Slides
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Group Annual Results Presentation for the year ended 30 June 2026
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Agenda Financial results » G r o w t h p o i n t P r o p e r t i e s A u s t r a l i a – G O Z » G l o b a l w o r t h – G W I » L a n g o International investments » R S A » V & A W a t e r f r o n tRSA portfolio Growthpoint Investment Partners (GIP) Capital management Conclusion Annexures Group highlights Strategy in action 02 03 04 05 06 07 08 09 10 Growthpoint portfolio composition01 Growthpoint portfolio composition Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management Conclusion
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01 Building B, 211 Wellington Road, Mulgrave, VIC Growthpoint portfolio composition
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4 Growthpoint portfolio composition South Africa R65.6bn directly held portfolio: »Retail »Office »Logistics and Industrial »Trading & Development (T&D) V&A Waterfront 50% investment: »50% property value R16.2bn Offshore Investments South African Portfolio Third Party Fund Management Business GIP R13.5bn Assets Under Management (AUM) across two funds: »Growthpoint Healthcare Property Holdings (GHPH) − R8.5bn healthcare assets in SA »Growthpoint Student Accommodation Holdings (GSAH) − R5.0bn student accommodation assets in SA 49.2% of total assets by book value 55.7% contribution to DIPS 12.1% of total assets by book value 18.6% contribution to DIPS 3.1% of total assets by book value 3.6% contribution to DIPS SA 49.2% GOZ 22.8% GWI 11.0% V&A 12.1% GIP 3.1% Lango 1.8% Contribution to total assets by book value GWI »29.6% investment in GWI at a cost of R9.3bn vs. R2.8bn market value and R8.5bn NAV 11.0% of total assets by book value 3.8% contribution to DIPS GOZ »63.6% investment in GOZ at a cost of R9.6bn vs. R11.8bn market value and R17.0bn NAV 22.8% of total assets by book value 18.3% contribution to DIPS Lango »18.9% investment in Lango at a cost of R1.3bn vs. R0.6bn market value 1.8% of total assets by book value No contribution to DIPS Growthpoint portfolio composition Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management Conclusion
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02 Trade Park, Mount Edgecombe, Durban Group highlights
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66 Group highlights 3 Murray Rose Avenue, Sydney Olympic Park, NSW 1) FY25 represented as per SA REIT BPR Third Edition. If the SA ICR had been calculated using the same methodology applied in the FY25 results, it would have been 3.08x for FY26. DIPS 152.6 cps 4.3% increase from FY25 DPS 133.5 cps 7.4% increase from FY25 Payout ratio increased from 85.0% at FY25 to 87.5% Group LTV 38.7% improved from 40.1% at FY25 Group property assets R160.1bn 2.8% increase from FY25 NAV cents per share 2 131 cps 3.8% increase from 2 054 cps at FY25¹ Group ICR 2.63x improved from 2.38x at FY25¹ SA ICR 3.11x improved from 2.66x at FY25¹ Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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03 V&A Waterfront, Cape Town Strategy in action
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88 August 2025 Disposal of investment in NewRiver REIT plc (NRR) Growthpoint advances its strategy to optimise & simplify its international investments October 2025 R50m Boston Hydro Strategic investment in Boston Hydro plant which is powering clean energy to 23 Growthpoint flagship properties 24/7 February 2026 Logistics developments • Tecoma Park, Cornubia, KZN (R392m) • Indlovu Logistics Park, Montague Gardens, Cape Town (R571m) • Noka Park, Riverfields, Johannesburg (R199m) February 2026 Olympus Residential, Sandton Growthpoint breaks ground at Olympus Sandton, in partnership with leading luxury residential developer Tricolt Positive momentum June 2025 Returned to DIPS growth for FY25 Delivered growth of 3.1% and announced an increase in payout ratio from 82.5% to 87.5% December 2025 Auria acquisition GHPH acquires Auria Senior Living from existing shareholders for a total consideration of R1.2bn, settled in cash October 2025 Cape Winelands Airport Growthpoint expands its logistics & Western Cape footprint through a strategic investment in the Cape Winelands Airport in line with its precinct strategy January 2026 V&A Additional Bulk City of Cape Town Municipal Planning Tribunal approved the application to increase permissible development rights February 2026 Disposal of Discovery phase 1 Growthpoint advances its local portfolio reweighting with targeted asset rotation June 2026 R1.8bn bond issuance at record-low credit margins Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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99 Strategy in action De Waterkant Centre, Greenpoint, Cape Town 1) LTV refers to the SA REIT definition of LTV Improving the quality of the SA portfolio We manage liquidity and leverage pragmatically and conservatively, actively refinancing debt where opportunities arise to improve funding margins, while maintaining sufficient flexibility to support our development pipeline and pursue strategic initiatives Optimising our international investments 38.7% Group LTV¹ decreased from 40.1% at FY25 supported by higher property valuations and execution of capital recycling strategy R5.7bn (FY25: R4.7bn) unutilised committed facilities for RSA (excluding GIP) 41.0% GOZ SA REIT LTV¹ increased from 39.5% at FY25 following debt raised for the acquisition of 78 Waterloo Road and impacted by lower property valuations R323.6m (FY25: R878.9m) cash on our RSA balance sheet (excluding GIP) 30.2% RSA SA REIT LTV¹ improved from 34.5% at FY25 (excluding GIP) due to increased valuations and asset disposals 87.5% dividend payout ratio for FY26, thereby retaining R647.5m (FY25: R744.6m) before tax H1 of FY25: 82.5% H2 of FY25: 87.5% Proceeds from SA asset disposals have been partially applied to reduce SA debt, strengthening liquidity and creating balance sheet capacity to support the rollout of our development pipeline and other strategic initiatives Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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1010 Strategy in action 5 Murray Rose Avenue, Sydney, NSW Improving the quality of the SA portfolio Optimising our international investments Ongoing portfolio optimisation focused on improving quality & investing in our core portfolio to protect & enhance its value through active asset management initiatives, including developing new high-quality assets, refurbishing assets, disposing of non-core assets & enhancing ESG initiatives across all 3 sectors Sold 29 investment properties during the year for R4.9bn: » R3.0bn in Office » R1.3bn in Logistics & Industrial and » R0.6bn in Retail Development and capital expenditure incurred for the SA portfolio amounted to R1.3bn across various strategic projects, in line with our strategy to improve the quality of the RSA portfolio: » R607.4m in Retail » R377.4m in Office » R172.4m in Logistics & Industrial and » R172.3m in T&D SA commitments for developments totalling R3.6bn at FY26: » R1.5bn Logistics & Industrial » R1.1bn Retail » R0.2bn Office » R0.7bn T&D (Olympus and In2Foods Manufacturing Plant) Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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1111 39% 40% 20% 1% Strategy in action Johannesburg Eye Hospital, Northcliff, Johannesburg 46% 39% 15% Retail Office Logistics & Industrial Trading & Development R Value FY15 R Value FY26 Improving the quality of the SA portfolio Optimising our international investments » Since 1 July 2016, 214 properties have been sold for R19.9bn across the 3 sectors (including T&D) » The total number of properties decreased from 471 properties to 302 and GLA reduced by 26.0% » Repositioning of the SA property portfolio is being supported by our targeted disposal strategy Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition Evaluating all sectors through a precinct-led lens, leveraging scale and focused asset management to generate sustainable returns and assist in mitigating prevailing municipal governance and infrastructure constraints
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1212 Capital recycling FY17-FY26 Disposals FY17-FY26: R19.9bn 49 office properties sold for R8.5bn Reducing the relative weighting of the office sector through the targeted disposal of assets in weakening business nodes, B- grade properties with limited long-term competitiveness. Majority of all C-grade assets have been disposed of as well as strategic disposals such as Discovery 29 retail properties sold for R4.5bn Disposing assets that are below our optimum size or are in deteriorating central business districts 122 industrial & manufacturing properties sold for R5.1bn In line with our strategy to decrease exposure to old manufacturing assets in deteriorating nodes 14 trading & development properties sold for R1.7bn Reinvestments FY17-FY26: R21.9bn R9.2bn The core office portfolio will increasingly be concentrated in modern, sustainable and energy-efficient assets within established precincts R5.5bn Focusing our retail exposure on large-scale, dominant assets within their respective catchment areas, serving growing and defensive markets with strong long- term relevance R5.2bn Our strategy is to selectively increase exposure to the logistics & industrial sector through acquisitions and developments focused on modern, scalable logistics parks in growth nodes R2.0bn Through our T&D platform, we reposition underperforming assets to unlock bulk development opp- ortunities that deliver attractive returns, and where strategically aligned, retain these assets to drive sustained long-term growth Acquisitions and capex Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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1313 GWI €4.3m / R85.1m December 2025 dividend reinvested in H2 FY26 €6.2m / R112.6m June 2026 dividend to be received partly in cash and the balance reinvested in H1 FY27 GWI – continue to support management at a shareholder level with value unlock initiatives Strategy in action Longbeach Mall, Noordhoek, Cape Town Improving the quality of the SA portfolio Optimising our international investments Our medium-term international strategy is focused on simplifying our investments through a pragmatic review of ownership structures, while working with management teams to evaluate initiatives that unlock shareholder value, balanced against the continued benefits of geographic diversification for our shareholders 22.1% of DIPS is earned offshore 35.6% of property assets by book value located offshore GOZ remains a core investment Rand-equivalent foreign currency income, via cash and scrip dividend alternatives of R1.1bn FY26 vs. R1.4bn FY25 NRR & C&R disposal Optimisation of international investments, as evidenced by the disposal of C&R and NRR Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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04 27-49 Lenore Drive, Erskine Park, NSW International investments
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1515 GOZ 78 Waterloo Road, Macquirie Park, NSW 1) The asset held by GMPT is included in the third-party funds management portfolio for the purpose of portfolio metrics. It is consolidated for accounting purposes. 2) Divestment of 20 Colquhoun Road, Perth Airport, Western Australia. Contract exchanged August 2026 post balance date. Price on completion of current expansion works, estimated cost to complete $6.4m as at 30 June 2026. Settlement expected early calendar year 2027. Performance » 0.9% increase in FFO: A$23.5 cps for FY26 vs. A$23.3 cps for FY25 » 1.1% increase in DPS: A$18.4 cps (A$18.2cps received for FY25 which excludes A$2.1 cps to compensate for the additional DWT due to the sale of industrial assets to Growthpoint Australia Logistics Partnership (GALP)) » R946.2m net distribution received vs. R1.0bn at FY25 » Payout ratio: 78.2% for FY26 vs. 78.0% for FY25 (Payout ratio for FY25 87.0% including the special distribution) Strong balance sheet » GOZ disclosed gearing 41.6% (FY25: 39.7%), within the target range of 35% - 45% » Balance sheet leveraged to facilitate the establishment of Growthpoint Macquarie Park Trust (GMPT) » A$17m of asset recycling, with a conditional contract exchanged on a $268m divestment² » Co-investment of $36m in FY26 » Refinanced A$495m of debt, maturities covered to end of FY27 » 1.3% decline in NTA to A$3.05(FY25: A$3.09) per share primarily driven by lower office and industrial property valuations, which decreased by A$47.4m or -1.9% and A$14.1m or -0.9% respectively » 77.2% fixed debt » Weighted average debt maturity of 3.2 years » 5.1% weighted average cost of debt vs. 5.0% at FY25 # properties¹ (directly held) 48 GLA (100%)¹ 957 817m² Value (100%)¹ R47.8bn # properties¹ (3rd party funds) 16 Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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1616 GOZ | continued 836 Wellington Street, West Perth, WA 1) Sale price. Portfolio update » Portfolio value of A$4.1bn at FY26 (FY25: A$4.1bn) » c.29% of income derived from Government tenants and 48% from listed corporates » Portfolio occupancy 96% (Expected Rental Value method) and97% (GLA method) » 6.8% weighted average cap rate » 6.1 years WALE » Record office leasing of 81 022m² and industrial leasing 117 934m² » Enhanced tenant relationships, with 75% of FY26 leases to existing tenants, supporting expansions, moves and renewals » Like for like property FFO up 2.6% (office 2.7%, industrial 2.6%) Funds management update » A$1.2bn assets under management (AUM), down from A$1.4bn at FY25 » 5 Retail, 3 Office and 8 Industrial properties » Created A$125m new AUM » Delivered liquidity for fund investors with $331m¹ of divestments » Decrease in fund management revenue of 22.9% on FY25 Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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1717 GWI Globalworth Campus, Bucharest Performance » 14.3% decrease in € dividend per share, 12.0 cps for FY26 vs. 14.0 cps for FY25 » The December 2025 dividend was reinvested during FY26 and the June 2026 dividend to be received partly in cash and the balance reinvested in H1 FY27 » Dividend per share negatively impacted by scrip dividends being issued at significant discounts to EPRA NAV , increased finance costs from new secured loans and additional income tax charges » Like-for-like net operating income growth of 0.6% Strong balance sheet » €273.4m of cash available at FY26 (FY25: €325.5m), lower following €125m Notes redemption in February 2026 » Negative property revaluations of €5.6m (FY25: €50.8m), supported by rent indexation and decline in vacancy » LTV improved to 36.7% as of FY26 (FY25: 38.0%) following value accretive investments in our standing portfolio » 4.1 years average maturity of debt at June 2026 » 90.7% of total debt being fixed or hedged through fixed rate swap instruments » Next relevant debt maturity of €62m in February 2027 (extension is currently under negotiation) # properties 56 GLA (100%) 1 044 452m² Value (29.6%) R14.6bn Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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1818 GWI | continued Globalworth Square, Bucharest Disposals and developments Romania » Disposal of Philips for an amount of €9.2m in FY26 » Development of Green Court D, Globalworth’s first office development since the Covid Pandemic, which will add a further 17 200m² of GLA to the portfolio Poland » Completion of Renoma, a mixed-use property of 48 300m² Portfolio update » 0.3% portfolio value increase compared to FY25 to €2.6bn » 36 standing assets in Poland and 20 standing assets in Romania » 194 900m² of space let in FY26 (FY25: 137 300m2) » 13.4% vacancy (FY25: 14.1%), Romania vacancy 5.3% (FY25: 4.8%), Poland vacancy 20.1% (FY25: 22.5%), Regional Poland 25.2% (FY25:28.5%) and Warsaw 7.7% (FY25: 10.0%) » Total revenue of €240.5m (FY25: €228.9m) Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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1919 LANGO Standard Chartered, Accra, Ghana Portfolio » GRT owns 18.9% and has invested a total of R1.3bn » Lango invests in prime commercial real estate assets in key gateway cities across Africa, excluding South Africa. It owns 12 office and retail assets and three plots of land » Growthpoint did not receive a dividend for FY26 (FY25: Rnil) » The investment property valuations declined by 3.7% to USD788.0m (FY25: USD818.7m) » Our 18.9% investment in Lango valued at R633m at FY26 (FY25: R779m) is classified as an unlisted investment on the statement of financial position. The reduction reflects a combination of foreign currency translation movements, lower earnings as a result of higher interest costs and the impact of property valuation movements » Following the internalisation, Lango Real Estate Management Limited (Lango Manco) agreed to buy back its own shares from Growthpoint and the other shareholders. Rather than cash settlement, Growthpoint received Tranche A & B Lango notes, which are convertible into Lango shares » Tranche B notes were conditional upon a cornerstone investment in Lango by 30 June 2026. The investment did not materialise in time. Consequently, the Tranche B notes were derecognized » The Tranche A notes were valued at R207m at FY26. As a result, Growthpoint derecognised its previously held equity-accounted investment in Lango Manco. # properties 15 GLA (100%) 242 136m² Value (18.9%) R2.4bn Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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05 Royal View, Sandringham, Johannesburg Growthpoint Investment Partners
