Annual financial statement
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2026 Group summarised audited annual results and cash dividend declaration for the year ended 30 June
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V&A, Cape Town Fitch/Moody’s ratings Global scale: BB+/Ba2 National scale: AAA/Aaa.za Sustainability ratings and indices FTSE/JSE Responsible Investment Index, FTSE4Good Emerging Index, CDP, GRESB, ISS, MSCI ESG, Sustainalytics Who we are Growthpoint is an international property company that provides space to thrive through innovative, sustainable property solutions.
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CAPITAL RECYCLING R4.9bn South Africa (SA) properties BOND ISSUANCE AT RECORD-LOW CREDIT MARGINS R1.8bn DIPS1 152.6cps 2 4.3% increase from FY25 DPS3 133.5cps 7 .4% increase from FY25 GROUP LTV4 38.7% decrease from 40. 1% at FY25 PROGRESS IN SCALING GIP PLATFORM Investment proposition › Attractive dividend yield supported by high-quality, sustainable income streams › Largest South African-listed REIT › Diversified across geographies, sectors and income streams, with investors also gaining exposure to the V&A Waterfront (Pty) Ltd (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 Participant of: Cover image: 36 Hans Strijdom Avenue, CBD, Cape Town Group highlights 1 Distributable income per share (DIPS). 2 Cents per share (cps). 3 Dividend per share (DPS). 4 Loan to value (LTV) ratio as per the SA REIT Best Practice Recommendations (BPR) Third Edition. 5 Interest cover ratio (ICR) as per the SA REIT BPR Third Edition. Prior year was re-presented to reflect the adoption of the SA REIT BPR Third Edition. 6 DIPS contribution by each segment. 7 Net asset value (NAV) as per the SA REIT BPR Third Edition. Prior year was re-presented to reflect the adoption of the SA REIT BPR Third Edition. SA LTV4 30.2% decrease from 34.5% at FY25 GROUP ICR5 2.63 times increase from 2.38 times for FY25 TOTAL PROPERTY ASSETS R160. 1bn 2.8% increase from R155.8bn at FY25 QUALITY INCOME UNDERPINNED BY A DIVERSIFIED PORTFOLIO6 SA 55.7% | GOZ 18.3% | V&A 18.6% | GWI 3.8% | GIP 3.6% GROUP NAV7 2 131cps 3.8% increase from 2 054cps at FY25 GROWTHPOINT 1Group summarised audited annual results for the year ended 30 June 2026
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Growthpoint is the largest SA primary JSE-listed REIT managing a quality portfolio of 453 (FY25: 475) properties across four major business units: Assets Assets SA 49.2% GOZ 22.8% V&A 12.1% GWI 11.0% GIP 3.1% Lango 1.8% FY26 DIPS DIPS SA 55.7% V&A 18.6% GOZ 18.3% GWI 3.8% GIP 3.6% FY26 Offshore investments Directly held – SA portfolio Third-party fund management business – Growthpoint Investment Partners (GIP) Introduction Our South African portfolio is the foundation of the Group and is being actively repositioned to deliver higher-quality, more resilient and sustainable income. The directly held portfolio is diversified across the Retail sector, Office sector, Logistics and Industrial sector, and Trading and Development (T&D) sector, with capital increasingly concentrated in leading economic nodes, established precincts, modern logistics assets and dominant retail centres. Our 50% interest in the V&A provides access to one of South Africa’s highest-quality mixed-use precincts and a differentiated income stream spanning retail, tourism, hospitality, residential development and operations. Growthpoint Investment Partners (GIP) complements this portfolio by scaling our healthcare and student accommodation platforms, growing third-party assets under management and generating diversified returns, with the objective of positioning these businesses for potential listings over the medium term. The T&D platform supports the broader strategy by repositioning underperforming assets, unlocking development potential and delivering opportunities for Growthpoint’s balance sheet, GIP and third-party partners. Environmental, social and governance (ESG) principles are integrated into the development and management of our buildings, reinforcing our commitment to long-term sustainability and value creation. The Offshore portfolio comprises: › ASX-listed Australian business, Growthpoint Properties Australia Limited (GOZ), diversified across the Office, Logistics and Industrial sectors, as well as a funds management business › LSE AIM-listed Globalworth Real Estate Investments Limited (GWI), which owns office and mixed-use properties in Romania and Poland › Lango Real Estate Limited (Lango), which invests in prime commercial real estate assets in key gateway cities across the African continent and owns mainly retail assets and office properties GIP, our alternative real estate co-investment funds management business, with gross assets under management (AUM) of R13.5bn (FY25: R8.6bn), comprises: › Growthpoint Healthcare Property Holdings (RF) Limited (GHPH), including the newly acquired Auria Senior Living (Auria) › Growthpoint Student Accommodation Holdings (RF) Limited (GSAH) The following graphs provide an overview of each business unit’s contribution to total property assets and DIPS. V&A Waterfront – Access to South Africa’s iconic crown-jewel precinct 2 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Commentary
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The following table provides an overview of our investments in these businesses and the properties held by each at 30 June 2026 (FY26) and 30 June 2025 (FY25). SA (excluding V&A), GIP and GOZ are disclosed as 100%. V&A, GWI and Lango are disclosed at our respective proportions. Percentage held % Number of properties Value of properties Rbn FY26 FY25 FY26 FY25 FY26 FY25 South Africa (SA) Retail 100 100 30 32 26.4 25.9 Office 100 100 140 146 25.9 27.0 Logistics and Industrial 100 100 125 143 12.9 13.2 Trading and Development (T&D) 100 100 7 7 0.4 0.6 V&A Waterfront (V&A) 50 50 1 1 16.2 13.4 Total SA 303 329 81.8 80.1 Growthpoint Investment Partners Healthcare 39.1 39.1 15 10 8.5 4.2 Student accommodation 16.8 17.9 16 15 5.0 4.4 Total GIP 31 25 13.5 8.6 Offshore investments Australia (GOZ) 63.6 63.6 48 50 47.8 48.5 Globalworth (GWI) 29.6 29.6 56 56 14.6 16.3 Lango 18.9 15.7 15 15 2.4 2.3 Total offshore 119 121 64.8 67.1 Total portfolio 453 475 160.1 155.8 Growthpoint is included in the FTSE/JSE Top 40 Index (J200) and had a market capitalisation of R59.2bn at FY26 (FY25: R45.9bn). An average of 205.0m shares (FY25: 235.0m shares), with a value of R3.4bn (FY25: R3.1bn), traded each month during the year, demonstrating the depth and liquidity of the Growthpoint share. This positions Growthpoint as an accessible and efficient entry and exit point for investors seeking diversified exposure to South African listed property. At FY26, the Group’s SA REIT net asset value per share (SA REIT NAV) increased by 3.8% to 2 131cps (FY25 re-presented: 2 054cps), supported by improved property valuations for the Group, which was offset by the stronger Rand. Strategy and execution Strategy and execution Our strategic priorities include: 1. Improving the quality of the SA portfolio by: › 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. The majority of all C-grade assets previously owned have been disposed of. The core office portfolio will increasingly be concentrated in modern, sustainable and energy-efficient assets within established precincts, while carefully managing concentration risk and maintaining alignment with the Group’s longer-term portfolio objectives › Focusing our retail exposure on large-scale, dominant assets within their respective catchment areas, serving growing and defensive markets with strong long-term relevance › A measured increase in exposure to the Logistics and Industrial sector through both acquisitions and development, with a focus on modern logistics assets in growing nodes. Our preference is increasingly towards scalable logistics parks rather than standalone assets, and towards more generic, adaptable facilities with broad tenant appeal rather than highly specialised properties. This will be complemented by the continued recycling of capital from older, sub-optimal assets in weakening nodes › Leveraging our T&D platform to reposition underperforming assets aligned with our long-term strategy, unlocking bulk development opportunities that generate attractive returns and where strategically appropriate, retaining these assets for sustained growth › 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 The execution thereof has included: » During the year, we sold 29 properties across the three sectors for R4.9bn, including sectional title disposals of R16.5m (excluding T&D) with a resultant loss on book value of R4.0m (FY25: 24 properties sold for R2.3bn, with a profit on book value of R0.4m) » Nine properties with a value of R694.9m are held for sale at FY26 (FY25: five properties at R317.4m) » Disposal proceeds were applied to debt reduction, reinvestment and retaining debt capacity for our development pipeline GROWTHPOINT 3Group summarised audited annual results for the year ended 30 June 2026
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» Since 1 July 2016, 214 properties have been sold for R19.9bn across the three 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 » The Office sector’s portfolio weighting decreased from 46.0% to 39.0%, while Logistics and Industrial increased from 15.0% to 20.0%, Retail from 39.0% to 40.0% and T&D from 0% to 1% » The rebalancing of our portfolio weighting to achieve sustainable long-term earnings growth, includes the review of core assets where concentration risk, capital allocation priorities and other factors may drive a disposal decision. During the year, we disposed of our 55% interest in the Discovery building for R2.3bn. The net proceeds of R1.9bn were utilised to settle debt, which if considered as a standalone transaction would result in an estimated 1.3% decrease in SA LTV. The transaction is estimated to be 1.0% dilutive to FY27 DIPS › We continue to prioritise growing our exposure to the better performing logistics sector, through disciplined investment and development in assets aligned with our long-term portfolio strategy: » Our total development pipeline is estimated at between R2.0bn – R3.0bn per year for the next five years with the Logistics and Industrial sector developments comprising R1.4bn, Office sector R0.3bn and Retail sector R0.5bn for FY27 » The successful implementation thereof is starting to bear fruit and is evident in the performance of the Logistics and Industrial portfolio: – Vacancies reduced to 2.9% at FY26 (FY25: 4.1%) – Weighted average lease escalations (WALE) of 7.4%, positively impacting the performance of the portfolio › Our development and capital expenditure is focused on the stronger-performing Western Cape province due to its more attractive property market fundamentals. A total of R1.3bn (FY25: R1.6bn) development and capital expenditure was incurred during the year, with key projects including the redevelopment of 36 Hans Strijdom in Cape Town (R98.7m) and Longbeach Mall, Noordhoek (R97.6m). We also upgraded La Lucia Mall, Durban (R52.7m) and we are currently progressing with the redevelopment of Paarl Mall, Paarl (R59.6m) in line with our strategy to upgrade and reposition all long-term hold retail assets › To reduce our reliance on the national grid and address water supply and security, we have implemented the following environmental initiatives: » Total installed solar capacity of 69.31MWp at FY26 (FY25: 61.20MWp) » During FY26, we completed solar installations of R120.6m (FY25: R146.7m) and, to date, have spent more than a R1.0bn on 98 solar plants » Wheeling of energy from the power purchase agreement (PPA) with Etana Energy (Pty) Ltd commenced in October 2025 and generated 23.6GWh of renewable energy in FY26 » The total energy consumption derived from renewable sources increased from 7.9% at FY25 to 19.0% at FY26 when measured against our FY23 energy demand baseline » As at 30 June 2026, we utilised 55 (FY25: 42) licensed boreholes and 178 (FY25: 162) water backup facilities with a total storage capacity of 12 342kl (FY25: 9 854kl) » During FY26, we increased our waste diverted from landfill to 51.3% from 42.3% in FY25 2. 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: › In August 2025, we disposed of our 14.2% investment in NewRiver REIT (NRR) at 75.0 pence per share, raising gross sales proceeds of GBP50.2m (R1.2bn) › 35.6% (FY25: 38.0%) of Growthpoint’s property assets by book value are located offshore; the reduction is mainly as a result of the disposal of NRR › 22.1% (FY25: 28.7%) of Growthpoint’s DIPS is earned offshore; the reduction is predominantly due to the disposal of Capital & Regional plc (C&R) and lower Rand distributions from GOZ and GWI › FY26 saw a 19.5% decrease in Rand-equivalent foreign currency income, via cash and scrip dividend alternatives, of R1.1bn (FY25: R1.4bn) Liquidity The Group consolidated LTV ratio improved to 38.7% at FY26 (FY25: 40.1%), supported by higher property valuations and the execution of our capital recycling strategy. Proceeds from asset disposals have been applied to reduce debt, strengthening liquidity and creating balance-sheet capacity to support the rollout of our development pipeline and other strategic growth initiatives. We will continue to manage leverage through disciplined capital allocation and capital recycling, balancing near-term earnings impacts with the objective of improving the quality and resilience of the portfolio over the longer term. Group SA GIP GOZ Cash on balance sheet FY26 R1.2bn R323.6m R176.3m R670.6m FY25 R1.8bn R878.9m R357.8m R581.4m Unutilised committed debt facilities FY26 R11.9bn R5.7bn R1.2bn R5.0bn FY25 R8.6bn R4.7bn R1.1bn R2.8bn LTV ratio FY26 38.7% 30.2% 43.0% 41.0% FY25 40.1% 34.5% 23.6% 39.5% 4 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Commentary continued
