future readiness Precinct developments often include innovative projects and future city concepts, positioning them as forward-thinking and adaptable to future needs Managing cost Can manage the cost within a precinct environment more efficiently Risk management With a more focused risk management approach, the cost of insurance will be lower Enhanced shareholder returns Precinct developments often lead to increased property values and higher rental incomes, providing higher returns for investors Community engagement Precinct developments foster a sense of community by creating spaces where people can live, work, and play , enhancing social cohesion
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5Growthpoint Capital Markets Day 2025 5Growthpoint Capital Markets Day 2025 SOME SUCCESSFUL PRECINCTS IN SOUTH AFRICA UNLOCKING DOMESTIC GROWTH THROUGH STRATEGIC DEVELOPMENTS & PARTNERSHIPS - WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY Mixed-use and industrial type precincts Century City – Cape Town »Founded – 1990s Canal Walk opened 2000 Key advantages »Modern Urban Precinct: Century City is now a bustling hub of activity, known for its convenience and amenities »Amenities: It offers a variety of options for living, working, shopping, hotels, outdoor spaces, and a nature reserve, including the award-winning Intaka Island »Rabie Property Group: The development continues under Rabie Property Group, although the shopping centre is owned by Hyprop and Ellerine V&A Waterfront – Cape Town »Modern development founded – 1988 Key advantages »Modern Urban Precinct: V&A Waterfront is known for attracting tourists »Amenities: It offers a variety of options for living, working, shopping, hotels and outdoor spaces »Current owner Growthpoint and GEPF Waterfall – Johannesburg »Founded – 2006 Key advantages »It is known for its advanced infrastructure, including a robust fiber optic network »The development emphasises sustainability, with numerous green star rated buildings »It features major attractions like the Mall of Africa owned by Attacq, a large shopping & entertainment destination »It is being continually expanded, with large investments being made into further development
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6Growthpoint Capital Markets Day 2025 6Growthpoint Capital Markets Day 2025 SOME SUCCESSFUL PRECINCTS IN SOUTH AFRICA UNLOCKING DOMESTIC GROWTH THROUGH STRATEGIC DEVELOPMENTS & PARTNERSHIPS - WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY Mixed-use and industrial type precincts Melrose Arch – Johannesburg »Founded – 1990s Construction started early 2000 Key advantages »Melrose Arch is a vibrant, upscale precinct in Johannesburg, South Africa, known for its modern architecture, luxury shopping, fine dining, & high-end office spaces »Popular for its trendy atmosphere, it attracts both locals and tourists looking for a sophisticated urban experience »The area is also home to several hotels, making it a hub for business and leisure »Owned by Amdec Group and Liberty amongst others Plumbago – Johannesburg »Founded – 2012 & spans 25 hectares »Key advantages »Situated near the R21 freeway and just minutes away from O.R. Tambo International Airport »The park is specifically designed to cater for logistics, freight forwarding, and light industrial corporate companies who seek to strategically locate their business »Amenities: Comprehensive security measures including access control, CCTV surveillance, and 24-hour monitoring »Owned and developed by JT Ross Northfield (Riverhorse Valley) – Kzn »Founded – 2018 & spans 100,000m² Key advantages »Northfield Business Park is located in the Riverhorse Valley precinct, north of Durban »This strategic location offers excellent connectivity for logistics and industrial operations »The park features contemporary design elements tailored for logistics warehouses & associated offices »Owned and developed by JT Ross
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7Growthpoint Capital Markets Day 2025 Longkloof Development »New mix use precinct in Cape Town Size »Total 26 797m² GLA (7 880m² bulk available) Investment »Growthpoint recently opened the Canopy hotel in the Longkloof precinct Ownership »Opportunity exists to increase the precinct with partners surrounding the precinct Maturity of project »The precinct is small in comparison to others »Opportunities are being actively explored to increase the size of the precinct Mixed use precinct opportunity SOME GROWTHPOINT PRECINCT PIPELINE OPPORTUNITIES UNLOCKING DOMESTIC GROWTH THROUGH STRATEGIC DEVELOPMENTS & PARTNERSHIPS - WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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8Growthpoint Capital Markets Day 2025 Cape Town Foreshore (Site B & Wharf Site) Development »Developing a mixed-use precinct in an affluent area of Cape Town Size »TBC Investment »JV arrangement between two partners Ownership »Sun International and Growthpoint Maturity of project »Agreements still being finalised »Site B and Warf Street designs well advanced Some key stats »The fully developed precinct has the potential to reach more than R8.8bn value in GAV (including existing buildings) »The split between JV partners is still being determined Mixed use precinct opportunity SOME GROWTHPOINT PRECINCT PIPELINE OPPORTUNITIES UNLOCKING DOMESTIC GROWTH THROUGH STRATEGIC DEVELOPMENTS & PARTNERSHIPS - WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY FORESHORE PRECINCT
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9Growthpoint Capital Markets Day 2025 Sandton Summit Development »Developing a new mix use precinct in Sandton Size »Other than Discovery Building it is envisaged that there is still 367 233m² in bulk to be developed in the precinct »Total value using R35 128 per m², R12.9 billion Investment »Growthpoint would be selective in approving opportunities Ownership »GRT and partners Maturity of project »The launch of the Olympus residential development has been very successful, and construction will begin with a development cost of c.R1.2bn for both phases »The rest of the precinct is under review to unlock future potential Mixed use precinct opportunity SOME GROWTHPOINT PRECINCT PIPELINE OPPORTUNITIES UNLOCKING DOMESTIC GROWTH THROUGH STRATEGIC DEVELOPMENTS & PARTNERSHIPS - WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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10Growthpoint Capital Markets Day 2025 Cape Winelands Airport Development »Developing a new international airport Size »Other than infrastructure estimated total lettable area at this stage is 367,600m² Investment »Main infrastructure circa R8.2 billion »Other development opportunities (industrial/logistics, retail, office, hotel, cargo & general aviation) estimated R16bn – R20bn Ownership »CWA – GRT would have right of first refusal to co-invest in property Management »Growthpoint concluded agreements on Oversight (Phase 1), Development, Asset and Property Management for the precinct Specialised industrial precinct opportunity SOME GROWTHPOINT PRECINCT PIPELINE OPPORTUNITIES UNLOCKING DOMESTIC GROWTH THROUGH STRATEGIC DEVELOPMENTS & PARTNERSHIPS - WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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11Growthpoint Capital Markets Day 2025 Samrand Development »Developing a new mix use precinct in Sandton Size »c.58,000m2 GLA already developed and c.110,000 m2 bulk still to be developed (excluding Bakers and NTT buildings) Investment »R0.5bn already invested remaining build c.R1.4bn (excluding Bakers and NTT buildings) Ownership »Growthpoint Properties Maturity of project »Various building have been constructed within the precinct. Specialised industrial precinct opportunity SOME GROWTHPOINT PRECINCT PIPELINE OPPORTUNITIES UNLOCKING DOMESTIC GROWTH THROUGH STRATEGIC DEVELOPMENTS & PARTNERSHIPS - WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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12Growthpoint Capital Markets Day 2025 Pipeline & conclusion »Given Growthpoint’s focus on precinct opportunities in the last six to twelve months, a significant pipeline of opportunities has been developed »Other than the opportunities highlighted in this presentation there are four other major precinct opportunities / transactions that Growthpoint is aiming to close with sizes between R3bn – R5bn each when fully developed »Due to the sensitivity in the transactions, it cannot be disclosed at this stage Further precincts opportunities SOME GROWTHPOINT PRECINCT PIPELINE OPPORTUNITIES UNLOCKING DOMESTIC GROWTH THROUGH STRATEGIC DEVELOPMENTS & PARTNERSHIPS - WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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Capital Markets Day – 27 November 2025 THANK YOU UNLOCKING DOMESTIC GROWTH THROUGH STRATEGIC DEVELOPMENTS & PARTNERSHIPS - WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY Focusing on precincts to drive growth in the South African portfolio
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Capital Markets Day – 27 November 2025 SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY Werner van Antwerpen, Head of Corporate Advisory Inanda Greens, Wierda Valley, Johannesburg
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Capital Markets Day – 27 November 2025 01 SUSTAINABLE GROWTH: ENERGY AS A GROWTH CENTER SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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3Growthpoint Capital Markets Day 2025 3Growthpoint Capital Markets Day 2025 REMUNERATION STI & LTI KPI’S ALLIGNED WITH SUSTAINABILITY STRATEGY SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY Target KPI’s highlighted in table below »Renewable energy (MWp) – 40MWp »Average STI modifier of the ESG measures for FY22, FY23 and FY24 »Renewable energy (MWp) – 50MWp »Strategy for water and waste intensity »Average STI modifier of the ESG measures for FY23, FY24 and FY25 »Renewable energy (MWp) – 68MWp »Average STI modifier of the ESG measures for FY24, FY25 and FY26 »Not available »Renewable energy (% of FY23 total consumption) – 20% »Net-Zero Carbon certifications - 15 »Not available »Renewable energy (% of FY23 total cons. – 28%* »Electricity reduction (GWh p.a.) –15.1GWh »Water reduction (ML per annum) – 89.3ML »Diversion of waste to landfill – 60% »Net-Zero certifications (carbon, water or waste) – 20 2028 2027 2026 2025 2024 STI (Vesting Date) LTI (Vesting Date) *Target LTI KPI FY28
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4Growthpoint Capital Markets Day 2025 4Growthpoint Capital Markets Day 2025 GROWTHPOINT’S COMMITMENT TOWARDS SUSTAINABILITY * Specific Yield used of 1400kWh/kWp per annum – Scientifically not possible SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY Solar alone will not meet Growthpoint’s 2050 carbon neutrality goal Growthpoint’s electricity consumption in SA for FY25 573 852 MWh at a cost of c.R1.7bn per annum Boston Hydro is a 5MW run of river plant with generation capacity equating to that of what a 21MWp* solar plant would have generated. This will increase to 30MWp* when Phase 2 of the Lesotho Highlands Water Scheme comes online Installed rooftop SOLAR capacity is 61.2 MWp with a goal to be at 68 MWp by FY26 Growthpoint set a goal to become carbon neutral by 2050 (COP21)
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5Growthpoint Capital Markets Day 2025 5 THE PROCURED ENERGY MIX IS EXTREMELY IMPORTANT SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY Solar alone can at maximum contribute between 15% - 20% of a building’s consumption 6am Off-peak Peak Standard Peak Off-peak Peak Standard Peak Off-peak 9am 5pm 7pm 6am 9am 5pm 7pm WINTER DAY 2 Building Consumption WINTER DAY 1
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6Growthpoint Capital Markets Day 2025 6 THE PROCURED ENERGY MIX IS EXTREMELY IMPORTANT SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY Solar alone can at maximum contribute between 15% - 20% of a building’s consumption 6am Off-peak Peak Standard Peak Off-peak Peak Standard Peak Off-peak 9am 5pm 7pm 6am 9am 5pm 7pm WINTER DAY 2 Building Consumption Solar Production (Clear Day) WINTER DAY 1
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7Growthpoint Capital Markets Day 2025 7 THE PROCURED ENERGY MIX IS EXTREMELY IMPORTANT SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY Solar alone can at maximum contribute between 15% - 20% of a building’s consumption 6am Off-peak Peak Standard Peak Off-peak Peak Standard Peak Off-peak 9am 5pm 7pm 6am 9am 5pm 7pm WINTER DAY 2 Building Consumption Net Building Grid Consumption WINTER DAY 1 Solar Production (Clear Day)
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8Growthpoint Capital Markets Day 2025 8 GROWTHPOINT SECURING A SPECIFIC ENERGY MIX * Specific Yield used of 1400kWh/kWp per annum SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY TraderGenerators Consumers Generators – Wind Generators – Solar Generators – Hydro Generators PPA Generators PPA Generators PPA Customer PPA Building Building Building Buildings Growthpoint Properties Limited PPA energy mix Solar 18% Hydro 15% Wind 67% Electricity is wheeled through licensed electricity trader, Etana Energy 82% resembling a base-load type energy mix 195 GWh if it could have been obtained from rooftop SOLAR 140 MWp*
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9Growthpoint Capital Markets Day 2025 Information obtained from various latest public sources and assumed solar production was added back to grid consumption, where uncertain. Where information was not available estimates was made on other information obtained. *Stretch LTI KPI FY28 573,852,000 426,433,000 306,396,000 247,905,767 178,195,877 157,333,333 155,200,000 144,666,000 GROWTHPOINT REDEFINE RESILIENT FORTRESS HYPROP VUKILE ATTACQ EQUITES 23.5% FY27* 33% FY28* Electricity consumption per annum (kWh) – SA portfolios Solar production added back (kWh) Solar production added back (kWh) LATEST SA ELECTRICITY CONSUMPTION COMPARISON TO OTHER REITS SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY 195 GWh GROWTHPOINT PPA Excluding Growthpoint’s rooftop solar contribution kWh reduced predominantly due to buildings sold FY28 target % of FY23 consumption FY27 target % of FY23 consumption
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10Growthpoint Capital Markets Day 2025 10 GROWTHPOINT SECURING A SPECIFIC ENERGY MIX SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY Transmission (Eskom) Distribution (Eskom & Municipalities) Generation (Eskom & IPPS) Consumer (Customers) Electricity generator (B) Independent power producer (IPP) Eskom transmission Infrastructure Distribution infrastructure Municipalities Electricity consumers Property owners Pushing electricity (kwh) in at meter 2 and receiving a credit on account at meter 4 Electricity generator (A) Eskom Electricity meter 1 Electricity meter 2 Electricity meter 3 Electricity meter 4 Electricity meter 5 CONSTANTIA VILLAGE MALL 36 HANS STRIJDOM
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11Growthpoint Capital Markets Day 2025 Monitoring each kWh generated by 83 rooftop solar plants GROWTHPOINT’S CONTROL CENTRE SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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Capital Markets Day – 27 November 2025 02 INVESTMENT INTO BOSTON HYDRO SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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13Growthpoint Capital Markets Day 2025 Lesotho Highlands Water Project (LHWP) » This large-scale water transfer scheme involves a network of dams and tunnels that channel water from Lesotho’s highland rivers, such as the Malibamatso and Senqu, to South Africa’s Vaal River System, supplying water to the densely populated Gauteng region » In return, Lesotho benefits economically through royalties and gains energy independence via hydroelectric power generated by the project » The LHWP , Africa’s largest water transfer scheme, is being developed in multiple phases and represents a strategic partnership that balances water security for South Africa with economic and infrastructure development for Lesotho » The current treaty allows for 780 million cubic meters (MCM) of water to be transported to SA per annum » Phase 2 would increase that to 1 270 MCM of water per annum » Phase 2 is under construction with completion estimated at 2029 » Boston Hydro has been oversized to generate additional power when Phase 2 of LHWP comes online BOSTON HYDRO SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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14Growthpoint Capital Markets Day 2025 ASH RIVER OUTFALL INTO SOUTH AFRICA SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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15Growthpoint Capital Markets Day 2025 Year Treaty (MCM) Actual (MCM) Achievement 2005 780 749 96.0% 2006 780 772 99.0% 2007 780 793 101.7% 2008 780 768 98.5% 2009 780 767 98.3% 2010 780 771 98.8% 2011 780 794 101.8% 2012 780 791 101.4% 2013 780 800 102.6% 2014 780 800 102.6% 2015 780 814 104.4% 2016 780 827 106.0% 2017 780 907 116.3% 2018 780 950 121.8% 2019 780 773 99.1% 2020 780 749 96.0% 2021 780 885 113.5% 2022 780 802 102.8% MCM – Million Cubic Meters i.e. volume of water 749 772 793 768 767 771 794 791 800 800 814 827 907 950 773 749 885 802 0 100 200 300 400 500 600 700 800 900 1,000 2005 2007 2009 2011 2013 2015 2017 2019 2021 Flow (MCM) Flow (MCM) Treaty release Hydro-resource tracking – flow release SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY Flow is more than an agreed amount, it is critical due to the water shortage in Gauteng LHWP HISTORICAL FLOW BETWEEN LESOTHO AND SOUTH AFRICA’S TREATY
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16Growthpoint Capital Markets Day 2025Video: https://www.engineeringnews.co.za/article/growthpoint-acquires-30-in-boston-hydroelectric-plant-secures-exclusive-access-through-etana-ppa-2025-11-11 Situated near Clarens in the Free State province BOSTON HYDRO SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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17Growthpoint Capital Markets Day 2025 BOSTON HYDRO – (WHEN IT WAS UNDER CONSTRUCTION) When it was under construction BOSTON HYDRO SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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18Growthpoint Capital Markets Day 2025 BOSTON HYDRO SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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19Growthpoint Capital Markets Day 2025 BOSTON HYDRO SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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20Growthpoint Capital Markets Day 2025 BOSTON HYDRO SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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21Growthpoint Capital Markets Day 2025 BOSTON HYDRO SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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22Growthpoint Capital Markets Day 2025 » Background - Boston Hydro is a run of river plant that provides base load power with an estimated lifetime of more than 40 years and estimated production of 30GWh per annum for Phase 1 and c.42GWh per annum for Phase 2 of LHWP - Through the Etana PPA Growthpoint signed exclusivity on all electricity produced by Boston over the 10-year period of the PPA - Project has minimal off take risk as Growthpoint is the sole purchaser of the electricity - Hydro power is the cheapest baseload renewable electricity that can be purchased - Total construction cost of the project was circa R390m - Growthpoint invested in a derisked project with a slight increase in valuation upon completing to R416.7m - The project is funded with R250m in project finance » Equity - Growthpoint purchased 30% of Boston Hydro for R50m - Growthpoint invested in the project after Commercial Operation Date (COD) was achieved, hence the investment was made on a derisked project » Debt - Investec provided amortised project finance / senior debt of R250m - Debt can be refinanced without any break fee - Opportunity to refinance at better rates in the future to increase project returns Transaction structure BOSTON HYDRO TRANSACTION SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY Growthpoint purchase consideration R50m Serengeti via Renewable Energy Holdings (REH) Boston Hydro Plant 5MW Growthpoint 70% 30% Equity Investec Debt REH R250m