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2121 GHPH » GRT owns 39.1% and has invested a total of R763.9m » Auria acquisition in December 2025 added R3.6bn (at acquisition value) (5 properties) to investment property, which was revalued to R3.9bn at FY26 » Dividends received R71.4m (FY25: R90.7m), lower due to higher finance cost arising from the fully debt funded acquisition of Auria » Asset management fee income received R56.2m (FY25: R46.4m) » GHPH's LTV increased to 51.4% (FY25: 16.8%), due to the acquisition of Auria and 29.1% (excluding the occupational advances/life rights liability of R1.9bn) GSAH » GRT owns 16.8% and has invested a total of R490m since inception » Dividends received R31.4m (FY25: R29.2m) » Asset management fee income received R53.3m (FY25: R52.3m) » GSAH's LTV increased to 28.8% (FY25: 28.6%) mainly due to new developments » Development of Hluma Studios, Durban, 2 400 beds for R790m to be completed for the 2027 academic year GIP Arteria, Parktown, Johannesburg San Sereno, Bryanston, Johannesburg # properties 31 Value (100%) R13.5bn # properties 15 GLA (100%) 129 236m² Value (100%) R8.5bn # properties 16 Beds 10 380 Value (100%) R5.0bn Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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2222 GIP – acquisition of Auria Senior Living through GHPH Woodside Village, Rondebosch, Cape Town 1) These care units are not owned by Auria. 2) Planned. 3) As at FY26, 58 units are occupied, with a further 119 units under development. Upon completion of Phases 1, 1B and 2, total number of units is expected to increase to 239. # properties 5 Units (100%) 671 Value (100%) R3.9bn Salt Rock MelroseSandringham Bryanston Rondebosch5 4 3 21 S1 M2 R3 C4 W5 San Sereno Melrose Manor Royal View Coral Cove Woodside 71 Units 14 Care Centre beds ² 213 Units 82 Care Centre beds 122 Units 21 Care Centre beds 239 Units ³ 37 Care Centre beds ² 207 Units 45 Care Centre beds ¹ Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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06 The Oval, Newlands, Cape Town RSA portfolio
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2424 RSA highlights (Overall Portfolio) Central Point, Midrand, Johannesburg 979 719m² of space let in FY26 (FY25: 1 013 534m²) 7.2% Vacancies FY25: 8.2% -2.3% Renewal growth FY25: -0.9% 80.7% Renewal success rate FY25: 68.2% 21.6% SA REIT net total cost to income ratio (incl. group overhead) FY25: 22.0% Arrears increased to R82.2m FY25: R68.8m Provision for bad debts per the balance sheet increased to R39.4m FY25: R34.9m R2.5bn RSA finance costs FY25: R2.8bn 30.2% SA LTV (excl. GIP) FY25: 34.5% R2.0bn / 3.3% Increase in RSA property values FY25: R1.4bn / 2.2% increase R1.3bn Development & capex spend FY25: R1.6bn R3.6bn Commitments FY25: R1.2bn R4.9bn Asset sales FY25: R2.5bn 4.4% Like-for- like net property income growth FY25: 5.9% R694.9m Assets held for Sale FY25: R317.4m Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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2525 Vacancies » Vacancies are at their lowest level since June 2019 » Vacancies continue to improve with new letting and disposals » Gauteng represents 70.0% of the portfolio by GLA, with vacancies at 18.6% (FY25: 18.5%) of which Sandton is 19.2% of the total portfolio with vacancies at 17.9% (FY25: 16.0%) » Woodmead vacancies decreased from 14.3% at FY25 to 8.3% » Stronger demand, constrained supply and better rental dynamics are supporting lower vacancies and better leasing outcomes in the Western Cape 18.6% 3.7% 2.6% Gauteng Cape Town Durban 14.1% Renewals » Western Cape renewal growth of 0.4% (FY25: 3.9%) » KZN at -2.8% (FY25: -11.9%), impacted by one material renewal at Ridgeview in Umhlanga » Gauteng is at -10.2% (FY25: -4.4%) impacted by the reversions at 144 Oxford, Microsoft and Inanda Greens » The renewal success rate is at the highest level in over a decade » Weighted average lease period on renewals increased from 3.0 years at FY25 to 3.8 years, but came at the cost of negative reversions » Target renewal success rate between 60.0% - 70.0% Office Renewal reversion by GLA (%) Vacancy % per region Escalations Arrears TO LET # properties 140 GLA (100%) 1 495 875m² Value (100%) R25.9bn 14.1% FY25: 14.6% Success rate 78.3% FY25: 57.5% Renewal growth (6.3%) FY25: (3.2%) On renewal 6.9% FY25: 7.5% 8.3% of total collectables In-force 7.2% FY25: 7.1% R38.1m FY25: R29.8m 43.6% 3.2% 53.2% Positive renewal growth (average 2.6%) Flat renewals (no growth: 0%) Negative reversion (average -8.9%) 10 leases 79 leases 201 leases 112 leases Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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2626 Valuations » R696m increase in valuations for the period Portfolio optimisation Disposals: » 9 disposals of R3.0bn, which includes the disposal of Discovery phase 1 » 3 properties held for sale at R273.7m » 7 other properties of R486.0m in various stages of disposal post FY26 » Disposal strategy is deliberately reducing exposure to weaker and non-core office assets. This supports the broader strategy of lowering the office weighting in the South African portfolio Developments: » Net-zero carbon redevelopment at 36 Hans Strydom in Cape Town for Ninety One on the back of a 15-year lease was completed December 2025 » Acquired a property adjacent to Longkloof Studios in Gardens, Cape Town for R49.0m to enhance the current precinct » Acquired the remaining 45% of Discovery phase 2 (Sandton Place Section 1, Sandhurst, Johannesburg) for R325.9m » Development in Cornubia, Durban for a blue-chip tenant with an estimated cost of R276.0m and completion date of November 2026 Office | continued Regional valuation changes LFL NPI growth » Positive like-for-like growth indicative of consistent letting, improved recoveries and focus on cost savings » Electricity recovery improved from 97.7% to 101.6% and water & other municipal charges recovery improved from 98.0% to 107.9%¹ » SA REIT net total cost-to-income ratio increased from 12.0% at FY25 to 12.2% » Like-for-like gross income growth of 2.3% » Like-for-like property expenses increased by 0.6% 3.1% FY25: 6.8% 3.0% FY25: 1.9% 8.0% 8.1% -0.3% -2% 0% 2% 4% 6% 8% 10% Western Cape KwaZulu Natal Gauteng 1) The water recovery in excess of 100% is due to a correction of a previous error by Council. Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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2727 Vacancies » Improved vacancy reflects strong leasing activity, together with the strategic repurposing/redevelopment of space » Vacancies decreased to 3.5%, the lowest level since 2015, following the conversion of 5 925m² area at Alberton City into a taxi rank as part of our strategy to position the mall for commuters. The conversion reduced both the GLA and vacancies » At Key West Shopping Centre & Brooklyn Mall we are repurposing 3 884m² and 1 610m² respectively for future development. These adjustments reduced both the GLA and vacancies in the Gauteng region » KwaZulu-Natal vacancies decreased as a result of better letting Renewals » Renewal success rate at 90% remains very strong and above our target of 80% » Continual improvement in renewal growth which is positive with 79.4% (FY25: 75.9%) of renewals by GLA in flat to positive territory » 50.4% (FY25: 55.5%) of renewals reflect a positive renewal growth rate of 3.7% (FY25: 3.8%) » Negative renewals reduced both in number and severity, with average negative reversions improving from approximately -4.1% to -2.9% 4.2% 2.7% 2.5% Gauteng Cape Town Durban 50.4% 29.0% 20.6% Positive renewal growth (average 3.7%) Flat renewals (no growth: 0%) Negative reversion (average -2.9%) * Arrears were largely driven by storm damage at Festival Mall, with c. R8m attributable to the property. The resulting trading disruption affected both directly impacted tenants and the broader tenant base. Excluding this event, underlying arrears remain well managed. Retail Renewal reversion by GLA (%) Vacancy % per region Escalations Arrears* TO LET # properties 30 GLA (100%) 1 021 235m² Value (100%) R26.4bn 3.5% FY25: 5.3% Success rate 90.0% FY25: 86.6% Renewal growth 0.8% FY25: (0.3%) On renewal 6.1% FY25: 6.3% 5.8% of collectables In-force 6.1% FY25: 6.2% R32.9m FY25: R23.9m 3.5% 514 leases 281 leases 117 leases 116 leases Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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2828 Valuations » R538m increase in portfolio value for the period Portfolio optimisation Disposals: » 2 disposals of R568m, The Bridge 27.5% in Greenacres, Gqeberha (R150.4m) is classified as held for sale and 2 properties of c. R547m in various stages of disposal post FY26 Developments: » La Lucia: new 2 800m² Checkers development completed » Longbeach Mall: new 2 496m² Builders Express and Food Lovers Market 3 974m² completed » Paarl Mall phase 2 redevelopment started with completion in October 2026, H&M to replace Edgars, introduction of Country Road and Celio Furniture and upgrade of whole mall » Redevelopment of space at Walmer Park Shopping Centre and Greenacres Shopping Centre after Edgars reduction, with completion date March 2027 and September 2026 respectively » R57m spend on solar installations at 6 centres adding 6.2MWp Retail | continued Regional valuation changes LFL NPI growth » Positive like-for-like growth indicative of consistent letting, improved renewal growth rate and improved solar and utility cost recoveries » SA REIT net total cost-to-income ratio improved from 21.7% at FY25 to 19.1%, driven mainly by higher solar recoveries and a focus on cost reduction » Like-for-like gross income growth of 4.4% » Like-for-like property expenses increased by 2.4% 5.3% FY25: 5.3% 2.1% FY25: 2.2% 6.9% 2.3% 3.2% -1.5% 3.7% -4% -2% 0% 2% 4% 6% 8% Western Cape North West KwaZulu Natal Gauteng Eastern Cape Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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2929 32 292 33 840 35 017 36 637 37 632 20 000 30 000 40 000 FY22 FY23 FY24 FY25 FY26 Retail | continued Annualised Trading Density Growth Rolling 12 Months Annualised Trading Density R/m² (All Centres) 0% 2% 4% 6% 8% FY22 FY23 FY24 FY25 FY26 Regional Small Regional Community All Centres Retail trends Trading density growth » 2.7% (FY25: 4.8%), with retail sales growth moderated as consumer pressure intensified in the second half of FY26. This was broadly consistent with weaker consumer sentiment and pressure on disposable income seen across the retail market. The moderation was particularly evident in apparel and supermarket spending, while food services and selected service categories remained relatively resilient » Annualised trading densities are R37 632/m², with growth mainly from small regionals (3.6%), Western Cape (3.4%) and Eastern Cape (3.9%) Foot traffic » Foot traffic decreased year-on-year by 0.1%, with the lowest at community centres (-3.7%). Small regional centres performing better at 2.0% and regionally the Western Cape at 2.8% Gross rent/m² as at 30 June 2026 » Gross rental increasing by 3.0% to R252.7/m² (FY25: R245.3/m²) » Highest gross rent growth achieved in the KwaZulu-Natal (5.7%) province and Eastern Cape (4.6%) Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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3030 19% 23% 18% 40% Grocery/Supermarket Department stores Apparel Other 7.9% 7.7% 7.7% 7.7% 7.8% 7.0% 7.5% 8.0% 8.5% FY22 FY23 FY24 FY25 FY26 Retail | continued Rolling 12 Months Annualised Gross Rent : Sales % (All Centres) Category contribution to annualised trading densities (%) Retail trends Rent to turnover » Rent to turnover ratio is 7.8% (FY25: 7.7%) » KZN (6.0%), Western Cape (6.5%) and Gauteng (8.8%) Effort ratio » Effort ratio is 11.7% (FY25: 11.4%), with community centres the lowest at 9.1% » Regionally Gauteng (13.3%, KwaZulu-Natal (9.8%) and Western Cape at 9.6% Retail sales contribution » Consumer pressure most evident in key spending categories » Apparel: c. +0.3% and Groceries / supermarkets: c. +1.3% experienced materially slower growth » Food services: outperforming overall portfolio growth » Other weaker discretionary categories included travel-related, luggage/leather and selected specialty categories » Gauteng contributing 46.0% and Western Cape 25.7% Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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3131 Renewals » Renewal growth remained marginally negative, although more than half of renewal GLA was concluded at flat or positive rental growth » Average positive renewal growth rate of 3.2% (FY25: 3.6%) » Renewal success rate within our target range of 70% – 80% Vacancies » Improved letting activity across all three regions reduced vacancies, resulting in a year-end vacancy rate of 2.9%, the lowest level recorded in the industrial and logistics portfolio in over a decade » The planned redevelopment at Chain Avenue, Montague Gardens, Cape Town further reduced vacancies due to the GLA adjustment of 10 906m² » Speculative developments, in line with our strategy to increase our RSA exposure to modern logistics and warehousing properties » The Western Cape portfolio remains fully let, reflecting the strength of demand for modern logistic properties in the region 5.4% 0.1% Gauteng Cape Town Durban 51.6% 3.8% 44.6% Positive renewal growth (average 3.2%) Flat renewals (no growth: 0%) Negative reversion (average -3.7%) Logistics & Industrial 156 leases 92 leases7 leases 57 leases 2.9%2.9% FY25: 4.1% Escalations On renewal 7.3% FY25: 7.5% Success rate 77.8% FY25: 64.7% Renewal growth (0.5%) FY25: 0.4% Arrears 5.0% of total collectables In-force 7.4% FY25: 7.5% R11.2m FY25: R15.1m # properties 125 GLA (100%) 1 497 721 m² Value (100%) R12.9bn TO LET Renewal reversion by GLA (%) Vacancy % per region Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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3232 Valuations » R778m increase in portfolio value for the year including the addition of high-quality speculative developments Portfolio optimisation Disposals: » 18 disposals of R1.3bn, 5 properties of R271m held for sale and 14 other properties of c. R907m in various stages of disposal post FY26 Logistics developments: » Strong pipeline of speculative logistics developments across all three regions: • Cornubia in Mount Edgecomb, Durban (R391.8m with an estimated completion date of October 2027) • Noka Park at Riverfields in Johannesburg (R199.0m with an estimated completion date of October 2027) • Indlovu Industrial Park at Montague Gardens in Cape Town (R571.2m with an estimated completion date May 2027) Logistics & Industrial | continued Regional valuation