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SA The SA LTV improved to 30.2% (FY25: 34.5%) due to a decrease in net borrowings resulting from asset disposals and positive fair value adjustments on investment properties. Growthpoint has committed unutilised facilities of R5.7bn (FY25: R4.7bn). Our SA capital management remains disciplined, with capital and development expenditure of R1.3bn (FY25: R1.6bn) funded by asset sale proceeds and retained cash. Surplus disposal proceeds were applied to reduce debt, strengthening the balance sheet and creating capacity to support the development pipeline. For FY26, R647.5m in cash is retained due to the 87.5% dividend payout ratio (FY25: R744.6m, with an 85% effective payout ratio). GIP GHPH’s LTV increased to 51.4% (FY25: 16.8%) following the acquisition of Auria. The purchase price was fully debt funded and the LTV ratio includes the impact of consolidating the life-rights liabilities embedded in the underlying business. GSAH’s LTV increased to 28.8% (FY25: 28.6%) due to increased borrowings to fund the development of Hluma Studios, Glenwood, Durban, which was offset by the R425.0m equity raise in FY25. GOZ The LTV for GOZ increased to 41.0% (FY25: 39.5%) following debt raised for the acquisition of 78 Waterloo Road, Macquarie Park and impacted by lower fair valuations on investment property, primarily within the office portfolio. SA REIT funds from operations (FFO) and DIPS Group SA REIT FFO increased by R456.0m (10.2%) to R4 918.0m (FY25: R4 462.0m). On a per share basis, it increased by 10.0% to 145.2cps (FY25: 132.1cps). Group distributable income increased by R216.0m (4.4%) to R5 180.0m (FY25: R4 964.0m). DIPS increased by 4.3% to 152.6cps (FY25: 146.3cps). Basis of preparation The summarised consolidated annual financial statements are prepared in accordance with IFRS ® Accounting Standards (IFRS) as issued by the International Accounting Standards Board, IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council, and the requirements of the Companies Act of South Africa. The accounting policies applied in preparing these financial statements are in terms of IFRS Accounting Standards as issued by the International Accounting Standards Board and are consistent with those applied in the previous annual financial statements. The summarised consolidated annual financial statements are extracted from the audited information but are not themselves audited. The annual financial statements were audited by Ernst & Young Inc., who expressed an unmodified opinion thereon. The auditor does not report on all of the information contained in these summarised consolidated annual financial statements. Shareholders are therefore advised that, to obtain a full understanding of the nature of the auditor’s engagement, they should obtain a copy of the auditor’s report, together with the accompanying audited consolidated financial statements, both of which are available for inspection at the company’s registered office or on the company’s website. The Directors of Growthpoint Properties Limited take full responsibility for the preparation of this report. José Snyders (CA(SA)), Growthpoint’s Group Chief Financial Officer, was responsible for supervising the preparation of these summarised consolidated annual financial statements. GOZ The investment in GOZ was accounted for in terms of IAS 21 The Effects of Changes in Foreign Exchange Rates. The statement of financial position includes 100% of GOZ’s assets and liabilities, converted at the closing exchange rate at FY26 of R11.32:AUD1 (FY25: R11.66:AUD1). A deferred tax liability of R3.0bn (FY25: R3.1bn) is included in the statement of financial position. This relates to the 30% capital gains tax payable in Australia if Growthpoint was to sell its investment in GOZ. The statement of profit or loss and other comprehensive income includes 100% of GOZ’s revenue and expenses, which were translated at an average exchange rate of R11.46:AUD1 (FY25: R11.76:AUD1). The resulting foreign currency translation difference is recognised in other comprehensive income. A non- controlling interest was raised for the 36.4% (FY25: 36.4%) not owned by Growthpoint. Included in the FY26 distributable income is a R946.1m (AUD18.4cps) distribution accrued from GOZ, including a foreign exchange profit of R59.2m on AUD income hedges (FY25: R1 011.3m (AUD20.3cps) including a one-off distribution of AUD2.1cps and a foreign exchange profit of R54.2m on AUD income hedges). The following key strategic highlights occurred during the year: › Portfolio performance: Record office leasing and strong industrial leasing increased portfolio occupancy to 96% (FY25: 94%), extended weighted average unexpired lease term (WAULT) to 6.1 years (FY25: 5.6 years) and materially reduced near-term lease expiries › Capital-light growth: Created AUD124.9m of new AUM through the extension of Growthpoint Australia Logistics Partnership (GALP) and establishment of the Growthpoint Macquarie Park Trust (GMPT) › Capital recycling and deleveraging: Completed AUD16.7m of disposals during FY26 and contracted a further AUD267.7m divestment post year end, with proceeds expected to reduce gearing by approximately four percentage points GROWTHPOINT 5Group summarised audited annual results for the year ended 30 June 2026
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Included in normal tax in the statement of profit or loss and other comprehensive income is R74.0m (FY25: R170.8m), which relates to 7.4% (FY25: 17.5%) withholding tax incurred on the distributions from GOZ. The decreased withholding tax compared to prior year is due to the capital gains on properties sold during the prior year as part of the GALP and GCOT transactions. Lango The investment in Lango was accounted for in terms of IFRS 9 Financial Instruments as an unlisted investment at fair value through profit or loss. Lango invests in prime commercial real estate assets in key gateway cities across Africa, excluding South Africa. It owns 12 office and retail assets (FY25: 12) and three plots of land (FY25: three). Growthpoint did not receive a dividend for FY26 and FY25. Our 18.9% (FY25: 15.7%) investment in Lango valued at R633.0m at FY26 (FY25: R779.0m) is classified as an unlisted investment on the statement of financial position. The lower value 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 of Lango’s management company in FY25, Lango Real Estate Management Limited (Lango Manco) repurchased its shares held by Growthpoint and the other shareholders. In lieu of cash settlement, Growthpoint received Lango loan notes, which are convertible into Lango shares. The loan notes were valued at R207m at FY26. As a result, Growthpoint derecognised its previously held equity-accounted investment in Lango Manco. GIP GIP is our third-party funds management business, which generates diversified returns and invests in alternative real estate assets. We have two (FY25: two) separately identifiable investment funds with total AUM of R13.5bn (FY25: R8.6bn). GIP’s businesses are in a scaling phase, and their capital structures are expected to evolve as acquisitions are integrated, development pipelines progress and additional capital is introduced. Auria was acquired using debt funding, resulting in elevated near-term leverage, which GIP intends to address over time as part of optimising the platform’s longer-term capital structure: 1. GHPH: Growthpoint’s stake is 39. 1% (FY25: 39. 1%) GHPH invests exclusively in healthcare property assets in SA with a mandate to invest in and develop acute, day and specialist hospitals, laboratories and biotechnology manufacturing and warehousing facilities, aged care and offices linked to hospitals. GHPH has to date attracted R2.0bn in third-party investment. During the year, GHPH acquired a 95% shareholding in Auria for R1.2bn, settled in cash and fully funded with debt. The acquisition adds five senior living communities with a gross asset value of R3.6bn to the healthcare portfolio and represents GHPH’s formal entry into the senior living sector. Auria is a leading operator in the SA senior living market, offering a full continuum of care, ranging from independent and assisted living to specialised care. The transaction is expected to enhance portfolio diversification and provide exposure to favourable long-term demographic trends. Growthpoint’s interest in GHPH consists of an initial investment at cost of R384.7m (FY25: R384.7m) and a convertible loan of R379.2m (FY25: R377.5m). Growthpoint received a dividend of R71.4m from GHPH, based on 66.58cps, compared with R90.7m and 84.46cps in FY25. The benefit from restructuring historical Cintocare debt and the resulting reduction in expected credit losses was more than offset by Auria’s losses, primarily reflecting the finance costs arising from its fully debt-funded acquisition. › Growthpoint Healthcare Management en commandite partnership (GHPH Manco): Growthpoint’s stake is 91.9% (FY25: 85.0%) Growthpoint received asset management fees of R56.2m (FY25: R46.4m) from GHPH Manco during the year. During the year, Kagiso exchanged a portion of its ownership in GHPH Manco for a stake in GSAH Manco, following which it owns an 8.1% interest in the GHPH partnership (FY25: 15%). 2. GSAH: Growthpoint’s stake is 16.8% (FY25: 17 .9%) GSAH has, to date, attracted R2.9bn (FY25: R2.1bn) in capital from third-party investors and R490.0m (FY25: R490.0m) from Growthpoint. Growthpoint received a dividend of R31.4m (FY25: R29.2m) from GSAH during the year, with the increase largely attributable to additional income arising from the completion of three developments. › Growthpoint Student Residential Accommodation Management en commandite partnership (GSAH Manco): Growthpoint’s stake is 80% (FY25: 97.1%) Growthpoint received asset management fees of R53.3m (FY25: R52.3m) from GSAH Manco during the year. The increase is due to the additional properties developed and the consequent higher gross asset value of GSAH. Growthpoint sold 17.1% (FY25: 2.9%) of the GSAH Manco to third parties during the year, resulting in a profit of R24.7m. V&A, GWI and other equity-accounted investments The investments in the V&A, GWI and Ferguson Place (RF) (Pty) Ltd, were accounted for under IFRS 11 Joint Arrangements and IAS 28 Investments in Associates and Joint Ventures. The equity-accounted method was used, under which the Group’s share of the profit or loss and other comprehensive income of these investments was accounted for. The V&A Waterfront remains one of the Group’s highest-quality and most differentiated income platforms, with diversified 6 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Commentary continued
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exposure to retail, tourism, hospitality, residential development and operations. Like-for-like net property income increased by 10.6% (FY25: 12.7%), supported by increased tourism, higher footfall and an improved retail performance. Growthpoint’s 50% share of distributable income increased by 19.0% to R964.7m (FY25: R810.5m), benefiting from once-off residential profits at 5 Dock Road of R139.0m, notwithstanding the temporary closure of the Table Bay Hotel for its successful redevelopment. The hotel has since reopened as the InterContinental Table Bay, while the Edition Hotel, Superyacht Marina and expanded luxury retail offering further enhance the precinct’s long-term growth prospects and earnings diversity. On a like-for-like basis, distributable income increased by 5.9%, after considering increased net finance costs on external borrowings in line with their funding strategy. Included in distributable income is R197.7m (EUR9.7m) of scrip dividend income from GWI (FY25: R251.6m (EUR10.5m)), based on a dividend of EUR12.0cps for FY26 (FY25: EUR14.0cps). Growthpoint received no management fees from Lango Manco during the year (FY25: R11.1m (USD0.6m)). Revenue Total Group revenue, excluding straight-line lease income adjustments, decreased by 0.2% to R13.3bn (FY25: R13.3bn). SA SA revenue, excluding straight-line lease income adjustments, decreased by 2.0% to R8.3bn (FY25: R8.5bn) due to: › Like-for-like net property income growth of 4.4% (FY25: 5.9%) › Decreased vacancies across all three sectors › Offset by the sale of 30 investment properties and partial disposal of two T&D and two Logistics and Industrial properties (FY25: 24 investment properties and partial disposal of four T&D properties) and lower revenue from T&D GIP GHPH revenue, excluding straight-line lease adjustments, increased by 24.7% to R581.1m (FY25: R466.3m), driven by the revenue from Auria since acquisition of R96.2m. GSAH revenue increased by 19.1% to R665.5m, driven by three new developments – Arteria Parktown, Fountains View and Crescent Studios and improved rentals per bed (FY25: R558.3m). GOZ GOZ revenue decreased by 2.0% to R3.7bn mainly due to the stronger average ZAR:AUD exchange rate (FY25: R3.8bn). Cost-to-income ratio The SA REIT gross total cost-to-income ratio for the Group, as calculated by the SA REIT BPR Third edition, increased to 45.5% (FY25: 44.4%): › SA increased to 48.6% mainly due to higher other administrative and operating