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Capital Markets Day – 27 November 2025 03 WHAT IS ECO TWO? SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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24Growthpoint Capital Markets Day 2025 24 *at Growthpoint’s discretion WHAT ARE THE BENEFITS? SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY of a building’s supply from renewable sources 70% e-CO2 Connect of a building’s supply from renewable sources* 100% e-CO2 Ignite
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25Growthpoint Capital Markets Day 2025 25 WHAT % OF SUPPLY WILL BE FROM RENEWABLE SOURCES? SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY Growthpoint creates stickiness to retain and attract tenants Fixed escalation of 7% per annum of your variable Electricity cost, tenant receives a credit on monthly invoice (Green Benefit) Access to annual certified Renewable Energy Certificates (RECs) Can choose to trade or redeem to reduce Scope 2 emissions Nedbank partnered with Growthpoint to decarbonised all their retail exposure Strong interest from other financial institutions to do the same Benefits to our tenants:
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Capital Markets Day – 27 November 2025 THANK YOU SUSTAINABLE GROWTH: INVESTING IN UTILITIES & RENEWABLE ENERGY – WERNER VAN ANTWERPEN, HEAD OF CORPORATE ADVISORY
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Capital Markets Day – 27 November 2025 SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE Errol Taylor, Head Asset Management: Industrial & Logistics Portfolio Saligna, Boksburg, Johannesburg
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2Growthpoint Capital Markets Day 2025 2Growthpoint Capital Markets Day 2025 Arterial Industrial Estate, Blackheath, Cape Town AGENDA SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO 1. What we do 2. Objective 3. Asset selection – why logistics 4. Plan 5. Process 6. Performance evaluation methodology 7. Metrics & weightings 8. Asset management 9. Clients 10. Performance 11. Future
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3Growthpoint Capital Markets Day 2025 3Growthpoint Capital Markets Day 2025 1. WHAT WE DO SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO Make long-term property investments In high quality properties In prime metropolitan areas Which we monitor, manage, maintain, upgrade or refurbish as necessary So that we attract & retain quality clients Thereby enhancing the properties’ long-term value by generating sustainable growing property income which we distribute to our shareholders After which we sell the asset for a profit upon expiry of the holding period
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4Growthpoint Capital Markets Day 2025 4Growthpoint Capital Markets Day 2025 Centralpoint, Midrand, Johannesburg Investment strategy (2018) - clarity of purpose & strategic direction 2. OUR OBJECTIVE SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO To generate sustainable growth in distributable income and achieve capital appreciation through strategic investments in quality real estate assets for our shareholders Assets located in the major metropolitan areas Strong bias towards warehouse/ logistics assets Yielding risk-adjusted market related returns Diversified portfolio Long-term holding period Core investments Stable cash-flows and longer leases Manage risk by diversifying by type, size, grade/vintage, location, business sector and covenant of tenancy
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5Growthpoint Capital Markets Day 2025 2014 2014 2014 2014 2014 2014 2014 2014 2014 2015 2015 2015 2015 2015 2015 2015 2015 2015 2016 2016 2016 2016 2016 2016 2016 2016 2016 2017 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2018 2018 2018 2018 2019 2019 2019 2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022 2022 2022 2022 2022 2023 2023 2023 2023 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2024 2024 2024 2024 0 5 10 15 20 25 30 35 40 Western Cape Eastern Cape Northern Cape Free State KwaZulu-Natal North West Gauteng Mpumalanga Limpopo % GDP% contribution by province PROVINCIAL ECONOMIC IMPACT SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO 1 2 3
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6Growthpoint Capital Markets Day 2025 STATISTICAL RELEASE P0441.2 Provincial gross domestic product 2024 Embargoed 0.8 0.7 0.6 0.2 1.2 0.4 0.9 0.5 0.7 Growth in 2023 0.7 -0.2 -0.1 0.5 0.4 -0.1 0.8 0.3 0.9 Growth in 2024 GDP growth rates and contribution by province, 2023 and 2024 (%) PROVINCIAL ECONOMIC IMPACT SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO Western Cape Eastern Cape Northern Cape Free State KwaZulu-Natal North-West Gauteng Mpumalanga Limpopo % contribution to South Africa’s GDP 14.1 7.6 2.2 4.9 16.1 6.3 33.3 7.7 7.7 % contribution to South Africa’s GDP 14.2 7.6 2.2 5 16.1 6.3 33.2 7.7 7.8 National GDP 0.8% National GDP 0.5%
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7Growthpoint Capital Markets Day 2025 7Growthpoint Capital Markets Day 2025 Meadowbrook Estate, Meadowbrook, Germiston 3. ASSET SELECTION - WHY LOGISTICS SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO Property type that underpins virtually all consumption activities Resilient to cyclical and technological disruptions E-commerce accelerated post C-19, driving demand for DC’s Retailers & major grocery chains require centralised distribution facilities to optimise inventory and reduce costs Warehousing/ logistics facilities near major transport nodes (ports, airports, highways) are essential for import /export flows (for automotive, mining, chemical, pharma and agricultural sectors) SA is a gateway economy for Sub-Saharan Africa with major ports (Durban, Cape Town and transport corridors) Logistics assets benefit from structural demand drivers like supply chain modernisation and regional trade growth Investor preference driven by yield stability from lower vacancies, cap rate compression & reduced input costs Government initiatives (African Continental Free Trade Area) & infrastructure investment plans prioritise logistics corridors Logistics real estate supports job creation in warehousing, transport, & related services, making it economically strategic
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8Growthpoint Capital Markets Day 2025Source: MSCI Industrial Retail Office Residential SECTOR ANALYSIS Industrial followed by retail, have delivered the highest returns over the last 10 years – 2025 improving across all sectors SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO 10.6 10.7 13.3 13.9 0 2 4 6 8 10 12 14 16 10 year 5 year 3 year 2025 Income return Capital growth Total return 8.6 8.1 10.6 12.1 0 2 4 6 8 10 12 14 10 year 5 year 3 year 2025 Income return Capital growth Total return 6.2 5.0 7.7 9.9 -4 -2 0 2 4 6 8 10 12 10 year 5 year 3 year 2025 Income return Capital growth Total return 6.9 9.7 10.2 -2 0 2 4 6 8 10 12 5 year 3 year 2025 Income return Capital growth Total return Capital growth 10% returnCapital growth
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9Growthpoint Capital Markets Day 2025Source: MSCI Total return spread between 25th and 75th percentiles, 12 months to June 2025 TOTAL RETURN SPREAD BY PROPERTY TYPE SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO 25th percentile 75th percentile Index Retail - Community Shopping centres Retail - Neighbourhood Shopping centres Retail - Small Regional centres Retail - Regional centres Retail - Super Regional Shopping centres Office - Free Standing Office - Office Parks Industrial - Distribution Industrial - Warehousing Industrial - Multi Parks Industrial - Other 0 5 10 15 20 25
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10Growthpoint Capital Markets Day 2025 10Growthpoint Capital Markets Day 2025 4. PLAN SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO Start with the end-in-mind Recipe »Goal / objective »Clarity of purpose / rationale »Structure Ingredients »Investment criteria »Appetite / motivation / hunger »Skills competency – people »Capital availability »Favorable interest rates »Demand for product / GDP growth »Positive sentiment »Relationships – shareholders / clients / »Banks / brokers / etc »Momentum Method »Teamwork / rowing in the same direction »Tools & equipment »Analytics / data / information »Appropriate asset selection & capital allocation »Timing market cycles »Time to rebalance »Risk management »Diversification
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11Growthpoint Capital Markets Day 2025 11Growthpoint Capital Markets Day 2025 5. PROCESS SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO MANAGEMENT BANK PRODUCT CLIENT SHAREHOLDER COMPETITOR
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12Growthpoint Capital Markets Day 2025 12Growthpoint Capital Markets Day 2025 STRATEGIC PLAN SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO Performance evaluation & research »Strong asset management focus »Dynamic decision making – tactical responsiveness with strategic alignment »Understand competition & markets Strategic asset management plan & alignment with the broader GRT strategy Value growth Asset optimisation Asset maintenance Asset disposal Teamwork – property management/ development management
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13Growthpoint Capital Markets Day 2025 13Growthpoint Capital Markets Day 2025 STRATEGY ASSET MANAGEMENT = VALUE GROWTH + RISK + STRATEGY SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO VALUE GROWTH RISK 1. Acquisition 2. New development 3. Re- development 4. Re- valuation 5. Asset optimisation 6. Income growth 1. Risk identification & review 2. Risk analysis & quantum 3. Risk evaluation & impact 4. Risk probability/ likelihood 5. Risk reduction/ treatment Risk reporting & monitoring 1. Asset performance 2. Asset value & income growth 3. Asset optimisation 4. Asset maintenance 5. Asset disposal 6. Customer value proposition, satisfaction & retention Competitive advantage Competitive advantage
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14Growthpoint Capital Markets Day 2025 14Growthpoint Capital Markets Day 2025 6. PERFORMANCE EVALUATION METHODOLOGY SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO Timeline »Historical »Future Analytics & output evaluation Base »YOY »LOL (evaluate exclusions & reason for exclusion) Performance ranking Measures »Financial »Operational »Nodal / market Risk ranking Benchmark »MSCI »Internal benchmark Review holding period strategy (forward view) Structure by »Functionality (type) »Size »Location »Grade / age (quality) Strategic intervention »Fix »Flip
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15Growthpoint Capital Markets Day 2025 15Growthpoint Capital Markets Day 2025 7. METRICS & WEIGHTINGS SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO Financial »NPI »NPI growth »Total return »IRR Operational »Obsolescence »Condition »Economic life cycle »Capex requirement »Regulatory compliance »Productivity »Sale ability Nodal / Market »Nodal rental growth »Nodal vacancies
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16Growthpoint Capital Markets Day 2025 16Growthpoint Capital Markets Day 2025 8. ASSET MANAGEMENT = VALUE GROWTH + RISK + STRATEGY SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO 1. Risk identification & review 2. Risk analysis & quantum 3. Risk evaluation & impact 4. Risk probability/ likelihood 5. Risk reduction/ treatment Risk reporting & monitoring Competitive advantage Competitive advantage Clients »Knowing our client »Knowing our properties & their features (power , sprinklers & types of products that can be stored, floor loading, etc) »Play to our strengths (USP) »Know our competitors & their offering » Focus on quality product & superior service (high performance management) »Research & predict future trends to remain relevant »Brand / image / reputation / marketing growth »Exploit sustainable / greening opportunities Competitors »Strategy »Financial muscle »Track record »Specialisation »Willingness to JV »Reputation »Representation (international/national/regional) »Listed / un-listed »Analyst reports
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17Growthpoint Capital Markets Day 2025 17 9. CLIENTS SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO Understanding clients needs Product remaining relevant – don’t exceed the sell-by date – beware of functional obsolescence Location is paramount Functionality – improves productivity & efficiency which improves competitiveness leading to greater profitability Image (quality of asset) synergy is important Location, quality, functionality & image parity drive pricing Incentives – BO / TI / lease flexibility / specific client requirements
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18Growthpoint Capital Markets Day 2025 » Internal column spacing & construction grid » Spring (ceiling) height » FM II / jointless floors » Office ratio with adequate parking bays » Yards / turning circle » 3 Phase power » Sprinklers with pumps & tanks » Smoke detection & extraction » LED lighting with natural light » Loading docks » Security / access control » Canopy over loading area » PV system with expansion capability for wheeling » Fibre » Standard sustainability systems – refuse recycling / water harvesting / etc. » Minimum GBCSA category 3 design compliance DISTRIBUTION CENTRE GENERIC DESIGN CRITERIA SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO
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19Growthpoint Capital Markets Day 2025 DIFFERENTIATION SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO Horizontal differentiation (subjective preferences) Vertical differentiation (quality/performance differences) Location Diverse locations serving logistics client location needs Premium nodes with strong connectivity & low congestion Functionality Size, heights, loading, office, yards, etc. Regulatory compliance, Green Certification Quality Different layouts & flows - cross dock vs H or I vs U Premium Quality - early economic life cycle stage Price Avoids direct price wars as products are not perfect substitutes Leads to premium rentals justified by quality
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20Growthpoint Capital Markets Day 2025 10. PERFORMANCE VS MSCI BENCHMARK SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO
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21Growthpoint Capital Markets Day 2025 13.6 13.3 12.4 12.0 12.8 11.5 12.0 12.5 13.0 13.5 14.0 2018 2019 2020 2021 2022 2023 2024 Rbn Financial year National performance - Value vs Total return FUND PERFORMANCE SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO
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22Growthpoint Capital Markets Day 2025 2.4 2.2 2.1 2.2 2.1 2.1 2.2 2.2 2.3 2.3 2.4 2.4 2.5 2018 2019 2020 2021 2022 2023 2024 Rbn Financial year 2.4 2.3 2.1 2.0 2.3 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2018 2019 2020 2021 2022 2023 2024 Rbn Financial year 8.4 7.8 7.4 7.2 7.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 2018 2019 2020 2021 2022 2023 2024 Rbn Financial year JHB performance - Value vs. Total return CPT performance - Value vs. Total return DBN performance - Value vs. Total return FUND PERFORMANCE SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO
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23Growthpoint Capital Markets Day 2025 Gross income 1,350,000,000 1,400,000,000 1,450,000,000 1,500,000,000 1,550,000,000 1,600,000,000 1,650,000,000 1,700,000,000 2020 2021 2022 2023 2024 2025 320,000,000 340,000,000 360,000,000 380,000,000 400,000,000 420,000,000 440,000,000 2020 2021 2022 2023 2024 2025 1,000,000,000 1,050,000,000 1,100,000,000 1,150,000,000 1,200,000,000 1,250,000,000 1,300,000,000 2020 2021 2022 2023 2024 2025 Gross expenses Net income RESULTS SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO GLA m² 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 2020 2021 2022 2023 2024 2025 0 50 100 150 200 250 2020 2021 2022 2023 2024 2025 0 200 400 600 800 1,000 2024 2025P 2026F 2027F 2028F 2029F 2030F Number of assets Number of tenants Disposal GLA m² -250,000 -200,000 -150,000 -100,000 -50,000 0 2020 2021 2022 2023 2024 2025 0 200,000,000 400,000,000 600,000,000 800,000,000 1,000,000,000 1,200,000,000 2020 2021 2022 2023 2024 2025 0 100,000,000 200,000,000 300,000,000 400,000,000 500,000,000 600,000,000 700,000,000 2020 2021 2022 2023 2024 2025 Disposals value Expansionary capex
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24Growthpoint Capital Markets Day 2025 3.3 3.7 2.9 2.5 3.5 3.7 2.7 4.4 0 1 2 3 4 5 Q1FY23 Q1FY24 Q1FY25 Q1FY26 WALE GLA (years) WALE gross rent (years) 3.0 3.7 2.8 0.4 3.0 3.7 2.8 4.7 0 1 2 3 4 5 Q1FY23 Q1FY24 Q1FY25 Q1FY26 WALE GLA (years) WALE gross rent (years) 3.5 3.5 2.9 1.6 3.8 3.4 2.6 4.2 0 1 2 3 4 5 Q1FY23 Q1FY24 Q1FY25 Q1FY26 WALE GLA (years) WALE gross rent (years) WALE - NATIONAL WALE - JHB YoY Q1 Renewal WALE by GLA vs Gross Rent PERFORMANCE SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO 3.0 3.8 3.0 0.6 3.0 3.8 3.0 4.9 0 1 2 3 4 5 6 Q1FY23 Q1FY24 Q1FY25 Q1FY26 WALE GLA (years) WALE gross rent (years) WALE - CPT WALE - DBN
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25Growthpoint Capital Markets Day 2025 68 55 56 45 2.9 3.7 2.8 3.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 10 20 30 40 50 60 70 80 Q1FY23 Q1FY24 Q1FY25 Q1FY26 Number Lease duration 17 22 19 9 3.3 3.7 2.4 3.8 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 5 10 15 20 25 Q1FY23 Q1FY24 Q1FY25 Q1FY26 Number Lease duration 39 25 32 26 2.7 3.7 3.0 3.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 10 20 30 40 50 Q1FY23 Q1FY24 Q1FY25 Q1FY26 Number Lease duration NATIONAL JHB YoY Q1 Renewals by number vs Lease length (years) PERFORMANCE SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO 12 8 5 10 2.8 3.7 3.0 3.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 2 4 6 8 10 12 14 Q1FY23 Q1FY24 Q1FY25 Q1FY26 Number Lease duration CPT DBN