changes LFL NPI growth » Sector fundamentals remain supportive, characterised by strong leasing activity, low vacancies and improving recoveries » Slightly impacted by higher net bad debts written off » Total recoveries improved from 89.2% at FY25 to 91.7%4.9% FY25: 5.5% 6.5% FY25: 3.1% 11.0% 5.1% 4.5% 0% 2% 4% 6% 8% 10% 12% Western Cape KwaZulu Natal Gauteng Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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3333 Logistics & Industrial | continued NPI (Rm) 1 000 1 050 1 100 1 150 1 200 1 250 1 300 2020 2021 2022 2023 2024 2025 2026 11.0 11.5 12.0 12.5 13.0 13.5 2020 2021 2022 2023 2024 2025 2026 Portfolio value (Rbn) GLA 0 500 000 1 000 000 1 500 000 2 000 000 2 500 000 2020 2021 2022 2023 2024 2025 2026 NPI/m² 0 20 40 60 80 2020 2021 2022 2023 2024 2025 2026 0 2 000 4 000 6 000 8 000 10 000 2020 2021 2022 2023 2024 2025 2026 Value/m² % Yield 0% 2% 4% 6% 8% 10% 12% 2020 2021 2022 2023 2024 2025 2026 Industrial portfolio optimisation (2020–2026) driving resilience and value creation Growthpoint’s Logistics and Industrial strategy has transitioned from a period of deliberate portfolio de-risking to one of disciplined growth and capital allocation, anchored by modern, secure, park logistics-led assets Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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3434 Leveraging our T&D platform to reposition underperforming assets aligned to our long-term strategy, unlocking bulk development opportunities that generate attractive returns and where strategically appropriate, retaining these assets for sustained growth Third party trading & development projects: » Sales across Devro Park & Palm River in Pinetown and Riverwoods in Bedfordview continued, contributing to distributable income GSAH projects: » Hluma Studios student housing development progressing toward 2027 academic year completion GHPH projects: » The development of a primary healthcare and day hospital facility for c. R100m in Melrose Johannesburg, occupied by Epione Health Villages, was completed in June 2026 » Expansion projects at Gateway Hospital were completed in January 2026, while the Hillcrest Hospital project in KwaZulu-Natal is expected to be completed in July 2026 Balance sheet activity: » Olympus Sandton residential development in our Sandton Summit precinct with a total development cost of R605m (50%), expected completion date for Tower 1 and Tower 2 May 2028 which has attracted high presale demand with 482 of the 528 units sold Trading & development R7.7m (FY25: R64.1m) Trading profits R4.8m net property loss (FY25: R3.1m) Net property income Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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3535 Improving the quality of our SA portfolio: New developments Noka Park Indlovu Logistics Park, Montague Gardens Paarl Mall, Paarl Olympus Residential Development, Sandton »Total land & development cost: R199m »Size: 11 137m² »Commencement: October 2025 »Completion: October 2026 »Size: 38 615m² »Commencement: March 2026 »Completion: June 2027 »Total redevelopment cost: R262m »Size: 11 560m² »Commencement: February 2026 »Completion: November 2026 »Number of apartments: 528 »Commencement: January 2026 »Completion: February 2028 Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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3636 ESG Thriving people and communities Thriving environment R58m total CSR spend in FY26 (FY25: R58m) PPA signed for 195GWh, 32% of FY23’s energy consumption Boston Hydro started wheeling energy to Growthpoint buildings in October 2025, generating 23.6GWh of renewable energy in FY26 Renewable energy penetration increased from 7.9% at FY25 to 19.0% 12 219 total number of direct beneficiaries supported (FY25: 7 316) 143 Green building certifications 13 Net zero carbon certifications 3 Net zero waste certifications R24m spent on flagship educational programs in FY26 Wheeling energy to 25 buildings, nine of which are e-CO₂ buildings Growthpoint’s e-CO₂ initiative is a green energy benefit scheme that provides tenants with access to wheeled renewable energy at a fixed tariff, supplying electricity without associated CO₂ emissions 121 jobs sustained through Property Point in FY26 Water & waste focus • 89.4 ML projected water savings over 3 years • 51.3% waste diversion rate (targeting 55% in FY28) • 55 licensed bore holes and 178 water backup facilities with a total storage capacity of 12 342kl Level 1 B-BBEE score More than R1bn cumulative spend on solar with 98 plants and 69.31MWP solar power installed Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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3737 V&A Waterfront V&A Waterfront, Cape Town Highlights & financial metrics » Net property income (NPI) increased 21.6%, driven by the successful completion of the 5 Dock Road residential development. All 98 units were sold, generating a development profit of 42.3% » Excluding residential sales, NPI increased 6.9%. Excluding the impact of the closure of the Table Bay Hotel for a renovation, like-for-like NPI grew 10.6% » Operational income’s contribution to operating profit, increased from 16% in the prior year to 20% for the year under review. The InterContinental Table Bay Cape Town is now an operational hotel business. This increase in operational income reflects a more diversified earnings base » Vacancies remained exceptionally low at 0.9% across the precinct » Footfall of 27 million visits increased by 7%, driven by 8% growth in international airport arrivals with the V&A Waterfront remaining an important shopping, entertainment, attractions and leisure destination for SA tourists and the people of Cape Town and the Western Cape » The planned Granger Bay development continues to progress through the required regulatory approval processes, including the Environmental Impact Assessment and Integrated Coastal Management Act applications. Final approvals are expected toward the end of 2027 # properties 1 GLA (100%) 528 168m² Value (100%) R16.2bn Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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3838 V&A Waterfront | continued V&A Waterfront, Cape Town Funding » Total Debt of R5.2bn (FY25:R3.3bn), with 63% (FY25: 64%) hedged (excluding revolving credit facilities) » R136m (FY25: R192m) is at a fixed rate » Undrawn facilities of R2.4bn (FY25:R660m) as at 30 June 2026 » Average interest rate of 8.2% (FY25: 8.7%) » Raised R2.25bn of additional debt funding in June 2026, comprising R750m to refinance facilities maturing between October and November 2026, and R1.5bn to fund the development pipeline » Funding was secured at a weighted average margin of 1.08% with a weighted average tenor of 4.8 years Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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3939 Retail » Total retail sales increased by 6.2% to R11.3bn over the 12 months to June 2026, reflecting continued consumer demand and strong visitor activity » Victoria Wharf Shopping Centre achieved trading density of R9 500/m² for the 12-month period to 30 June 2026, at a premium to the MSCI Super Regional Shopping Centre benchmark » Retail vacancies remained exceptionally low at 0.1%, due to sustained demand for prime retail space » Strong leasing fundamentals were maintained, with a weighted average renewal reversion of 7.5% achieved across 19 213m² of lease expiries, and a weighted average contractual escalation rate of 6.9% » The luxury retail wing was completed and is fully let, with leading global brands including Louis Vuitton, Zegna, Burberry, Versace and Rolex already trading ahead of expectations – the remaining tenants are expected to commence trading by 31 October 2026 Office » 8.2% increase in NPI » Letting success rate of 98.8% at a rental growth rate of 9.9% » Despite a period-end vacancy rate of 1.2%, arising from the V&A Waterfront head office relocation, leasing demand remained robust, with all vacant space now leased or under offer » Construction of the new Portswood Place 6 000m² P-grade office is on track for completion in November 2027 V&A Waterfront | continued V&A Waterfront, Cape Town Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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4040 V&A Waterfront | continued V&A Waterfront, Cape Town Hotels, residential & leisure » NPI increased by 2%, impacted by the temporary closure of the Table Bay Hotel which reopened as the InterContinental Table Bay Cape Town on 15 December 2025 – excluding this impact, like-for-like net property income growth was 21.8% » Excluding the Table Bay Hotel closure, RevPar across the hotel portfolio increased by 10.2%, reflecting continued demand in the precinct » The 142-key Cape Town EDITION Hotel, by Marriott opens in October 2026 – the development includes six ultra-luxury branded residences for sale » Construction of the new 160 apartment residential to let development is progressing well, with completion scheduled for March 2027 » Construction of V&A Waterfront's first Later Living development, The Bower , has commenced • The development comprises 147 hospitality-led luxury life-right apartments, complemented by a specialist memory care offering • Occupation is planned for 1 February 2028 • The development was launched at the end of August 2026 Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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4141 V&A Waterfront | continued V&A Waterfront, Cape Town Marine & Industrial » NPI increased by 13.7%, reflecting strong underlying operational performance across the portfolio » Marine-related revenue streams continued to perform strongly, with charter boat revenue increasing by 19% and mooring income by 8.4% » Despite disruptions to regional cruise itineraries resulting from geopolitical tensions in the Middle East, the Cruise Terminal delivered a strong performance, with operating profit increasing by 10% - during the season, the terminal welcomed 62 vessel and processed more than 144 000 passengers and crew » The Superyacht Marina development remains on schedule for completion in October 2026 Additional bulk of 440 000m² City of Cape Town Municipal Planning Tribunal approved the application to increase permissible development rights by an additional 440 000m². This approval is subject to the following conditions: » Phase 1 land use mix of 200 000m²: • Minimum 110 000m² residential, with a minimum of 10% of affordable housing • Balance of land use mix across Hotels, Office & Retail » Phase 2 of 240 000m² approval subject to an approved traffic impact assessment after phase 1 with a minimum of 50% to be residential with 10% minimum of affordable housing » A maximum of 290 000m² to be developed in the Granger Bay development area Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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07 36 Hans Strijdom, CBD, Cape Town Financial results
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4343 R216m Increase in distributable income FY26 Rm Comment Major moving parts 216 South Africa 30 Gross property income increased R39.0m, whilst property expenses decreased R34.0m, with net property income (NPI) up R73.0m, mainly due to an improved contribution from the three SA sectors, including reduced vacancies and improved expense efficiencies and recoveries. NPI impacted by the disposal of R4.9bn of properties. Like-for-Like NPI growth of 4.4% across the portfolio. Other operating expenses increased by R41.0m RSA net finance costs 371 RSA finance costs decreased by R363.4m due to lower average borrowings compared to FY25 and a lower weighted average cost of debt in FY26 of 8.6% (FY25: 8.9%). Finance income decreased by R7.0m Income from V&A 155 Growthpoint’s 50% share of distributable income increased by 19.0% to R964.7m (FY25: R810.5m), benefiting from residential pr ofits at 5 Dock Road, including a once-off contribution of R139m, notwithstanding the temporary closure of the Table Bay Hotel for its successful redevelopment Distribution from GOZ (65) The AUD distribution from GOZ (normalised for a AUD2.1 cps once off distribution received in FY25) increased from AUD18.2 cps for FY25 to AUD18.4 cps for FY26 resulting in a net distribution received of R946.1m (FY25: R1 011.3m). The payout ratio (excludi ng the once off AUD2.1cps from FY25) increased from 78.0% at FY25 to 78.2%. The dividend withholding tax on our distribution decreas ed from 17.5% at FY25 to 7.4% at FY26 Dividend from C&R/ NRR (148) Disposal of C&R and NRR. No income in FY26 Dividend from GWI (54) The EUR dividend from GWI decreased from EUR14.0 cps (R251.6m) at FY25 to EUR12.0 cps (R197.7m) at FY26, mainly due to increa sed finance costs, additional income tax charges and scrip dividends issued at significant discounts to EPRA NAV Dividend from Lango (11) Rm in FY26 vs. R11.1m dividend income for FY25 GIP 2 Gross management fees of R109.5m (FY25: R98.7m) from GHPH and GSAH Mancos. Dividends from GHPH and GSAH of R102.8m (FY25: R119.9m), the decrease mainly reflects Auria’s net loss contribution for the six-month period, driven primarily by higher interest costs associated with the fully debt-funded acquisition. Profit on disposal of 9.5% share in GSAH Partnership R24.7m (FY25: R7.5m) to Royal Bafokeng (FY25: 2.9% to Stevedore). Other operating expenses R48.0m vs. R38.5m for FY25 Income from Trading & Development (64) R7.7m trading profits on disposal of properties in FY26 vs. R64.1m in FY25. R0.4m development fee income earned in FY26 & FY25:Rnil. R4.8m net property loss in FY26 vs. R3.1m net property income in FY25. T&D other operating expenses R56.0m in FY25 & FY26 Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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4444 Distributable income & SA REIT FFO FY26 Rm FY25 Rm Increase/ (Decrease) Rm Increase/ (Decrease) % Gross property income 13 281 13 949 (668) (4.8) RSA 8 275 8 236 39 0.5 GOZ 3 707 3 781 (74) (2.0) C&R¹ - 644 (644) >100.0 GIP 1 246 1 024 222 21.7 Trading & Development 53 264 (211) (79.9) Property expenses (3 833) (4 281) 448 (10.5) RSA (2 506) (2 540) 34 (1.3) GOZ (847) (832) (15) 1.8 C&R¹ - (367) 367 >100.0 GIP (431) (322) (109) 33.9 Trading & Development (49) (220) 171 (77.7) Net property income 9 448 9 668 (220) (2.3) Other operating expenses (1 072) (1 055) (17) 1.6 RSA (475) (434) (41) 9.4 GOZ (425) (427) 2 (0.5) C&R¹ - (74) 74 >100.0 GIP (116) (64) (52) 81.3 Trading & Development (56) (56) - - Net property income after operating expenses 8 376 8 613 (237) (2.8) Average exchange rate at R11.46/A$ (FY25: R11.76/A$) for GOZ, R- (FY25: R23.51/£) for C&R, R19.71/ € (FY25: R19.76/€) for GWI and R16.90/$ (FY25: R18.17/$) for Lango. 1) C&R consolidated until 10 December 2024. Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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4545 Distributable income & SA REIT FFO | continued FY26 Rm FY25 Rm Increase/ (Decrease) Rm Increase/ (Decrease) % Net property income after operating expenses 8 376 8 613 (237) (2.8) Finance costs (3 803) (4 200) 397 (9.5) RSA (2 459) (2 823) 364 (12.9) GOZ (1 066) (1 061) (5) 0.5 C&R¹ - (110) 110 >100.0 GIP (278) (206) (72) 35.0 Finance and other income 1 319 1 329 (10) (0.8) RSA 99 92 7 7.6 GOZ 34 32 2 6.3 C&R1 - 115 (115) >100.0 GIP 23 17 6 35.3 Investment income from Lango - 11 (11) >100.0 Investment income from V&A Waterfront 965 810 155 19.1 Investment income from GWI 198 252 (54) (21.4) Adjustment for NCI, foreign exchange loss, antecedent dividends and normal taxation2 (712) (778) 66 (8.5) Distributable income 5 180 4 964 216 4.4 Average exchange rate at R11.46/A$ (FY25: R11.76/A$) for GOZ, R- (FY25: R23.51/£) for C&R and R19.71/ € (FY25: R19.76/€) for GWI and R16.90/$ (FY25: R18.17/$) for Lango. 1) C&R consolidated until 10 December 2024. 2) Refer to annexure 9. Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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4646 Distributable income & SA REIT FFO | continued FY26 Rm FY25 Rm Increase/ (Decrease) Rm Increase/ (Decrease) % Distributable income 5 180 4 964 216 4.4 Company specific adjustments (262) (502) 240 Decrease in staff incentive scheme cost 8 (11) Trading profits and development fees earned (7) (69) Profit on sale of GSAH Partnership (25) (8) Amortisation of tenant incentive add back (GOZ FFO) (541) (507) Life right sales (16) - Distributable income from GOZ retained (including NCI portion) 445 269 Distributable income from GIP retained (including NCI portion) 20 12 Tax on distributable income retained (146) (188) SA REIT FFO 4 918 4 462 456 10.2 SA REIT FFO per share 145.2 132.1 13.1cps 9.9 Distributable income per share (DIPS) 152.6 146.3 6.3cps 4.3 Dividend per share (DPS) – payout ratio 87.5% (FY25: 85.0%) 133.5 124.3 9.2cps 7.4 Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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4747 Consolidated balance sheet | extracts FY26 Rm FY25 Rm Increase/ (Decrease) Rm Increase/ (Decrease) % Property portfolio 126 838 123 759 3 079 2.5 RSA 65 576 66 702 (1 126) (1.7) GIP 13 490 8 579 4 911 57.2 GOZ 47 772 48 478 (706) (1.5) Equity-accounted investments 18 400 18 354 46 0.3 Investment in V&A Waterfront (50.0%) 9 472 8 221 1 251 15.2 Investment in GWI (29.6%) 8 482 9 426 (944) (10.0) Investment in Lango Manco3 - 326 (326) >100.0 Investment in Growthpoint Australia Logistics Partnership (GALP) (20%) & Canberra Office Trust 370 314 56 17.8 Other Investments (Ferguson Place, Fortius Central Park Trust) 76 67 9 13.4 Loans granted1 2 981 2 943 38 1.3 Listed investment (NRR) - 1 212 (1 212) >100.0 Unlisted investment (Lango Fund 18.9%)3 633 779 (146) (18.7) Unlisted investment (Lango Fund convertible loan notes) 207 - 207 >100.0 Unlisted investments (SA SME Fund, Workshop17, Redimension Capital, Cape Winelands Aero & GOZ’s Co- investments in property funds) 138 166 (28) (16.9) Nominal borrowings2 58 645 61 271 (2 626) (4.3) RSA 33 651 39 067 (5 416) (13.9) GIP 4 108 1 988 2 120 >100.0 GOZ 20 886 20 216 670 3.3 Shareholder’s interest (SA REIT NAV)⁴ 72 834 69 941 2 893 4.1 Closing exchange rate R11.32/A$ (FY25: R11.66) for GOZ, R-/£ for C&R (FY25: R24.38/£) and R18.70/€ for GWI (FY25: R20.88/€). 1) Includes fair value adjustments of R7.5m (FY25: R20m), mainly due to a loan granted to the V&A Waterfront of R2.9bn (FY25: R2.9bn). 2) Excludes fair value adjustments. 3) Internalisation of Lango Manco into Lango. 4) Prior year was represented to reflect the adoption of the SA REIT BPR Third Edition. Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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08 Waterfall Park, Midrand, Johannesburg Capital management
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4949 RSA capital management | Excluding GIP Cintocare Hospital, Menlyn, Pretoria REDUCTION IN TOTAL NOMINAL DEBT TO R33.4bn (FY25: R39.1bn) » Weighted average interest rate of 8.6% (FY25: 8.9%) or 6.7% (FY25: 6.9%) incl. CCIRS and foreign denominated debt » Weighted average term of debt at 3.7 years (FY25: 3.8 years) » 65.3% is unsecured vs. 34.7% secured (FY25: 58.4% unsecured vs 41.6% secured) GOOD LIQUIDITY » R5.7bn unutilised committed facilities and R323.6m of cash CAPITAL MARKETS » Our access to capital markets remains strong as evidenced by the R1.8bn public bond issuance at the lowest margins achieved in a Growthpoint bond auction, with a weighted average margin of ZARONIA +1.08% » Post FY26, we raised a further R3.1bn through private placements at an average margin of ZARONIA + 1.34%, with more than 50% of the funding secured at a 10-year tenure Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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09 Canopy by Hilton, Longkloof, Cape Town Conclusion
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5151 Conclusion 33 Bree and 30 Waterkant, CBD, Cape Town » The RSA portfolio has entered a growth phase, supported by consistent improvements in the majority of property KPI’s across all 3 sectors » Our priorities remain disciplined capital allocation, tenant retention, active asset management, cost containment and continued investment in sustainable, energy-efficient properties. We intend to recycle between R2bn and R3bn of assets annually, subject to market conditions, acceptable pricing and disciplined execution. While disposals may create short-term earnings dilution, the proceeds will support debt reduction, investment in higher-growth sectors and regions, and the development pipeline, thereby strengthening the portfolio’s long-term earnings quality and resilience » Our RSA development pipeline is estimated to be between R2.0bn and R3.0bn per year for the next five years with Logistics and Industrial developments comprising R1.4bn, Office R0.3bn and Retail R0.5bn for FY27 » The V&A Waterfront expects double-digit growth in operating profit in FY27, excluding profits on the sale of residences at 5 Dock Road and the Marriott EDITION. This growth is expected to be underpinned by the InterContinental Table Bay Hotel, the opening of the EDITION Hotel, the launch of the Superyacht Marina in October 2026 and a full-year earnings contribution from the expanded luxury retail offering » GOZ FY27 FFO guidance range of A$22.6cps to A$23.5cps and distribution guidance of A$18.4cps » GWI maintains moderate leverage and strong liquidity, with shareholders continuing constructive discussions on its future strategy » We expect stable asset management fees from GIP , dividend income will most likely remain flat due to a mixed performance from the underlying funds Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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5252 Guidance Boston Hydro Plant, Clarens, Free State Overall, improving South African operating fundamentals, strong coastal performance, the V&A Waterfront’s high-quality income and lower finance cost margins provide a sound foundation for FY27. Gauteng office fundamentals, negative rental reversions, cost pressures and offshore distributions remain challenging, but are being addressed through sharper asset selection, precinct-based investment, active asset management, capital recycling, cost efficiency and continued balance sheet discipline. Subject to no further material deterioration in market conditions or unforeseen events, Growthpoint expects FY27 DIPS and DPS to grow by between 1.0% and 3.0%, with a payout ratio of 87.5%. Group highlights Strategy in action International investments GIP RSA portfolio Financial results Capital management ConclusionGrowthpoint portfolio composition
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Arterial Industrial Estate, Blackheath, Belville Thank you
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10 Montclare Place, Claremont, Cape Town Annexures
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55 Annexure contents 01 Company highlights 02 NAV and market capitalisation 03 DIPS vs. DPS (cps) 04 RSA portfolio overview 05 GIP portfolio overview 06 Group investments portfolio overview 07 Property investment activities 08 Adjustment for NCI, foreign exchange loss & normal tax 09 Sum of components FY26 10 Sum of components FY25 11 Revenue per segment FY26 12 Property expenses per segment FY26 13 Offshore contribution 14 SA REIT gross total cost-to-income ratio 15 SA REIT net total cost-to-income ratio 16 RSA diversified borrowings – nominal value 17 RSA debt facilities 18 Funding & Hedging activity (excluding GIP) 19 Funding of foreign investments 20 Loan-to-value and interest cover ratios 21 Group look through LTV 22 Loan exposure per financier RSA 23 Debt expiry profile RSA 24 Loan book fixed interest rate expiry profile RSA 25 ZAR fixed interest rate expiry profile 26 EUR fixed IRS and CCIRS expiry profile 27 ZAR/ AUD CCIRS expiry profile 28 ZAR/ USD CCIRS expiry profile 29 Shares issued & benef. s/holders holding >2% at FY26 30 Beneficial shareholders holding >1% at FY26 31 Key performance indicators RSA 32 Portfolio overview RSA (excl. V&A) 33 Split of RSA property portfolio 34 Like-for-like net property income analysis RSA 35 Disposals RSA 36 Acquisitions & non-current assets held for sale RSA 37 Developments & capital expenditure RSA 38 Commitments RSA 39 Retail overview RSA 40 Office overview RSA 41 Logistics & Industrial overview RSA 42 GLA & vacancy reconciliation RSA 43 Key performance indicators V&A Waterfront (50%) 44 Portfolio overview V&A Waterfront (50%) 45 Split of V&A Waterfront property portfolio (50%) 46 Developments & capital expenditure V&A Waterfront (50%) 47 Commitments V&A Waterfront (50%) 48 Income statement overview V&A (50%) 49 Distributable income analysis V&A Waterfront (50%) 50 Net property income analysis V&A Waterfront (50%) 51 V&A Waterfront overview 52 GLA & vacancy reconciliation V&A Waterfront (50%) 53 Portfolio overview GIP 54 Net property income analysis GIP 55 Acquisitions, developments & capital expenditure GIP 56 Commitments GIP 57 GHPH overview 58 GSAH overview 59 Key performance indicators GOZ 60 Directly held portfolio overview GOZ 61 Split of GOZ property portfolio 62 Developments & commitments GOZ 63 Acquisitions & disposals GOZ 64 FFO analysis GOZ 65 GOZ overview 66 GLA & vacancy reconciliation GOZ
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56 Company highlights Highlights » Largest South African primary listed REIT » 36th largest company in the FTSE/JSE Top 40 Index » Gross market capitalisation R59.2bn (at R17.25 per share) » Liquid and tradable with R3.4bn average value of shares traded per month » 17th year inclusion in FTSE/JSE Responsible Index » 10th year inclusion in the FTSE4Good Emerging Index » Constituent of FTSE EPRA/NAREIT Emerging Index Investment proposition » Attractive dividend yield supported by high-quality, sustainable income streams » Diversified across geographies, sectors and income streams, with investors also gaining exposure to the V&A, a unique, world-class asset and crown jewel within the Group’s portfolio » Strong underlying earnings resilience supported by a high quality property portfolio » Uninterrupted track record of paying dividends » Dynamic team and proven management track record » Best practice corporate governance » Transparent reporting » Level 1 B-BBEE contributor » Attractive ESG investment » Investment grade SA domestic debt rating 01
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57 1 335 1 490 1 235 1 166 1 218 1 339 1 725 2 307 2 023 2 158 2 151 2 020 1 988 2 131 0 500 1 000 1 500 2 000 2 500 3 000 3 500 0 20 40 60 80 100 120 140 160 180 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Tangible assets (Rbn) Market cap (Rbn) Share price (cents) NAV per share (cents) NAV and market capitalisation 02 centsRbn
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58 76.9 77.9 71.2 74.0 75.7 61.5 64.3 58.8 61.0 66.2 78.7 79.7 70.7 72.3 76.9 66.9 65.8 58.3 63.3 67.3 FY22 FY23 FY24 FY25 FY26 Interim DIPS Interim DPS Final DIPS Final DPS 03 DIPS vs. DPS (cents per share) 03 Total DIPS 157.6 Total DPS 130.1 DPS Payout ratio 82.5% Total DIPS 155.6 Total DPS 128.4 DPS Payout ratio 82.5% Total DIPS 141.9 Total DPS 117.1 DPS Payout ratio 82.5% Total DIPS 152.6 Total DPS 133.5 DPS Payout ratio 87.5% Total DIPS 146.3 Total DPS 124.3 DPS Payout ratio 85.0%
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59 RSA portfolio overview 04 Retail Office Logistics & Industrial Trading & development RSA total Number of properties 30 140 125 7 302 GLA (m²) 1 021 235 1 495 875 1 497 721 - 4 014 831 Vacancy (m²) 36 064 210 206 43 345 - 289 615 Vacancy (%) 3.5 14.1 2.9 - 7.2 Valuation (Rm) 26 411 25 860 12 908 397 65 576 Value per m² (excl. bulk) (R) 25 706 16 653 8 096 n/a 15 866 Average gross rental (per m²/month) (R) 252.7 164.5 82.5 n/a 153.8 Average annualised yield (%) 9.0 8.5 9.0 - n/a 8.8 Weighted Average Lease Escalation (WALE) 6.1 7.2 7.4 n/a 6.8 - Weighted Average Unexpired Lease Term (WAULT) 2.6 2.9 2.6 n/a 2.7 Renewal success rate (%) 90.0 78.3 77.8 n/a 80.7 Weighted average renewal lease period (years) 4.0 3.8 4.1 n/a 4.0 Weighted average renewal growth (%) 0.8 (6.3) (0.5) n/a (2.3) Weighted average future escalations on renewals (%) 6.1 6.9 7.3 n/a 6.7 Total letting success rate (%) 85.8 60.6 91.0 n/a 77.2 Arrears (Rm) 32.9 38.1 11.2 - 82.2 Provision for bad debts (B/S) (Rm) 10.4 23.1 5.8 0.1 39.4 Provision for bad debts (I/S) (Rm) 2.1 5.1 (2.8) (0.2) 4.2 Bad debts written off and recovered (I/S) (Rm) 1.0 2.2 5.6 - 8.8 Arrows indicate increase/ decrease from FY25 to FY26.
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60 GIP portfolio overview 05 GHPH - Medical GHPH - Auria³ GSAH Number of properties 10 5 16 GLA (m²)/ number of units/ number of beds 129 236 671 10 380 Vacancy (m²) - - - Vacancy (%) - - 3.4 2.0 Valuation (Rm) 4 609 3 880 5 001 Value per m² (excl. bulk) (R) 36 034 n/a 1 439 922 Average gross rental (per m²/month) (R) n/a⁴ n/a ²7 200 Average annualised yield (%) 10.0 n/a 8.1 Weighted Average Lease Escalation (WALE) 6.9 - n/a n/a Sales price escalation (%) n/a 3.6 n/a Weighted Average Unexpired Lease Term (WAULT) 13.3 n/a n/a Renewal success rate (%) 59.5 n/a n/a Weighted average renewal lease period (years) 5.0 n/a n/a Weighted average renewal growth (%) (8.4) n/a n/a Weighted average future escalations on renewals (%) 8.0 - n/a n/a Total letting success rate (%) 100.0 - n/a n/a Arrears (Rm) 1.7 17.5 19.5 Provision for bad debts (B/S) (Rm) - - - - Provision for bad debts (I/S) (Rm) (32.2) - - Bad debts written off and recovered (I/S) (Rm) - - 3.3 Arrows indicate increase/ decrease from FY25 to FY26. 1) Value per bed with a total of 10 380 beds. 2) Gross rental per bed. 3) Auria acquisition December 2025. 4) All single tenanted.
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61 Group investments portfolio overview 06 V&A¹ GOZ¹² Number of properties 1 48 GLA (m²) 230 692 957 817 PPE Buildings V&A GLA (m²) 33 392 - Vacancy (m²) 2 300 31 183 Vacancy (%) 0.9 3.3 Valuation (Rm) 16 157 47 772 Value per m² (excl. bulk) R56 802 A$4 246 Average gross rental per m² R499 A$386.03 Average annualised yield (%) 7.0 7.0 Weighted Average Lease Escalation (WALE) 6.8 - 3.4 Weighted Average Unexpired Lease Term (WAULT) 4.9 6.1 Renewal success rate (%) 84.1 76.1 Weighted average renewal lease period (years) 4.4 6.6 Weighted average renewal growth (%) 8.3 n/a⁴ - Weighted average future escalations on renewals (%) 7.1 3.7 Total letting success rate (%) 94.9 76.1 Arrears (Rm) 18.4 18.5 Provision for bad debts B/S (Rm) 6.3 0.2 Bad debts (I/S) (Rm) 0.1 - - Arrows indicate increase/ decrease from FY25 to FY26. 1) V&A Waterfront is included reflecting Growthpoint's 50% interest and GOZ are reflected at 100%. 2) Measurements and ratios are based on income and not GLA (when compared to RSA). 3) Per annum. 4) Not disclosed by GOZ.
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62 Property investment activities 07 Annexures Retail Rm Office Rm Logistics & Industrial Rm Trading & develop- ment Rm RSA total (excl GIP) Rm GHPH Rm GSAH Rm RSA total (incl GIP) Rm GOZ ¹ Rm Total Group Rm V&A investment properties ¹ Rm V&A operational properties ¹ Rm Opening balance: 1 July 2025 25 716 26 528 13 175 609 66 028 4 211 4 352 74 591 46 051 120 642 11 980 1 298 Purchase price of acquisitions 36,55,63 - 375 4 151 530 3 577 51 4 158 1 090 5 248 - - Transferred - 510 - (510) - - - - - - (257) 218 Selling price of disposals 35,63 (568) (3 039) (1 271) (36) (4 914) - - (4 914) (195) (5 109) - - Developments and capex 37,46,55,62 607 377 172 172 1 328 372 349 2 049 702 2 751 431 750 Development profit - - - 11 11 - - 11 - 11 - - Fair value adjustment 538 696 778 - 2 012 312 249 2 573 (684) 1 889 1 472 189 Foreign currency translation - - - - - - - - (1 351) (1 351) - - Subtotal 26 293 25 447 12 858 397 64 995 8 472 5 001 78 468 45 613 124 081 13 626 2 455 Long-term property assets 26 143 25 173 12 587 397 64 300 8 472 5 001 77 773 45 613 123 386 13 626 2 455 Classified as held for sale 36 150 274 271 - 695 - - 695 - 695 - - Right-of-use assets 31 - 11 - 42 3 - 45 1 097 1 142 76 - Tenant incentives 87 413 39 - 539 14 - 553 1 062 1 615 - - Closing balance: 30 June 2026 26 411 25 860 12 908 397 65 576 8 489 5 001 79 066 47 772 126 838 13 702 2 455 Commitments 38,47,56,62 1 102 244 1 514 725 3 584 192 1 270 5 047 101 5 148 1 291 1) V&A Waterfront is reflected at Growthpoint's 50% interest, GHPH, GSAH and GOZ are reflected at 100%.