overhead costs (FY25: 48.1%) › GIP increased to 48.0% mainly due to the acquisition of Auria (FY25: 42.5%) › GOZ increased to 34.3% mainly due to lower asset management fees in funds revenue received (FY25: 33.3%) Fair value adjustments Investment property The revaluation of properties in SA, GIP and GOZ resulted in an overall increase of R1.9bn or 1.6% (FY25: decrease of R929.5m or 0.8%) for investment property (including investment properties classified as held for sale). In Rand terms, the revaluation of properties resulted in: › An increase of R2.0bn or 3.0% for SA (FY25: increase of R1.4bn or 2.3%) › An increase of R562.0m or 4.0% for GIP (FY25: increase of R272.9m or 3.2%) › A decrease of R684.0m or 1.5% for GOZ (FY25: decrease of R2.6bn or 5.4%) SA The SA investment property portfolio was valued at R65.6bn at FY26 (FY25: R66.7bn). Valuations were supported by improved underlying income performance and stronger operating metrics across all three sectors, while valuation assumptions remained broadly consistent with the prior year, as the benefit of lower 10-year bond yields was largely offset by higher risk premiums applied across the portfolio. The continued repositioning of the portfolio through disposals, developments and investment in higher-quality assets further supports the resilience of the underlying income base. Property assets held for trading and development are measured at the lower of cost and net realisable value, with no impairment recognised in FY26 and FY25. GIP The GIP valuations, with a combined portfolio value of R13.5bn (FY25: R8.6bn), were positively impacted by improved property operating metrics in both GHPH and GSAH, the acquisition and development of new properties in GSAH and the acquisition of Auria in GHPH. GOZ The value of the GOZ portfolio, excluding right-of-use assets, declined to R46.7bn (AUD4.1bn) in FY26 (FY25: R47.2bn (AUD4.1bn)). Valuations are marginally down as rental growth largely offset modest capitalisation rate expansion. Over 62% of portfolio valuations stabilised or increased during FY26. Interest-bearing borrowings Interest-bearing borrowings and derivatives were fair valued using the SA or foreign-denominated swap curves at FY26, resulting in a decrease of overall liabilities by R576.0m (FY25: decrease of R172.2m). These fair value adjustments and other non- distributable items, such as capital items, non-cash charges, deferred taxation and the net effect of the non-controlling interests’ portion of the non-distributable items, were transferred to the non-distributable reserve. GROWTHPOINT 7Group summarised audited annual results for the year ended 30 June 2026
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Borrowings and finance costs Of our total interest-bearing borrowings of R59.1bn at FY26 (FY25: R61.5bn), R23.9bn is unsecured (FY25: R23.1bn). All other interest-bearing borrowings across the Group are secured. Group finance costs, including net finance income received on derivatives, decreased by 7.0% to R3.8bn (FY25: R4.1bn). The interest cover ratios (ICR) across the Group were as follows: GIP GIP finance costs increased to R278.0m (FY25: R206.0 m) as a result of increased borrowings to fund developments in GSAH and the acquisition of Auria in GHPH. Borrowings, net of cash and cash equivalents, increased to R3.9bn at FY26, excluding the life right liabilities of Auria (FY25: R2.0bn). In total, 66.6% of the interest on GIP’s long-term borrowings was fixed at FY26 (FY25: 92.4%). GOZ GOZ net finance costs increased to AUD87.1m (FY25: AUD85.1m), mainly due to increased debt and higher interest rates to support the establishment of new assets under management alongside lower-cost fixed rate swaps maturing, partially offset by FY25 divestments. In Rand terms, finance costs increased to R1 066.6m (FY25: R1 060.9m), driven by a stronger average ZAR:AUD exchange rate. Interest-bearing borrowings, net of cash and cash equivalents, increased to R20.2bn (AUD1.8bn) (FY25: R19.2bn (AUD1.7bn)) mainly due to the acquisition of 78 Waterloo Road, Macquarie Park. In total, 77.2% of the interest on GOZ’s long-term borrowings was fixed at FY26 (FY25: 84.8%). Capital expenditure and commitments SA The 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 SA portfolio (FY25: R1.6bn). The largest being 36 Hans Strijdom, CBD, Cape Town (R98.7m), Longbeach Mall, Noordhoek, Cape Town (R97.6m) and N1 City Mall, Goodwood, Cape Town (R73.9m). SA has commitments for developments totalling R3.6bn at FY26 (FY25: R1.2bn), of which Paarl Mall, Paarl, Cape Town (R214.8m), Olympus, Sandton, Johannesburg (R506.3m), Cornubia, Pinetown, Durban (R378.8m) and Indlovu Industrial Park, Montague Gardens, Cape Town (R366.7m) are the largest. GIP GSAH’s development and capital expenditure of R349.2m (FY25: R438.1m) was incurred mainly for the development of Hluma Studios, Glenwood, Durban (R285.8m). GHPH acquired Auria and had development and capital expenditure of R371.7m (FY25: R11.4m) mainly for the development of Hillcrest Private Hospital, Hillcrest, Durban (R71.6m) and capital expenditure of R165.4m at Auria. SA SA finance costs, including net finance income received on derivatives, decreased to R2.5bn (12.9%) (FY25: R2.8bn) due to lower average borrowings during the year compared to FY25 and a lower weighted average cost of debt in FY26 of 8.6% (FY25: 8.9%). Interest-bearing borrowings, net of cash and cash equivalents, decreased to R33.3bn, mainly because of the proceeds from the sale of investment properties and NRR (FY25: R38.2bn). Interest rate swaps (IRS) of R4.4bn, with a weighted average interest rate of 6.7%, matured during the year, and R1.8bn were re-hedged at a weighted average interest rate of 6.9%. Cross- currency interest rate swaps (CCIRS) of AUD200.0m (R2.2bn) (FY25: AUD314.0m (R3.6bn)), with a weighted average interest rate of 2.2% (FY25: 1.2%), matured during the year. The full AUD200.0m (FY25: AUD174.2m) was re-hedged on a floating-rate basis at a weighted average interest rate of 4.4% (FY25: 4.5%). No fixed-rate AUD CCIRS were entered during FY26 (FY25: AUD139.5m at a weighted average fixed interest rate of 3.1%). Interest cover ratiosInterest cover ratios 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 GOZGIPSAGroup 2.52 3.80 2.49 2.522.63 2.38 3.11 2.66 FY26 FY25 The comparative for FY25 has been re-presented to reflect the changes from the SA REIT BPR Third Edition. SA hedging ratio profile per currency (%) ZAR EUR AUD USD GBP FY26 74.5 78.7 51.1 100.0 – FY25 71.4 78.7 65.6 100.0 100.0 8 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Commentary continued
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GIP has commitments of R1.5bn (FY25: R960.4m), of which Hluma Studios, Glenwood, Durban (R435.3m), Webber Road Residential, Sandton, Johannesburg (R434.2m) and 9 Browning Road, Cape Town (R400.9m) are the largest. GOZ GOZ acquired 78 Waterloo Road, Macquarie Park, for R1.1bn (AUD96.9m) (FY25: Rnil). GOZ incurred development and capital expenditure of R702.0m (AUD60.3m) (FY25: R640.1m (AUD56.2m)), with the largest development expenditure for 20 Colquhoun Road, Perth Airport of R308.5m (AUD26.5m), and the largest capital expenditure at 5 Murray Rose Avenue, Sydney Olympic Park of R110.6m (AUD9.5m) and A4, 52 Merivale Street, South Brisbane of R34.9m (AUD3.0m). GOZ has commitments of R100.8m (AUD8.9m) at FY26 for developments at 20 Colquhoun Road, Perth Airport, for R72.5m (AUD6.4m) and for the tenant installation obligation at 1 Charles Street, Parramatta, R28.3m (AUD2.5m) (FY25: R468.5m (AUD40.2m)). Trading and development segment At FY26, seven SA properties (FY25: seven), valued at R396.8m, were classified as T&D (FY25: R609.4m). Sales and held-for-sale assets Excluding T&D properties, Growthpoint SA sold 29 investment properties during the year for R4.9bn (FY25: 24 properties for R2.3bn), including Discovery 1 – 55%, Sandhurst, Johannesburg (R2.3bn); Village Square, Randfontein (R450.0m); Gunners, Epping, Cape Town (R181.0m); Isobar, Isando, Kempton Park (R181.0m); 10 Richard Carte, Mobeni, Durban (R155.0m) and Waterfall Value Centre, Rustenburg (R118.0m). Growthpoint also partially sold three T&D developments: Palm River, Pinetown, Durban (R5.9m); Riverwoods Residential Conversion, Bedfordview (R23.8m) and Devro Park, Pinetown (R6.3m). GOZ sold two properties during the year for R194.4m (AUD16.7m) during FY26 (FY25: seven properties worth R2.5bn (AUD220.0m)). At FY26, nine (FY25: five) SA properties valued at R694.9m (FY25: R317.4m) were held for sale. No properties were classified as held for sale at GOZ (FY25: nil). Arrears SA Total SA arrears at FY26 increased to R82.2m (FY25: R68.8m), with a loss allowance of R39.4m (FY25: R34.9m). SA bad debt write-offs, recoveries and expected credit losses resulted in a net expense of R13.0m in FY26, compared with net income of R4.5m in FY25. GIP GHPH arrears decreased to R1.7m at FY26 (FY25: R42.4m), with the loss allowance reducing to Rnil (FY25: R32.3m), following the restructuring of historical Cintocare debt. This contributed to net income from bad debt write-offs, recoveries and expected credit losses of R32.1m, compared with an expense of R31.4m in FY25. GSAH arrears decreased to R19.5m (FY25: R21.1m), with no loss allowance recognised (FY25: Rnil), while the net credit-loss expense increased to R3.3m (FY25: R1.0m). Total GLA and vacancies per segment Total GLA Vacancy FY26 m² FY25 m² FY26 % FY25 % SA Retail 1 021 235 1 062 676 3.5 5.3 Office 1 495 875 1 596 229 14.1 14.6 Logistics and industrial 1 497 721 1 776 551 2.9 4.1 V&A 264 084 253 430 1.0 0.3 Total SA 4 278 915 4 688 886 6.6 7.8 Growthpoint Investment Partners* GHPH** 129 236 125 051 – – Total GIP 129 236 125 051 – – Offshore investments GOZ 957 817 975 378 3.3 4.3 GWI 1 044 452 1 011 600 13.4 14.1 Lango 242 136 241 051 10.0 10.5 Total Offshore 2 244 405 2 228 029 8.7 9.4 Total 6 652 556 7 041 966 7.3 8.1 * GSAH is valued per bed and not on GLA. GSAH had 10 380 beds with a 2.0% vacancy for FY26 (FY25: 10 280 beds with 2.9% vacancy. ** Auria is excluded from the GLA as it is valued per unit. Auria had 613 completed units with 3.4% unsold units for FY26. GROWTHPOINT 9Group summarised audited annual results for the year ended 30 June 2026
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GOZ Total GOZ arrears at FY26 were R18.5m (FY25: R57.1m), with a loss allowance of R0.2m (FY25: R1.4m). Changes in the directorate José Snyders joined the Group as CFO on 1 January 2026, while Gerald Völkel continued as Group Financial Director until 31 March 2026 to ensure a smooth leadership transition. The Board wishes to formally acknowledge and thank Gerald for his unwavering dedication and distinguished service. In addition to his significant professional contribution, Gerald will be remembered for his gentlemanly conduct, humour and genuine care for colleagues. The Board extends its sincere, best wishes to him for a fulfilling and well-deserved retirement. Growthpoint has announced the appointment of Estienne de Klerk as Group CEO effective 1 July 2026, with Norbert Sasse continuing as Group CEO until 30 June 2026 and remaining in an executive role until 31 December 2026. Growthpoint welcomes Nooraya Khan as an Independent Non-executive Director, she was appointed on 1 April 2026. Going concern The directors have assessed the Group’s ability to continue as a going concern. As at 30 June 2026, the Group had a substantial positive NAV and a robust liquidity position, with access to R6 857m in SA and R5 015m (AUD443m) in GOZ. Funding covenants The Group SA REIT LTV is 38.7% (FY25: 40.1%) and the Group SA REIT ICR is 2.63 (FY25: 2.38). The SA operations (excluding GIP) SA REIT LTV is 30.2% (FY25: 34.5%) and the SA operations (excluding GIP) SA REIT ICR is 3.11 (FY25: 2.66). The LTVs and ICRs are calculated using the SA REIT BPR methodology. The LTVs are well below the covenant of 55.0% and the ICRs are well above the ICR of 2.0 times. Capital recycling, together with improved South African property fundamentals, has supported lower leverage and strengthened the Group’s liquidity position. We will continue to apply disposal proceeds to debt reduction and reinvestment in higher-quality assets, balancing near-term earnings impacts with the objective of preserving balance-sheet strength and creating capacity for the development pipeline and other strategic initiatives. Conclusion After due consideration, the Directors have concluded that the Group has adequate resources to continue operating for the foreseeable future and that it is appropriate to adopt the going-concern basis in preparing the financial statements. Events after the reporting period Declaration of dividend after the reporting period In line with IAS 10 Events after the Reporting Period, the dividend was declared after the end of the reporting period, resulting in a non- adjusting event that is not recognised in the financial statements. Treasury ZAR interest rate swaps with a total nominal value of R1.1bn matured by 6 July 2026. Following the reporting period, GRT71 and GRT72 were tapped, increasing their issuance amounts by R415m and R1.1bn respectively. In addition, a new 10-year listed bond (GRT73) of R1.6bn was issued on 27 July 2026. By 3 August 2026, R1.7bn of debt had been prepaid, comprising the repayment of unlisted notes GRB37U and GRB38U of R750m each, together with a term loan of R200m. An AUD18.6m CCIRS that matured on 31 July 2026 was re-hedged on a floating-rate basis and supplemented with an interest rate collar. A USD20m CCIRS that matured on 7 August 2026 was re-hedged through to 30 November 2026. The maturity date of the USD20m loan was extended to 30 November 2026. CCIRS totalling AUD181.5m, with a weighted average interest rate of 5.02%, matured in September 2026. This exposure included AUD90m of hedges with a margin of 1.5%. Subsequent to year end, AUD131.5m of the exposure was restructured, utilising a favourable mark to market position, at an all-in weighted average fixed rate of 4% for a weighted average tenor of 4.3 years. The remaining AUD50m was temporarily re-hedged on a floating rate basis until March 2027, no additional Rand liquidity was required. As the transactions occurred subsequent to the reporting period, no adjustments have been recognised in the financial statements. Disposal of properties In August 2026, the GOZ entered into a conditional agreement to divest the Woolworths distribution centre located at 20 Colquhoun Road, Perth Airport, for gross consideration of R3bn (AUD267.7m). Settlement is conditional upon certain suspensive conditions being met, and is expected to occur in early 2027 calendar year. As part of the Group’s ongoing capital recycling strategy, six SA properties were disposed of after the reporting period for a combined consideration of R384m. As the transactions occurred subsequent to the reporting period, no adjustments have been recognised in the financial statements. 10 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Commentary continued