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26Growthpoint Capital Markets Day 2025 77.92 65.73 70.75 93.82 64.75 67.97 71.93 92.11 0 20 40 60 80 100 Q1FY23 Q1FY24 Q1FY25 Q1FY26 Previous gross/m² New gross/m² Poly. (Previous gross/m²) Poly. (New gross/m²) 75.92 19.44 63.31 70.23 59.68 63.51 68.99 75.77 0 20 40 60 80 100 Q1FY23 Q1FY24 Q1FY25 Q1FY26 Previous gross/m² New gross/m² Poly. (Previous gross/m²) Poly. (New gross/m²) 78.86 17.51 74.91 86.69 66.30 61.04 73.49 84.90 0 20 40 60 80 100 Q1FY23 Q1FY24 Q1FY25 Q1FY26 Previous gross/m² New gross/m² Poly. (Previous gross/m²) Poly. (New gross/m²) NATIONAL JHB Gross rate/m² PERFORMANCE SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO 77.33 28.78 80.25 127.41 70.46 77.22 78.84 122.06 0 20 40 60 80 100 120 140 Q1FY23 Q1FY24 Q1FY25 Q1FY26 Previous gross/m² New gross/m² Poly. (Previous gross/m²) Poly. (New gross/m²) CPT DBN
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27Growthpoint Capital Markets Day 2025 52 20 25 99 45 7 4 56 0 20 40 60 80 100 120 JHB CPT DBN TOTAL Keep # # Sell Number of assets » ~90 Quality assets » ~1.3M m² » ~530 tenants » YoY NPI growths >5% » Longer WALE >3 yrs 2025 BASE LIKE ON LIKE FUND COMPOSITION - 2030 SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO 568,185 339,321 339,321 1,261,981 572,623 51,070 43,708 667,402 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 JHB CPT DBN TOTAL Keep GLA Sell GLA GLA
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28Growthpoint Capital Markets Day 2025 28Growthpoint Capital Markets Day 2025 11. SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO Asset selection »Type »Size »Location »Grade Technology »Artificial intelligence »Blockchain technology »Robotics »Internet of things »5G+ wireless technologies Client centricity »Value chain dynamics »Values and ethics »Client service to client experience »Sustainability and ESG
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Capital Markets Day – 27 November 2025 THANK YOU Saligna, Boksburg, Johannesburg SCALING LOGISTICS ASSETS FOR STRATEGIC ADVANTAGE – ERROL TAYLOR, HEAD ASSET MANAGEMENT: INDUSTRIAL & LOGISTICS PORTFOLIO
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Capital Markets Day – 27 November 2025 REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE Timothy Irvine, Head Asset Management: Office Portfolio Canopy by Hilton, Longkloof, Cape Town
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2Growthpoint Capital Markets Day 2025 2 CONTENTS 144 Oxford Road, Illovo, Johannesburg REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO 1. Quarter 1 Office KPI’s end Sept 2025 2. Vision and strategy for the office portfolio 3. Strategy in action 4. The workplace of the future 4.1 Offices are relevant 4.2 Factors that affect tomorrow's office space 4.3 Desirability 4.4 Investor considerations
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3Growthpoint Capital Markets Day 2025 KPI Dec 24 Jun 25 Sept 25 Movement Comment GLA 1 613 493m² 1 596 233m² 1 580 323m² 15 910m² reduction No of assets 149 146 143 3 asset disposals Vacancy 15.9% 14.6% 14.6% ➔ 33 584m² let Weighted average renewal growth -6.9% -3.2% -11.4% Weighted average future escalations on renewals 7.5% 7.5% 6.6% Renewal success rate 45.5% 57.5% 81.5% 89 592m² renewed Weighted average lease expiry (years) 3.0 3.0 4.2 Quarter 1 ending Sept 2025 – R26.9bn KEY OFFICE PERFORMANCE INDICATORS REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO
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4Growthpoint Capital Markets Day 2025 4 VISION AND STRATEGY FOR THE OFFICE PORTFOLIO The Place, Sandton, Johannesburg REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO The office strategy focuses on ensuring we have a relevant portfolio of properties in the major metropoles of South Africa, and we will do this by ensuring: We own desirable properties by »Disposing of the non desirable properties »Investing and reinvesting in desirable properties Providing an enhanced offering by developing value adding services
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5Growthpoint Capital Markets Day 2025 5Growthpoint Capital Markets Day 2025 FACTORS THAT AFFECT TOMORROWS OFFICE SPACES REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO DISPOSALS Disposals has been a focus, and we have seen good progress »2024 R104 000 000 »2025 R432 300 000 »2026 R126 000 000 …with a further 10 properties worth R960 700 000 in discussion and finalisation INVESTMENTS »36 Hans Strijdom (Ninety One), Foreshore, Cape Town »199 Umhlanga Ridge Boulevard, Cornubia, Durban »Hilton Canopy Hotel, Longkloof, Cape Town »Cape Town Foreshore (Site B & Wharf site), Foreshore, Cape Town »Reinvestment in the existing portfolio VALUE ADDING SERVICES »Digital enhancements to improve the client's experience »Control room »ECO² and Tradeable renewable energy certificates »Incentives (SmartFLIGHT)
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6Growthpoint Capital Markets Day 2025 6 Occupancy statistics from around the world are shared, the more alarming the more likely it’s to be shown and shared THE WORKPLACE OF THE FUTURE – WHAT WE WERE TOLD Oxford Corner, Rosebank, Johannesburg REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO An employee will say they are productive at home An employer is likely to say they want people back (“RTW5”) Space planners will tell you that you need to redesign your entire space Collaborative workspace providers will tell you “free beer” is a good idea and shared workspace is the future A landlord will tell you people are coming back to the office
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7Growthpoint Capital Markets Day 2025 7 THE WORKPLACE OF THE FUTURE – WHAT WE WERE TOLD Discovery, Sandhurst, Johannesburg REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO
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8Growthpoint Capital Markets Day 2025 8 OFFICES ARE RELEVANT Exxaro, Centurion, Pretoria REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO 169,283 40,116 190,429 135,633 167,142 182,517 152,561 0 50,000 100,000 150,000 200,000 250,000 2019 2020 2021 2022 2023 2024 2025 Office sector new lets m² 0% 5% 10% 15% 20% 25% Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Office sector vacancies % Vacancies at 14.6% means they are 85.4% occupied Coastal demand exceeds supply Inland supply exceeds demand, but there is still demand
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9Growthpoint Capital Markets Day 2025 ANTICIPATING THE FUTURE REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO 144 Oxford Road, Illovo, Johannesburg We can’t anticipate every need exactly We can anticipate the dominant themes
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10Growthpoint Capital Markets Day 2025 10Growthpoint Capital Markets Day 2025 FACTORS THAT AFFECT TOMORROWS OFFICE SPACES REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO WAYS OF WORKING »Full time office »Work from home »Flexible & hybrid arrangements THE BENEFITS OF HAVING AN OFFICE »Culture »Onboarding »Team cohesion »Collaboration »Learning »Client interaction & engagement FLEXIBILITY »Lease length »Space -Floor size -Sub divisibility -Density -Flexible parking »The product offering -Collaborative workspace (shared office) -Dedicated furnished and serviced offices -Traditional »The fit out TECHNOLOGY AND AI »Rapid change »Embraced with systems and procedures and the offering »Impact of AI on the BPO market DESIRABILITY »To make sense of the world - we invent categories & force facts into separated pigeonholes »Premium, A, B and C grade buildings per SAPOA »High rise, low rise and office parks in valuations »Green star ratings & other ESG classifications »We classify geographical areas as nodes & generalise past performance & future prospects of properties clustered in a node »While still relevant, if we reimaging office spaces for tomorrow’s workforce we need to change the lens we use and focus on the client’s perspective
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11Growthpoint Capital Markets Day 2025 11 Growthpoint Capital Markets Day 2025 Longkloof was: » 4 separate buildings » 12 000m² of conventional offices » 1 small Spar convenience store Longkloof became a precinct consisting of: » 12 000m² of mixed offices, collaborative, furnished and traditional spaces which were subdivisible » 154 bed hotel under the brand of Canopy by Hilton Cape Town Longkloof » 1 200m² of bespoke artisanal retail shops » An activated piazza and place of connection » A neighbourhood The best way to consider desirability from a client’s perspective is to look at a case study DESIRABILITY REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO
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12Growthpoint Capital Markets Day 2025 12Growthpoint Capital Markets Day 2025 DESIRABILITY Parramatta, New South Wales, Sydney REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO Desirability is something a client subjectively feels but there are objective criteria Longkloof Studios, Gardens, Cape Town The location in the node Ease of access and parking Quality of the building (grade) Surrounding property Security Floor plate sizes Interior quality and age (including Hvac and lifts) Sustainability (carbon and cost) Back up services Cost (rental rate and utilities) Functionality Amenities
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13Growthpoint Capital Markets Day 2025 “I long, as does every human being, to be at home wherever I find myself” Maya Angelou DESIRABILITY REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO
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14Growthpoint Capital Markets Day 2025 14 Growthpoint Capital Markets Day 2025 Longkloof was: » 4 separate buildings » 12 000m² of conventional offices » 1 small Spar convenience store Longkloof became a precinct consisting of: » 12 000m² of mixed offices, collaborative, furnished and traditional spaces which were subdivisible » 154 bed hotel under the brand of Canopy by Hilton Cape Town Longkloof » 1 200m² of bespoke artisanal retail shops » An activated piazza and place of connection » A neighbourhood The best way to consider desirability from a client’s perspective is to look at a case study DESIRABILITY REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO
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15Growthpoint Capital Markets Day 2025 The best way to consider desirability from a client’s perspective is to look at a case study DESIRABILITY REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO
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16Growthpoint Capital Markets Day 2025 The best way to consider desirability from a client’s perspective is to look at a case study DESIRABILITY REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO
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17Growthpoint Capital Markets Day 2025 17Growthpoint Capital Markets Day 2025 DESIRABILITY Parramatta, New South Wales, Sydney REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO Desirability is also relevant for the landlord and investor and their factors include Longkloof Studios, Gardens, Cape Town Historical financial performance Rental rates in force and future potential Vacancy rates Lease length Tenant quality and covenant Anticipated tenant installation and capex Floor sub divisibility Ability to exit at the end of the Investment term
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18Growthpoint Capital Markets Day 2025 REIMAGINING OFFICE SPACES FOR TOMORROWS WORKFORCE REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO Exxaro, Centurion, Pretoria By focusing on our clients needs and anticipating them we are able to provide the office spaces for tomorrows workforce
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Capital Markets Day – 27 November 2025 THANK YOU REIMAGINING OFFICE SPACES FOR TOMORROW’S WORKFORCE – TIMOTHY IRVINE, HEAD ASSET MANAGEMENT: OFFICE PORTFOLIO Canopy by Hilton, Longkloof, Cape Town
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Capital Markets Day – 27 November 2025 POSITIONED FOR THE UPTURN: GROWTHPOINT’S PATH INTO FY26 ESTIENNE DE KLERK, SA:CEO 144 Oxford Road, Illovo, Johannesburg
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2Growthpoint Capital Markets Day 2025 2Growthpoint Capital Markets Day 2025 GROWTHPOINT’S FY25 INFLECTION POSITIONED FOR THE UPTURN: GROWTHPOINT’S PATH INTO FY26 – ESTIENNE DE KLERK, SA:CEO Stronger SA operating performance as the property cycle turns »Like-for-like SA NPI up 5.9%, vacancies easing, arrears improving, and all three sectors (retail, office, industrial) posting positive NPI growth »Early signs of rent reversion stabilisation, and return to growth, reflect an improving operating environment Quality over quantity portfolio & simplified offshore story »Portfolio quality improved through disciplined disposals and simplification of offshore exposure »Capital redeployed into modern, resilient logistics and assets in strong-nodes Balance sheet positioned to harvest interest rate cut tailwind »Group LTV at 40.1% with strong liquidity and undrawn facilities »Lower interest rates translate directly into improved refinancing costs, enhancing Growthpoint’s capacity to fund developments, execute accretive deals and support DIPS growth Back to earnings growth – a year earlier than guided »FY25 DIPS up 3.1% and DPS up 6.1%, exceeding expectations and marking a clear earnings inflection »Strong momentum at the start of FY26 with higher payout ratio signalling confidence »FY26 guidance: DIPS growth of 3% to 5% and DPS growth of 6% to 8%
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3Growthpoint Capital Markets Day 2025 3Growthpoint Capital Markets Day 2025 MACRO & POLICY TAILWINDS POSITIONED FOR THE UPTURN: GROWTHPOINT’S PATH INTO FY26 – ESTIENNE DE KLERK, SA:CEO MTBPS 2025: lower inflation target & firmer fiscal anchors »New inflation target band 3% ±1%; fiscal deficit narrowing; debt stabilising »These reforms have anchored inflation expectations, contributing to lower bond yields, improved sovereign credibility, and a friendlier backdrop for listed property Sovereign credit upgrade reinforces lower yield environment »S&P upgraded SA’s foreign- currency rating (first upgrade in nearly 20 years) »Upgrades typically compress sovereign spreads, which cascade into lower corporate yields, reduce funding spreads and increase foreign investor appetite for REITs Reforms in power, logistics and infrastructure benefit tenants & assets »Eskom, Transnet logistics and infrastructure reforms have begun to gain traction »Lower yields and improved policy signals reduce the economy’s risk premium, supporting tenant growth, capital flows and long-term property fundamentals »Provides the opportunity to enter the energy market Interest rate cycle: cuts already delivered and further expected reflected in bond yields »SARB has already cut rates materially since 2024, with further moderate cuts signalled »Critically, the 10-year SA bond yield has dropped to c. 8.7% from a high of 11%, showing markets are pricing a softer rate environment »Lower yields reduce the cost of capital and support property valuations, together with improving KPIs
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4Growthpoint Capital Markets Day 2025 4Growthpoint Capital Markets Day 2025 CYCLE TURNING BUT DISCIPLINE STILL KEY POSITIONED FOR THE UPTURN: GROWTHPOINT’S PATH INTO FY26 – ESTIENNE DE KLERK, SA:CEO Lower yields improve valuation metrics and narrow risk premia »As long-bond yields fall, cap- rates tend to compress and income assets become more attractive »Listed property’s relative valuation gap to bonds has narrowed significantly representing a tailwind for a sector rerating and improved equity market sentiment Remaining risks require disciplined capital allocation »While yields have improved and macro conditions are better , GDP growth remains modest »Capital discipline and asset recycling with a quality bias remain essential to sustaining the earnings growth trajectory Property sector between 6 and 9 o’clock – early upturn »The sector has moved from stabilisation to early upturn, supported by easing rates, falling yields and firmer operating metrics »With different sectors and regions showing different positions on the clock »Weak GDP growth remains a constraint particularly for the office sector
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5Growthpoint Capital Markets Day 2025 5Growthpoint Capital Markets Day 2025 GROWTHPOINT ENTERING THE UPTURN PHASE WITH MOMENTUM BETWEEN 6 AND 9 O’CLOCK Source: Investec Investment Banking POSITIONED FOR THE UPTURN: GROWTHPOINT’S PATH INTO FY26 – ESTIENNE DE KLERK, SA:CEO Stabilisation Inflation starts to rise (3m inflation > 3 year average) Interest rates start to rise Building increasing supply while demand peaked Vacancy rates starts to rise Equity markets start to take strain Asset values declining Balance sheet pressures, with limited levers to de-gear Asset values start to stabilise Building activity slows, REITs focus on existing portfolio Bond yields have always peaked or begun to decline prior to the bottom in equities, as the economic outlook deteriorated. Bond yields start to peak in real estate stabilisation cycle Inflation peaks and Stabilising interest rates Sector allocation starts to increase Discount to NAV starts to narrow Vacancy rates reducing, with positive rental reversions Sector trading at or below SA 10 year bond yields Falling interest rates Vacancies start to stabilise and reversions run through full letting cycle SA Property has consistently outperformed through monetary tightening cycles. A constructive bond view should translate into positive outcomes for the SA REIT sector Equity markets open with ability to raise and grow Rising real estate values, with growing earnings profile and balance sheet capacity Rental reversions start to accelerate The longer-term trend of the SA 10-year bond yields and the SA REIT DIPS yield remains intact (correlation of 0.85)
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6Growthpoint Capital Markets Day 2025 6Growthpoint Capital Markets Day 2025 STRATEGIC INITIATIVES MOMENTUM POSITIONED FOR THE UPTURN: GROWTHPOINT’S PATH INTO FY26 – ESTIENNE DE KLERK, SA:CEO Senior living entry »Auria Senior Living acquisition (R2.4bn including minority interests but before accounting for the life rights liability) expands Growthpoint Healthcare Property Holdings mandate into the senior-living sector , adding four communities, >900 residents and a strong green-field pipeline Cape Winelands Airport Precinct »Cape Winelands Airport partnership: Growthpoint has made the initial investment and secured rights to co-develop and manage the 450-hectare aviation/logistics/ hospitality precinct in the Western Cape »Multi-decade development horizon, with significant commercial development opportunities and potential for 5+million passengers/year by 2050 Hydro/renewables initiative »Growthpoint’s investment into strategic infrastructure via renewable/hydro-power investment (reinforcing green credentials, cost-of-ownership advantages and tenant attraction and retention)
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7Growthpoint Capital Markets Day 2025 7Growthpoint Capital Markets Day 2025 STRATEGIC INITIATIVES MOMENTUM CONTINUED POSITIONED FOR THE UPTURN: GROWTHPOINT’S PATH INTO FY26 – ESTIENNE DE KLERK, SA:CEO Olympus residential apartments »Bringing land to account »Partnership with residential developer Tricolt (50% stake each) »Pre-sales on Tower 1 have reached 73% bankable sales, reflecting strong market demand »Completion targeted for February 2028 Other Cape Town developments »Cape Town Foreshore precinct joint venture with Southern Sun » Significant development pipeline including 3 mixed use precincts and residential and logistics developments These initiatives illustrate a shift from pure asset ownership to precinct creation and value-unlock, enhancing diversity, future earnings growth and differentiation in a low-growth domestic property environment While FY25 results reflect the start of recovery, this slide shows the medium-term growth pipeline, underscoring Growthpoint’s ability to convert the upturn into sustained earnings and returns