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63 Adjustment for NCI, foreign exchange loss and normal taxation 08 FY26 Rm FY25 Rm Increase/ (Decrease) Adjustment for NCI, foreign exchange loss and normal taxation (712) (778) 66 NCI GOZ distribution (Jun 25 & Dec 25 distribution paid to NCI in the current period) (584) (652) NCI C&R dividend (Jun 24 dividend paid to NCI in the current period) - (47) NCI GIP dividend (Jun 25 & Dec 25 dividend paid to NCI in the current period) (276) (256) Amortisation of incentive add back (GOZ FFO) 541 507 Life right sales 16 - Realised foreign exchange gain 119 81 Trading profits and development fees - 24 Profit on disposal of a 9.5% (FY25: 2.9%) share in the GSAH Partnership 25 8 Current normal taxation GOZ (88) (144) Current normal taxation C&R - (18) Distributable income from GOZ (retained) (including NCI portion) (445) (269) Distributable income from GIP over distributed/(retained) (including NCI portion) (20) (12)
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64 Sum of components FY26 09 RSA Net RSA interest cost V&A GWI GOZ Lango GIP T&D Total Revenue 8 275 - - - 3 707 - 1 246 53 13 281 Property expenses (2 506) - - - (847) - (431) (49) (3 833) Other operating expenses (475) - - - (425) - (116) (56) (1 072) Finance cost - (2 459) - - (1 066) - (278) - (3 803) Dividend from equity accounted investment - - 965 198 - - - - 1 163 Finance and other income - 99 - - 34 - 23 - 156 NCI GOZ - - - - (584) - - - (584) NCI GIP - - - - - - (276) - (276) Amortisation of incentives add back (GOZ FFO) - - - - 541 - - - 541 Realised foreign exchange gain - - - - 119 - - - 119 Life right sales - - - - - - 16 - 16 Trading profits and development fees earned - - - - - - - - - Profit on disposal of GSAH Partnership shares to Stevedore - - - - - - 25 - 25 Current normal taxation – GOZ - - - - (88) - - - (88) Distributable income from GOZ retained (incl. NCI's portion) - - - - (445) - - - (445) Distributable income from GIP retained (incl. NCI's portion) - - - - - - (20) - (20) Total distributable income 5 294 (2 360) 965 198 946 - 189 (52) 5 180
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65 Sum of components FY25 10 RSA Net RSA interest cost V&A GWI GOZ C&R NRR Lango GIP T&D Total Revenue 8 236 3 781 644 1 024 264 13 949 Property expenses (2 540) (832) (367) (322) (220) (4 281) Other operating expenses (434) (427) (74) (64) (56) (1 055) Finance cost (2 823) (1 061) (110) (206) (4 200) Dividend from equity accounted investment 810 252 6 11 - 1 079 Finance and other income 92 26 11 104 17 250 NCI GOZ (652) (652) NCI C&R (47) (47) NCI GIP (256) (256) Amortisation of incentives add back (GOZ FFO) 507 507 Realised foreign exchange gain 76 5 81 Trading profits and development fees earned 24 24 Profit on disposal of GSAH Partnership shares to Stevedore 8 8 Current normal taxation – GOZ (144) (144) Current normal taxation - C&R (18) (18) Distributable income from GOZ retained (incl. NCI's portion) (269) (269) Distributable income from GIP retained (incl. NCI's portion) (12) (12) Total distributable income 5 262 (2 731) 810 252 1 011 62 86 11 189 12 4 964
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66 Revenue per segment FY26 11 Retail Rm Office Rm Logistics & Industrial Rm T&D Rm GIP Rm GOZ Rm Consolidation Rm Total Rm Revenue from contracts with tenants Total contracted rental income 2 670 2 290 1 265 6 1 118 2 926 - 10 275 Assessment rates recovered 317 366 177 1 65 - - 926 Contracted operating cost recoveries 33 422 108 - 2 667 - 1 232 Electricity related recoveries 120 47 38 - 2 - - 207 Turnover rental 47 3 - - - - - 50 Non-contractual revenue Casual parking 34 10 - - - 3 - 47 Development fees earned - - - - - - - - Disposals of properties held for trading & development - - - 46 - - - 46 Investment management fee income - - - - 109 87 (109) 87 Other income 79 180 29 - 59 24 - 371 Property management income 17 19 4 - - - - 40 Total 3 317 3 337 1 621 53 1 355 3 707 (109) 13 281
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67 Property expenses per segment FY26 12 Retail Rm Office Rm Logistics & Industrial Rm T&D Rm GIP Rm GOZ Rm Consolidation Rm Total Rm Electricity, water & other recoverable charges (44) (11) (26) - 73 260 - 252 Cost 717 748 478 1 170 260 - 2 374 Recovery (761) (759) (504) (1) (97) - - (2 122) Assessment rates 431 444 203 5 83 147 - 1 313 Bad debts written off, recovered and ECL expense 4 10 3 - (30) - - (13) Cleaning 86 65 4 - 16 63 - 234 Consulting fees - - - - 2 17 - 19 Development costs incurred - - - 38 - - - 38 Insurance 27 24 20 - 7 - - 78 Asset management fee expense - - - - 109 - (109) - Letting commissions - - - - 4 - - 4 Other property expenses 53 146 17 4 86 136 - 442 Property management expenses 37 28 14 - 77 58 - 214 Repairs and maintenance 91 120 44 - 28 145 - 428 Salaries, bonuses & other employee-related costs 187 167 82 - 64 - - 500 Security 116 122 42 2 21 21 - 324 Total 988 1 115 403 49 540 847 (109) 3 833
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68 49.8% 66 250 50.2% 66 702 49.2% 65 576 26.2% 34 821 23.2% 30 860 22.8% 30 389 11.3% 15 070 12.2% 16 298 11.0%, 14 645 8.6% 11 470 10.0% 13 346 12.1% 16 157 4.8% 6 336 0.9% 1 212 1.7% 2 327 1.8% 2 430 3.1% 4 156 1.4% 1 914 1.7% 2 286 1.8% 2 439 FY24 FY25 FY26 RSA GOZ GWI V&A C&R/NRR GIP Lango 1) RSA (including 39.1% of GHPH, 16.8% of GSAH), 50% of V&A Waterfront, 63.6% of GOZ, 29.6% of GWI and 18.9% of Lango. 46.3% 2 300 51.2% 2 543 55.7% 2 882 21.3% 1 057 20.4% 1 011 18.3% 9466.1% 304 5.1% 252 3.8% 19815.6% 775 16.3% 810 18.6% 9653.5% 174 3.0% 1483.6% 179 3.8% 189 3.6% 1890.5% 24 0.2% 11 FY24 FY25 FY26 RSA GOZ GWI V&A C&R/NRR GIP Lango Offshore contribution 13 Book value of property assets (Rm)¹ Distributable income (Rm)¹ 138 189 133 135 22.1% Offshore 35.6% Offshore 133 362 4 813 4 964 5 180
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69 43.9% 42.9% 43.9% 42.9% FY25 FY26 Retail 45.2% 45.8% 45.2% 45.8% FY25 FY26 41.0% 42.7% 41.0% 42.7% FY25 FY26 43.8% 44.0% 4.3% 4.6% 48.1% 48.6% FY25 FY26 36.7% 39.3% 5.8% 8.6% 42.5% 47.9% FY25 FY26 22.0% 22.8% 11.3% 11.5% 33.3% 34.3% FY25 FY26 37.9% 38.5% 6.5% 7.0% 44.4% 45.5% FY25 FY26 Office Logistics & Industrial Total RSA GIP GOZ Group SA REIT gross total cost-to-income ratio 14 Gross property cost ratio Administration cost ratio
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70 21.3% 19.1% 21.3% 19.1% FY25 FY26 Retail 10.4% 12.2% 10.4% 12.2% FY25 FY26 7.0% 6.3% 7.0% 6.3% FY25 FY26 14.4% 14.0% 6.8% 7.6% 21.2% 21.6% FY25 FY26 28.5% 32.3% 6.8% 10.4% 35.3% 42.7% FY25 FY26 7.3% 6.2% 14.4% 14.5% 21.7% 20.7% FY25 FY26 13.8% 13.8% 9.5% 10.4% 23.3% 24.2% FY25 FY26 Office Logistics & Industrial Total RSA GIP GOZ Group SA REIT net total cost-to-income ratio¹ 15 1) In FY26 we aligned our cost to income ratios to the SA REIT BPR Third edition. In the prior year we reported an expense to income ratio per sector (IFRS). If we had to apply the same methodology as prior year the total cost to income ratio for FY26 would’ve been 36.0% (FY25: 36.1%), property expense to income ratio 30.3% (FY25: 30.8%) and other operating expense ratio 5.7% (FY25: 5.3%). Net property cost ratio Net administration cost ratio
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71 Secured 34.7% Traditional bank debt 48.4% Debt capital market 51.6% Unsecured 65.3% Secured 43.8% Traditional bank debt 58.7% Debt capital market 41.3% Unsecured 56.2% Secured 41.6% Traditional bank debt 58.7% Debt capital market 41.3% Unsecured 58.4% 12 415 11 520 8 020 2 832 2 118 2 090 2 437 2 610 1 496 2 100 2 496 800 3 919 4 197 3 759 16 692 16 126 17 236 40 395 39 067 33 401 FY24 FY25 FY26 Secured bank debt Secured other financier Secured Euro denominated bank debt Unsecured bank debt and institutional financier Unsecured Euro denominated bank debt Corporate bonds RSA diversified borrowings – nominal value¹ 16 1) Excluding GIP
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72 RSA debt facilities* 17 FY26 FY25 Unutilised committed facilities (Rbn) 5.7 4.7 Weighted average term of liabilities (years) 3.7 3.8 Weighted average interest rate (%) 8.6 8.9 Weighted average interest rate (Incl. FX instruments) (%) 6.7 6.9 Unencumbered direct properties (Rbn) 22.6 21.6 Unencumbered equity-accounted investments (Rbn) 18.6 18.4 Unencumbered shareholding (at market value, consolidated investments) (Rbn) 11.8 13.0 Unsecured debt (Rbn) 21.8 22.8 * Excludes GIP
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73 39 067 2 600 33 401(940) (6 710) (617) Debt at 30 June 2025 EUR debt matured ZAR debt prepaid Exchange rate inflation movement Debt Issuance Debt at 30 June 2026 Funding & hedging activity (Excluding GIP) 18 1) USD20m due to be repaid to the IFC was further extended to November 2026 pending the outcome of a conversion to equity. This loan was originally raised for developing qualifying healthcare assets. GHPH has rolling credit facilities in place from local banks to refinance this onto its own balance sheet 2) A ZAR460m bond will mature in H1’27 Debt at 30 June 2025 EUR debt matured ZAR debt repaid Exchange rate & inflation movement Debt issuance Debt at 30 June 2026
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74 Funding of foreign investments 19 Investment Currency Assets at NAV (m) Market value 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$1 500 A$1 042 - A$970 65% 5.8% 2.0 81.0% 12.08 GWI EUR €454 €150 €281 €45 72% 4.2% 1.0 ¹ n/a 2 n/a Lango USD $46 n/a - $60 131% 5.3% - 3 n/a ² n/a 1) Potential scrip dividend, no income hedges required. 2) No FEC’s taken out as of 30 June 2026. 3) Dividend not hedged due to uncertainty regarding timing of receipt.