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Prospects South Africa’s operating environment is showing greater stability, with tentative signs of improvement emerging across selected areas of the economy. However, structural constraints, including unemployment, infrastructure challenges and global trade uncertainty remain. International developments, including the ongoing conflicts in the Middle East are expected to continue to have an unfavourable impact on inflation, interest rates, energy prices and economic activity across our markets. Against this backdrop, Growthpoint enters FY27 with improving South African property fundamentals, a stronger balance sheet and a portfolio increasingly positioned towards higher quality and more resilient income. Our priorities remain focused on 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. The South African portfolio is expected to benefit from improved vacancies, stronger tenant retention, longer lease commitments and healthy contractual escalations. The Retail sector remains well positioned, supported by low vacancies, positive renewal growth and high retention. The Logistics and Industrial sector is expected to remain a key area of growth, underpinned by low vacancies, improving renewal success and demand for modern logistics assets. The Office sector’s performance is stabilising, but the recovery remains uneven. The Western Cape continues to deliver strong operating performance, while Gauteng remains challenged by elevated vacancies and negative rental reversions. Gauteng nevertheless remains South Africa’s principal corporate and economic market. We will continue to reduce exposure to obsolete or structurally challenged properties while retaining and investing in modern, sustainable and energy-secure offices in established precincts and stronger nodes where we see durable tenant demand and recovery potential. The V&A Waterfront remains a high-quality and differentiated contributor to Group earnings. Its diversified exposure to retail, tourism, hospitality, residential development and operations provides a strong platform for further growth supported by the InterContinental Table Bay Hotel, the opening of the Marriott EDITION Hotel, the launch of the Superyacht Marina and a full-year contribution from the expanded luxury retail offering. Tourism and hospitality remain sensitive to global economic and geopolitical developments, but the precinct’s underlying fundamentals and long-term appeal remains strong. The performance of the offshore investments is expected to remain mixed. GOZ enters FY27 with a strong operating platform, high occupancy, reduced near-term lease expiries and sufficient liquidity to meet FY27 debt maturities. Its focus remains on improving portfolio performance, growing funds management and optimising its capital structure through disciplined capital recycling and a review of its distribution and reinvestment policies. GWI maintains moderate leverage and strong liquidity, with shareholders continuing constructive discussions on its future strategy. Across the offshore portfolio, elevated funding costs, office exposure and the timing and reliability of cash distributions remain areas of focus. We will continue to assess the strategic relevance, ownership structures and capital requirements of these investments while recognising the longer-term diversification benefits they provide. 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%. This announcement contains certain forward-looking statements, which relate to the possible future performance and financial position of the Group. All forward-looking statements are solely based on the views and considerations of the Board of Directors. These statements involve risk and uncertainty as they relate to events and depend on circumstances that may or may not occur in the future. The Group does not undertake to update or revise any of these forward-looking statements publicly, whether to reflect new information, future events or otherwise. These forward-looking statements have not been reviewed or reported on by the Group’s external auditor. Final dividend Notice is hereby given of the declaration of the final dividend number 81 of 67.30000 cents per share for the six months and year ended 30 June 2026. The dividend income has been declared from income reserves. Other information › Issued shares at 30 June 2026: 3 430 787 066 ordinary shares of no par value › Income tax reference number of Growthpoint: 9375077717 Shareholders are advised that the dividend meets the requirements of a “qualifying distribution” for the purposes of section 25BB of the Income Tax Act, No 58 of 1962 (Income Tax Act). The dividends on the shares will be taxable dividends under section 25BB of the Income Tax Act for South African tax purposes. GROWTHPOINT 11Group summarised audited annual results for the year ended 30 June 2026
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Tax implications for SA resident shareholders Dividends received by or accrued to SA tax residents must be included in the gross income of such shareholders and will not be exempt from income tax in terms of the exclusion to the general dividend exemption contained in section 10(1)(k)(i)(aa) of the Income Tax Act because they are dividends distributed by a REIT. These dividends are, however, exempt from dividend withholding tax (dividend tax) in the hands of SA resident shareholders, provided that the SA resident shareholders have provided to the Central Securities Depository Participant (CSDP) or broker, as the case may be, in respect of uncertificated shares, or the company, in respect of certificated shares, a DTD(EX) form (dividend tax: declaration and undertaking to be made by the beneficial owner of a share) to prove their status as SA residents. If resident shareholders have not submitted the abovementioned documentation to confirm their status as SA residents, they are advised to contact their CSDP or broker, as the case may be, to arrange for the documents to be submitted before the dividend payment. Tax implications for non-resident shareholders Dividends received by non-resident shareholders from a REIT will not be taxable as income and instead will be treated as ordinary dividends, which are exempt from income tax in terms of the general dividend exemption section 10(1)(k) of the Income Tax Act. Any dividend received by a non-resident from a REIT is subject to dividend tax at 20%, unless the rate is reduced in terms of any applicable agreement for the avoidance of double taxation (DTA) between SA and the country of residence of the non-resident shareholder. Assuming a 20% withholding tax on dividends, the net amount due to non-resident shareholders is 53.84000 cents per share. A reduced dividend withholding tax rate in terms of the applicable DTA may only be relied on if the non-resident shareholder has provided the following forms to their CSDP or broker, as the case may be, in respect of uncertificated shares, or the company, in respect of certificated shares: A declaration that the dividend is subject to a reduced rate as a result of the application of the DTA A written undertaking to inform the CSDP, broker or the company, as the case may be, should the circumstances affecting the reduced rate change or the beneficial owner cease to be the beneficial owner, both in the form prescribed by the Commissioner of the South African Revenue Service. If applicable, non-resident shareholders are advised to contact the CSDP, broker or the company to arrange for the abovementioned documents to be submitted before the dividend payment, if they have not already been submitted. By order of the Board Growthpoint Properties Limited 8 September 2026 Directors R Gasant (Chairman), FM Berkeley, EK de Klerk* (Group Chief Executive Officer), M Hamman, N Khan, CD Raphiri, AH Sangqu (Lead Independent Director), LN Sasse** (Executive Director), JR Snyders* (Group Chief Financial Officer), EA Wilton * Executive. ** Group Chief Executive Officer until 30 June 2026. Executive Director from 1 July 2026 to 31 December 2026. Norbert has assumed the Interim Group CEO role until Estienne’s return to office. Growthpoint Properties Limited (Incorporated in the Republic of South Africa) (Registration number: 1987/004988/06) A Real Estate Investment Trust, listed on the JSE Share code: GRT ISIN: ZAE000179420 Registered office The Place, 1 Sandton Drive Sandown, Sandton, 2196 PO Box 78949, Sandton, 2146 Company Secretary WJH de Koker Transfer Secretary JSE Investor Services (Pty) Ltd One Exchange Square 2 Gwen Lane, Sandown, Sandton, 2196 PO Box 4844, Johannesburg, 2000 Equity and debt sponsor Investec Bank Limited (Registration number: 1969/004763/06) 100 Grayston Drive, Sandown, Sandton, 2196 PO Box 785700, Sandown, Sandton, 2146 Salient dates Last day to trade (LDT) cum dividend Tuesday, 13 October 2026 Shares to trade ex dividend Wednesday, 14 October 2026 Record date Friday, 16 October 2026 Payment date Monday, 19 October 2026 Notes: 1. Shares may not be dematerialised or rematerialised between the commencement of trade on Wednesday, 14 October 2026 and the close of trade on Friday, 16 October 2026, both days inclusive. 2. The above dates are subject to change. Any changes will be released on SENS. 12 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Commentary continued
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The third edition of the SA REIT Association’s Best Practice Recommendations (SA REIT BPR) was issued in February 2026 and is effective for financial periods commencing on or after 1 January 2026. The SA REIT BPR outlines the need to provide consistent presentation and disclosure of relevant measures in the SA REIT sector. This ensures information and definitions are clearly presented, enhancing comparability and consistency across the sector. For the current year, the SA REIT measures were prepared in accordance with the third edition of the SA REIT BPR by early adopting the third edition, and the comparatives were re-presented accordingly. Certain SA REIT measures are considered to be Pro forma financial information in terms of the JSE Listings Requirements. These include SA REIT funds from operations (FFO) per share, DIPS, SA REIT NAV per share, SA REIT cost and like-for-like ratios (excluding cost of debt), SA REIT LTV and ICR (collectively, the “Pro forma Financial Information”). The Pro forma Financial Information is presented in accordance with the JSE Limited Listings Requirements and is the responsibility of the directors. The Pro forma Financial Information has been presented for illustrative purposes and, due to its nature, may not fairly present the Group’s financial position, changes in equity, results of operations or cash flows. Ernst & Young Inc. has issued an independent auditor’s report on the compilation on the Pro forma Financial Information for the year ended 30 June 2026 and respective comparative figures for the year ended 30 June 2025, which is included on pages 18 to 19 of the Group and company annual financial statements. The starting point for all the Pro forma Financial Information has been extracted, without adjustment, from the Group and company annual financial statements for the year ended 30 June 2026 and from the underlying financial records of the Group. 