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8Growthpoint Capital Markets Day 2025 8 ENTERING FY26 WITH CONFIDENCE Oxford Corner, Rosebank, Johannesburg FY25 marked a clear inflection point, with key property indicators, operating metrics, distributions and balance-sheet strength all moving in the right direction The broader environment, rates, yields, fiscal signals and sentiment is more constructive than at any point in the last five years Certain markets have more momentum with the office sector lagging in the recovery The Group enters FY26 with greater certainty, better visibility and a stronger foundation, positioned to continue delivering stable earnings and disciplined growth Growthpoint’s strategic investments now in progress reflect the organisation’s ability to pursue long-duration, high-quality growth platforms alongside core real estate POSITIONED FOR THE UPTURN: GROWTHPOINT’S PATH INTO FY26 – ESTIENNE DE KLERK, SA:CEO
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Capital Markets Day – 27 November 2025 THANK YOU POSITIONED FOR THE UPTURN: GROWTHPOINT’S PATH INTO FY26 – ESTIENNE DE KLERK, SA:CEO 144 Oxford Road, Illovo, Johannesburg
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Capital Markets Day – 27 November 2025 OVERVIEW OF INTERNATIONAL STRATEGY Panico Theocharides, Group: Head of Investments Globalworth Tower, Bucharest, Romania Optimising our international portfolio
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Capital Markets Day – 27 November 2025 01 OPTIMISING OUR INTERNATIONAL PORTFOLIO – OFFSHORE HISTORY Globalworth Tower, Bucharest, Romania OVERVIEW OF INTERNATIONAL STRATEGY – PANICO THEOCHARIDES, GROUP: HEAD OF INVESTMENTS
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3Growthpoint Capital Markets Day 2025 3Growthpoint Capital Markets Day 2025 EVOLUTION OF GROWTHPOINT’S INTERNATIONAL STRATEGY Note 1: Clean share price measured at last trading day in September OVERVIEW OF INTERNATIONAL STRATEGY – PANICO THEOCHARIDES, GROUP: HEAD OF INVESTMENTS In 2016 Growthpoint announced its new vision and strategy 2016 Vision “To be a leading international property company, providing space to thrive” Strategy “The streamlining and optimisation of the SA portfolio” “Grow contribution of non-SA distributable income (GOZ & Europe, incl CEE)” 19.8% Offshore GAV 16.4% Offshore EBIT GOZ SA R24.37 Share price 33.7% Group LTV 2017 2018 2020 2022 »Acquisition of 26.7% interest in GWI for €186m »Set 3-year target of 30% offshore contribution to GAV and EBIT »Acquisition of GPRE in conjunction with GWI »Acquisition of C&R in December 2019 »“In the short to medium term our focus is on liquidity and strengthening the balance sheet…” Growthpoint upped its offshore contribution target to: »own 50% of the book value of our property assets offshore »earn 40% of our EBIT from international investments 43.5% Offshore GAV 28.4% Offshore EBIT R11.12 Share price 37.9% Group LTV 40.8% Offshore GAV 28.2% Offshore EBIT R11.85 Share price 43.9% Group LTV 27.7% Offshore GAV 20.3% Offshore EBIT R22.16 Share price 35.2% Group LTV 22.8% Offshore GAV 18.8% Offshore EBIT R23.29 Share price 35.0% Group LTV GOZ SAGWI GOZ SAGWI GOZ SAGWI C&R GOZ SAGWI C&R
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4Growthpoint Capital Markets Day 2025 4Growthpoint Capital Markets Day 2025 GEOGRAPHIC CAPITAL ALLOCATION AND HEAT MAP Note 1: Share price at 31 October 2025 OVERVIEW OF INTERNATIONAL STRATEGY – PANICO THEOCHARIDES, GROUP: HEAD OF INVESTMENTS Our international footprint: from diversification to focus with refined strategy 2025 Growthpoint today 38.0% Offshore GAV 28.7% Offshore EBIT R16.31 Share price 40.1% Group LTV GOZ SAGWI Vision “To be a leading international property company, providing space to thrive” Strategy “Improve the quality of the SA portfolio” “Optimising our international investments” Strategic Investments Financial investment Disposed GOZ GWI 63.6% Investment in GOZ 29.6% Investment in GWI A$4.1b Total GAV €2.6b Total GAV A$2.3b Total NAV €1.5b Total NAV A$1.9b Market Cap €0.6b Market Cap 17% Discount to NAV 60% Discount to NAV R1.1bn Investment carrying value 15.7% Investment in Lango 1.9% Offshore GAV Lango 68.9% Investment in C&R (at FY2024) R2.4bn Total disposal proceeds 1.4% Pro forma reduction in group LTV C&R Grow Optimise Exit
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Capital Markets Day – 27 November 2025 02 WHAT IS OUR STRATEGY 100 Skyring Terrace, Newstead, Brisbane, Queensland, Australia OVERVIEW OF INTERNATIONAL STRATEGY – PANICO THEOCHARIDES, GROUP: HEAD OF INVESTMENTS
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6Growthpoint Capital Markets Day 2025 6Growthpoint Capital Markets Day 2025 THE 5 PILLARS OF OUR INTERNATIONAL INVESTMENT LENS OVERVIEW OF INTERNATIONAL STRATEGY – PANICO THEOCHARIDES, GROUP: HEAD OF INVESTMENTS Growthpoint has refined its international strategy Our Investment Strategy 1. Financial discipline (the hurdle) Will this investment deliver a clear, sustainable and accretive return above our threshold cost of capital per jurisdiction? »This is our first and most important filter »Until recently, our blended cost of capital has been elevated (debt and equity) »We are focused on total return above the thresholds and we will take a strategic view where deals make longer term sense vs short term accretion 2. Strategic fit and core competency Does the investment align with what we are good at? »We are a best-in-class retail, industrial and prime office landlord »Our international strategy must reflect sector focus »We look for assets and platforms in sectors where our expertise creates a genuine competitive advantage 3. Platform scalability Can we build a business there, not just buy a building? »We are not interested in one-off 'trophy' assets »We invest to create scalable, in- country platforms with their own management teams, funding lines, and networks »Scale is the only way to achieve true efficiency and drive alpha 4. Jurisdictional quality & macro-tailwinds Are we investing in a market with a future? »We look for stable, transparent and investor friendly legal and tax regimes »We look for markets with 'macro- tailwinds’, strong GDP, price stability and attractive supply/demand fundamentals 5. Partner alignment Do we have best-in-class partners on the ground? »We have built best in class expertise by backing best in class management teams as partners into regions (CEE, Aus, C&R) »Our model requires aligned teams who manage the assets as if they were their own »This is our non-negotiable risk mitigant Growthpoint invests internationally where we have control, scale, and a platform for growth We will look to restructure or dispose of investments that do not meet our key strategic requirements
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7Growthpoint Capital Markets Day 2025 What does this look like in our business today? » We are not passive collectors of international assets, we are active managers of capital » We have the discipline to exit markets and assets (even legacy positions) that no longer clear our 5-pillar investment lens » This isn't just theory, we are actively monetising non-core, low-growth, or capital-intensive assets and redeploying that capital into our high-growth, high-return platforms » It is about selling 'good' assets to buy 'great' ones that better fit our mandate THE STRATEGY “WRAP-UP” OVERVIEW OF INTERNATIONAL STRATEGY – PANICO THEOCHARIDES, GROUP: HEAD OF INVESTMENTS Active capital recycling and portfolio simplification Divest non-core assets Strengthen balance sheet Deploy into core platforms Drive accretive returns Re-evaluate investments
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Capital Markets Day – 27 November 2025 03 WHERE ARE WE NOW Botanicca Corporate Park, Melbourne, Victoria OVERVIEW OF INTERNATIONAL STRATEGY – PANICO THEOCHARIDES, GROUP: HEAD OF INVESTMENTS
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9Growthpoint Capital Markets Day 2025 9Growthpoint Capital Markets Day 2025 GROWTHPOINT’S GEOGRAPHIC ASSESSMENT Source: IMF OVERVIEW OF INTERNATIONAL STRATEGY – PANICO THEOCHARIDES, GROUP: HEAD OF INVESTMENTS Key economic indicators assessed by Growthpoint Target Economic growth prospects Price stability Fiscal sustainability Low unemployment Historic GDP growth (10y average pa) Forecast GDP growth (5y average pa) Historic inflation (10y average pa) Forecast inflation (5y average pa) Debt-to-GDP (current %) Unemployment rate (current %) 1.4% 1.4% 101% <1% 1.5% 2.3% 2.1% 2.8% 2.7% 50% 4.0% 3.7% 2.9% 4.5% 2.6% 55% 2.9% 3.3% 2.2% 4.9% 4.4% 55% 5.4% 3.1% 2.3% 4.3% 4.9% 3.3% 77% 33% >2% >2% <5% <5% <75% <10%
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10Growthpoint Capital Markets Day 2025 10Growthpoint Capital Markets Day 2025 GOZ INVESTMENT OVERVIEW OVERVIEW OF INTERNATIONAL STRATEGY – PANICO THEOCHARIDES, GROUP: HEAD OF INVESTMENTS A high-quality investment with upside potential Investment highlights »Robust portfolio: A$4.1bn (direct portfolio) and A$1.4bn AUM, with A$328m new AUM added in FY2025 »Long WALE: 5.6 years vs 10y average of 5.9 years, underpinning sustainable income growth »Strong Occupancy: 94% vs 10y average of 96% »Prudent property valuations: 6.7% WACR, the highest since 2016, indicating valuation stability »Strong sustainability credentials: Achieved Net Zero Target (Scope 1 & 2) on 1 July 2025 »Capital recycling: A$220m in FY25 (including GALP) Investment rationale »Robust Australian economy with stable economic growth, underpinned by skilled population growth »High-quality Prime office and industrial assets with long WALE and stable occupancy (81% Government and Listed tenants) »Leading market positions in fringe CBD office and a blue-chip tenant base in industrial »Strong local management team, newly constituted and driving a refreshed strategy »Platform for growth via funds management and co-investment partnerships (A$26m further GALP acquisition + Macquarie Park Trust) Strategic outlook »FY26 guidance: FFO of 22.8–23.6 cps; distribution of 18.4 cps »Industrial market remains robust, office market showing signs of recovery »Continued growth in funds management and capital partnerships (GALP , GCOT and GMPT) »Well positioned to benefit from Australia’s interest rate easing cycle, with inflation at c.3% back within the RBA’s target range of 2% to 3% 23.2% Offshore GAV 20.4% Offshore DIPS
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11Growthpoint Capital Markets Day 2025 Valuations have stabilised with potential upside in a rate cutting cycle GOZ VALUATION OVERVIEW OVERVIEW OF INTERNATIONAL STRATEGY – PANICO THEOCHARIDES, GROUP: HEAD OF INVESTMENTS GOZ Valuation history 2.8 3.3 3.3 4.0 4.2 4.5 5.1 4.8 4.4 4.1 6.9% 6.5% 6.2% 5.9% 5.7% 5.3% 5.0% 5.3% 6.3% 6.7% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 0 1 2 3 4 5 6 7 8 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 GAV (A$b) WACR (%) 63% Contribution to 2025 GAV 7.0% 2025 WACR 27% Contribution to 2025 GAV 6.1% 2025 WACR Office: Industrial: A$220m Property disposals
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12Growthpoint Capital Markets Day 2025 12Growthpoint Capital Markets Day 2025 GWI INVESTMENT OVERVIEW OVERVIEW OF INTERNATIONAL STRATEGY – PANICO THEOCHARIDES, GROUP: HEAD OF INVESTMENTS Strategic exposure to high-growth CEE markets through dominant office platforms Investment highlights »Robust portfolio: €1.2bn of prime office properties in Bucharest and ~€0.6bn of prime office properties in Warsaw and ~€0.8bn of high- quality properties in key regional Polish cities »Strong WALE: 5.2 year Romanian WALE and 3.7 year Polish WALE »Occupancy: Strong Occupancy in Romania (95%) and Warsaw (90%), upside in Regional Poland (71%) »Prudent property valuations: 6.6% NIY in Romania, up 100bps over the last 2 years and 5.6% NIY in Poland, up 90bps over the last 2 years Investment rationale »Strong economic prospects with both Poland and Romania GDP growth (>2%) expected to outperform the EU »Leading office investor in Romania and Poland with scale »Focused on prime CBD locations with ~12% market share in the Bucharest office market »Attractive yield spread of 110bps for the combined GWI portfolio (NIY) over a 4.9% WACD, providing a strong income underpin »Platform has stabilised with LTV down to 38.0% and large cash holdings available Strategic outlook »Growthpoint is focused on GWI’s capital structure optimization and is exploring restructuring options to unlock shareholder value »Improving leasing dynamics: Warsaw recovery underway with occupancy up to 90% at H1 2025 from a low of 77% at the end of 2022; regional Poland has stabilized at 71% occupancy with upside potential »Reducing tenant acquisition costs with Poland reducing from a high of 33.4% in 2021 to 25.2% for H1 2025 and Romania reducing from a high of 23.9% in 2023 to 21% for FY2024 »Positioned to benefit from easing interest rates with the ECB having cut rates by 175bps from the 2024 high of 3.75% 12.2% Offshore GAV 5.1% Offshore DIPS
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Capital Markets Day – 27 November 2025 04 THE WAY FORWARD OVERVIEW OF INTERNATIONAL STRATEGY – PANICO THEOCHARIDES, GROUP: HEAD OF INVESTMENTS Globalworth Square, Bucharest, Romania
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14Growthpoint Capital Markets Day 2025 14Growthpoint Capital Markets Day 2025 Value creation buckets Current property yield 9% 7% 6% Target property yield 9% 7% 6.5% NAV We view NAV as a reference point but are more focused on total returns Gearing threshold 40% 40% 40% Focus Improve quality Grow fund mgmnt. business Align interest Risk Med Low Higher FINANCIAL MANDATE AND TARGET RETURNS OVERVIEW OF INTERNATIONAL STRATEGY – PANICO THEOCHARIDES, GROUP: HEAD OF INVESTMENTS All new international investments must meet the financial mandate Returns are non-negotiable Must be value enhancing »We are targeting at least a 200–250 basis point spread over our cost of equity per jurisdiction Capital recycling Balance sheet first »We will use recycled capital first »Our goal is to reduce our Group look-through LTV, enhancing our flexibility and resilience Fixing the total return Return focused growth »Our primary goal is to drive our international total return above our cost of capital »This is how we prove we are creating value, not just growing for growth's sake GOZ GWI ~8.9% Cost of equity in local currency (A$) ~8.8% Cost of equity in local currency (€) Key focus areas include Growth in hard-currency DIPS | Growing spread between our total return & our cost of capital | Continued portfolio optimisation
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15Growthpoint Capital Markets Day 2025 15Growthpoint Capital Markets Day 2025 Investment / divestment decision CLEAN PLATFORM THAT SEES A DEPTH OF OPPORTUNITIES OVERVIEW OF INTERNATIONAL STRATEGY – PANICO THEOCHARIDES, GROUP: HEAD OF INVESTMENTS We have a strong process in place that ensures a track record of consistency Selection Capital allocation Initial deal screening Due diligence I Due diligence II Execution Board Deal Forum Best in class management teams Sector specialist teams Property and development expertise Property and Investment Committee Growth Defensive Non-core Active portfolio management Asset base composition Continued recycling of non- core SA assets Optimisation of base core portfolio in SA and GOZ Redeployment focused on key growth areas Focus on where we have a “right to win”, via our established platforms and high conviction opportunities Our management partnership philosophy mitigates meaningful geographic risk, particularly alongside third-party capital providers A disciplined and cautious approach to opportunities in new markets and verticals
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Capital Markets Day – 27 November 2025 THANK YOU OVERVIEW OF INTERNATIONAL STRATEGY – PANICO THEOCHARIDES, GROUP: HEAD OF INVESTMENTS Globalworth Tower, Bucharest, Romania
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Capital Markets Day – 27 November 2025 IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE Neil Schloss, Head of Asset Management The Sandton Precinct, Johannesburg
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2Growthpoint Capital Markets Day 2025 2Growthpoint Capital Markets Day 2025 The Annex, Sandton, Johannesburg RSA INVESTMENT PORTFOLIO: STRATEGY IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT » Own a high-quality diversified portfolio of retail, office and industrial properties » Moderate to low-risk appetite » Own properties mainly in Gauteng, KwaZulu Natal and Western Cape – however , will continue to own (in the short to medium term) specific properties in Northwest and Eastern Cape » High quality properties, receiving regular required maintenance, operational and sustainability capex to retain the quality and relevance of the properties with a focus on precincts » Portfolios comprise properties in defined nodes that deliver sustainable NPI growth and valuation growth – i.e acceptable total returns that meet and exceed our WACC » Active asset management to optimize and recycle the portfolios through disposals, acquisitions, development of new properties and redevelopment and extensions of existing properties including sustainability initiatives » Land banking – minimal » Bring existing land to account » Remain opportunistic within the risk framework and in line with our defined investment hurdle rates of return » Rotate all three sectors to improved quality assets with focus on industrial logistics » Aim for a sector split of 35% Office, 25% Industrial, 40% Retail – focus on growing nodes, particularly the Western Cape » Leverage off our Trading and Development team
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3Growthpoint Capital Markets Day 2025 3 Levers for quality and growth IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT 1. Disposals 2. Acquisitions 3. New developments 4. Redevelopments and extensions 5. Operational efficiencies
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4Growthpoint Capital Markets Day 2025 471 467 471 454 440 430 419 387 362 345 32171,612 73,752 76,906 78,634 75,678 69,858 64,930 62,664 63,650 65,553 66,093 13,187 13,480 14,183 14,462 14,140 12,983 12,111 12,326 13,108 13,589 14,749 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 0 50 100 150 200 250 300 350 400 450 500 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Number of Properties Value (R'000) Value/m² (R) RSA investment portfolio QUALITY DRIVING VALUE IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT
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5Growthpoint Capital Markets Day 2025 Sectorial split - FY15 46% 39% 15% 40% 39% 20% 1% 35% 40% 25% Sectorial split – FY25 Target sectorial weighting – FY30 RSA SECTORAL WEIGHTING EVOLVING IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT RetailOffice Logistics & Industrial Trading & Development