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75 1) All LTVs and ICRs calculated according to the SA REIT BPR third edition. Prior year ICR was represented to reflect the adoption of the SA REIT BPR Third Edition. 2) GOZ disclosed gearing is 41.6%. 3) C&R was sold during FY25 34.5% 30.2% 2.66x 3.11x FY25 FY26 LTV¹ Interest cover ratio¹ 39.5% 41.0% 2.52x 2.49x FY25 FY26 LTV¹ Interest cover ratio¹ 23.6% 43.1% 3.80x 2.52x FY25 FY26 LTV¹ Interest cover ratio¹ 40.1% 38.7% 2.38x 2.63x FY25 FY26 LTV¹ Interest cover ratio¹ South Africa (excl GIP) GOZ² GIP Group³ Loan-to-value and interest cover ratios 20
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76 Group look through LTV 21 Value SA REIT BPR LTV (100% RSA A&L, 100% GOZ A&L, 50% V&A NAV, 29.6% GWI NAV) Total property-related assets R149 478m Total debt (net of cash) R57 864m LTV 38.7% LTV (100% RSA A&L, 63.6% GOZ NAV, 50% V&A NAV and 29.6% GWI NAV) Total property-related assets R118 049m Total debt (net of cash) R38 041m LTV 32.2% LTV (100% RSA A&L, 63.6% GOZ A&L, 50% V&A A&L, 29.6% GWI A&L) Total property-related assets R145 276m Total debt (net of cash) R58 650m LTV 40.4% LTV (100% RSA A&L, 100% GOZ A&L,100% V&A A&L, 100% GWI A&L less the V&A and GWI equity-accounted investments) Total property-related assets R214 363m Total debt (net of cash) R80 239m LTV 37.4%
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77 JSE 52% Nedbank 13% RMB 9% ABSA 10% Standard Bank 10% Old Mutual 5% IFC 1% Loan exposure per financier RSA 22
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78 788 1 325 4 624 1 530 1 851 500 650 1 150 750 2 610 4 643 2 993 2 596 2 825 900 1 596 2 070 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 Axis Title H1 H2 Debt expiry profile RSA 23 Rm 5 968 7 6173 398 4 676 1 400 2 2464 126 3 220 750
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79 1 700 1 300 2 500 1 000 1 250 500 812 2 207 841 935 2 258 2 082 2 382 2 297 2 679 1 007 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 H1 FY27 H2 FY27 H1 FY28 H2 FY28 H1 FY29 H2 FY29 H1 FY30 H2 FY30 H1 FY31 ZAR swaps EUR swaps CCIRS floating receipt Loan book fixed interest rate expiry profile RSA 24 3 382 7 0894 770 4 864 500 1 0074 138Rm - -
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80 1 700 1 300 2 500 1 000 1 250 500 6.77 7.38 7.18 7.33 6.81 7.10 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 H1 FY27 H2 FY27 H1 FY28 H2 FY28 H1 FY29 H2 FY29 ZAR IRS swaps Weighted average fixed interest rate Hedging % & fixed tenor » 74.5% of total ZAR exposure is hedged » Weighted average fixed tenor of 1.4 years » All ZAR IRS’s exclude credit margins Movements during the year » R4.4bn of IRS matured at a weighted average interest rate of 6.8% » R950m of caps matured at a strike rate of 8% » R1.8bn of new IRS were entered into at a weighted average interest rate of 6.9% ZAR fixed interest rate expiry profile 25 Rm Rate
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81 43 - 118 45 50 45 0.98 - 1.92 3.05 1.08 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 0 20 40 60 80 100 120 140 H1 FY27 H2 FY27 H1 FY28 H2 FY28 H1 FY29 EUR IRS's Floating IRS's Weighted average fixed interest rate Utilisation » These derivative instruments are required to hedge the floating interest rate debt raised for the investment in GWI Hedging % and fixed tenor » 78.7% of total EUR exposure is hedged » Weighted averaged fixed tenor of 1.4 years » Both the EUR fixed for floating IRS and CCIRS exclude credit margins Movements during the year » No maturities in FY26 EUR fixed IRS and CCIRS expiry profile 26 €m Rate
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82 150 206 90 50 50 85 100 150 89 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 H1 FY27 H2 FY27 H1 FY28 H2 FY28 H1 FY29 H2 FY29 H1 FY30 H2 FY30 H1 FY31 Fixed AUD Floating AUD Weighted average fixed interest rate (excl floating rate). Utilisation » These CCIRS’s are used to fund our investment in GOZ Hedging % and fixed tenor » 51.1% of total AUD exposure hedged » Weighted average fixed tenor of 0.7 years » The majority of the CCIRS’s exclude a credit margin Movements during the year » A$200m (R2.2bn) of CCIRS’s matured at a weighted average interest rate of 2.2%. This was re-hedged at an average floating interest rate of 4.4%. Additional rand liquidity of R99m was required Liquidity requirement for H1 FY27 » At an exchange rate of R11.32, no Rand liquidity is needed; instead, R113m will be received from the maturing CCIRS ZAR/AUD CCIRS expiry profile 27 A$m Rate
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83 15 15 30 5.29 5.18 3.84 - 1.00 2.00 3.00 4.00 5.00 6.00 0 5 10 15 20 25 30 35 H1 FY27 H2 FY27 H1 FY28 H2 FY28 Fixed USD Weighted average fixed interest rate Utilisation » These CCIRS’s are used to fund our investment in Lango Hedging % and fixed tenor » 100% of USD CCIRS are fixed » Weighted average fixed tenor of 1.4 years » The $30m CCIRS maturing in H2 FY28 is the only CCIRS without a credit margin Movements during the year » No maturities in FY26 Liquidity requirement for H1 FY27 » At an exchange rate of R16.38, no Rand liquidity is needed; instead, R26m will be received from the maturing CCIRS ZAR/USD CCIRS expiry profile 28 US$m Rate
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84 Shares Opening balance 1 July 2025 3 430 787 066 New shares issued - Dividend reinvestment - Closing balance 30 June 2026 3 430 787 066 Treasury shares held for staff share scheme & BEE deal (44 456 899) Shares in issue (net of treasury shares) 3 386 330 167 % holding Shares held Public Investment Corporation (SOC) Ltd 18.9 647 066 530 Ninety One SA Pty Ltd 8.1 277 423 589 Sesfikile Capital (Pty) Ltd 5.2 179 185 681 Meago Asset Managers (Pty) Ltd 5.0 171 451 366 The Vanguard Group Inc 3.6 123 082 073 Catalyst Fund Managers (Pty) Ltd 2.9 100 513 340 Old Mutual Investment Group (South Africa) (Pty) Ltd 2.6 90 037 762 Sanlam Investment Management (Pty) Ltd 2.6 88 072 539 Stanlib Asset Management Ltd 2.5 85 167 159 BlackRock Institutional Trust Company N.A. 2.4 81 907 911 Eskom Pension and Provident Fund 2.1 71 600 611 M&G Investment Managers (Pty) Ltd 2.0 68 277 493 Total shareholders holding >2% 57.8 1 983 786 054 Other 42.2 1 447 001 012 Total 100.0 3 430 787 066 Shares issued & Fund Managers holding >2% at FY26 29 Foreign shareholding 19% (FY25: 21%) of institutional ownership and 16% (FY25: 18%) of total shares outstanding
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85 Beneficial shareholders holding >1% at FY26 30 % holding Shares held Government Employees Pension Fund 20.8 713 628 127 Eskom Pension and Provident Fund 4.0 135 737 138 Alexforbes Investments Solution Limited 2.9 98 162 807 Ninety One Property Equity Fund 1.6 53 846 705 Vanguard Total International Stock Index Fund 1.4 49 119 650 Vanguard Emerging Markets Stock Index Fund (US) 1.4 46 374 192 Unemployment Insurance Fund 1.2 42 619 366 Sesfikile BCI Property Fund 1.2 41 866 728 Nedbank Limited 1.1 38 907 514 iShares Core MSCI Emerging Markets ETF 1.0 35 005 987 SBG Securities (Pty) Ltd 1.0 34 798 205 UBS South Africa (Pty) Ltd 1.0 33 349 131 Total shareholders holding >1% 38.6 1 323 415 550 Other 61.4 2 107 371 516 Total 100.0 3 430 787 066
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86 1) Excluding GIP. Key performance indicators RSA¹ 31 FY26 FY25 Vacancies (%) 7.2 8.2 Total arrears (Rm) 82.2 70.2 Provision for bad debts (B/S) (Rm) 39.4 34.9 Bad debts provision, written off and recovered (I/S) (Rm) 13.0 (4.4) Average in force escalations (%) 6.8 6.8 Renewal success rate (%) 80.7 68.2 Total letting success rate (%) 77.2 73.6 Weighted average renewal growth (%) (2.3) (0.9) Weighted average future escalations on renewals (%) 6.7 6.9 Number of employees 621 622 Net property income per employee (R) 9 296 296 9 228 296
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87 Net property income (Rm) 40% 40% 40% 37% 37% 39% 22% 22% 21% 1% 1% FY24 FY25 FY26 10% 10% 10% 43% 44% 46% 44% 44% 42% 3% 2% 2% FY24 FY25 FY26 39% 39% 40% 40% 41% 39% 20% 20% 20% 1% 1% 1% FY24 FY25 FY26 Number of properties Property portfolio value (Rm) Portfolio overview RSA (Excl. V&A) 32 Retail Office Logistics & Industrial Trading & Development 5 500 5 740 5 773 354 328 302 66 250 66 702 65 576
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88 40% 40% 20% 1% 37% 26% 37% 50% 32% 10% 5% 3% 58%26% 12% 3% 1% Value by sector GLA by sector Value by region GLA by region Split of RSA property portfolio 33 Gauteng Western Cape KwaZulu-Natal Eastern Cape North-West Retail Logistics & Industrial Trading & Development
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89 Like-for-like net property income analysis RSA 34 FY26 Rm FY25 Rm Increase/ (Decrease) Rm Increase/ (Decrease) % Gross property revenue 8 328 8 500 (172) (2.0) Retail 3 317 3 320 (3) (0.1) Office 3 337 3 252 85 2.6 Logistics & Industrial 1 621 1 664 (43) (2.6) Trading & development 53 264 (211) (79.9) Property expenses (2 555) (2 760) 205 (7.4) Retail (988) (1 032) 44 (4.3) Office (1 115) (1 094) (21) 1.9 Logistics & Industrial (403) (414) 11 (2.7) Trading & development (49) (220) 171 (77.7) Net property income 5 773 5 740 33 0.6 Adjustments (621) (805) 184 (22.9) Acquisitions and developments (235) (142) (93) 65.5 Disposals (382) (619) 237 (38.3) Trading & development (4) (44) 40 (90.9) Adjusted ‘like-for-like’ gross property income 7 403 7 110 293 4.1 Retail 3 092 2 961 131 4.4 Office 2 862 2 798 64 2.3 Logistics & Industrial 1 449 1 351 98 7.3 Adjusted ‘like-for-like’ property expenses (2 251) (2 175) (76) 3.5 Retail (923) (901) (22) 2.4 Office (956) (950) (6) 0.6 Logistics & Industrial (372) (324) (48) 14.8 Adjusted ‘like-for-like’ net property income 5 152 4 935 217 4.4 Retail 2 169 2 060 109 5.3 Office 1 906 1 848 58 3.1 Logistics & Industrial 1 077 1 027 50 4.9
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90 Disposals RSA 35 Disposals Sector Date Selling price FY26 Rm² Profit/(loss) on book value FY26 Rm Profit/(loss) on cost & capex FY26 Rm Yield % Village Square, Randfontein Retail Jan 26 450.0 0.0 40.7 10.1 Waterfal Value Centre , Rustenburg Retail Oct 25 118.0 0.0 21.4 12.4 Discovery (our 55% share) Office Jun 26 2 317.5 0.0 n/a n/a Gilloolys View, Bedfordview, Johannesburg Office Jan 26 227.0 (7.2) 52.5 9.9 Fredman Towers, Sandton, Johannesburg Office Mar 26 160.0 (0.3) 11.1 10.6 Belvedere Office Park, Bellville, Cape Town Office Feb 26 118.0 (2.2) 54.7 9.7 The Oval Bryanston, Bryanston, Johannesburg Office Aug 25 73.0 0.0 (10.2) 11.2 Homestead Park, Rivonia, Johannesburg Office Jan 26 50.0 (0.2) (25.7) 9.4 Rosebank Office Park, Parktown North, Johannesburg Office Mar 26 40.5 (0.1) 7.2 9.9 70 Grayston, Sandton, Johannesburg Office Jul 25 40.0 (0.9) (17.1) 2.6 Arnold Crescent, Rosebank, Johannesburg Office Aug 25 13.0 (0.5) (3.4) n/a Isobar, Isando, Kempton Park Logistics & Industrial Dec 25 181.0 (2.0) (5.8) 11.4 Gunners, Epping, Cape Town Logistics & Industrial May 26 181.0 (0.8) 119.4 6.3 10 Richard Carte, Mobeni, Durban Logistics & Industrial Jul 25 155.0 0.0 63.0 9.2 Cempark, Industria, Boksburg Logistics & Industrial Apr 26 131.3 (2.9) 25.6 10.8 Gillitts Road Industrial Park, Pinetown, Durban Logistics & Industrial May 26 115.9 16.5 66.8 12.9 Galrode, Alrode, Alberton Logistics & Industrial Nov 25 74.8 (2.2) (47.3) 16.5 Zandfontein, Zandfontein, Pretoria Logistics & Industrial May 26 68.8 (1.5) 39.6 15.5 Rushair, Aeroton, Johannesburg Logistics & Industrial Dec 25 66.0 0.0 (3.1) 9.5
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91 Disposals RSA | continued 35 Disposals Sector Date Selling price FY26 Rm² Profit/(loss) on book value FY26 Rm Profit/(loss) on cost & capex FY26 Rm Yield % Midway Place, Randjespark, Midrand Logistics & Industrial Oct 25 64.0 0.0 23.2 14.2 Isando Industrial, Isando, Kempton Park Logistics & Industrial Sep 25 47.0 (0.9) 19.3 5.0 Route 41, Roodepoort, Johannesburg Logistics & Industrial Feb 26 40.0 (1.0) 28.5 12.2 Kinghall 1,Epping, Cape Town Logistics & Industrial Aug 25 34.7 0.0 22.7 8.2 Impala Road, Eastgate, Johannesburg Logistics & Industrial Apr 26 29.4 (0.9) 8.8 11.4 Kinghall 2,Epping, Cape Town Logistics & Industrial Aug 25 23.8 0.0 16.8 5.2 Gemini, Frankenwald, Johannesburg Logistics & Industrial Oct 25 13.7 (0.8) 7.2 7.8 Looper View Logistics & Industrial Jun 26 12.1 0.8 3.3 11.1 Albert Amon 212, Meadowdale, Germiston Logistics & Industrial Apr 26 10.5 0.0 4.0 10.9 Montague Business Park, Montague Gardens, Cape Town² Logistics & Industrial Oct 25 8.9 0.0 0.0 n/a Arterial Industrial Estate, Blackheath, Bellville (land disposal) ² Logistics & Industrial Dec 25 7.6 3.4 2.2 n/a Alumina, Silvertondale, Pretoria Logistics & Industrial Aug 25 5.2 (0.2) 0.1 7.7 Devro Park, Pinetown, Durban¹ T&D Various 6.3 1.3 2.7 43.1 Palm River ,Pinetown, Durban¹ T&D Various 5.9 1.3 3.4 57.9 Riverwoods residential conversion, Bedfordview, Johannesburg¹ T&D Various 23.8 1.8 1.8 7.8 4 913.6 0.4 1) Profit, not yield. 2) Proportional disposal.
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92 Acquisitions & non-current assets held for sale RSA 36 Acquisitions Sector Date Purchase price FY26 Rm Sandton Place Section 1, Sandhurst, Johannesburg Office Jun 26 325.9 Longkloof Studios (The Planet Art), Gardens, Cape Town Office Oct 25 49.0 Telecommunications assets Logistics & Industrial Various 4.2 Indlovu Logistics Park, Montague Gardens, Cape Town T&D Jan 26 140.0 31 Tottenham Road, Illovo, Johannesburg T&D Jun 26 10.6 Total 529.7 Non-current assets held for sale Sector FY26 Rm The Bridge 27.5%, Greenacres, Gqeberha Retail 150.4 1 Sixty Jan Smuts Avenue, Rosebank, Johannesburg Office 132.0 Kirstenhoff Office Park, Sunninghill, Johannesburg Office 75.0 Girton View, Parktown, Johannesburg Office 66.7 Saligna, Boksburg, Johannesburg Logistics & Industrial 169.0 Dominic Corner, Boksburg, Johannesburg Logistics & Industrial 73.5 Loper Corner, Spartan, Kempton Park Logistics & Industrial 10.2 Sparticor, Spartan, Kempton Park Logistics & Industrial 10.1 Spartan View, Spartan, Kempton Park Logistics & Industrial 8.0 Total 694.9
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93 Developments & capital expenditure RSA¹ 37 Income producing vs. defensive capital expenditure Total cost Rm Completion date FY26 Rm Retail Longbeach Mall, Noordhoek, Cape Town Defensive but Income producing 80.6 Mar 26 97.6 N1 City Mall, Goodwood, Cape Town Defensive but Income producing 80.4 Jun 26 73.9 Paarl Mall, Paarl Defensive but Income producing 262.6 Mar 27 59.6 La Lucia Mall, La Lucia, Durban Defensive but Income producing 44.8 Oct 25 52.7 Alberton City, Alberton, Johannesburg Defensive but Income producing 41.4 Nov 25 35.8 Other, below R30m 287.8 607.4 Office Olympus 50%, Sandown, Johannesburg Profit on disposal of units 605.5 Mar 28 40.3 Other, below R30m 337.1 377.4 Logistics & Industrial Other, below R30m 172.4 172.4 Trading & development 36 Hans Strijdom, CBD, Cape Town Income producing 535.2 Dec 25 98.7 Indlovu Logistics Park, Montague Gardens, Cape Town Income producing 571.2 May 27 60.7 Other, below R30m 12.9 Trading & development 172.3 TOTAL 1329.5 Development expenditure 653.4 Capital expenditure 676.1 1) The average initial yield for developments is 8.5% - 9.5% on a fully let basis.