2026 Re-presented 2025 Rm Rm SA REIT funds from operations (SA REIT FFO) Profit or loss per IFRS statement of profit or loss and other comprehensive income (SOCI) attributable to the parent 7 568 5 458 Adjusted for: Accounting/specific adjustments1 (749) 569 Fair value adjustments to: Investment property – continued operations (2 268) 1 193 Investment property – discontinued operation – 150 Debt and equity instruments held at fair value through profit or loss – continued operations 841 (73) Debt and equity instruments held at fair value through profit or loss – discontinued operation – 91 Amortisation of intangible assets 11 16 Impairment of goodwill 163 – Asset impairments (excluding goodwill) and reversals of impairment 19 – Gains or losses on the modification of financial instruments 12 120 Deferred tax movement recognised in profit or loss – continued operations (7) (841) Straight-lining operating lease adjustment – continued operations 385 (263) Straight-lining operating lease adjustment – discontinued operation – (7) Costs of capital nature expensed – continued operations 64 59 Costs of capital nature expensed – discontinued operation – 95 B-BBEE expense – 79 Adjustments to dividends from equity interests held 31 (50) Adjustments arising from investing activities: 1 (16) 1 270 Gains or losses on disposal of: Property held for trading and development (11) (39) Subsidiaries and equity-accounted entities held1 (5) 1 315 Development fees earned – (6) Foreign exchange and hedging items:1 (765) (1 373) Fair value adjustments on derivative financial instruments employed solely for hedging purposes – continued operations (884) 38 Fair value adjustments on derivative financial instruments employed solely for hedging purposes – discontinued operation – 15 Reclassified foreign currency translation reserve (FCTR) upon disposal of a foreign operation 1 – (1 507) Foreign exchange losses relating to capital items – realised and unrealised 119 81 Other adjustments: (1 120) (1 462) Adjustments made for equity-accounted entities (1 058) (486) Dividends declared – non-controlling interests (NCI) (860) (955) Non-controlling interests in respect of the above adjustments – plus not distributable 798 (21) SA REIT FFO (Rm) 4 918 4 462 Interim number of shares in issue 3 387 735 710 3 394 111 779 Final number of shares in issue 3 386 330 167 3 378 031 124 1 In the prior year, the net profit on disposal of a subsidiary of R192m was presented under “Accounting/specific adjustments” in the SA REIT FFO reconciliation. In accordance with the SA REIT BPR, the loss on disposal before the reclassification of the FCTR of R1 315m and the gain on reclassification of the FCTR of R1 507 million have been disaggregated and reclassified under “Adjustments arising from investing activities” and “Foreign exchange and hedging items” respectively. This does not impact the SA REIT FFO and distributable income disclosed in prior year. GROWTHPOINT 13Group summarised audited annual results for the year ended 30 June 2026 SA REIT measures For the year ended 30 June 2026
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2026 Re-presented 2025 Rm Rm SA REIT FFO per share (cps) 145.2 132.1 Interim SA REIT FFO per share (cps) 73.5 62.8 Final SA REIT FFO per share (cps) 71.7 69.3 Company-specific adjustments to SA REIT FFO (Rm) 262 502 (Decrease)/increase in staff incentive scheme cost (8) 11 Trading profit and development fees earned 2 7 69 Profit on the sale of GSAH Manco 25 8 Amortisation of tenant incentive added back (GOZ) 541 507 Auria net life right sales 16 – Distributable income from GOZ retained (including NCI portion) (445) (269) Over distribution from GHPH (including NCI portion) 26 19 Distributable income from GSAH retained (including NCI portion) (46) (31) Tax on distributable income retained 146 188 Distributable income (Rm) 5 180 4 964 DIPS (cps) 152.6 146.3 First half year (cps) 75.7 74.0 Second half year (cps) 76.9 72.3 Dividend pay-out ratio (six months ended 31 December) 87.5% 82.5% Dividend declared (six months ended 31 December) 2 244 2 070 Dividend pay-out ratio (six months ended 30 June) 87.5% 87.5% Dividend declared (six months ended 30 June) 2 279 2 138 DPS (cps) 133.5 124.3 Interim dividend (six months ended 31 December) (cps) 66.2 61.0 Final dividend (six months ended 30 June) (cps) 67.3 63.3 2 Trading profit and development fees earned relate to Trading and Development revenue of R46.0m (FY25: R245.5m) and cost of trading and development property sold of R39.0m (FY25: R201.0m), both disclosed on the face of the statement of profit or loss and other comprehensive income, plus an additional R24.0m distributed from reserves in FY25. 2026 Re-presented 2025 Rm Rm SA REIT NAV (Group) Reported NAV attributable to the parent 70 234 67 325 Adjustments: 2 600 2 616 Goodwill and intangible assets (544) (554) Net deferred tax 3 144 3 170 SA REIT NAV (Rm) 72 834 69 941 2026 Number of shares 2025 Number of shares Shares outstanding Number of shares in issue at year end (net of treasury shares) 3 386 330 167 3 378 031 124 Dilutive effect of share options granted to employees 31 341 531 27 477 191 Diluted number of shares in issue 3 417 671 698 3 405 508 315 SA REIT NAV per share (R) 21.31 20.54 14 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 SA REIT measures continued For the year ended 30 June 2026
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2026 Re-presented 2025 Rm Rm SA REIT gross total cost-to-income ratio Expenses Operating expenses per IFRS statement of profit or loss (includes municipal expenses) 5 916 5 701 Property-related expenses 3 810 3 685 Expected credit losses (ECL) on trade receivables (16) 28 Electricity and water recoverable charges – recovery 2 122 1 988 Administrative expenses per IFRS statement of profit or loss 1 072 981 Excluding: Depreciation expense in relation to property, plant and equipment of an administrative nature and amortisation expense in respect of intangible assets Total costs 6 988 6 682 Revenue Contractual rental income per IFRS statement of profit or loss (excluding straight-lining of lease adjustments) 1 10 325 10 294 Total contracted rental income 10 275 10 245 Turnover rental 50 49 Utility and operating recoveries per IFRS statement of profit or loss 4 487 4 279 Assessment rates recovered1 926 932 Contracted operating cost recoveries 1 1 232 1 191 Electricity related recoveries1 207 168 Electricity and water recoverable charges – recovery 2 122 1 988 Other revenue items generated by investment properties (non-contractual revenue) 1 545 474 Gross revenue 15 357 15 047 SA REIT gross total cost-to-income ratio 45.5% 44.4% 1 In the prior year, non-contractual revenue generated by investment properties and certain recoveries were aggregated with contractual rental income. In accordance with the SA REIT BPR, these items have been disaggregated and disclosed separately. This does not impact the cost-to-income ratio disclosed in the prior year. 2026 2025 Rm Rm SA REIT net total cost-to-income ratio Expenses Operating expenses per IFRS statement of profit or loss (includes municipal expenses) 5 916 5 701 Property-related expenses 3 810 3 685 ECL on trade receivables (16) 28 Electricity and water recoverable charges – recovery 2 122 1 988 Utility and operating recoveries per IFRS statement of profit or loss (4 487) (4 279) Assessment rates recovered (926) (932) Contracted operating cost recoveries (1 232) (1 191) Electricity-related recoveries (207) (168) Electricity and water recoverable charges – recovery (2 122) (1 988) Administrative expenses per IFRS statement of profit or loss 1 072 981 Excluding: Depreciation expense in relation to property, plant and equipment of an administrative nature and amortisation expense in respect of intangible assets Net costs 2 501 2 403 Rental income Contractual rental income per IFRS statement of profit or loss (excluding straight-lining of lease adjustments, utility and operating recoveries and other revenue items generated by investment properties) Total contracted rental income 10 275 10 245 Turnover rental 50 49 Contractual rental income excluding recoveries 10 325 10 294 SA REIT net total cost-to-income ratio 24.2% 23.3% GROWTHPOINT 15Group summarised audited annual results for the year ended 30 June 2026
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2026 2025 Rm Rm SA REIT gross property cost-to-income ratio Property expenses Operating expenses per IFRS statement of profit or loss (includes municipal expenses) Property-related expenses 3 810 3 685 ECL on trade receivables (16) 28 Electricity and water recoverable charges – recovery 2 122 1 988 Operating costs 5 916 5 701 Revenue Contractual rental income per IFRS statement of profit or loss (excluding straight-lining of lease adjustments) 10 325 10 294 Total contracted rental income 10 275 10 245 Turnover rental 50 49 Utility and operating recoveries per IFRS statement of profit or loss 4 487 4 279 Assessment rates recovered 926 932 Contracted operating cost recoveries 1 232 1 191 Electricity-related recoveries 207 168 Electricity and water recoverable charges – recovery 2 122 1 988 Other revenue items generated by investment properties (non-contractual revenue) 545 474 Gross revenue 15 357 15 047 SA REIT gross property cost-to-income ratio 38.5% 37.9% 2026 2025 Rm Rm SA REIT net property cost-to-income ratio Property expenses net of recoveries Operating expenses per IFRS statement of profit or loss (includes municipal expenses) 5 916 5 701 Property-related expenses 3 810 3 685 ECL on trade receivables (16) 28 Electricity and water recoverable charges – recovery 2 122 1 988 Utility and operating recoveries per IFRS statement of profit or loss (4 487) (4 279) Assessment rates recovered (926) (932) Contracted operating cost recoveries (1 232) (1 191) Electricity-related recoveries (207) (168) Electricity and water recoverable charges – recovery (2 122) (1 988) Net operating costs 1 429 1 422 Rental income Contractual rental income per IFRS statement of profit or loss (excluding straight-lining of lease adjustments, utility and operating recoveries and other revenue items generated by investment properties) Total contracted rental income 10 275 10 245 Turnover rental 50 49 Contractual rental income excluding recoveries 10 325 10 294 SA REIT net property cost-to-income ratio 13.8% 13.8% 16 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 SA REIT measures continued For the year ended 30 June 2026
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2026 Re-presented 2025 Rm Rm SA REIT gross administration cost-to-income ratio Expenses Administrative expenses per IFRS statement of profit or loss 1 072 981 Revenue Contractual rental income per IFRS statement of profit or loss (excluding straight-lining of lease adjustments) 1 10 325 10 294 Total contracted rental income 10 275 10 245 Turnover rental 50 49 Utility and operating recoveries per IFRS statement of profit or loss 4 487 4 279 Assessment rates recovered1 926 932 Contracted operating cost recoveries 1 1 232 1 191 Electricity-related recoveries1 207 168 Electricity and water recoverable charges – recovery 2 122 1 988 Other revenue items generated by investment properties (non-contractual revenue) 1 545 474 Gross revenue 15 357 15 047 SA REIT gross administration cost-to-income ratio 7.0% 6.5% 1 In the prior year, non-contractual revenue generated by investment properties and certain recoveries were aggregated with contractual rental income. In accordance with the SA REIT BPR, these items have been disaggregated and disclosed separately. This does not impact the cost-to-income ratio disclosed in prior year. 2026 2025 Rm Rm SA REIT net administration cost-to-income ratio Expenses Administrative expenses per IFRS statement of profit or loss 1 072 981 Rental income Contractual rental income per IFRS statement of profit or loss (excluding straight-lining of lease adjustments, utility and operating recoveries and other revenue items generated by investment properties) Total contracted rental income 10 275 10 245 Turnover rental 50 49 Contractual rental income excluding recoveries 10 325 10 294 SA REIT net administration cost-to-income ratio 10.4% 9.5% GROWTHPOINT 17Group summarised audited annual results for the year ended 30 June 2026
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Growthpoint Properties South Africa Retail Rm Office Rm Logistics and Industrial Rm GIP (GHPH) Rm GIP (GSAH) Rm SA REIT like-for-like metrics1 2026 Gross property income 3 317 3 337 1 621 581 665 Adjustments Acquisitions and developments (191) (151) (87) (96) (139) Disposals (34) (324) (85) – – Like-for-like gross property income 3 092 2 862 1 449 485 526 Gross property expenses (988) (1 115) (403) (170) (261) Adjustments Acquisitions and developments 60 115 19 121 55 Disposals 5 44 12 – – Other – – – (32) – Like-for-like gross property expenses (923) (956) (372) (81) (206) Like-for-like net property income 2 169 1 906 1 077 404 320 Like-for-like gross property income growth (%) 4.4 2.3 7.3 4.1 6.9 Like-for-like net property income growth (%) 5.3 3.1 4.9 1.5 7.4 Growthpoint Properties South Africa Retail Rm Office Rm Logistics and Industrial Rm GIP (GHPH) Rm GIP (GSAH) Rm 2025 Gross property income 3 320 3 252 1 664 466 558 Adjustments Acquisitions and developments (159) (38) (59) – (66) Disposals (200) (416) (254) – – Like-for-like gross property income 2 961 2 798 1 351 466 492 Gross property expenses (1 032) (1 094) (414) (100) (222) Adjustments Acquisitions and developments 55 43 16 – 28 Disposals 76 101 74 – – Other – – – 32 – Like-for-like gross property expenses (901) (950) (324) (68) (194) Like-for-like net property income 2 060 1 848 1 027 398 298 Growthpoint Properties South Africa Retail Rm Office Rm Logistics and Industrial Rm GIP (GHPH) Rm GIP (GSAH) Rm SA REIT like-for-like metrics1 2025 Gross property income 3 320 3 252 1 664 466 558 Adjustments Acquisitions and developments (159) (112) (150) (42) (173) Disposals (113) (36) (86) – – Like-for-like gross property income 3 048 3 104 1 428 424 385 Gross property expenses (1 032) (1 094) (414) (100) (222) Adjustments Acquisitions and developments 55 64 45 5 65 Disposals 46 10 29 – – Like-for-like gross property expenses (931) (1 020) (340) (95) (157) Like-for-like net property income 2 117 2 084 1 088 329 228 Like-for-like gross property income growth (%) 3.8 3.9 5.2 (1.6) 9.1 Like-for-like net property income growth (%) 5.3 6.8 5.5 (11.3) 20.0 1 GOZ is not a member of the SA REIT Association and operates in a foreign jurisdiction where certain measures are not publicly reported and is accordingly not disclosed. 18 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 SA REIT measures continued For the year ended 30 June 2026