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6Growthpoint Capital Markets Day 2025 115 607 629 118 164 16 627 351 491 947 430 887 1131 561 2200 322 480 267 91 406 12776 242 223 345 308 96 300 696 539 327 968 266 621 1129 1961 1535 2626 582 316 1803 1157 909 2321 3500 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Q1 FY26 Retail Office Logistics & Industrial Total Disposals 2015 – 2025 (Rbn) DISPOSALS IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT Rbn
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7Growthpoint Capital Markets Day 2025* Includes defensive capex 352 549 504 403 509 394 180 232 398 474 640 1,003 1,302 1,160 1,065 1,250 707 512 303 603 679 484 530 543 473 680 608 380 144 220 379 474 327 336 445 175 88 142 161 179 1,885 2,394 2,137 2,148 2,703 1,925 1,011 943 1,522 2,128 1,625 5,392 0 1,000 2,000 3,000 4,000 5,000 6,000 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26+ Retail Office Industrial T&D Total RSA development capex 2015 – 2025 (Rbn) RSA DEVELOPMENTS AND CAPEX * IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT Rbn
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8Growthpoint Capital Markets Day 2025* Includes projects spanning multiple years RSA approved dev capex (Sector) * 28.0% 31.0% 42.0% 30.0% 25.0% 38.0% 7.0% 8% 48% 29% 10% 5% RSA approved development capex (Region)* RSA approved development capex (Type)* Approved development capex split as at FY26 (R3.0bn) RSA INVESTMENT PORTFOLIO IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT RetailOffice Logistics & Industrial Gauteng Western CapeKwaZulu-Natal Eastern Cape DevCompleted Redev Refurb & ext Solar PV
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9Growthpoint Capital Markets Day 2025* Projects for development profit and fees ** Projects for development fees 24% 25% 51% 16% 60% 24% 0% 10% 20% 30% 40% 50% 60% 70% Completed Industrial Residential Completed GSAH GHPH Approved as at 30 September 2025 TRADING AND DEVELOPMENT FOR 3RD PARTY IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT Projects (R1.1bn)* GIP (R1.3bn)**
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Capital Markets Day – 27 November 2025 SELECT DEVELOPMENT PROJECTS Canopy by Hilton Longkloof, Gardens, Cape Town IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT
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11Growthpoint Capital Markets Day 2025 Development update GLA 11 560m² Total development cost R262 643 000 Commencement date Feb 2026 Completion date Oct 2026 Paarl PAARL MALL: RETAIL IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT
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12Growthpoint Capital Markets Day 2025 Development update GLA 12 836m² Total development cost R535 227 000 Commencement date - actual 17 Jul 2024 Anticipated practical completion date 30 Nov 2025 Net Zero Carbon Foreshore, Cape Town 36 HANS STRIJDOM (NINETY-ONE): OFFICE IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT
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13Growthpoint Capital Markets Day 2025 Development update GLA 10 573m² Total development cost R276 016 000 Commencement date - actual 21 Jan 2026 Approved practical completion date 2 Nov 2026 Pre-let GLA of 8 500m² on a 10-year lease SDP and building plans to be approved – submitted to Council early November Cornubia, Durban 199 UMHLANGA RIDGE BOULEVARD: OFFICE IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT
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14Growthpoint Capital Markets Day 2025 Development update GLA 10 760m² GBA incl.basement parking 17 403m² Total development cost R640 774 062 Commencement date - actual 4 Sep 2023 Completion date - actual 20 Dec 2024 Open 24 Jan 2025 Keys completed 154 Most recent addition to the Longkloof Precinct Longkloof, Cape Town HILTON CANOPY: HOTEL IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT
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15Growthpoint Capital Markets Day 2025 Development update Area from Ninety One to CTICC JV with Southern Sun Mixed use precinct Existing buildings Includes Site B and Wharf Street development sites Foreshore, Cape Town CAPE TOWN FORESHORE (SITE B & WHARF SITE): MIXED USE IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT
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16Growthpoint Capital Markets Day 2025* Incl shared services cost for earthworks, services and gatehouse Development update GLA 11 137m² Total development cost* R198 747107 Commencement date - construction 8 Oct 2025 Practical completion date 27 Feb 2026 Marketing – Press release, online portal, and Noka Website are all live Riverfields, Johannesburg NOKA PARK: LOGISTICS IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT
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17Growthpoint Capital Markets Day 2025 Development update GLA 35 729 m² Total development cost R391 793 000 Site will be acquired from Fundamentum for a 36 000m² industrial development Commencement date Feb 2026 Approved practical completion date Dec 2026 Units vary in size from 3 000m² - 5 600m² in a secure park Units will have dock levellers and FM2 floors with stacking height up to 11m Cornubia, Durban CORNUBIA INDUSTRIAL PARK: LOGISTICS IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT
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18Growthpoint Capital Markets Day 2025 Development update GLA 38 615m² Commencement date - anticipated Mar 2026 Completion date Oct 2027 Montague Gardens, Cape Town NDLOVU LOGISTICS PARK: LOGISTICS IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT
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19Growthpoint Capital Markets Day 2025 Development update GLA 33 657m² Total development cost R546 600 000 New residential development Bankable sales 73% reached for Tower 1 Podium with two towers, Pantry and Marble restaurant Bulk excavations and lateral support contract start date Nov 2025 Main Contract start date Jan 2026 Anticipated PC date Feb 2028 Earn development fees and development profit Sandton, Johannesburg OLYMPUS RESIDENTIAL DEVELOPMENT: RESIDENTIAL IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT
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20Growthpoint Capital Markets Day 2025 Development update Total development cost (Phase 1) R 8.1 billion Anticipated bulk earthworks construction commencement Sep 2026 EIA approved 31 Oct 2025 New masterplan Q3 2026 EPC contract commencement Q3 2026 Operational Q4 2028 Co-ownership, asset management, development management and property management Durbanville Cape Town CAPE WINELANDS AIRPORT: MIXED USE IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT
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Capital Markets Day – 27 November 2025 THANK YOU The Sandton Precinct, Johannesburg IMPROVING THE QUALITY OF OUR DOMESTIC PORTFOLIO FOR LONG-TERM VALUE - NEIL SCHLOSS, HEAD OF ASSET MANAGEMENT
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Capital Markets Day – 27 November 2025 FUNDING OUR GROWTH AMBITIONS Aasha Patel, Group Treasurer The Place, Sandton, Johannesburg
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2Growthpoint Capital Markets Day 2025 Q1’26 FY25 Debt quantum (Rbn) 37.8 39.1 Unutilised committed facilities (Rbn) 5.7 4.7 Weighted average term of liabilities (years) 3.8 3.8 Weighted average term of fixed interest rate profile (incl FX instruments) (years) 1.5 1.6 Weighted average interest rate (excl FX instruments) (%) 8.6 8.9 Weighted average interest rate (incl FX instruments) (%) 6.8 6.9 Direct debt hedging (%) 74.6 72.7 Synthetic debt hedging (%) 54.8 69.7 Q1’26 debt reduced further by R1.3bn predominantly through the disposal of NRR and other strategic property disposals, creating capacity for new projects and opportunities TREASURY UPDATE FUNDING OUR GROWTH AMBITIONS – AASHA PATEL, GROUP TREASURER
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3Growthpoint Capital Markets Day 2025 39,889 40,395 39,067 37,765 36,000 36,500 37,000 37,500 38,000 38,500 39,000 39,500 40,000 40,500 41,000 FY23 FY24 FY25 Q1'26 Refinanced approx. R5.2bn in debt over the last few months – banks and investor market remain supportive and significant appetite for Growthpoint debt Rm Consistent reduction since the peak in FY24 to manage LTV and ICR ratios SA DEBT FUNDING OUR GROWTH AMBITIONS – AASHA PATEL, GROUP TREASURER
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4Growthpoint Capital Markets Day 2025 32.9% 34.6% 33.6% 3.3x 2.8x 2.9x FY23 FY24 FY25 LTV Interest cover ratio South Africa (Incl GIP) 40.1% 42.3% 40.1% 2.9x 2.4x 2.5x FY23 FY24 FY25 LTV Interest cover ratio Group Ratios well within covenants with sufficient capacity to manage new funding requirements LTV & ICR FUNDING OUR GROWTH AMBITIONS – AASHA PATEL, GROUP TREASURER 1) All LTVs calculated according to the 2nd edition of the SA REIT BPR. 2) GOZ disclosed gearing is 39.7%. 3) C&R was sold during FY25 4) South Africa excluding GIP 34.5% (FY24: 35.4%).
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5Growthpoint Capital Markets Day 2025 187 183 159 131 140 229 173 161 145 127 200 170 162 150 155 128 - 118 100 199 155 139 130 120 170 157 - - 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2022 2023 2024 2025 Rest of Market Growthpoint Weighted average listed bond spreads Demand for high quality assets – credit spreads largely improving & at historically low levels DEBT MARKET FUNDING OUR GROWTH AMBITIONS – AASHA PATEL, GROUP TREASURER 3 year 5 year 7 year
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Capital Markets Day – 27 November 2025 INTEREST RATE RISK Canopy by Hilton Longkloof, Gardens, Cape Town FUNDING OUR GROWTH AMBITIONS – AASHA PATEL, GROUP TREASURER
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7Growthpoint Capital Markets Day 2025 2,150 2,250 1,700 1,300 2,500 1,000 950 7.49 6.06 6.77 7.38 7.18 7.33 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 0 500 1,000 1,500 2,000 2,500 3,000 3,500 H1 FY26 H2 FY26 H1 FY27 H2 FY27 H1 FY28 H2 FY28 ZAR IRS swaps ZAR caps Weighted average fixed interest rate (excl caps) » To date R900m of IRS at a weighted average rate of 7.8% and R700m of caps at a strike rate of 8% matured » R3.5bn in IRS at a weighted average rate of 6.5% and a R250m cap with a strike rate of 8% will mature during FY26 » We executed R500m - 3year IRS at a weighted average rate of 7% As at FY25 ZAR FIXED INTEREST RATE EXPIRY PROFILE FUNDING OUR GROWTH AMBITIONS – AASHA PATEL, GROUP TREASURER Rm
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8Growthpoint Capital Markets Day 2025 0% 2% 4% 6% 8% 10% 12% 14% Nov-00 May-01 Nov-01 May-02 Nov-02 May-03 Nov-03 May-04 Nov-04 May-05 Nov-05 May-06 Nov-06 May-07 Nov-07 May-08 Nov-08 May-09 Nov-09 May-10 Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22 May-23 Nov-23 May-24 Nov-24 May-25 Nov-25 ZAR Market monitoring, scenario analysis and product research allows us to manage risk and hedge effectively DYNAMIC AND FLEXIBLE 3-YEAR HEDGING FUNDING OUR GROWTH AMBITIONS – AASHA PATEL, GROUP TREASURER
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9Growthpoint Capital Markets Day 2025 90 50 150 206 90 50 60 174 100 1.59 0.82 4.85 4.23 4.06 1.45 0.0 1.0 2.0 3.0 4.0 5.0 6.0 0 50 100 150 200 250 300 H1 FY26 H2 FY26 H1 FY27 H2 FY27 H1 FY28 H2 FY28 Fixed AUD Floating AUD Weighted average fixed interest rate (excl floating rate). » To date AUD90m fixed rate CCIRS matured at a weighted average rate of 1.6% and AUD60m of floating rate CCIRS also matured » Liquidity top up of R53.3m required » AUD50m CCIRS at a fixed rate of 0.8% will mature in H2FY26. » Liquidity top up of R43m estimated at a rate of AUDZAR11.46 As at FY25 ZAR/AUD CCIRS EXPIRY PROFILE FUNDING OUR GROWTH AMBITIONS – AASHA PATEL, GROUP TREASURER A$m Rate
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10Growthpoint Capital Markets Day 2025 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% Nov-00 May-01 Nov-01 May-02 Nov-02 May-03 Nov-03 May-04 Nov-04 May-05 Nov-05 May-06 Nov-06 May-07 Nov-07 May-08 Nov-08 May-09 Nov-09 May-10 Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22 May-23 Nov-23 May-24 Nov-24 May-25 Nov-25 AUD Uncertain AUD interest rate environment, assessing our options given current market conditions AUD 3-YEAR HEDGING RATIOS FUNDING OUR GROWTH AMBITIONS – AASHA PATEL, GROUP TREASURER
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11Growthpoint Capital Markets Day 2025 11 EXAMPLES OF ALTERNATIVE HEDGING PRODUCTS CONSIDERED FUNDING OUR GROWTH AMBITIONS – AASHA PATEL, GROUP TREASURER Caps IRS Zero cost collars Funded cap spreads Hedging products
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Capital Markets Day – 27 November 2025 FOREIGN EXCHANGE RISK Canopy by Hilton Longkloof, Gardens, Cape Town FUNDING OUR GROWTH AMBITIONS – AASHA PATEL, GROUP TREASURER
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13Growthpoint Capital Markets Day 2025 Investment Currency Assets at NAV (m) Market value of investment (m) Total cost of investment (m) FX Debt (m) CCIRS (m) FX LTV based on NAV Interest rate FX Interest cover % FY26 dividends hedged Average Income FX hedge rate GOZ AUD A$1 530 A$1 118 A$1 087 - A$970 63% 5.2% 2.1 72.0% 12.2 GWI EUR €451 €204 €586 €3264 - 72% 4.2% 0.9 ¹ n/a 2 n/a Lango USD $62 n/a $80 - $60 97% 5.4% - 3 n/a ² n/a As at FY25 FUNDING OF FOREIGN INVESTMENTS FUNDING OUR GROWTH AMBITIONS – AASHA PATEL, GROUP TREASURER 1) Potential scrip dividend, no income hedges required. 2) No FEC’s taken out as of 30 June 2025. 3) Dividend not hedged due to uncertainty regarding timing of receipt. 4) Since FY25 - EUR45m loan was repaid and replaced with a 3-year floating rate EUR45m CCIRS
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Capital Markets Day – 27 November 2025 THANK YOU The Place, Sandton, Johannesburg FUNDING OUR GROWTH AMBITIONS – AASHA PATEL, GROUP TREASURER
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Capital Markets Day – 27 November 2025 Emerging new asset classes: Healthcare & purpose-built student accommodation George Muchanya, Head of Growthpoint Investment Partners & Amogelang Mocumi, Fund Manager: Student Accommodation Peak Studios, Observatory, Cape Town
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Capital Markets Day – 27 November 2025 01 GROWTHPOINT INVESTMENT PARTNERS Fountains View, CBD, Pretoria EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION
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3Growthpoint Capital Markets Day 2025 3Growthpoint Capital Markets Day 2025 OUR HISTORY EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION Leading unlisted real estate fund manager in South Africa established in 2016 2018 »Reaches first close for GIAP »Launches Growthpoint Healthcare Property Holdings (“GHPH”) 2020 »GIAP rebrands to Lango Real Estate 2021 »Launches Growthpoint Student Accommodation Holdings (“GSAH”) »Reaches first close for GSAH 2022 »Formally rebrands the fund management business as Growthpoint Investment Partners (“GIP”) »Sets up dedicated team to exclusively manage GIP , e.g., finance, company sec 2016 »Growthpoint Properties establishes Fund Management business »Launches Growthpoint Investec Africa Properties (“GIAP”)
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4Growthpoint Capital Markets Day 2025 2.5 2.6 2.6 2.7 5.3 6.6 7.3 8.4 10.9 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Dec 25 Growth in assets under management GROWTH IN GIP’S BUSINESS EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION GIP GAV growth - Rbn GHPH GSAH Investment mandate Invests in healthcare facilities that require a license to operate Acquisition or development of Purpose-Built Student Accommodation (“PBSA”) Launched 1 May 2018 1 December 2021 GAV R6.6bn R4.2bn Portfolio focus Healthcare and Senior Living properties PBSA No. of properties 14 15 No. of beds 1 090 10 300 Regional exposure Gauteng, Western Cape & KwaZulu Natal Gauteng, Western Cape & KwaZulu Natal Target return 13% -16% 13% -16% Total return 72.5% 34.8% IRR 11.0% 9.4% Capital raising No Yes
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Capital Markets Day – 27 November 2025 02 HEALTHCARE REIT Fountains View, CBD, Pretoria EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION
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6Growthpoint Capital Markets Day 2025 6Growthpoint Capital Markets Day 2025 INVESTMENT MANDATE EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION The investment mandate of the Company allows it to invest in: Acute multidisciplinary hospitals »Southern Africa »Facilities that require a licence to operate »Recently the mandate was expanded to include Senior Living Day hospitals Specialist hospitals/ clinics e.g., sub- acute, mental health, primary healthcare Laboratories/ pathology Biotechnology warehousing, logistics and manufacturing facilities Senior living
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7Growthpoint Capital Markets Day 2025 7Growthpoint Capital Markets Day 2025 STRONG SECTOR FUNDAMENTALS EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION High barrier to entry »The development of hospitals or high-tech healthcare facilities needs a licensing from the Department of Health and the fit out of the facility requires large capital injection Low risk of above inflation administered cost escalations »Most of the leases are triple net leases and the tenants carry the risk of the municipal cost escalations SA is a medical tourist destination »SA hospitals attract patients from other African countries and SA expats living in countries with universal healthcare Less susceptible to online disruptions »Patients prefer face to face consultations over telephonic or online consultations. Structural demand/supply imbalance »SA has a low number of beds per capita and the failure of public sector healthcare facilities is increasing demand. »Increased instances of diseases and sustained birth rates will ensure continued future utilisation
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8Growthpoint Capital Markets Day 2025 8Growthpoint Capital Markets Day 2025 OPTIMAL STRUCTURE EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION »Dividends paid 6 monthly and underpinned by long, escalating leases »REIT status, thus ensuring income pass-though for pension funds »Capital deployed into income producing assets, thus avoiding J- Curve »Investment into “real assets” and reducing volatility in returns »Guaranteed investor liquidity through a JSE listing, after R10 billion in assets or after 7th anniversary »Strong governance oversight framework
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9Growthpoint Capital Markets Day 2025 9Growthpoint Capital Markets Day 2025 Woodside Village, Cape Town SENIOR LIVING INVESTMENT CASE EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION Why senior living? » Attractive sector fundamentals - South Africa’s aging population drives demand for quality senior care » Defensive income profile similar to GHPH’s existing assets » Provides “alpha” to the predictable GHPH income » Accelerates GHPH’s growth and achievement of investment target Auria? » Reputable and established brand & team allowing GHPH to scale the platform sooner & moves the needle for GHPH » Scalable platform – Auria’s development pipeline offers national growth potential and supports GHPH’s strategy to dominate premium senior living in South Africa » Competitive advantage - the acquisition secures GHPH’s leadership in a fast-evolving market, unlocking long-term value & market differentiation » Improves GHPH’s diversification and dilutes exposure to Busamed & Cintocare