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94 Commitments RSA 38 Sector Estimated Completion date Approved development costs Rm Outstanding commitments FY26 Rm Total commitments 4 268.5 3 584.4 Cornubia, Mount Edgecomb, Durban Logistics & Industrial Oct 27 391.8 378.8 Indlovu Industrial Park, Montague Gardens, Cape Town Logistics & Industrial May 27 571.2 366.7 Noka Park B3, Riverfields, Johannesburg Logistics & Industrial Oct 26 198.8 198.8 Name not disclosed Logistics & Industrial Sep 27 196.6 196.6 Name not disclosed Logistics & Industrial Mar 27 244.5 129.5 Eden Crossing Redevelopment, Meadowdale, Johannesburg Logistics & Industrial Dec 27 98.6 87.7 Chain Avenue Phase 2, Montague Gardens, Cape Town Logistics & Industrial Oct 26 135.3 84.5 GIE 4B (DPD Laser), Germiston, Johannesburg Logistics & Industrial May 27 84.2 71.7 Discovery - Cornubia, Durban Office Nov 26 276.0 244.0 Brooklyn Mall & Brooklyn Square -75%, Brooklyn, Pretoria¹ Retail May 29 646.3 646.3 Paarl Mall, Paarl, Cape Town (Phase 2) Retail Mar 27 262.6 214.8 Brooklyn Mall Office Tower & Planet Fitness¹ Retail Oct 26 60.6 60.0 Walmer Park Edgars Redevelopment, Gqeberha Retail Mar 27 70.5 50.9 Greenacres Edgars Redevelopment, Gqeberha Retail Dec 26 44.7 47.1 Vaal Mall Edgars Redevelopment, Vaal, Johannesburg Retail Dec 26 39.5 39.5 N1 City Mall, Goodword, Cape Town (Solar PV Installation) Retail Jun 26 80.4 18.0 Festival Mall, Kempton Park, Johannesburg (Solar PV Installation) Retail Jul 26 24.6 13.9 Woodmead, Woodmead, Johannesburg (Solar PV installation) Retail Jun 26 18.6 11.1 1) Under consideration.
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95 Commitments RSA 38 Sector Estimated Completion date Approved development costs Rm Outstanding commitments FY26 Rm Total commitments 4 268.5 3 584.4 Olympus Sandton, Sandton, Johannesburg Trading & Development Mar 28 605.5 506.3 In2Foods Manufacturing Plant, Strand, Cape town (50% GPT portion) Trading & Development n/a 218.2 218.2
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96 Top 10 properties by value Fair value² Rm GLA m² Waterfall Mall, Rustenburg Not disclosed 50 788 N1 City Mall, Goodwood, Cape Town Not disclosed 63 382 Festival Mall, Kempton Park, Johannesburg Not disclosed 78 688 Vaal Mall (66.6%), Vanderbijlpark, Johannesburg Not disclosed 44 035 Greenacres, Greenacres, Gqeberha Not disclosed 47 936 Lakeside Mall, Benoni Not disclosed 63 466 Paarl Mall, Paarl Not disclosed 40 664 The Constantia Village, Constantia, Cape Town Not disclosed 20 426 Kolonnade (50%), Montana Park, Pretoria Not disclosed 37 719 Brooklyn Mall and Design Square (75%), Brooklyn, Pretoria Not disclosed 53 760 Sub total 15 092 500 864 Balance of the sector 11 201 520 371 Total for the sector³ 26 293 1 021 235 Top 10 tenants GLA¹ m² The Foschini Group Ltd 73 236 Pepkor Holdings Ltd 62 768 Mr Price Group Ltd 55 389 Pick n Pay Stores Ltd 106 481 Shoprite Holdings Ltd 90 450 Woolworths Holdings Ltd 80 083 Truworths International Ltd 27 284 Clicks Group Ltd 21 987 Massmart Holdings Ltd 41 702 Retailability (Pty) Ltd 36 266 Sub total 595 646 Balance of the sector 389 525 Total for the sector (excluding vacancies) 985 171 13.5 11.5 13.1 19.4 16.7 16.6 5.7 3.5 After FY31 By FY31 By FY30 By FY29 By FY28 By FY27 Monthly Vacant Lease expiry (% of GLA) 8.9 10.4 12.6 20.0 19.9 20.1 5.8 2.3 After FY31 By FY31 By FY30 By FY29 By FY28 By FY27 Monthly Vacant Lease expiry (% of gross monthly rental) Retail overview RSA 39 1) Ranked in terms of gross monthly rental. 2) Ranked in terms of fair value. 3) Excluding tenant incentives and right-of-use assets and including held for sale assets.
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97 Top 10 properties by value Fair value² Rm GLA m² Woodlands Office Park, Woodmead, Johannesburg Not disclosed 115 061 144 Oxford Road, Rosebank, Johannesburg Not disclosed 37 434 Constantia Office Park, Roodepoort, Johannesburg Not disclosed 75 772 MontClare Place, Claremont, Cape Town Not disclosed 29 795 Exxaro, Lakeside 2, Centurion Not disclosed 21 708 Golf Park, Mowbray, Cape Town Not disclosed 32 270 The Place, Sandton, Johannesburg Not disclosed 35 686 Inanda Greens, Wierda Valley, Sandton, Johannesburg Not disclosed 43 586 1 North Wharf Square, Foreshore, Cape Town Not disclosed 18 735 36 Hans Strijdom, CBD, Cape Town Not disclosed 14 826 Sub total 8 529 424 873 Balance of the sector 16 918 1 071 002 Total for the sector³ 25 447 1 495 875 Top 10 tenants GLA¹ m² Anglo Corporate Services South Africa (Pty) Ltd 37 434 Allied Electronics Corporation Ltd 38 085 Exxaro Resources Ltd 21 708 Absa Bank Ltd 28 595 The Western Cape Government 18 540 Ninety One SA (Pty) Ltd 14 826 Nestle South Africa (Pty) Ltd 12 458 NTT Group Ltd 16 013 Virgin Active South Africa (Pty) Ltd 11 867 Concentrix South Africa (Pty) Ltd 8 078 Sub total 207 604 Balance of the sector 1 078 065 Total for the sector (excluding vacancies) 1 285 669 9.5 8.1 14.4 18.1 14.7 18.7 2.4 14.1 After FY31 By FY31 By FY30 By FY29 By FY28 By FY27 Monthly Vacant Lease expiry (% of GLA) 11.1 8.5 14.1 19.0 14.6 20.1 2.2 10.4 After FY31 By FY31 By FY30 By FY29 By FY28 By FY27 Monthly Vacant Lease expiry (% of gross monthly rental) Office overview RSA 40 1) Ranked in terms of gross monthly rental. 2) Ranked in terms of fair value. 3) Excluding tenant incentives and right-of-use assets and including held for sale assets.
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98 Top 10 properties by value Fair value² Rm GLA m² Montague Business Park (25%), Montague Gardens, Cape Town Not disclosed 48 395 Trade Park, Mount Edgecombe, Durban Not disclosed 41 911 Arterial Industrial Estate, Blackheath, Bellville Not disclosed 41 572 Hilltop Industrial Estate, Elandsfontein, Johannesburg Not disclosed 77 768 Mill Road Industrial Park, Eikenbosch, Cape Town Not disclosed 39 042 Wadestone Industrial Park, Germiston, Johannesburg Not disclosed 26 929 Central Park, Elsiesrivier, Cape Town Not disclosed 48 988 Monteer, Isando, Kempton Park Not disclosed 30 080 Omni Park, Aeroton, Johannesburg Not disclosed 41 136 Meadowbrook Estate, Meadowbrook, Germiston Not disclosed 17 103 Sub total 3 778 412 924 Balance of the sector 9 080 1 084 797 Total for the sector³ 12 858 1 497 721 Top 10 tenants GLA¹ m² The Bidvest Group Ltd 27 078 GZ Industries (Pty) Ltd 21 543 Edward Snell & Company (Pty) Ltd 28 539 Booksite (Pty) Ltd 24 273 RG Cosmetics (Pty) Ltd 15 925 Nebula Logistics Africa (Pty) Ltd 17 406 1983 Investments (Pty) Ltd 18 722 Takealot Online (Pty) Ltd 13 705 PGS South Africa (Pty) Ltd 20 530 Nu Leaf Brands (Pty) Ltd 14 434 Sub total 202 155 Balance of the sector 1 252 221 Total for the sector (excluding vacancies) 1 454 376 11.0 9.1 7.7 25.0 20.7 21.6 2.0 2.9 After FY31 By FY31 By FY30 By FY29 By FY28 By FY27 Monthly Vacant Lease expiry (% of GLA) 11.6 8.7 7.6 27.4 19.7 20.8 1.8 2.4 After FY31 By FY31 By FY30 By FY29 By FY28 By FY27 Monthly Vacant Lease expiry (% of gross monthly rental) Logistics & Industrial overview RSA 41 1) Ranked in terms of gross monthly rental. 2) Ranked in terms of fair value. 3) Excluding tenant incentives and right-of-use assets and including held for sale assets.
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99 GLA & vacancy reconciliation RSA 42 Total GLA m² Vacant area m² Vacancy % Balance as at 1 July 2025 4 435 460 362 797 8.2 GLA adjustments (23 418) (20 910) Disposals/ reallocation (427 233) (20 114) Acquisitions 10 904 2 293 Developments and extensions 19 118 19 118 Leases expired in the period ¹ 810 852 Renewals of expired leases ² (654 707) New letting of vacant space (325 012) Leases terminated 115 298 Balance as at 30 June 2026 4 014 831 289 615 7.2 1) 18.3% of opening balance GLA expired during the year under review (FY25: 18.2%). 2) Retention of 80.7% for the year under review (FY25: 68.2%).
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100 Key performance indicators V&A Waterfront (50%) FY26 FY25 Vacancies (%) 1.0 0.3 Total arrears (Rm) 18.4 34.0 Provision for bad debts (B/S) (Rm) 6.3 7.4 Bad debts (I/S) (Rm) 0.1 (0.6) Average in force escalations (%) 6.8 6.8 Renewal success rate (%) 84.1 94.5 Total letting success rate (%) 94.9 98.7 Weighted average renewal growth (%) 8.3 5.1 Weighted average future escalations on renewals (%) 7.1 7.3 Number of employees (100%) 254 256 Net property income per employee (R) (100%) 6 462 625 6 257 813 43
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101 40.4% 39.3% 34.5% 25.0% 26.5% 23.5% 26.1% 26.1% 34.4%8.5% 8.1% 7.6% FY24 FY25 FY26 Retail Office Hotel, Residential & Leisure Marine & Industrial 46.1% 45.4% 40.9% 23.2% 21.5% 18.6% 18.8% 20.1% 23.6%8.4% 8.4% 8.4% 1.1% 1.3% 3.6% 3.5% 7.2% FY24 FY25 FY26 Retail Office Hotel, Residential & Leisure Marine & Industrial Infrastructure Bulk Portfolio overview V&A Waterfront (50%) 44 Net property income (Rm) Property portfolio value (Rm) 859 948 1 153 12 140 13 346 16 158
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102 41% 19% 24% 8% 1% 7% 22% 34% 24% 19% 1% 34% 24% 34% 8% 93% 7% Portfolio by value Portfolio by GLA Net property income Developed vs. undeveloped by value Split of V&A Waterfront property portfolio (50%) 45 Developed UndevelopedRetail Office Hotel, Residential & Leisure Marine & industrial Bulk Infrastructure
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103 Developments & capital expenditure V&A Waterfront (50%) 46 Sector Approved cost (100%) Rm Estimated completion date FY26 Rm Developments & capital expenditure¹ Table Bay Hotel 995.1 Mar 26 359.5 Quay 7 Hotel Hotel 1 267.0 Sep 26 308.5 Quay 7 Apartments (Inventory) Hotel 255.0 Sep 26 60.4 Granger Bay Phase 1-A Basement Infrastructure 85.6 May 26 75.1 Sea Water Cooling Plant Infrastructure 153.7 Feb 26 44.2 Two Oceans Aquarium Infrastructure 59.9 Sep 26 22.8 Superyachts Other 230.5 Oct 26 34.4 Canal residential - 5 Dock Road Residential 691.1 Jan 26 142.7 Granger Bay Phase 1 - Later Living Residential 1 480.1 Oct 27 59.7 Granger Bay Phase 1 - Build to Rent Residential 535.1 Mar 27 40.9 Lux Mall Retail 225.8 Dec 25 49.9 Canal residential – 5 Dock Road Retail 15.3 Jan 26 2.8 Other below R10m Various Various 183.1 Total² 5 994.2 1 384.0 1) The yields for developments are at a weighted average of 13.0% (excluding Canal residential and Granger Bay Phase 1 Later Living). 2) Investment property R431m, PPE R750m and Inventory R203m.
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104 Commitments V&A Waterfront (50%) 47 Sector Approved cost (100%) Rm Estimated completion date FY26 Rm Commitments¹ Site C Commercial 255.3 Oct 27 106.9 Quay 7 Hotel Hotel 1 267.0 Sep 26 102.7 Quay 7 Apartment (Inventory) Hotel 255.0 Sep 26 25.9 Granger Bay Phase 1A – Basement & Infrastructure Infrastructure 85.6 May 26 16.3 Two Oceans Aquarium Infrastructure 59.9 Sep 26 6.8 Superyachts Other 230.5 Oct 26 80.9 Granger Bay Phase 1- Later Living Residential 1 480.1 Oct 27 680.4 Granger Bay Phase 1- Build to Rent Residential 535.1 Mar 27 218.2 Other below R10m 53.1 Total 4 168.4 1 291.2 1) The yields for developments are at a weighted average of 11.2%.