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Growthpoint Properties South Africa Retail Rm Office Rm Logistics and Industrial Rm GIP (GHPH) Rm GIP (GSAH) Rm 2024 Gross property income 3 237 3 125 1 598 465 409 Adjustments Acquisitions and developments (133) (99) (68) (34) (56) Disposals (167) (39) (173) – – Like-for-like gross property income 2 937 2 987 1 357 431 353 Gross property expenses (1 046) (1 094) (394) (72) (180) Adjustments Acquisitions and developments 53 41 24 12 17 Disposals 67 17 44 – – Like-for-like gross property expenses (926) (1 036) (326) (60) (163) Like-for-like net property income 2 011 1 951 1 031 371 190 2026 2025 Rm Rm SA REIT LTV (Group) Gross debt (excluding fair value adjustments) including occupancy advances 60 546 61 616 Less: Cash and cash equivalents (1 172) (1 818) Net derivative financial instruments (1 510) (662) Net debt 57 864 59 136 Total assets per statement of financial position Less: 154 425 152 179 Cash and cash equivalents (1 172) (1 818) Derivative financial assets (1 569) (1 063) Goodwill and intangible assets (544) (554) Trade and other receivables (1 662) (1 264) Carrying amount of property-related assets 149 478 147 480 SA REIT LTV (Group) 38.7% 40.1% The SA REIT Group LTV would improve to 37.9% on the basis of the occupancy advances of R1 901m being offset against the fair value of senior living property assets thereby reducing gross debt (excluding fair value adjustments) to R58 645m and total assets per statement of financial position to R152 524m. The fair value of the senior living property assets as determined by the independent external valuer is net of the occupancy advances, as is common market practice for valuing these type of assets. This illustrates the impact of the valuation methodology applied to the senior living property assets. GROWTHPOINT 19Group summarised audited annual results for the year ended 30 June 2026
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2026 2025 Rm Rm SA REIT ICR (Group) Contractual rental income per IFRS statement of profit or loss (excluding straight-lining of lease adjustments) 10 325 10 294 Add: Utility and operating recoveries per IFRS statement of profit or loss 4 487 4 279 Add: Other revenue items generated by investment properties (non-contractual revenue) 545 474 Cash dividends received from property investments: Dividends from listed investments 2 130 Dividends from equity-accounted investments 1 88 18 Less: Administration costs (other administrative and operating overheads) (1 072) (981) Less: Operating costs (property-related expenses) (5 932) (5 673) Add/less: Movement in ECL on trade receivables 16 (28) Company-specific adjustments to SA REIT ICR (Group) Add: Trading and development revenue 46 246 Less: Cost of trading and development property sold (39) (201) Add: Income from the V&A 965 810 Earnings before interest, tax, depreciation and amortisation (EBITDA) 9 431 9 368 Interest expense2 4 180 4 730 Less: Interest on derivatives (436) (692) Less: Interest income (154) (110) Net interest 3 590 3 928 SA REIT ICR (Group) 2.63 2.38 1 Excludes debenture income of R965m (FY25: R810m) from the V&A. Refer to note 10.3 of the Group and company annual financial statements. 2 Excludes borrowing cost capitalised to investment property developments and interest on lease liabilities. Refer to note 5.3 of the Group and company annual financial statements. 2026 2025 Rm Rm SA REIT Group FFO reconciliation to cash generated from operations SA REIT FFO 4 918 4 462 Reconciling items: Taxes (paid)/received (not included in tax expense) (11) 9 Adjustments to dividends from equity interests held 31 (50) Adjustments to amounts recognised in profit or loss relating to derivative financial instruments 119 81 Dividends declared to shareholders (4 387) (4 038) Investment property held for trading and development (224) (20) Disposal of property held for trading and development 36 240 Other non-cash items included in FFO 16 62 Cash generated from operating activities (Group) 498 746 20 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 SA REIT measures continued For the year ended 30 June 2026
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Growthpoint Properties South Africa GOZ2 Retail Office Logistics and Industrial GIP (Healthcare) Office Industrial SA REIT operating metrics1 2026 Renewal reversion rate (%) 0.8 (6.3) (0.5) (8.4) n/a n/a Renewal success rate including monthly leases (%) 92.4 81.0 79.4 79.8 72.8 82.5 Renewal success rate excluding monthly leases (%) 90.0 78.3 77.8 59.5 72.8 82.5 Tenant retention rate by gross lettable area (GLA) (%) 96.2 92.7 92.2 100.0 n/a n/a Tenant retention rate by gross monthly rental (GMR) (%) 96.6 91.6 92.0 100.0 n/a n/a Weighted average lease escalation (WALE) (%) 6.1 7.2 7.4 6.9 3.6 3.7 Weighted average unexpired lease term (WAULT) (years) 2.6 2.9 2.6 13.3 6.3 5.6 WAULT excluding monthly leases (years) 2.8 3.0 2.7 13.3 6.3 5.6 Rent/turnover ratio (%) 7.8 n/a n/a n/a n/a n/a Effort ratio (full cost of occupancy/turnover) (%) 11.7 n/a n/a n/a n/a n/a Trading density for retail properties (R annual/m2) 37 632 n/a n/a n/a n/a n/a Growthpoint Properties South Africa GOZ2 Retail Office Logistics and Industrial GIP (Healthcare) Office Industrial 2025 Renewal reversion rate (%) (0.3) (3.2) 0.4 (7.9) n/a n/a Renewal success rate including monthly leases (%) 88.8 63.8 66.2 100.0 35.1 87.6 Renewal success rate excluding monthly leases (%) 86.6 57.5 64.7 100.0 35.1 87.6 Tenant retention rate by GLA (%) 95.7 89.9 89.5 100.0 n/a n/a Tenant retention rate by GMR (%) 96.5 90.2 89.4 100.0 n/a n/a WALE (%) 6.2 7.1 7.5 6.9 3.5 2.9 WAULT (years) 2.7 3.5 2.8 14.3 5.5 5.8 WAULT excluding monthly leases (years) 2.8 3.6 2.8 14.3 5.5 5.8 Rent/turnover ratio (%) 7.6 n/a n/a n/a n/a n/a Effort ratio (full cost of occupancy/turnover) (%) 11.4 n/a n/a n/a n/a n/a Trading density for retail properties (R annual/m 2) 36 637 n/a n/a n/a n/a n/a 1 The best practice recommendations from the SA REIT Association relate to the operational ratios associated with conventional commercial property. These ratios apply to the office, retail, logistics and industrial and residential sectors. The operating models in respect of the student accommodation and senior living sectors within GIP are different from the aforementioned commercial property sectors and Growthpoint does not prepare or maintain these metrics for internal reporting purposes. The like-for-like gross property income growth and like-for-like net property income growth metrics are shown in the tables named SA REIT like-for-like metrics. 2 GOZ is not a member of the SA REIT Association and operates in a foreign jurisdiction where certain measures are not publicly reported and is accordingly not disclosed. GROWTHPOINT 21Group summarised audited annual results for the year ended 30 June 2026
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2026 2025 GLA m² GLA m² SA REIT GLA vacancy rate (Group)1 GLA of vacant space 487 268 573 175 GLA of total property portfolio 6 652 556 7 041 966 SA REIT GLA vacancy rate 7.3% 8.1% 1 GSAH is valued per bed and not on GLA. GSAH had 10 380 beds with a 2.0% vacancy for FY26 (FY25: 10 280 beds with a 3.0% vacancy). Auria is valued per unit and not on GLA. Auria had 613 units with a 3.4% vacancy in respect of unsold units for FY26 (excludes property under development). Growthpoint Properties (excluding GIP and GOZ) ZAR % AUD % EUR % USD % GBP % Cost of debt1 2026 Variable interest-rate borrowings Floating reference rate plus weighted average margin 8.5 – 4.8 5.7 – Fixed interest-rate borrowings Weighted average fixed rate – – – – – Pre-adjusted weighted average cost of debt 8.5 – 4.8 5.7 – Adjustments: Impact of interest rate derivatives – – – – – Impact of cross-currency interest rate swaps – 5.8 (0.7) (0.4) – Amortised transaction costs imputed in the effective interest rate – – 0.1 – – All-in weighted average cost of debt 8.5 5.8 4.2 5.3 – Growthpoint consolidated investments (GIP and GOZ2) GHPH ZAR % GSAH ZAR % Cost of debt1 2026 Variable interest-rate borrowings Floating reference rate plus weighted average margin 8.9 8.7 Fixed interest-rate borrowings Weighted average fixed rate – – Pre-adjusted weighted average cost of debt 8.9 8.7 Adjustments: Impact of interest rate derivatives 0.1 0.4 Amortised transaction costs imputed in the effective interest rate 0.1 0.1 All-in weighted average cost of debt 9.1 9.2 1 The floating reference rates include JIBAR, ZARONIA (as applicable) or prime for ZAR debt, SOFR for USD debt, and Euribor for EUR debt. 2 The GOZ weighted average cost of debt was 5.1% for FY26. 22 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 SA REIT measures continued For the year ended 30 June 2026
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Growthpoint Properties (excluding GIP and GOZ) ZAR % AUD % EUR % USD % GBP % Cost of debt1 2025 Variable interest-rate borrowings Floating reference rate plus weighted average margin 9.0 – 4.3 6.4 – Fixed interest-rate borrowings Weighted average fixed rate – – – – – Pre-adjusted weighted average cost of debt 9.0 – 4.3 6.4 – Adjustments: Impact of interest rate derivatives (0.1) – (0.2) – – Impact of cross-currency interest rate swaps – 5.2 – (1.0) 6.5 Amortised transaction costs imputed in the effective interest rate – – 0.1 – – All-in weighted average cost of debt 8.9 5.2 4.2 5.4 6.5 Growthpoint consolidated investments (GIP and GOZ2) GHPH ZAR % GSAH ZAR % Cost of debt1 2025 Variable interest-rate borrowings Floating reference rate plus weighted average margin 9.2 9.0 Fixed interest-rate borrowings Weighted average fixed rate 9.2 – Pre-adjusted weighted average cost of debt 9.2 9.0 Adjustments: Impact of interest rate derivatives 0.1 0.3 Amortised transaction costs imputed in the effective interest rate 0.1 0.1 All-in weighted average cost of debt 9.4 9.4 1 The floating reference rates include JIBAR, ZARONIA (as applicable) or Prime for ZAR debt, SOFR for USD debt, and Euribor for EUR debt. 2 In the prior year, GOZ cost of debt and GIP cost of debt was not included in the BPR disclosure. The disclosure was enhanced during FY26. The GOZ weighted average cost of debt was 4.9% for FY25. GROWTHPOINT 23Group summarised audited annual results for the year ended 30 June 2026
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Group Group Company Company 2026 2025 2026 2025 Notes Rm Rm Rm Rm Continuing operations Revenue, excluding straight-line lease income adjustment 1 13 235 13 059 4 300 4 254 Straight-line lease income adjustment (385) 263 (546) 36 Trading and development revenue 1 46 246 34 270 Total revenue 12 896 13 568 3 788 4 560 Property-related expenses (3 810) (3 685) (1 269) (1 341) ECL movement on trade receivables 16 (28) – 9 Cost of trading and development property sold (39) (201) (28) (232) Net property income 9 063 9 654 2 491 2 996 Other administrative and operating overheads (1 072) (981) (380) (304) Operating profit 7 991 8 673 2 111 2 692 Equity-accounted investment profit – net of tax 2 194 1 615 Non-distributable profit 1 058 486 Dividends/interest received from equity-accounted investments 1 136 1 129 Fair value adjustments, capital items and other charges 2 491 (751) 2 751 2 049 ECL on intercompany assets (307) (646) Finance and other investment income 156 240 4 630 4 697 Finance expense (4 239) (4 782) (2 704) (3 235) Profit before taxation 8 593 4 995 6 481 5 557 Taxation (227) 490 155 (338) Profit from continuing operations 8 366 5 485 6 636 5 219 Discontinued operation Loss from discontinued operation – (48) Profit for the year 8 366 5 437 6 636 5 219 Other comprehensive income/(loss) – net of tax Items that may subsequently be reclassified to profit or loss Translation of foreign operations from continuing operations (819) (1 558) Translation of foreign operations from discontinued operation – 143 FCTR reclassified to profit or loss – (1 507) Items that will not subsequently be reclassified to profit or loss Equity-accounted investment profit – revaluation of buildings 149 177 Total comprehensive income for the year 7 696 2 692 6 636 5 219 Profit/(loss) attributable to: 8 366 5 437 Owners of the company 7 568 5 458 Non-controlling interests 798 (21) Total comprehensive income/(loss) attributable to: 7 696 2 692 Owners of the company 7 183 3 197 Non-controlling interests 513 (505) Total comprehensive income attributable to the owners of the company arising from: 7 183 3 197 Continuing operations 7 183 3 016 Discontinued operation – 181 Notes Cents Cents Earnings per share for profit from continuing operations Basic earnings per share 2 223.59 160.35 Diluted earnings per share 2 221.54 159.06 Earnings per share for profit attributable to the ordinary equity holders Basic earnings per share 2 223.59 161.10 Diluted earnings per share 2 221.54 159.79 24 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Statement of profit or loss and other comprehensive income For the year ended 30 June 2026