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10Growthpoint Capital Markets Day 2025 10Growthpoint Capital Markets Day 2025 OVERVIEW OF EXISTING COMMUNITIES 1. These care units are not owned by Auria EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION Strong demand for Auria’s upmarket property offering that is strategically positioned in affluent areas in the largest metros 213 Units 78 Care Centre beds 1 71 Units 14 Planned Care Centre Melrose Manor 2 122 Units 21 Care Centre Royal View 3 239 Units (Planned) 37 Care Centre (Planned) 4 5 207 Units 45 Care Centre1 S San Sereno M R C Coral Cove W Woodside Rondebosch Salt Rock Melrose Sandringham Bryanston 5 4 3 21 1. Bryanston – total community size (m2) Total building size 35 182 Garden villas 23 433 Apartments 3 178 Assisted living/ Frail care 4 943 Communal facilities 2 273 Other areas 1 355 Avg Life Right sale price per m2 – Apartments R31 855 Avg Life Right sale price per m2 – Garden Villas R36 474 Property valuation at Dec 2024 R803m 2. Melrose – total community size (m2) Total building size 7 567 Garden villas - Apartments 5 165 Assisted living/ Frail care - Communal facilities 1 895 Other areas 507 Avg Life Right sale price per m2 – Apartments R37 326 Property valuation at Dec 2024 R210m 3. Sandringham – total community size (m2) Total building size 17 412 Garden villas - Apartments 13 711 Assisted living/ Frail care 1 525 Communal facilities 938 Other areas 1 238 Avg Life Right sale price per m2 – Apartments R33 966 Property valuation at Dec 2024 R408m 4. Salt Rock – total community size (m2) » 64% of phase 1 sold / 32% of phase 1b sold (updated as progressed) » Presales currently total R395m across phase 1a and 1b » Total GLA c. 36k m², average resident age of 77 & 239 total units to be developed 5. Rondebosch – total community size (m2) Total building size 30 589 Garden villas 21 614 Apartments 5 209 Assisted living/ Frail care 0 Communal facilities 1 927 Other areas 1 839 Avg Life Right sale price per m2 – Apartments R44 760 Avg Life Right sale price per m2 – Garden Villas R42 708 Property valuation at Dec 2024 R730m
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11Growthpoint Capital Markets Day 2025 2 469 2 626 2 620 2 779 3 385 3 633 4 036 6 206 14017 -62 56 -37 2 194 87 3 516 104 144 297 106 170 2,000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 5 500 6 000 6 500 Property value Revaluation Capex + interest Property value Revaluation Capex + interest Property value Revaluation Capex + interest Acquisition Property value Revaluation Capex + interest Acquisition Property value Revaluation Capex + interest Acquisition Property value Revaluation Capex + interest Acquisition Property value Revaluation Capex + interest Acquisition Property value Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25 Portfolio value (Rm) Current GAV including the Auria acquisition is R6 200 million Growth achieved through: » Capex spend (Hillcrest expansion) » Revaluations » Acquisitions (Paardevlei, Cintocare, Adcock Ingram, Johannesburg Eye and Auria) GHPH’s target was to grow to c.R10 billion within 7 years, but where are we now? PORTFOLIO GROWTH TRAJECTORY EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION Property portfolio value Acquisitions Revaluations Capex & interest
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12Growthpoint Capital Markets Day 2025 17.7 17.7 13.4 13.4 6.7 7.6 25.2 5.8 8.0 14.1 0 5 10 15 20 25 30 N1 Hospital N1 Chambers Hillcrest Gateway Louis Leipoldt Paardevlei Cintocare Adcock Ingram JHB Eye Average Lease expiry (years) » Weighted average lease tenure is 14.1 years – Netcare N1 City Hospital & Medical Chambers leases were renewed in 2023, both with new 20-year leases » Mediclinic Louis Leipoldt Hospital lease renewed in June 2025 for a further 7 years » Busamed Hillcrest and Gateway Hospital leases were renewed in 2024, both with new 15-year leases » Long dated leases are accompanied by good escalations with the portfolio having weighted average in force escalations of 6.2% PORTFOLIO SUMMARY EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION Tenant exposure as a % of GAV 8.0% 24.3% 6.4% 6.5% 1.7%1.3%3.3% 48.5% Netcare Busamed Med-Clinic Cintocare Adcock Jhb Eye Pipeline Auria
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13Growthpoint Capital Markets Day 2025 35.30 37.95 45.61 43.86 46.93 43.75 40.85 37.93 39.50 40.80 49.02 53.57 54.07 43.61 73.23 77.45 86.41 92.88 100.50 97.82 84.46 2019 2020 2021 2022 2023 2024 2025 Interim dividend Final dividend Total dividend Distribution per share (DPS) » GHPH has been able to grow distributions per share through the COVID-19 pandemic » Delivered 83% total return in 6 years since inception - 61% in cash through distributions - 22% in capital growth » GHPH has also been able to outperform inflation, and Growthpoint’s traditional asset classes of retail, industrial and office over the period, highlighting the resilience, and defensive nature of the asset class PORTFOLIO PERFORMANCE EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION 73.23 77.45 86.41 92.88 100.50 97.82 84.46 612.75 10.02 10.57 10.31 10.17 10.45 10.72 11.65 12.26 7.5 8.5 9.5 10.5 11.5 12.5 -50 50 150 250 350 450 550 650 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25 Total NAV per share (Rand) Distribution (cents) Distributions NAV/Share (ex div)
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14Growthpoint Capital Markets Day 2025 Direct property performance Defensive asset class » Long leases » Embedded escalation NEW SLIDE TITLE [PERFORMANCE RELATIVE TO OTHER ASSET CLASSES] EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION Source: MSCI -5% 0% 5% 10% 15% 20% 2019 2020 2021 2022 2023 2024 2025 All Property Retail Office Industrial GHPH Inflation
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Capital Markets Day – 27 November 2025 03 STUDENT ACCOMODATION REIT Fountains View, CBD, Pretoria EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION
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16Growthpoint Capital Markets Day 2025 1,985 2,700 3,500 4,1004,200 7,700 Dec21 Dec22 Dec23 Dec24 Dec25 26-29 Gross Asset Value (Rm) » Secured R1.3bn in equity post first close, including R425m raised in the previous financial year » Added R2.8bn in assets to the portfolio since inception, representing 5 300 student beds » Gained strong traction in capital raising, driven by improved property fundamentals and increased investor understanding of the Purpose-Built Student Accommodation (PBSA) sector » On track to raise at least R1bn in equity to fund the development pipeline scheduled for 2026 to 2028 STRONG GROWTH TRAJECTORY EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION 1,450 1,700 2,040 2,330 2,755 3,800 Dec21 Dec22 Dec23 Dec24 Dec25 26-29 Equity raise (Rm) 5,000 6,500 8,800 10,300 10,300 18,300 Dec21 Dec22 Dec23 Dec24 Dec25 26-29 Number of beds
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17Growthpoint Capital Markets Day 2025 22% 22% 5% 51% Wits UJ UCT UP University exposure by number of beds -2025 » The portfolio continues to diversify with the addition of new assets across multiple universities » While exposure to the University of Pretoria remains significant, it is steadily declining as the portfolio expands » We aim to grow our footprint in the Western Cape; however , progress is limited by a shortage of viable development opportunities and inflated pricing expectations from potential sellers DIVERSIFIED PORTFOLIO EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION 20% 34% 46% Bursary Private NSFAS Tenant mix-2025 30% 31% 26% 9% 4% 1st yr 2nd yr 3rd yr 4th yr >4th yr Year of study-2025
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18Growthpoint Capital Markets Day 2025 36% 64% NSFAS Private & bursary Tenant profile by revenue -2025 » Portfolio arrears remain well contained, totalling R1.5m for accounts overdue by more than 30 days » The majority of arrears stem from structured payment arrangements with bursary providers, timing of university payment cycles, and students who have been defunded » NSFAS-linked revenue currently accounts for 36% of the portfolio and continues to demonstrate strong payment performance, with the lowest arrears across all funding sources TENANT PROFILE BY REVENUE AND ARREARS EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION 91% 74% 55% 61% 9% 15% 20% 17% 11% 24% 22% 120+ days 90 days 60 days 30 days Bursary NSFAS Private R380k R190k R310k R620k > 30 days tenant age analysis
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19Growthpoint Capital Markets Day 2025 95% 98% 94% 98% 97% 2021 2022 2023 2024 2025 » Portfolio occupancies remain robust, even with the addition of new supply both within the portfolio and across our operating markets » Hatfield Studios has shown a strong recovery following its 2023 downturn » Brooklyn Studios experienced pressure due to increased supply in the Brooklyn, Pretoria node, while Arteria Parktown’s performance was affected by the timing of its completion OCCUPANCIES EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION
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20Growthpoint Capital Markets Day 2025 5,000 5,200 5,600 5,500 6,200 6,550 4% 8% -2% 13% 6% -5% 0% 5% 10% 15% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2020 2021 2022 2023 2024 2025 Growth Rate (R) Rent/bed/month (10 months) » Rental growth has been consistent since 2023, and the market has stabilised following the rebasing of the NSFAS allowance in 2023 » The revenue is now evenly split between the initial portfolio purchased and the newly developed properties RENTAL GROWTH EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION 100% 65% 54% 49% 35% 46% 51% 2022 2023 2024 2025 Initial portfolio New assets Evolution of revenue split
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21Growthpoint Capital Markets Day 2025 10.00 10.32 10.63 10.61 10.35 10.45 10.79 10.97 0.19 0.41 0.37 0.55 0.14 0.28 0.27 0.30 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 NAV/Share Dividends » The decline in the distribution in December 2023 was due to: - Lower occupancies in Pretoria - Higher operating costs due to administered costs and diesel costs because of extreme loadshedding - Expiry of the rental guarantee from the sellers of the initial portfolio » We expect an improvement in distributions following our asset management interventions INVESTMENT RETURNS EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION 1.9% 4.1% 3.7% 5.5% 1.4% 2.8% 2.7% 3.0% 25.1% 3.2% 3.0% -2.5% 1.0% 3.3% 1.7% 9.7% Dec21Jun22Dec22Jun23Dec23Jun24Dec24Jun25 * Capital growth Income return for initial investors Since inception as at Jun25
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22Growthpoint Capital Markets Day 2025 22Growthpoint Capital Markets Day 2025 PERFORMANCE AGAINST IMPACT THEMES EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION STRENGTHENING OUR HEALTHCARE & STUDENT ACCOMMODATION FOOTPRINT – GEORGE MUCHANYA, HEAD OF GIP What we provide goes beyond merely offering a bed We have achieved remarkable outcomes that: » Contribute to the holistic development and well-being of students » Positively impact communities We support the objectives of the UN’s 17 SDGs While all the SDGs support global goals, we focus on 5 of them R2.8bn Invested into the sector since inception 5 300 New beds brought to market 7 New PBSA buildings brought to market since inception >110 Direct jobs created after construction 2 115 kWp Solar power installed 66% Of current students are funded by NSFAS and private sector bursary schemes >2 500 Jobs created during construction 34 Fully and partially funded bursaries provided to deserving middle income students as part of our CSI Programme
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Capital Markets Day – 27 November 2025 THANK YOU Peak Studios, Observatory, Cape Town EMERGING NEW ASSET CLASSES: HEALTHCARE & PURPOSE-BUILT STUDENT ACCOMMODATION – GEORGE MUCHANYA, HEAD OF GROWTHPOINT INVESTMENT PARTNERS & AMOGELANG MOCUMI, FUND MANAGER: STUDENT ACCOMMODATION
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Capital Markets Day – 27 November 2025 DRIVING FOOTFALL AND FUTURE GROWTH Gavin Jones, Head Asset Management: Retail Portfolio Howard Centre, Pinelands, Cape Town
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Capital Markets Day – 27 November 2025 01 QUARTER 1 RETAIL KPIS END-SEPT 2025 Brooklyn Mall and Brooklyn Square, Brooklyn, Pretoria DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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3Growthpoint Capital Markets Day 2025 KPI Measure Movement Comment GLA 1 049 292m² 13 685m² reduction No of retail centres 32 ➔ No disposals Vacancy 4.55% 10 481m² let Weighted average renewal growth +2.5% Weighted average future escalations on renewals 6.3% ➔ Renewal success rate 87.61% 51 240m² renewed Foot traffic growth 3% Annual trading density growth yr on yr 5% Slowing to 4.1% for the quarter ending Sept 2025 Annual trading density total portfolio R37 020/m² Gross rental to turnover 7.7% ➔ Quarter 1 ending Sept 2025 – R25.7Bn KEY RETAIL PERFORMANCE INDICATORS DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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Capital Markets Day – 27 November 2025 02 VISION AND STRATEGY FOR RETAIL PORTFOLIO GROWTH Woodmead Retail Park Woodmead, Johannesburg DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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5Growthpoint Capital Markets Day 2025 5Growthpoint Capital Markets Day 2025 Hillcrest Corner, Durban VISION AND STRATEGY FOR RETAIL PORTFOLIO GROWTH DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO The retail strategy focuses on rebalancing the retail portfolio through disposals of under performing assets, re-developing and investing in regional and community shopping centres in dominant locations within major metropolitan areas across South Africa » Despite economic challenges, mall-focused consumer culture remains strong » Urbanisation fuels city population growth, increasing retail demand » Key tenants maintain long leases with fixed rent hikes » Community shopping centres benefit from customer preference for convenience » Vacancy rates are low and improving with higher turnover » E-commerce impact in South Africa is moderate » Well-positioned centres adapt to retail trends » Solar and renewable energy investments yield high returns due to large roofs and continuous operation » Growthpoint retail portfolio achieved a 10.4% total return over three years and a holding period IRR of 11.3% (MSCI – June 2025)
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Capital Markets Day – 27 November 2025 03 INHIBITORS OF FUTURE GROWTH The Constantia Village Constantia, Cape Town DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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7Growthpoint Capital Markets Day 2025 7Growthpoint Capital Markets Day 2025 INHIBITORS OF GROWTH DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO » Most South Africans are prioritising value, balancing essentials with discretionary spending » While food and essentials remain steady, discretionary spending faces pressure specifically apparel shopping » The retail sector remains positive, but challenges include low consumer confidence, inflation, and limited household income growth » Growth is driven by value categories, with retailers focusing on value, digital innovation, and flexible promotions ahead of key sales periods » Reduction in GLA from Edgars and slow recovery performance from Pick n Pay » Competition from convenience centres » Online sales growth » Declining cinema attendance » Declining municipal services and maintenance
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Capital Markets Day – 27 November 2025 04 DRIVERS OF GROWTH Howard Centre, Pinelands, Cape Town DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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9Growthpoint Capital Markets Day 2025 9Growthpoint Capital Markets Day 2025 Walmer Park Shopping Centre, Walmer, Port Elizabeth DRIVERS OF GROWTH DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO » Data driven tenant mix decisions and renewals by understanding trading performance, customer behaviour and preferences » Community based partnership marketing » Space re-purposing, upgrading and expansion » Mixed use strategies – padel, storage, collaborative workspace, residential, gyms, Fives Futbol etc. » Strategic tenant collaboration and networking » Sustainability through renewable energy » Operational efficiency and automation through Smart Building technology » Experiential and dwell time spaces » E-commerce synergy (omni-channel support through click and collect, accommodation of delivery scooters and advertising) » Digital integration – tenant communication, digital lease processes, access to accounts, ticketless parking and free Wi-Fi » Non-GLA income exploitation – audio advertising, lockers, digital screens, kiosks, pop up stores, static advertising » Capital recycling – disposals of non-core and under performing assets and acquisitions
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Capital Markets Day – 27 November 2025 05 TRIO OF MEASURES Northgate Mall, North Riding, Johannesburg DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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11Growthpoint Capital Markets Day 2025 70 75 80 85 90 95 100 105 110 115 120 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Annual footcount Annual trading density Annual gross rent-to-sales ratio GP / Retail metric correlations – Sept 19 – Sept 25: Index base = Sept 19 Indexed values – Sept-19 base year » Clear positive correlation between annual foot count and annual trading densities (95% correlation) » Clear inverse correlation between tenant risk environment, shown by annualised gross rent to sales ration and annual foot count and annual trading densities over time » Tenant environment improves (risk lessens) with increased foot count and improved trading density performance Foot count, trading densities and gross rent to sales ratio TRIO OF MEASURES DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO Rate
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Capital Markets Day – 27 November 2025 06 ANALYSING TRADING MEASURES La Lucia Mall, La Lucia, Durban DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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13Growthpoint Capital Markets Day 2025 Clur Shopping Centre Index » Monthly analysis of turnover and rental performance » Quarterly benchmarking of turnover density growth and trading performance against other funds, retail typologies and categories as well as provincial performance TRADING DENSITY BENCHMARKING DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO The Clur Shopping Centre Index is derived from the Clur Collective , an asset management industry standard, tracking performance at more than 5.4 million sqm of prime retail space across South Africa and Namibia, for listed and unlisted property funds