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105 Income statement overview V&A Waterfront (50%) 48 FY26 FY25 Property related business Residential sales Corporate Operating businesses Total Property related business Corporate Operating businesses Total Revenue, excluding straight-line lease income 1 200 474 - 537 2 211 1 155 - 423 1 578 Straight-line lease income (38) - - - (38) (18) - - (18) Property expenses (378) (335) - (345) (1 058) (354) - (276) (630) Net property income 784 139 - 192 1 115 783 - 147 930 Other operating expenses (66) - - - (66) (53) - - (53) Operating profit 718 139 - 192 1 049 730 - 147 877 Equity accounted investment profit – net of tax 14 - - - 14 12 - - 12 Equity-accounted profit 5 - - - 5 3 - - 3 Dividend and interest 9 - - - 9 9 - - 9 Finance income - - 12 6 18 - 12 3 15 Finance costs (73) - (110) - (183) - (110) - (110) Capitalised interest 35 - 27 - 62 - 27 - 27 Capital items (4) - - (6) (10) 8 - 2 10l Fair value adjustments 1 536 - - - 1 536 599 - - 599 Adjustment: Tenant loan (28) - - - (28) (26) - - (26) Profit before debenture interest & taxation 2 198 139 (71) 192 2 458 1 323 (71) 152 1 404 Distribution - - - - (965) - - - (810) Interest on shareholders' loans - - - - (254) - - - (279) Debenture interest - - - - (711) - - - (531) Profit / (loss) before taxation 2 198 139 (71) 192 1 493 1 323 (71) 152 594 Taxation - - (366) - (366) - (168) - (168) Profit / (loss) after taxation 2 198 139 (437) 192 1 127 1 323 (239) 152 426 Revaluation of PPE (OCI) - - - 149 149 - - 32 32 Net profit and other comprehensive income for the year 2 198 139 (437) 341 1 276 1 323 (239) 184 458 Property expense ratio 31.5% - - 64.2% 60.9% 30.6% - 65.2% 39.9% Other operating expense ratio 5.5% - - 0.0% 3.8% 4.6% - 0.0% 3.4% Total cost to income ratio 37.0% - - 64.2% 64.7% 35.2% - 65.2% 43.3%
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106 Distributable income analysis V&A Waterfront (50%) 49 FY26 Rm FY25 Rm Increase/ (Decrease) % Gross property revenue 2 211 1 578 40.1 Property related business 1 200 1 155 3.9 Residential sales 474 - >100.0 Operating businesses 537 423 27.0 Property expenses (1 058) (630) 67.9 Property related business (378) (354) 6.8 Cost of residential sales (335) - >100.0 Operating businesses (345) (276) 25.0 Net property income 1 153 948 21.6 Other operating expenses (66) (53) 24.5 Finance & dividend income 27 24 12.5 Finance expense (183) (110) 66.4 Capitalised interest 62 27 >100.0 Adjustments for tenant loan (28) (26) 7.7 Normal taxation - - - Distributable income 965 810 19.1 Adjustments (179) (68) Developments (27) (67) Residential sales (139) - Desalination (13) (1) Adjusted ‘like-for-like’ distributable income 786 742 5.9
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107 Net property income analysis V&A Waterfront (50%) 50 FY26 Rm FY25 Rm Increase/ (Decrease) % Gross property revenue 2 211 1 578 40.1 Property related business 1 200 1 155 3.9 Residential sales 474 - >100.0 Operating businesses 537 423 27.0 Property expenses (1 058) (630) 67.9 Property related business (378) (354) 6.8 Cost of residential sales (335) - >100.0 Operating businesses (345) (276) 25.0 Net property income 1 153 948 21.6 Adjustments (179) (67) Developments (27) (67) Residential sales (139) - Desalination (13) - Adjusted ‘like-for-like’ net property income 974 881 10.6
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108 53.0 8.4 14.1 6.6 14.0 2.8 0.0 1.0 After FY31 By FY31 By FY30 By FY29 By FY28 By FY27 Development Vacant Lease expiry (% of GLA) 35.5 10.9 14.7 10.1 22.2 6.6 0.0 0.0 After FY31 By FY31 By FY30 By FY29 By FY28 By FY27 Development Vacant Lease expiry (% of gross monthly rental) V&A Waterfront overview 51 Top 10 tenants GLA¹ m² Allan Gray (Pty) Ltd 20 347 Nedbank Group Ltd 25 620 Woolworths 10 963 Newmark Hotels 7 788 Tourvest Group 4 789 Government 17 323 PwC 9 595 Foshini Group Ltd 2 891 Deloitte & Touche 9 062 Investec Bank Limited 10 236 Sub total 118 614 Balance of V&A 404 954 Total for V&A Waterfront (excluding vacancies) (100%) 523 568 1) Ranked in terms of gross monthly rental.
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109 GLA & vacancy reconciliation V&A Waterfront (50%) 52 Investment property Total GLA m² Vacant area m² Vacancy % Balance as at 1 July 2025 220 090 657 0.3 Transfer to PPE (52) - GLA adjustments 10 654 1 647 Developments and extensions - 1 022 Leases expired in the period ¹ - 41 323 Renewals of expired leases ² - (34 757) New letting of vacant space - (7 924) Leases terminated - 332 Balance as at 30 June 2026 230 692 2 300 0.9 1) 18.8% of opening balance GLA expired during the year under review (FY25:22.2%). 2) Retention of 84.1% for the year under review (FY25:94.5%). Property, plant and equipment Total GLA m² Vacant area m² Vacancy % Balance as at 1 July 2025 33 340 - - Transfer from investment property 52 Developments and extensions - - - Balance as at 30 June 2026 33 392 - -
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110 Net property income (Rm) 63% 52% 50% 37% 48% 50% FY24 FY25 FY26 39% 40% 48% 61% 60% 52% FY24 FY25 FY26 53% 49% 63% 47% 51% 37% FY24 FY25 FY26 Number of properties Property portfolio value (Rm) Portfolio overview GIP 53 622 702 815 23 25 31 7 612 8 579 13 490 GHPH GSAH
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111 Net property income analysis GIP 54 FY26 Rm FY25 Rm Increase/ (Decrease) % Gross property revenue 1 246 1 024 21.7 GHPH 581 466 24.7 GSAH 665 558 19.2 Property expenses (431) (322) 33.9 GHPH (170) (100) 70.0 GSAH (261) (222) 17.6 Net property income 815 702 16.1 Adjustments (91) (6) Acquisitions and developments (59) (38) ECL Provision (32) 32 Adjusted ‘like-for-like’ net property income 724 696 4.0 GHPH 404 398 1.5 GSAH 320 298 7.4
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112 Acquisitions, developments & capital expenditure GIP 55 Acquisitions Sector Date Purchase price FY26 Rm Webber Land, Sandown GSAH Aug 25 51.4 Woodside Village, Rondebosch, Cape Town (Auria) GHPH Dec 25 1 112.1 San Sereno, Bryanston, Johannesburg (Auria) GHPH Dec 25 1 058.0 Coral Cove, Sheffield Beach, Durban (Auria) GHPH Dec 25 647.8 Royal View, Sandringham, Johannesburg (Auria) GHPH Dec 25 542.5 Melrose Manor, Melrose, Johannesburg (Auria) GHPH Dec 25 216.9 Total 3 628.7
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113 Acquisitions, developments & capital expenditure GIP 55 Development & capital expenditure Total cost Rm Completion date FY26 Rm GHPH Coral Cove, Sheffield Beach, Durban* 943.0 May 27 129.8 Hillcrest Private Hospital, Hillcrest, Durban 73.0 Jul 26 71.6 Epione Health Village, Parktown, Johannesburg 97.1 May 26 67.2 Gateway Private Hospital, Umhlanga Ridge, Durban 59.3 Jul 26 59.6 Other, below R30m 43.5 371.7 GSAH Hluma Studios, Glenwood, Durban 773.5 Dec 26 285.8 Other, below R30m 63.4 349.2 TOTAL 720.9 Development expenditure 528.6 Capital expenditure 192.3 * Completion of phase 1 and 1B.
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114 Commitments GIP 56 Sector Estimated Completion date Approved development costs Rm FY26 Rm Commitments 2 713.0 1 462.8 Hluma Studios, Glenwood, Durban GSAH Dec 26 773.5 435.3 Webber Road Residential, Sandton, Johannesburg GSAH Dec 27 463.3 434.2 9 Browning Road, Cape Town GSAH Jan 28 400.9 400.9 Coral Cove, Sheffield Beach, Durban GHPH May 27 943.0 165.4 Gateway private Hospital, Umhlanga Ridge, Durban GHPH Jul 26 59.3 13.8 Hillcrest Hospital, Durban GHPH Jul 26 73.0 13.2
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115 Properties by value Fair value² Rm GLA m² Woodside Village, Rondebosch, Cape Town Not disclosed - ³ San Sereno, Bryanston, Johannesburg Not disclosed - ³ Gateway Private Hospital, Umhlanga Ridge, Durban Not disclosed 22 609 Hillcrest Private Hospital, Hillcrest, Durban Not disclosed 20 445 Coral Cove, Sheffield Beach, Durban Not disclosed - ³ Cintocare, Menlyn, Pretoria Not disclosed 17 926 Louis Leipoldt Hospital, Bellville, Cape Town Not disclosed 15 075 Royal View, Sandringham, Johannesburg Not disclosed - ³ N1 Hospital, Goodwood, Cape Town Not disclosed 14 636 Melrose Manor, Melrose, Johannesburg Not disclosed - ³ Sub total 7 741 91 336 Balance of the sector 731 37 900 Total for the sector 8 472 129 236 Tenants GLA¹ m² Busamed Holdings Ltd 55 471 Cintocare (Pty) Ltd 17 926 Netcare Limited 18 684 Mediclinic Ltd 15 075 Adcock Ingram Ltd 11 228 Johannesburg Eye Hospital and Institute (Pty) Ltd 5 910 Sub total 124 294 Balance of the sector 4 942 Total for the sector (excluding vacancies) 129 236 85.6 13.8 0.1 0.2 0.1 0.1 0.0 0.0 After FY31 By FY31 By FY30 By FY29 By FY28 By FY27 Monthly Vacant Lease expiry (% of GLA) 92.8 6.6 0.1 0.2 0.1 0.1 0.1 0.0 After FY31 By FY31 By FY30 By FY29 By FY28 By FY27 Monthly Vacant Lease expiry (% of gross monthly rental) GHPH overview 57 1) Ranked in terms of gross monthly rental. 2) Ranked in terms of value. 3) Number of units and not GLA. Total number of units for Auria portfolio was 671 at FY26.
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116 GSAH overview 58 Properties by value Fair value¹ Rm Beds Hatfield Studios, Hatfield, Pretoria Not disclosed 965 Brooklyn Studios, Brooklyn, Pretoria Not disclosed 814 Studios @ Burnett, Hatfield, Pretoria Not disclosed 1 000 Varsity Studios, Hatfield, Pretoria Not disclosed 1 052 Hluma Studios (previously Howard college), Glenwood, Durban (Land under development) Not disclosed - The Crescent Studios (Previously known as The Podium, Braamfontein, Johannesburg) Not disclosed 871 Apex Studios, Braamfontein, Johannesburg Not disclosed 901 Horizon Heights, Twickenham Road, Auckland Park, Johannesburg Not disclosed 795 Peak Studios, Observatory, Cape Town Not disclosed 563 Fountains View, CBD, Pretoria Not disclosed 896 Kingsway Place, Auckland Park, Johannesburg Not disclosed 665 Festival Edge, Hatfield, Pretoria Not disclosed 601 Arteria, Parktown (Previously known as 33 Princess of Wales, Parktown, Johannesburg) Not disclosed 481 Richmond Central, Auckland Park, Johannesburg Not disclosed 388 The Richmond, Auckland Park, Johannesburg Not disclosed 388 Webber land, Sandown, Sandton (Land under development) Not disclosed - Total for the sector 5 001 10 380 1) Ranked in terms of value.
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117 Key performance indicators GOZ 59 FY26 FY25 Vacancies (%)¹ 4.2 6.1 Total arrears (Rm) 18.5 57.1 Provision for bad debts (B/S) (Rm) 0.2 1.4 Renewal success rate (%) 76.1 64.0 Total letting success rate (%) 76.1 53.5 Weighted average future escalations on renewals (%) 3.7 2.7 Number of employees 67 61 Net property income per employee (R) 42 701 493 48 344 262 1) Vacancy ratio is based on income and not GLA (when compared to RSA).
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118 Net property income (Rm) 67.8% 67.9% 68.9% 32.2% 32.1% 31.1% 1 298 1 665 1 56312.26 11.76 11.46 FY24 FY25 FY26 62.8% 63.4% 64.1% 37.2% 36.6% 35.9% 60 524 61 760 58 677 12.14 11.66 11.32 FY24 FY25 FY26 27 27 27 30 23 21 57 50 57 FY24 FY25 FY26 Property portfolio value (Rm) Number of properties Directly held Portfolio overview GOZ 60 3 142 2 949 2 859 54 697 48 478 47 772 57 50 48 Office Industrial Average exchange rate (A$/ZAR) Office Industrial Closing exchange rate (A$/ZAR) Office Industrial
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119 64% 36% 37% 63% 32% 21% 24% 11% 7% 5% 42% 16% 12% 13% 13% 4% Portfolio by value GLA Value by region (A$) GLA by region Split of GOZ property portfolio 61 Victoria Queensland New South Wales South Australia Western Australia ACT Office Industrial
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120 Developments & commitments GOZ 62 Sector FY26 Rm FY26 A$m Development & capital expenditure 20 Colquhoun Road, Perth Airport, WA Industrial 308.5 26.5 5 Murray Rose Avenue, Sydney Olympic Park, NSW Office 110.6 9.5 A4, 52 Merivale Street, South Brisbane, QLD Office 34.9 3.0 A1, 32 Cordelia Street, South Brisbane, QLD Office 33.8 2.9 15 Green Square Close, Fortitude Valley, QLD Office 26.8 2.3 75 Dorcas Street, South Melborne, VIC Office 25.6 2.2 109 Burwood Road, Hawthorn, VIC Office 25.6 2.2 Other Various 136.2 11.7 Total 702.0 60.3 Commitments 20 Colquhoun Rd, Perth Airport, Western Australia Industrial 72.5 6.4 1 Charles Street, Parramatta, NSW¹ Office 28.3 2.5 Total 100.8 8.9 1) In respect of tenant incentives.
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121 Acquisitions & Disposals GOZ 63 Sector FY26 Rm FY26 A$m Disposal 5 and 7A Viola Place, Brisbane Airport, QLD Industrial 159.7 13.7 3 Viola Place, Brisbane Airport, QLD Industrial 35.0 3.0 Total 194.7 16.7 Sector FY26 Rm FY26 A$m Acquisitions 78 Waterloo Road, Macquarie Park, NSW Office 1 089.9 96.6 Total 1 089.9 96.6
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122 FFO analysis GOZ 64 FY26 A$m FY25 A$m Increase/ (Decrease) % Office FFO 203.7 194.4 4.8 Industrial FFO 83.8 86.8 (3.5) Distributions from securities 0.2 2.2 (90.9) Equity accounted investments FFO 1.8 0.9 100.0 Total property FFO 289.4 284.3 1.8 Funds management revenue 7.4 9.6 (22.9) Operating and trust expenses (32.7) (33.9) (3.5) Other 0.6 1.1 - Net finance cost (87.1) (85.1) 2.4 Total FFO 177.6 176.0 0.9 Like-for-like FFO 278.4 271.2 2.6 Office 196.0 190.9 2.7 Industrial 82.3 80.3 2.6
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123 Top 10 properties by value Fair value Rm GLA m² 1 Charles Street, Parramatta, NSW Office 5 208 32 356 70 Distribution Street, Larapinta, QLD Industrial 3 046 76 109 20 Colquhoun Road, Perth Airport, WA Industrial 3 019 80 374 75 Dorcas Street, South Melbourne, VIC Office 2 185 28 219 599 Main North Road, Gepps Cross, SA Industrial 2 140 91 686 100 Skyring Terrace, Newstead, QLD Office 1 939 24 665 570 Swan Street, Building 3, Richmond, VIC Office 1 540 19 286 27-49 Lenore Drive, Erskine Park, NSW Industrial 1 506 29 476 15 Green Square Close, Fortitude Valley, QLD Office 1 359 16 498 165-169 Thomas Street, Dandenong, VIC Office 1 268 15 071 Sub total 23 210 413 740 Balance of GOZ 24 562 544 077 Total for GOZ 47 772 957 817 Top 10 tenants GLA¹ m² Woolworths 248 169 NSW Police Force 32 356 Commonwealth of Australia 37 732 Country Road Group 23 156 VIC Government 14 583 Linfox 33 196 Bunnings Warehouse 13 886 Myer 13 679 Bank of Queensland 8 909 Samsung Electronics 13 423 Sub total 439 089 Balance of GOZ 487 545 Total for GOZ (excluding vacancies) 926 634 49 14 14 5 5 8 0 4 After FY31 By FY31 By FY30 By FY29 By FY28 By FY27 Monthly Vacant Lease expiry (% of income) GOZ overview 65 1) Ranked in terms of gross monthly rental.
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124 GLA & vacancy reconciliation GOZ 66 Total GLA m² Vacancy m² Vacancy ¹ % Balance as at 1 July 2025 975 378 41 709 6.1 Disposals (17 561) (504) Leases expired in the period 146 260 Renewals of expired leases (126 389) New letting of vacant space (29 893) Leases terminated - Balance as at 30 June 2026 957 817 31 183 4.2 1) Vacancy ratio is based on income and not GLA (when compared to RSA).