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Group Group Company Restated Company 2026 2025 2026 2025 Rm Rm Rm Rm Assets Cash and cash equivalents 1 172 1 818 234 15 Trade and other receivables 1 662 1 264 690 616 Taxation receivable 72 74 76 79 Investment property classified as held for sale 697 317 243 155 Property held for trading and development 335 136 383 181 Derivative assets 1 569 1 063 1 115 507 Listed investments – 1 212 – – Fair value of property assets 125 806 123 304 34 041 35 578 Investment property 119 906 116 610 32 898 33 825 Straight-line lease income adjustment 3 144 3 577 879 1 425 Tenant incentives 1 614 1 796 234 299 Right-of-use assets 1 142 1 321 30 29 Long-term loans granted 2 981 2 943 2 981 2 943 Investments in associates and joint ventures 18 400 18 354 10 242 9 321 Investments in subsidiaries1 36 896 37 229 Unlisted investments 978 945 945 858 Equipment 69 32 – – Intercompany assets 12 584 13 962 Intangible assets 544 554 – – Deferred tax asset 140 163 – – Total assets 154 425 152 179 100 430 101 444 Liabilities and equity Liabilities Trade and other payables 3 146 3 035 1 651 1 801 Taxation payable 52 64 – – Occupancy advances 1 901 – – Intercompany liabilities1 2 529 1 229 Derivative liabilities 59 401 18 197 Interest-bearing borrowings 59 075 61 549 28 482 32 395 Lease liabilities 1 322 1 542 29 29 Deferred tax liability 3 284 3 333 1 740 2 005 Total liabilities 68 839 69 924 34 449 37 656 Equity Shareholders’ interests 70 234 67 325 65 981 63 788 Share capital 52 939 52 826 53 550 53 550 Retained income 7 702 6 909 7 702 6 909 Other reserves 9 593 7 590 4 729 3 329 Non-controlling interest 15 352 14 930 – – Total liabilities and equity 154 425 152 179 100 430 101 444 1 Refer to note 13 of the Group and company annual financial statements for the prior year error. GROWTHPOINT 25Group summarised audited annual results for the year ended 30 June 2026 Statement of financial position As at 30 June 2026
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Attributable to owners of the company Attributable to owners of the company Non-distributable reserve (NDR) Non-distributable reserve (NDR) Group Share capital net of treasury shares Rm Foreign currency translation reserve (FCTR) Rm Amortisation of intangible assets Rm Bargain purchase Rm Fair value adjustment on investment property Rm Other fair value adjustments and non- distributable items Rm Share-based payments reserve Rm Reserves with NCI Rm Fair value adjustment on listed investments Rm Total other reserves Rm Retained earnings Rm Shareholders’ interest Rm Non- controlling interests Rm Total equity Rm Balance at 30 June 2024 52 915 7 501 366 892 4 170 (3 870) 171 (12) 151 9 369 5 983 68 267 16 801 85 068 Total comprehensive income Profit after taxation – – – – – – – – – – 5 458 5 458 (21) 5 437 Other comprehensive income/ (loss) – (2 438) – – – – – – – (2 438) 177 (2 261) (484) (2 745) Transactions with owners recognised directly in equity – – – – – – – – – – – – – Contributions by and distributions to owners Transfer non-distributable items to NDR – – (12) – (930) 1 699 39 – (125) 671 (671) – – – Share-based payment transactions (89) – – – – – (8) – – (8) – (97) – (97) Dividends declared – – – – – – – – – – (4 038) (4 038) (955) (4 993) B-BBEE NCI – – – – – – – – – – – – 79 79 Changes in ownership interest Change of ownership – GSAH – – – – – (4) – – – (4) – (4) 425 421 Loss of control – C&R – – – – – – – – – – – – (915) (915) Balance at 30 June 2025 52 826 5 063 354 892 3 240 (2 175) 202 (12) 26 7 590 6 909 67 325 14 930 82 255 Total comprehensive income Profit after taxation – – – – – – – – – – 7 568 7 568 798 8 366 Other comprehensive income/(loss) – (534) – – – – – – – (534) 149 (385) (285) (670) Transfer non-distributable items to NDR – – (8) – 1 883 655 19 – (12) 2 537 (2 537) – – – Share-based payment transactions 113 – – – – – – – – – 113 – 113 Dividends declared – – – – – – – – – – (4 387) (4 387) (860) (5 247) Changes in ownership interest – – – – – – – – – – – – – – Acquisition of Auria – NCI – – – – – – – – – – – – 291 291 NCI equity contributions – GOZ – – – – – – – – – – – 282 282 Change of ownership – GSAH – – – – – – – – – – – – 196 196 Balance at 30 June 2026 52 939 4 529 346 892 5 123 (1 520) 221 (12) 14 9 593 7 702 70 234 15 352 85 586 2026 2025 Cents Cents DPS 133.5 124.3 26 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Statement of changes in equity For the year ended 30 June 2026
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Attributable to owners of the company Attributable to owners of the company Non-distributable reserve (NDR) Non-distributable reserve (NDR) Group Share capital net of treasury shares Rm Foreign currency translation reserve (FCTR) Rm Amortisation of intangible assets Rm Bargain purchase Rm Fair value adjustment on investment property Rm Other fair value adjustments and non- distributable items Rm Share-based payments reserve Rm Reserves with NCI Rm Fair value adjustment on listed investments Rm Total other reserves Rm Retained earnings Rm Shareholders’ interest Rm Non- controlling interests Rm Total equity Rm Balance at 30 June 2024 52 915 7 501 366 892 4 170 (3 870) 171 (12) 151 9 369 5 983 68 267 16 801 85 068 Total comprehensive income Profit after taxation – – – – – – – – – – 5 458 5 458 (21) 5 437 Other comprehensive income/ (loss) – (2 438) – – – – – – – (2 438) 177 (2 261) (484) (2 745) Transactions with owners recognised directly in equity – – – – – – – – – – – – – Contributions by and distributions to owners Transfer non-distributable items to NDR – – (12) – (930) 1 699 39 – (125) 671 (671) – – – Share-based payment transactions (89) – – – – – (8) – – (8) – (97) – (97) Dividends declared – – – – – – – – – – (4 038) (4 038) (955) (4 993) B-BBEE NCI – – – – – – – – – – – – 79 79 Changes in ownership interest Change of ownership – GSAH – – – – – (4) – – – (4) – (4) 425 421 Loss of control – C&R – – – – – – – – – – – – (915) (915) Balance at 30 June 2025 52 826 5 063 354 892 3 240 (2 175) 202 (12) 26 7 590 6 909 67 325 14 930 82 255 Total comprehensive income Profit after taxation – – – – – – – – – – 7 568 7 568 798 8 366 Other comprehensive income/(loss) – (534) – – – – – – – (534) 149 (385) (285) (670) Transfer non-distributable items to NDR – – (8) – 1 883 655 19 – (12) 2 537 (2 537) – – – Share-based payment transactions 113 – – – – – – – – – 113 – 113 Dividends declared – – – – – – – – – – (4 387) (4 387) (860) (5 247) Changes in ownership interest – – – – – – – – – – – – – – Acquisition of Auria – NCI – – – – – – – – – – – – 291 291 NCI equity contributions – GOZ – – – – – – – – – – – 282 282 Change of ownership – GSAH – – – – – – – – – – – – 196 196 Balance at 30 June 2026 52 939 4 529 346 892 5 123 (1 520) 221 (12) 14 9 593 7 702 70 234 15 352 85 586 2026 2025 Cents Cents DPS 133.5 124.3 GROWTHPOINT 27Group summarised audited annual results for the year ended 30 June 2026
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Attributable to owners of the company Attributable to owners of the company Non-distributable reserve (NDR) Non-distributable reserve (NDR) Company Share capital net of treasury shares Rm Foreign currency translation reserve (FCTR) Rm Amortisation of intangible assets Rm Bargain purchase Rm Fair value adjustment on investment property Rm Other fair value adjustments and non- distributable items Rm Share-based payments reserve Rm Reserves with NCI Rm Fair value adjustment on listed investments Rm Total other reserves Rm Retained earnings Rm Shareholders’ interest Rm Balance at 30 June 2024 53 550 – 1 536 – 7 513 (10 573) – – 4 653 3 129 5 983 62 662 Total comprehensive income Profit after taxation – – – – – – – – – – 5 219 5 219 Other comprehensive income – – – – – – – – – – – – Transactions with owners recognised directly in equity Contributions by and distributions to owners Transfer non-distributable items to NDR – – – – 781 (581) – – – 200 (200) – Dividends declared – – – – – – – – – – (4 093) (4 093) Balance at 30 June 2025 53 550 – 1 536 – 8 294 (11 154) – – 4 653 3 329 6 909 63 788 Total comprehensive income Profit after taxation – – – – – – – – – – 6 636 6 636 Other comprehensive income – – – – – – – – – – – – Transfer non-distributable items to NDR – – – – 610 790 – – – 1 400 (1 400) – Dividends declared – – – – – – – – – – (4 443) (4 443) Balance at 30 June 2026 53 550 – 1 536 – 8 904 (10 364) – – 4 653 4 729 7 702 65 981 2026 2025 Cents Cents DPS 133.5 124.3 28 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Statement of changes in equity continued For the year ended 30 June 2026
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Attributable to owners of the company Attributable to owners of the company Non-distributable reserve (NDR) Non-distributable reserve (NDR) Company Share capital net of treasury shares Rm Foreign currency translation reserve (FCTR) Rm Amortisation of intangible assets Rm Bargain purchase Rm Fair value adjustment on investment property Rm Other fair value adjustments and non- distributable items Rm Share-based payments reserve Rm Reserves with NCI Rm Fair value adjustment on listed investments Rm Total other reserves Rm Retained earnings Rm Shareholders’ interest Rm Balance at 30 June 2024 53 550 – 1 536 – 7 513 (10 573) – – 4 653 3 129 5 983 62 662 Total comprehensive income Profit after taxation – – – – – – – – – – 5 219 5 219 Other comprehensive income – – – – – – – – – – – – Transactions with owners recognised directly in equity Contributions by and distributions to owners Transfer non-distributable items to NDR – – – – 781 (581) – – – 200 (200) – Dividends declared – – – – – – – – – – (4 093) (4 093) Balance at 30 June 2025 53 550 – 1 536 – 8 294 (11 154) – – 4 653 3 329 6 909 63 788 Total comprehensive income Profit after taxation – – – – – – – – – – 6 636 6 636 Other comprehensive income – – – – – – – – – – – – Transfer non-distributable items to NDR – – – – 610 790 – – – 1 400 (1 400) – Dividends declared – – – – – – – – – – (4 443) (4 443) Balance at 30 June 2026 53 550 – 1 536 – 8 904 (10 364) – – 4 653 4 729 7 702 65 981 2026 2025 Cents Cents DPS 133.5 124.3 GROWTHPOINT 29Group summarised audited annual results for the year ended 30 June 2026
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Group Group Company Company 2026 2025 2026 2025 Rm Rm Rm Rm Cash flows from operating activities Cash received from tenants 13 993 14 461 4 319 4 382 Cash paid to suppliers and employees (5 331) (5 349) (1 680) (1 479) Cash generated from operating activities 8 662 9 112 2 639 2 903 Interest paid (3 693) (4 330) (2 262) (2 686) Interest received 1 119 931 1 989 1 973 Dividends received 90 148 2 643 2 711 Taxation paid (245) (342) (107) (90) Investment in property held for trading and development (224) (20) (224) (10) Disposal of property held for trading and development 36 240 24 264 Distributions paid to shareholders (5 247) (4 993) (4 443) (4 093) Net cash generated from operating activities 498 746 259 972 Cash flows from investing activities Investments in: (5 403) (4 196) (1 149) (879) Investment property (4 763) (3 710) (1 126) (872) Business combination – Auria (513) – – – Equipment (53) (48) – – Investments in associates and joint ventures (50) (379) (3) – Unlisted investments (20) (57) (20) (7) Intangible assets (4) (2) – – Loan repayments by Group companies 4 838 2 753 Loans advanced to Group companies (3 835) (3 690) Long-term loans granted (50) – (50) – Proceeds from: 6 319 6 829 3 094 1 143 Disposal of investment property 4 756 4 338 2 939 808 Disposal of investment property held for sale 317 366 155 332 Disposal of listed investments 1 200 1 577 – – Disposal of unlisted investments 46 3 – 3 Disposal of C&R – 545 – – Net cash generated from/(utilised in) investing activities 866 2 633 2 898 (673) Cash flows from financing activities Proceeds from: 8 283 6 829 2 600 3 346 Borrowings raised 7 805 6 408 2 600 3 346 Change of ownership – GSAH 196 421 – NCI equity contributions – GOZ 282 – – Loans advanced by Group companies 1 248 1 159 Repayments of interest-bearing borrowings (10 124) (10 121) (6 710) (4 780) Repayments of derivatives (76) (120) (76) (120) Repayment of lease liabilities (87) (24) – – Net cash utilised in financing activities (2 004) (3 436) (2 938) (395) Effect of exchange rate changes on cash and cash equivalents (6) (30) – – (Decrease)/increase in cash and cash equivalents (646) (87) 219 (96) Cash and cash equivalents at beginning of year 1 818 1 905 15 111 Cash and cash equivalents at end of year 1 172 1 818 234 15 30 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Statement of cash flows For the year ended 30 June 2026