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14Growthpoint Capital Markets Day 2025 Clur category - 1st tier Annualised 12m Trading Density (Sep 2025) Monthly Trading Density (12 months) (Sep 2025) Annualised 12m Trading Density y/y% (Sep 2025) Annualised Gross Rent to Sales % (Sep 2025) Ann Gross Rent to Sales y/y% (Sep 2025) GLA (Sep 2025) No. Stores (Sep 2025) Retail Sales Contribution % (Sep 2025) Grocery/ supermarket 38 543 3 212 3.8% 4.2% 0.1% 221 289 43 24.6% Department stores 30 759 2 563 7.3% 6.1% -0.2% 273 889 139 19.8% Apparel 32 380 2 698 3.0% 11.7% 0.1% 220 897 684 16.2% Health, beauty, grooming & wellness 76 488 6 374 4.5% 5.2% 0.0% 63 400 254 12.1% Food service 48 358 4 030 8.4% 8.5% -0.2% 54 453 278 6.8% Homeware, furniture & interior 23 607 1 967 8.5% 12.3% -0.1% 78 293 199 4.3% Technology 65 308 5 442 5.3% 9.0% 0.1% 28 357 260 4.3% Food speciality & bottle stores 62 223 5 185 3.8% 6.3% 0.0% 16 623 120 2.8% Speciality 34 227 2 852 4.9% 10.6% -0.2% 35 312 176 2.6% Accessories, jewellery & watches 71 624 5 950 0.1% 10.0% 0.2% 7 593 106 1.4% Eyewear & optometrists 59 397 4 950 1.8% 11.7% 0.3% 8 163 86 1.2% Books/ cards/ stationery supplies 32 004 2 667 1.6% 13.4% 0.4% 14 314 72 1.0% Motor related sales & services 32 294 2 691 -0.3% 7.7% 0.3% 16 858 48 0.8% Entertainment & family activity centres 7 891 658 -0.2% 14.3% 0.0% 37 526 24 0.7% Sports equipment & outdoor goods 39 790 3 316 -0.4% 12.4% 0.5% 7 015 20 0.5% General services 36 379 3 032 11.3% 16.0% -0.9% 4 018 79 0.4% Luggage & leatherware 31 770 2 647 -9.3% 13.1% 0.2% 4 556 30 0.3% Barrows/ kiosks (<=10m²) 194 143 16 179 9.4% 17.2% 2.1% 78 46 0.1% Gyms & fitness centres 8 207 684 8.5% 13.9% 0.3% 24 995 17 0.0% CATEGORY PERFORMANCE DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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15Growthpoint Capital Markets Day 2025 Annual Trading Density, yr/yr% growth, Gross Rental/m2 and Average Gross Rental to Sales Ratio » Portfolio, targeted portfolio, centres, tenant groups and individual tenants are all plotted by the above metrics and analysed based on out performance, underperformance and conditional zones PORTFOLIO PERFORMANCE DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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16Growthpoint Capital Markets Day 2025 Every centre is mapped quarterly based on trading density and compared to centre and category performance This is overlayed onto foot count, flow and entrance data to assess problems and or performance Tenant re-mixing is enabled through this assessment process This is a strong tool for negotiations in renewals HEAT MAP ASSESSMENTS DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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Capital Markets Day – 27 November 2025 07 UNDERSTANDING THE CUSTOMER Alberton City, Alberton, Johannesburg DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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18Growthpoint Capital Markets Day 2025 Demographic analysis » Mobility studies, proximity studies determine market area and saturation » Provides clear understanding of customer behaviour & spend » The data is acquired from the following sources - Credit card spend - Vehicle tracking and GPS monitoring technologies - App tracking location services - Government registrar records - 3rd Party enrichment data sources & public sources - Geoterra NLI demographic data DATA DRIVEN DECISIONS DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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19Growthpoint Capital Markets Day 2025 CUSTOMER PREFERENCES AND NEEDS DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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20Growthpoint Capital Markets Day 2025 Heat mapping of tenant support over distance shopped as well as penetration of suburbs with the market area can be assessed. This facilitates a better marketing focus as well as analysis of what tenant mix elements are missing to attract the non-supportive suburbs in the target market area LEVELS AND SUBURBS OF SUPPORT DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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21Growthpoint Capital Markets Day 2025 Beyond size, tenant mix and location » Mobility and spend data provides detailed insights into competition, cross shopping and ranking of centre support in the primary and secondary trade market areas ANALYSIS OF COMPETITION DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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22Growthpoint Capital Markets Day 2025 ADDITIONAL DATA DRIVES A BETTER UNDERSTANDING DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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Capital Markets Day – 27 November 2025 08 BAYSIDE MALL A CASE STUDY Bayside Mall, Table View, Cape Town DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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24Growthpoint Capital Markets Day 2025 » Table Bay Mall opened in September 2017 » Game vacated in June 2021 » Woolworths vacated in March 2022 » Edgars vacated in February 2023 » Prior to redevelopment, the mall experienced a vacancy rate of 39% » The primary customer demographic shifted from predominantly middle- income, aging white customers to an emerging black middle-income market characterised by dual-income households with school-aged children » The tenant mix had become outdated and no longer aligned with market demands » There was growing competition from convenience shopping options within the area » The mall’s finishes were outdated, with the last minor upgrade completed 12 years ago » Solar installations were limited and outdated PROBLEM STATEMENT DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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25Growthpoint Capital Markets Day 2025 DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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26Growthpoint Capital Markets Day 2025 DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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27Growthpoint Capital Markets Day 2025 DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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28Growthpoint Capital Markets Day 2025 STRATEGIC DIRECTION OVERVIEW DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO ENTERTAINMENT •Experiment with pop-up entertainment options aimed at younger families •Offer Wi-Fi •Add gym •Digital screens •Food court seating LEASING •Add permanent & pop-up options of interest to the black consumer •Focus on fast food, value fashion, home and beauty VIBE & ATMOSPHERE •Increase experiential elements – add touches of colour , pattern, music, interesting pop-up offerings OFFERING •Create awareness of offering – focus on fashion, food & beauty •Improve access and parking •Increase value apparel •Add alt supermarket •Improve dwell time space and public facilities RESONANCE •Utilise community influencers to create relevant & interesting stories around offering
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29Growthpoint Capital Markets Day 2025 » Approved Cost R415m » Final Cost R410m » Overrun / (saving) R5m » Development costs/m² (GLA) R16 961/m² » Expected net annual income R43 381 606 » Expected net rental/m² R149.62/m² » Approved first year yield 10.46% » Current projected yield 10.6% » Expected 10 Year IRR 17.3% CAPITAL SPEND AND RETURNS DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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30Growthpoint Capital Markets Day 2025 30 Tenant mix » New fashion mall focusing on value tenancies – Pick n Pay Clothing, Clothing Junction, Senqu, Faro, Sportscene, Jam Clothing, Exact, Beauty Box and MimiQ » Additional value homewares in Pep Home and Homechoice » Upgraded food and cinema court with 7 new food traders and an enlarged and upgraded court » New value supermarket in Shoprite and re-positioned new Gen X Checkers » New Dischem, HomeTech by Pepkor and food in northern atrium » Upgrade Truworths, Milady's, Sheet Street, Identity, Total Sports and Jet » Zone Fitness Gym opening on upper level in April 2026 Design changes » New entrances and road access point » Upgraded taxi rank and access to public transport » Demolition of excess bulk and conversion to on grade open parking » New parking systems » Extension of solar system, remote metering, integrated generators, inverters for smaller stores and new energy efficient lighting » Non-GLA income – Fiber back bone, Free Wi-fi, Digital screens, static advertising, audio rental, kiosks and pop-up spaces » Dwell time spaces » Complete mall upgrade including customer care area, toilets and all finishes » Complete water and fire-tank system DESIGN AND TENANT MIX CHANGES DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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31Growthpoint Capital Markets Day 2025 DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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32Growthpoint Capital Markets Day 2025 REDEVELOPED BAYSIDE DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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33Growthpoint Capital Markets Day 2025 NEW FOOD TENANTS DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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34Growthpoint Capital Markets Day 2025 NEW DWELL SPOTS WITH FREE WIFI DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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35Growthpoint Capital Markets Day 2025 COMMUNITY BASED MARKETING DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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36Growthpoint Capital Markets Day 2025 Category 12-month avg Dec 2017 12-month avg Dec 2019 12-month avg Dec 2022 12-month avg Dec 2023 12-month avg Dec 2024 12-month avg Dec 2025 Turnover - total centre 99 223 998 80 640 417 60 804 142 55 299 898 64 716 623 87 771 409 Turnover - excluding anchors 46 805 326 37 364 515 32 198 407 28 886 381 32 466 692 40 932 278 Centre GLA 45 218 45 218 45 218 44 880 39 146 39 220 Reporting tenants GLA 41 539 40 278 26 287 24 245 32 091 32 853 Trading density 2 389 2 002 2 313 2 281 2 017 2 672 Footcount 589 550 508 943 382 304 371 466 403 158 490 426 Vehicle count 180 393 162 168 114 819 116 547 123 617 140 336 OUTCOMES DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO Period held 12 years Projected NPI June 2026 R76.7m FY26 forward yield 8.7% Vacancy May 2023 39% Vacancy October 2025 3% Footcount schedule 2018 2019 2020 2021 2022 2023 2024 2025 Total Total YoY Total YoY Total YoY Total YoY Total YoY Total YoY Total YoY JAN 564 598 525 707 -6.89% 501 642 -4.58% 416 567 -16.96% 395 243 -5.12% 391 157 -1.03% 359 897 -7.99% 463 869 28.89% FEB 506 893 461 595 -8.94% 471 179 2.08% 391 194 -16.98% 361 724 -7.53% 347 024 -4.06% 336 288 -3.09% 450 939 34.11% MAR 555 660 530 091 -4.60% 434 507 -18.03% 413 392 -4.86% 390 386 -5.57% 374 985 -3.95% 343 689 -8.35% 523 039 52.18% APR 505 684 483 006 -4.48% 184 567 -61.79% 334 132 81.04% 362 484 8.49% 354 769 -2.13% 346 128 -2.44% 467 791 35.15% MAY 451 990 427 647 -5.39% 419 788 -1.25% 320 380 -23.68% 361 191 12.74% 360 038 -0.32% 350 899 -2.54% 483 993 37.93% JUN 465 335 445 101 -4.35% 429 220 -3.57% 366 695 -14.57% 356 248 -2.85% 362 622 1.79% 350 134 -3.44% 460 609 31.55% JUL 468 074 449 834 -3.90% 453 067 0.72% 402 210 -11.22% 395 864 -1.58% 387 147 -2.20% 403 765 4.29% 495 300 22.67% AUG 456 182 434 034 -4.86% 457 087 5.31% 401 301 -12.00% 368 190 -8.25% 368 437 0.07% 438 659 19.06% 492 210 12.21% SEP 443 162 420 852 -5.03% 426 816 1.42% 387 832 -9.13% 365 521 -5.75% 362 647 -0.79% 408 556 12.66% 478 799 17.19% OCT 508 481 483 641 -4.89% 459 091 -5.08% 431 879 -5.39% 393 432 -8.90% 371 305 -5.62% 457 541 23.23% 514 165 12.38% NOV 539 645 515 333 -4.51% 493 893 -4.16% 433 483 -12.23% 388 063 -10.48% 367 646 -5.26% 488 631 32.91% DEC 658 408 614 645 -6.65% 536 771 -12.68% 492 382 -8.26% 466 774 -5.20% 426 434 -8.64% 565 708 32.66% 6 124 112 5 791 486 -5.43% 5 265 794 -9.08% 4 791 447 -9.01% 4 605 120 -3.89% 4 474 211 -2.84% 4 849 985 8.40% 4 830 768 21.43%
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Capital Markets Day – 27 November 2025 09 STRATEGY IN ACTION Paarl Mall, Paarl DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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38Growthpoint Capital Markets Day 2025 Key objectives Initiatives ▪ Tenant retention and optimisation of asset & portfolio performance ▪ Drive rental growth ▪ Early renewals Secure tenants in competitive nodes to reduce churn and maintain occupancy stability ▪ Source and develop new tenants Target both local and international brands to diversify and strengthen the tenant mix ▪ Alternative sourcing channels Leverage online platforms, marketing campaigns, and broker networks for faster deal flow ▪ Centre expansions Focus on high-demand nodes like Paarl Mall and Longbeach to capture growth ▪ Revamps to core centres Maintain relevance and quality through upgrades at Bayside, Beacon Bay, Paarl and Brooklyn ▪ Replace poor performers Identify underperforming tenants and implement strategic replacements to boost trading density GROWTHPOINT RETAIL SECTOR ASSET MANAGEMENT STRATEGY DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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39Growthpoint Capital Markets Day 2025 Key objectives Initiatives ▪ Protect and grow asset values ▪ Early involvement and interaction with external valuers ▪ Formulation of consistent valuation policy ▪ Disposal of nonperforming assets ▪ Established disposals team ▪ Conduct formal sales process ▪ Target potential purchasers for suitable assets ▪ Enhance and grow non GLA revenue ▪ Digital advertising and court space revenue in centres ▪ Digital and static external advertising ▪ Advertising on Wi-Fi ▪ Free Wi-Fi roll out ▪ Lockers and audio advertising ▪ Fibre owned installations GROWTHPOINT RETAIL SECTOR ASSET MANAGEMENT STRATEGY DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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40Growthpoint Capital Markets Day 2025 Key objectives Initiatives ▪ Introduction of additional supermarket anchors ▪ Reinforcing apparel as a major tenant category in regional malls ▪ Watercrest Mall – Introduced Shoprite and upgraded Checkers ▪ Paarl Mall – Replacing Edgars with H&M; expanding Home and Fashion ▪ Walmer – Edgars reduction and adding new apparel ▪ Greenacres – Edgars reduction adding Dischem and new fashion tenancies ▪ Fourways Crossing – Upgrading and reducing Pick n Pay as an anchor adding Dischem, Econo Foods and destination sports apparel ▪ Key West – Upgrading Pick n Pay , introducing Boxer, and adding apparel into the ex-Edgars box ▪ Alberton Mall – Replaced Pick n Pay with Shoprite; converted Game to taxi rank and parking ▪ Northgate – Introduced Shoprite ▪ La Lucia Mall – Replaced Food Lovers Market with Checkers ▪ Longbeach Mall – Added Builders Express, converted Pick n Pay to a Hypermarket and expanding Food Lovers Market ▪ Beacon Bay – Introduced Builders Express and Dischem; complete upgrade finished June 2025 GROWTHPOINT RETAIL SECTOR ASSET MANAGEMENT STRATEGY DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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41Growthpoint Capital Markets Day 2025 Key objectives Initiatives ▪ Implementing feasible sustainability projects where appropriate ▪ Roof top and carport solar ▪ Management of common area utilities ▪ Completed R117m of Solar projects in 2025; currently busy with another R153m of solar adding 5.4Mw ▪ Ongoing installation of bulk and tenant level smart meters with roll out into 2026 year ▪ 3-day municipal back up water supply at all centres ▪ Filtered water plants at four regional malls ▪ Net Zero Waste certification and energy efficiency projects ▪ Adapting our retail properties to be more e-commerce friendly ▪ Promote and facilitate omnichannel approach ▪ Accommodate on-demand retail ▪ On demand delivery bike accommodation facilitated across centres ▪ Own Fibre backbone installations ▪ Free Wi-Fi across additional malls ▪ Click and Collect areas established GROWTHPOINT RETAIL SECTOR ASSET MANAGEMENT STRATEGY DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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Capital Markets Day – 27 November 2025 10 IMPACT OF CAPITAL RECYCLING Waterfall Mall, Rustenburg DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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43Growthpoint Capital Markets Day 2025 43Growthpoint Capital Markets Day 2025 Walmer Park Shopping Centre, Walmer, Port Elizabeth GROWTHPOINT RETAIL SECTOR RETAIL PORTFOLIO 2024 VS 2029 DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO 2029 Retail portfolio » 20 retail assets weighted towards regional centres » 31% Western Cape allocation up from 28% » 37% weighted investment in Gauteng down from 46% » Total disposals of R6.9bn If we held this portfolio today » Vacancies down from 5.7% to 4.0% » Annual trading densities up from R35 745/m² to R40 628/m² per annum » Valuation of R22 265/m² improved to R26 919m² » Yield of 8.3%
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Capital Markets Day – 27 November 2025 THANK YOU Vaal Mall, Vanderbijlpark DRIVING FOOTFALL AND FUTURE GROWTH – GAVIN JONES, HEAD ASSET MANAGEMENT: RETAIL PORTFOLIO
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Capital Markets Day 2025 V&A WATERFRONT BUSINESS & DEVELOPMENT OUTLOOK David Green, CEO V&A Waterfront
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Capital Markets Day 2025 01 HIGHLIGHTS V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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3Growthpoint Capital Markets Day 2025 V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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4Growthpoint Capital Markets Day 2025 V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT Food Retail marketplace Art, craft & design Ocean economy Sustainability
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5Growthpoint Capital Markets Day 2025 » Revenue growth: Increased by 16.1% year-on-year, reflecting strong performance across the portfolio » Net property income (NPI): Up 10.4% from FY24, driven by: - 6% growth in international tourism - Launch of new operational businesses in the hotel sector - Full-year trading of existing businesses and newly completed developments » Redevelopment impact: Results include the effect of: Table Bay redevelopment (-6%) and Lux Mall redevelopment (-1%) – both projects are scheduled to reopen by end of December 2025 » Like-for-like NPI: R1.6bn, representing a 12.7% increase compared to FY24 » Fair value property gain: R1.2bn, or 9.9% (FY24: R2.3bn) » Vacancy levels: Remain negligible at 0.3% (FY24: 0.3%) across the precinct » Capital structure: - The development pipeline is being funded through third-party funding 1. As at 30 September 2025, the V&A had total debt of R4.1bn (FY25: R3.3bn), including R710m (FY25: R290m) in revolving credit facilities 2. The undrawn facilities increased to R1.5bn (FY25: R0.6bn) 3. An additional R1.5bn debt was raised, increasing total third-party debt facilities to R5.5bn HIGHLIGHTS V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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6Growthpoint Capital Markets Day 2025 » The strategic decision to significantly upgrade the Table Bay Hotel is in full swing and is resulting in a temporary reduction in profitability over the development period » The hotel is expected to start trading with 200 out of the 300 rooms from mid-December 2025, with the remaining rooms to be completed by end FY26 » This hotel will be rebranded as the InterContinental Table Bay Hotel, managed by Sun International TABLE BAY REDEVELOPMENT IMPACT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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7Growthpoint Capital Markets Day 2025 Net Property Income * FY25 (R'm) Net Property Income* FY24 (R'm) % Growth Retail 746 694 7% Office¹ 502 430 17% Marine and Industrial 154 146 5% Hotels, residential and Leisure² 494 449 10% 1 896 1 718 10% *Excludes straight-line lease income 1. Like for like NPI growth in the Office portfolio is 10% 2. Like for like NPI growth in the hotel, residential and leisure portfolio is 27% 12-months to June (100%) NET PROPERTY INCOME V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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8Growthpoint Capital Markets Day 2025 89% 11% FY23 actual FY24 actual FY25 actual FY26 budget TOTAL REVENUE Operating business income vs property revenue V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT Total property revenue Operating business income 87% 13% 82% 18% 83% 17%
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Capital Markets Day 2025 02 RETAIL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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10Growthpoint Capital Markets Day 2025 Vacancies » Tenant churn to remain relevant and fresh » High demand driving low vacancies Renewal success rate » Renewal success rate remains high as a result of the high performance of retail tenants Arrears » Steady reduction in arrears Average in-force escalations » V&A achieving above inflationary increases RETAIL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT 0.3% FY24: 0.4% 98% FY24: 95% R8.78m FY24: R16.2m 6.6% FY24: 6.7% Total GLA: 101 834m2
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11Growthpoint Capital Markets Day 2025 Long-term sales trend 2020 to current 2024 Sales exceeded R10.0bn, with R1.4bn generated in Dec & a 7.1% growth over the last 12 months ending Oct 2025 SALES CONTINUE TO GROW WITH HIGHER SPEND PER HEAD V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT 1 500 000 000 1 000 000 000 750 000 000 500 000 000 250 000 000 1 250 000 000 Jan 21Jan 20 Jan 22 Jan 23 Jan 24 Jan 25 May 25
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12Growthpoint Capital Markets Day 2025 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2021 2022 2023 2024 2025 24.5 million visitors in the past 12-months Footfall FOOTFALL REMAINS SEASONAL, BUT CONSISTENT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT Source: MSCI Mar ‘25 report
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13Growthpoint Capital Markets Day 2025 (5) 0 5 10 15 20 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr International arrivals % V&A Sales growth % V&A sales growth vs. CT International arrivals growth % SALES GROWTH AND INTERNATIONAL ARRIVALS V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT 87% correlation
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14Growthpoint Capital Markets Day 2025Source: MSCI Mar ‘25 report Men’s Wear Women’s Wear Children’s Wear Unisex Wear Lingerie & Swimwear Shoes Accessories Fine Jewellery Watches Books Cards/Stationary and Party DIY & Cleaning Supplies Postal & E-comm/Repairs Dept-store 1 (food/elec/appl) Electronics Music and Games Cell phones/services Movies Optometrists Sunglass Stores Grocery/Supermarket Food – Specialist Restaurant and Bar Fast Food Coffee Shop Cosmetics/Beauty Care Pharmacy & Personal Care Hairdresser Homeware & Interior Luggage & Leatherware Gifts Fine Ware Toys Vet Stores Sportswear Outdoor Goods & Wear Centre Benchmark IPD trading density comparison to super regionals – March 2025 OUR TRADING DENSITY IS DOUBLE COMPETITORS’ OVERALL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT Average R9 048/m²
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15Growthpoint Capital Markets Day 2025 Consistently outstrips super regional shopping centres V&A TRADING DENSITY V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT 5,879 5,893 5,687 5,957 4,267 5,724 7,450 8,709 8,945 9,137 3,242 3,087 3,163 3,253 2,589 3,181 3,745 4,005 4,113 4,190 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 V&A MSCI Super Regional avg R/m²
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16Growthpoint Capital Markets Day 2025 16Growthpoint Capital Markets Day 2025 THE V&A WATERFRONT IN NUMBERS V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT 15 HELICOPTERS 13 HOTELS 1000 RESIDENTIAL UNITS 15 CONFERENCE VENUES 450 RETAILERS 100 EATERIES & COFFEE SHOPS 35 LEISURE CHARTER BOATS 83 CRUISE VISITS (2024/2025) MOCAA 80 GALLERIES 100+ ACTIVITIES
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Capital Markets Day 2025 03 RETAIL DEVELOPMENT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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18Growthpoint Capital Markets Day 2025 » Repurpose an entire first floor wing (GLA: 3 759m²) of the mall and create a new dedicated Luxury node in the Victoria Wharf Shopping Centre together with new vertical transportation and an enhanced entrance » Anticipated first store to commence trade: December 2025 LUX MALL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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Capital Markets Day 2025 04 COMMERCIAL OFFICE UPDATE V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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20Growthpoint Capital Markets Day 2025 Vacancies » Demand for office space remains strong, supported by semigration and the just energy transition Renewal success rate » High demand in the office space giving rise to the high renewal success rate Arrears » Minor increase in arrears Average in-force escalations » In-force escalations have remained consistent OFFICE V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT 0.4% FY24: 0.1% 93% FY24: 78% R11.6m FY24: R8.6m 7.2 % FY24: 7.4% Total GLA: 173 940m2
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21Growthpoint Capital Markets Day 2025* Impact of COVID rent relief 155 170 196 185 204 190* 216 230 269 273 289 100 120 140 160 180 200 220 240 260 280 300 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Rent per m² Rent per m² OFFICE AVERAGE GROSS RENTAL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT CAGR = 6.4%
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Capital Markets Day 2025 05 MARINE & INDUSTRIAL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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23Growthpoint Capital Markets Day 2025 Vacancies » No vacancies in the portfolio Arrears » Minor increase in arrears Average in-force escalations » Long leases with stabilised escalations MARINE & INDUSTRIAL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT 0.0% FY24: 0.0% R16.8m FY24: R15.2m 6.9% FY24: 6.7% Total GLA: 97 726m²
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24Growthpoint Capital Markets Day 2025 Cruise is an improving and growing part of the V&A offering Season 2024/25 » Passengers 122 747 » Crew 46 270 » Total 169 017 » Vessels 83 Season 2023/24 » Passengers 133 503 » Vessels 69 CRUISE V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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25Growthpoint Capital Markets Day 2025 Marine charter boats and moorings Boat charters » Operators are adding newer craft and experiences for visitors, » 33 operators Superyachts » 1/04/2024 – 31/03/2025 we had 39 superyacht visits CHARTER V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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26Growthpoint Capital Markets Day 2025* Impact of COVID rent relief 80,134 47,561 24,480* 66,064 91,266 112,499 137,021 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 2019 2020 2021 2022 2023 2024 2025 Turnover R ‘000 CHARTER BOATS AND MOORING TURNOVER V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT CAGR = 5.9%
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27Growthpoint Capital Markets Day 2025 4th Annual World Cruise Awards Winner – Africa’s Best Cruise Terminal 2024 » Cape Town Cruise Terminal (South Africa) 32nd World Travel Awards Africa Winner – Africa’s Leading Cruise Port » Port of Cape Town, South Africa 32nd Annual World Travel Awards Nomination for World's Leading Cruise Port 2025 » Port of Cape Town, South Africa 5th Annual World Cruise Awards Nomination for Africa’s Best Cruise Terminal 2025 » Cape Town Cruise Terminal (South Africa) MARINE AWARDS & RECOGNITION V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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Capital Markets Day 2025 06 HOTEL, LEISURE & RESIDENTIAL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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29Growthpoint Capital Markets Day 2025 Revenue per room (RevPar) » YoY 19% growth Occupancy Percentage » YoY 1% growth Arrears » Deferred rental from Covid is being settled in line with the agreements Average Daily Rate (ADR) » YoY 18% growth HOTELS & LEISURE V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT R4 749 FY24: R3 978 66% FY24: 65% R14.0m FY24: R44.4m R7 226 FY24: R6 105 International tourism is at an all-time high with improving airlift schedules direct to Cape Town, and the popularity of the destination enhancing the performance over the summer season Total IP GLA: 50 894m2 Total PPE GLA: 62 912m2
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30Growthpoint Capital Markets Day 2025 Residential vacancies » Remain low with high demand for the product Residential renewal success rate » Good retention of current base of tenants Arrears » Thorough vetting of prospective tenants results in excellent cash collection. RESIDENTIAL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT 1.9% FY24: 3.4% 80% FY24: 76% R0m FY24: R0m Newly revamped common areas in the residential offering Total number of apartments 259
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31Growthpoint Capital Markets Day 2025 57% 43% FY23 actual FY24 actual FY25 actual FY26 budget TOTAL REVENUE Hotel revenue – Leased vs. Managed V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT Leased hotels Operating hotels 55% 45% 67% 33% 85% 15%
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32Growthpoint Capital Markets Day 2025* Impact of COVID rent relief 69,618 66,293 8,956* 35,445 77,058 160,337 171,281 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 2019 2020 2021 2022 2023 2024 2025 R ‘000 15 Aircraft HELISTOP TURNOVER V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT CAGR = 16.2%
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33Growthpoint Capital Markets Day 2025 Redevelopment to Inter Continental » Table Bay Hotel lease is undergoing a major refurbishment and rebrand to open as an Intercontinental hotel opening in December 2025 » The hotel will be owned by V&A and operated under a management agreement by Sun International » Intercontinental hotel TABLE BAY HOTEL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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34Growthpoint Capital Markets Day 2025 » Development is underway of a142-key contemporary luxury lifestyle hotel and 6 serviced apartments » Located on Quay 7, owned by V&A and operated under an international management agreement QUAY 7 DEVELOPMENT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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35Growthpoint Capital Markets Day 2025 » Development of 98 apartments for sale, for circa R1bn of proceeds » Construction progressing well » Sales officially opened in April 2024 » At the end of October 2025, 94 apartments (96%) have been sold » Expected handover: February 2026 5 DOCK ROAD RESIDENTIAL V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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Capital Markets Day 2025 07 PUTTING THE “BAY” BACK IN GRANGER BAY V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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37Growthpoint Capital Markets Day 2025 V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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38Growthpoint Capital Markets Day 2025 V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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39Growthpoint Capital Markets Day 2025 V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT TIDAL POOLS SLIPWAY BAY WALK BOATING STEPS QUAY KAYAK + STAND UP PADDLINGCENTRAL STEPS + AMPHITHEATRE OCEAN SWIMMING + SNORKELLING BEACHES PUBLIC SQUARE WALKING / JOGGING PROMENADE BOAT CRUISES, SAILING FISHING BOAT LAUNCHES SHOPS + EATERIESMARKET
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40Growthpoint Capital Markets Day 2025 GRANGER BAY MASTER PLAN V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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41Growthpoint Capital Markets Day 2025 V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT » Re-zoning and bulk application for the 440 000m2 additional bulk is currently underway » Adjudication is expected in November 2025
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Capital Markets Day 2025 08 SUSTAINABILITY UPDATE V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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43Growthpoint Capital Markets Day 2025 Currently » 16 Solar PV Installations with a total 2.11 MWp » ~2.73 million kWhrs produced annually » ~2 810 tonnes CO₂ equivalent offset annually 2026/27 » 6 Solar PV Installations (832 kWp) taking us to a total 2.942 MWp » ~ 3.81 million kWhrs produced annually » ~ 3 900 tonnes CO₂ equivalent offset annually SOLAR PHOTO VOLTAIC (PV) INVESTMENT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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44Growthpoint Capital Markets Day 2025 » V&A Waterfront signed a 10-year power purchase agreement (PPA) with Etana Energy for potential 62.8 gigawatt hours (GWh) or guaranteed 44.3 GWh of renewable energy » The deal means electricity from wind and solar farms operated by independent power producers will meet up to 60% of the V&A’s energy needs, starting by Q1/Q2 of 2026 » The 10-year PPA with Etana, a licensed electricity trader , is a key landmark in the rollout of the V&A’s sustainability strategy, which includes a commitment to offset our carbon emissions from renewables by 2035 ETANA ENERGY WHEELING AGREEMENT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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45Growthpoint Capital Markets Day 2025 VERTICAL WIND TURBINE PILOT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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46Growthpoint Capital Markets Day 2025 » Irrigation standard water and flushing of ablutions at Vic Wharf » Operational since March 2023 » Reclaims up to 216 kL per day ORGANICA BLACK WATER REUSE V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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47Growthpoint Capital Markets Day 2025 » 3.3 ML per day desalination plant has been completed » The 28-day trial period was successfully completed end February 2025 » Proxa appointed to manage the plant » Plant has been operating since March 2025 with 100% compliance to SANS241 standard DESALINATION PLANT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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48Growthpoint Capital Markets Day 2025 Project highlights » CAPEX - R153.7 million » Commissioning - Plant fully operational by March 2026 » Scope - Servicing Vic Wharf Shopping Centre, Quay 7 Hotel, and the InterContinental Table Bay Hotel Key efficiency drivers » Improved chiller performance - Lower condenser water temperature from 28.5°C to 18.5°C using seawater at East Pier » Pre-cooling (free cooling) - Seawater energy harnessed via heat exchanger for AHU coils - Vic Wharf AHUs converted to full pre-cooling (no chilled water coils) - Other areas achieve ~50% cooling via pre-cooling » Water savings - Elimination of cooling towers saves ~30 000 kilolitres annually - Equivalent to 660 large domestic swimming pools EAST PIER SEA WATER DISTRICT COOLING PLANT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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49Growthpoint Capital Markets Day 2025 Project Highlights » CAPEX - R131.8 million » Savings arise from generation of electricity and pyrolysing of 3rd party waste, with disposal gate fees paid to V&A for this 3rd party waste » Estimate to generate 7.3 million kWhrs per annum » Pyrolyses 1000 kg of combustible waste per hour Environmental benefits » Landfill diversion ratio - Increase from 70% to ~95% » Sustainability impact: - Significant reduction in waste sent to landfill WASTE TO ENERGY PYROLYSIS PLANT V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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50Growthpoint Capital Markets Day 2025 APPROACH TO CIRCULARITY V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT Brine POTABL E H2O DESALINATION PLANT Sea Water Black Water IRRIGATIO N STANDARD H2O Pump Hous e CoCT Outfall ORGANICA® RECYCLING PLANT 1280 kWp VIC WHARF PV INSTALLATION PYROLYSIS WASTE TO ENERGY PLANT Combustible Waste 2 million kWhrs 2.2 million kWhrs 1.76 million kWhrs
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Capital Markets Day 2025 09 FUNDING V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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52Growthpoint Capital Markets Day 2025 52 DEBT PROFILE V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT Including newly raised R1.75bn debt (raised in September 2025) TOTAL DEBT (INCL. UNDRAWN FACILITIES & RCF’S) R5.25bn (FY25: R3.75bn) AVERAGE TENOR 3.16 years (FY25: 2.85) DEBT MATURITY PROFILE FY27 14.3% FY28 19.0% FY29 23.8% FY30 22.9% FY31 10.5% FY32 9.5% LTV 13.77% (FY25: 10.83%) ICR 7.37 (FY25: 8.39)
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53Growthpoint Capital Markets Day 2025 53Growthpoint Capital Markets Day 2025 OUTLOOK AND STRATEGIC HIGHLIGHTS V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT EBIT performance »Excluding residential sales, EBIT is expected to be marginally higher than the previous year »Including residential sales, double-digit growth in distributions anticipated Growth drivers »Medium to long term: High single-digit growth supported by international tourism »Local market: Currently constrained but showing early signs of recovery Key developments »InterContinental Table Bay Hotel: Scheduled to come online in H2 2026, with a negative profitability impact evident in FY2026 »Lux Mall Construction: Nearing completion; operational by June 2026 Trading performance »Strong momentum in retail and hospitality, underpinned by increased international tourism Distribution outlook »Initial drag on distributions due to timing lag between capital investment and accretion, including 3rd- party funding
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Capital Markets Day 2025 10 ANNEXURES V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT
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THANK YOU V&A WATERFRONT BUSINESS & DEVELOPMENT FRAMEWORK – DAVID GREEN, CEO V&A WATERFRONT