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The Group determines and presents operating segments based on the information considered internally by the Executive Management Committee (Exco), the Group’s operating decision-making forum. The Group comprises 10 segments, namely SA Retail, SA Office, SA Logistics and Industrial, Trading and Development, V&A Waterfront, GHPH, GSAH, Lango, GOZ and GWI. All operating segments’ operating results are reviewed regularly by the Exco to make decisions about resources to be allocated to the segment and to assess its performance, for which discrete financial information is available. In addition to the main reportable segments, the Group includes a geographical analysis of investment property and net property income, excluding straight-line lease income adjustment for South Africa, excluding the V&A Waterfront and Australia. The Group also includes a geographical analysis of dividends and interest received from equity-accounted investments (V&A Waterfront and Central and Eastern Europe) and unlisted investments (Lango). During the year, Growthpoint, through its GIP segment, acquired a 95% shareholding in Brenthurst Retirement Holdings (Pty) Ltd (trading as Auria Senior Living (Auria)) for R1.2bn, settled in cash and was fully funded with debt. The acquisition adds five senior living communities valued at R3.9bn (at FY26) to the GHPH portfolio and represents GHPH’s formal entry into the senior living sector. Segment Geographical segment Brief description of segment South African 100% owned properties Retail South Africa The Growthpoint Retail portfolio consists of 30 (FY25: 32) properties, comprising shopping centres, with the balance being standalone, single-tenanted properties. It includes regional, community, neighbourhood, retail warehouses and speciality centres. Office South Africa The Growthpoint Office portfolio consists of 140 (FY25: 146) properties, which include high-rise and low-rise offices, office parks, office warehouses, vacant land, as well as mixed-use properties. Logistics and Industrial South Africa The Growthpoint Logistics and Industrial portfolio consists of 125 (FY25: 143) properties, which include warehousing, logistics and industrial parks, motor-related outlets, low-grade and high-grade logistics and industrial, high-tech logistics and industrial, telecommunication assets, land zoned for developments, vacant land and mini, midi and maxi units. Trading and Development South Africa The Growthpoint Trading and Development portfolio consists of seven (FY25: seven) properties. V&A Waterfront South Africa The V&A Waterfront is a 123-hectare mixed-use property development situated in and around the historic Victoria and Alfred basin, which formed Cape Town’s original harbour. Its properties include retail, office, fishing, logistics and industrial, hotel and residential, as well as undeveloped bulk. The V&A is equity accounted by Growthpoint. Growthpoint Investment Partners (GIP) GHPH South Africa The Growthpoint Healthcare portfolio consists of seven hospitals, one pharmaceutical warehouse facility, one medical chamber building, a plot of land and five senior living properties (FY25: 10). GHPH is consolidated by Growthpoint. GSAH South Africa The Growthpoint Student Accommodation portfolio consists of 16 (FY25: 15) purpose- built student accommodation properties situated in Johannesburg, Pretoria, Durban and Cape Town. GSAH is consolidated by Growthpoint. Offshore GOZ Australia The GOZ portfolio consists of 48 (FY25: 50) properties, which include logistics, industrial and office properties. GOZ is consolidated by Growthpoint. GWI Central and Eastern Europe The GWI portfolio consists of 56 (FY25: 56) properties in Poland and Romania, mostly modern A-grade office properties, logistics and industrial properties, as well as a residential property complex. GWI is equity accounted by the Group. Lango Rest of Africa The Lango portfolio consists of 12 (FY25: 12) commercial properties in Ghana, Nigeria and Zambia and three plots (FY25: three) of land in Angola. Lango is classified as an unlisted investment. GROWTHPOINT 31Group summarised audited annual results for the year ended 30 June 2026 Segmental analysis For the year ended 30 June 2026
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30 June 2026 South Africa Retail segment 100% Rm Office segment 100% Rm Logistics and Industrial segment 100% Rm Trading and Development segment 100% Rm SA head office 100% Rm V&A Waterfront segment 50% Rm Total SA reported Rm Material profit or loss disclosures Revenue excluding straight-line lease adjustment 3 317 3 337 1 621 53 – – 8 328 Total contracted rental income 2 670 2 290 1 265 6 – – 6 231 Assessment rates recovered 317 366 177 1 – – 861 Contracted operating cost recoveries 33 422 108 – – – 563 Other revenue 297 259 71 46 – – 673 Asset management fee income – – – – – – – Property-related expenses (including ECL on trade receivables and cost of trading and development property sold) (988) (1 115) (403) (49) – – (2 555) Assessment rates (431) (444) (203) (5) – – (1 083) Cost of trading and development property sold – – – (39) – – (39) Other property-related expenses (557) (671) (200) (5) – – (1 433) Net property income 2 329 2 222 1 218 4 – – 5 773 Other administrative and operating overheads – – – (56) (475) – (531) Asset management fee expense – – – – – – – Equity-accounted investment profit – non-distributable profit/(loss) – – – – 7 1 102 1 109 Equity-accounted investment profit – dividends/interest received – – – – – 965 965 Fair value adjustment on investment property 537 691 777 – – – 2 005 Fair value adjustments other than investment property – – – – 514 – 514 Capital items and non-cash charges – – – – (29) – (29) Finance and other investment income – – – – 99 – 99 Finance expense – – – – (2 906) – (2 906) Consolidated profit/(loss) before taxation 2 866 2 913 1 995 (52) (2 790) 2 067 6 999 32 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Segmental analysis continued For the year ended 30 June 2026
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30 June 2025 South Africa Retail segment 100% Rm Office segment 100% Rm Logistics and Industrial segment 100% Rm Trading and Development segment 100% Rm SA head office 100% Rm V&A Waterfront segment 50% Rm Total SA reported Rm Material profit or loss disclosures Revenue excluding straight-line lease adjustment 3 320 3 252 1 664 264 – – 8 500 Total contracted rental income 2 696 2 324 1 308 16 – – 6 344 Assessment rates recovered 330 372 177 – – – 879 Contracted operating cost recoveries 32 433 108 1 – – 574 Other revenue 262 123 71 247 – – 703 Asset management fee income – – – – – – – Property-related expenses (including ECL on trade receivables and cost of Trading and Development property sold) (1 032) (1 094) (414) (220) – – (2 760) Assessment rates (438) (461) (202) (7) – – (1 108) Cost of Trading and Development property sold – – – (201) – – (201) Other property-related expenses (594) (633) (212) (12) – – (1 451) Net property income 2 288 2 158 1 250 44 – – 5 740 Other administrative and operating overheads – – – (56) (434) – (490) Asset management fee expense – – – – – – – Equity-accounted investment profit – non-distributable profit – – – – (4) 550 546 Equity-accounted investment profit – dividends/interest received – – – – – 810 810 Fair value adjustment on investment property 544 506 395 – – – 1 445 Fair value adjustments other than investment property – – – – 699 – 699 Capital items and non-cash charges – – – – (144) – (144) Finance and other investment income – – – – 197 – 197 Finance expense – – – – (3 487) – (3 487) Consolidated profit/(loss) before taxation 2 832 2 664 1 645 (12) (3 173) 1 360 5 316 GROWTHPOINT 33Group summarised audited annual results for the year ended 30 June 2026
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30 June 2026 South Africa Retail segment 100% Rm Office segment 100% Rm Logistics and Industrial segment 100% Rm Trading and Development segment 100% Rm SA head office 100% Rm V&A Waterfront segment 50% Rm Total SA reported Rm Assets Cash and cash equivalents – – – – 324 – 324 Trade and other receivables – – – – 1 283 – 1 283 Taxation receivable – – – – 72 – 72 Investment property classified as held for sale 150 276 271 – – – 697 Investment property held for trading and development – – – 335 – – 335 Derivative assets – – – – 1 129 – 1 129 Listed investments – – – – – – – Fair value of property assets 26 261 25 584 12 637 62 – – 64 544 Fair value of investment property 26 144 25 171 12 587 62 – – 63 964 Tenant incentives 86 413 39 – – – 538 Right-of-use assets 31 – 11 – – – 42 Long-term loans granted – – – – 2 981 – 2 981 Investments in associates and joint ventures – – – – 41 9 472 9 513 Investments in subsidiaries – – – – – – – Unlisted investments – – – – 105 – 105 Equipment – – – – 10 – 10 Intangible assets – – – – 475 – 475 Deferred tax asset – – – – – – – Total assets 26 411 25 860 12 908 397 6 420 9 472 81 468 Total property assets 26 411 25 860 12 908 397 – 16 157 81 733 Liabilities Trade and other payables – – – – 1 920 – 1 920 Taxation payable – – – – – – – Occupancy advances – – – – – – – Derivative liabilities – – – – 18 – 18 Interest-bearing borrowings – – – – 34 153 – 34 153 Lease liability – – – – 42 – 42 Deferred tax liability – – – – 3 159 – 3 159 Total liabilities – – – – 39 292 – 39 292 Other disclosures Transfers between segments – 510 – (510) – – – Acquisitions – 374 4 151 – – 529 Development and capital expenditure 607 377 172 173 – – 1 329 34 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Segmental analysis continued For the year ended 30 June 2026
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30 June 2025 South Africa Retail segment 100% Rm Office segment 100% Rm Logistics and Industrial segment 100% Rm Trading and Development segment 100% Rm SA head office 100% Rm V&A Waterfront segment 50% Rm Total SA reported Rm Assets Cash and cash equivalents – – – – 879 – 879 Trade and other receivables – – – – 951 – 951 Taxation receivable – – – – 74 – 74 Investment property classified as held for sale – 40 277 – – – 317 Investment property held for trading and development – – – 136 – – 136 Derivative assets – – – – 646 – 646 Listed investments – – – – 1 212 – 1 212 Fair value of property assets 25 837 26 984 12 955 473 – – 66 249 Fair value of investment property 25 715 26 488 12 898 473 – – 65 574 Tenant incentives 92 494 45 – – – 631 Right-of-use assets 30 2 12 – – – 44 Long-term loans granted – – – – 2 943 – 2 943 Investments in associates and joint ventures – – – – 32 8 221 8 253 Investments in subsidiaries – – – – – – – Unlisted investments – – – – 79 – 79 Equipment – – – – 6 – 6 Intangible assets – – – – 480 – 480 Deferred tax assets – – – – – – – Total assets 25 837 27 024 13 232 609 7 302 8 221 82 225 Total property assets 25 837 27 024 13 232 609 – 13 446 80 148 Liabilities Trade and other payables – – – – 1 978 – 1 978 Taxation payable – – – – – – – Occupancy advances – – – – – – – Derivative liabilities – – – – 247 – 247 Interest-bearing borrowings – – – – 39 419 – 39 419 Lease liability – – – – 44 – 44 Deferred tax liability – – – – 3 208 – 3 208 Total liabilities – – – – 44 896 – 44 896 Other disclosures Transfers between segments – – – (240) – – (240) Acquisitions – – 14 – – – 14 Development and capital expenditure 642 486 324 221 – – 1 673 GROWTHPOINT 35Group summarised audited annual results for the year ended 30 June 2026
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30 June 2026 Growthpoint Investment Partners (GIP) Dividends received GHPH 39.1% Rm Dividends received GSAH 16.8% Rm GIP fund manager Rm Total GIP income Rm GHPH segment Rm GSAH segment Rm Consoli- dation Rm Total GIP reported Rm Material profit or loss disclosures Revenue excluding straight-line lease adjustment – – – – 581 665 – 1 246 Total contracted rental income – – – – 481 637 – 1 118 Assessment rates recovered – – – – 65 – – 65 Contracted operating cost recoveries – – – – 2 – – 2 Other revenue – – – – 33 28 – 61 Asset management fee income – – 109 109 – – (109) – Property-related expenses (including ECL on trade receivables and cost of trading and development property sold) – – – – (170) (261) – (431) Assessment rates – – – – (67) (16) – (83) Cost of trading and development property sold – – – – – – – – Other property-related expenses – – – – (103) (245) – (348) Net property income – – 109 109 411 404 (109) 815 Other administrative and operating overheads – – (48) (48) (38) (30) – (116) Asset management fee expense – – – – (56) (53) 109 – Equity-accounted investment profit – non-distributable profit/(loss) – – – – – – – – Equity-accounted investment profit – dividends/interest received – – – – – – – – Fair value adjustment on investment property – – – – 313 249 – 562 Fair value adjustments other than investment property – – – – 18 (10) – 8 Capital items and non-cash charges – – – – (210) – – (210) Finance and other investment income 71 31 – 102 16 7 (102) 23 Finance expense – – – – (152) (115) – (267) Consolidated profit/(loss) before taxation 71 31 61 163 302 452 (102) 815 36 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Segmental analysis continued For the year ended 30 June 2026
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30 June 2025 Growthpoint Investment Partners (GIP) Dividends received GHPH 39.1% Rm Dividends received GSAH 17.9% Rm GIP fund manager Rm Total GIP income Rm GHPH segment Rm GSAH segment Rm Consoli- dation Rm Total GIP reported Rm Material profit or loss disclosures Revenue excluding straight-line lease adjustment – – – – 466 558 – 1 024 Total contracted rental income – – – – 405 535 – 940 Assessment rates recovered – – – – 53 – – 53 Contracted operating cost recoveries – – – – – – – – Other revenue – – – – 8 23 – 31 Asset management fee income – – 98 98 – – (98) – Property-related expenses (including ECL on trade receivables and cost of Trading and Development property sold) – – – – (100) (222) – (322) Assessment rates – – – – (54) (14) – (68) Cost of Trading and Development property sold – – – – – – – – Other property-related expenses – – – – (46) (208) – (254) Net property income – – 98 98 366 336 (98) 702 Other administrative and operating overheads – – (38) (38) (13) (13) – (64) Asset management fee expense – – – – (46) (52) 98 – Equity-accounted investment profit – non-distributable profit – – – – – – – – Equity-accounted investment profit – dividends/interest received – – – – – – – – Fair value adjustment on investment property – – – – 157 115 – 272 Fair value adjustments other than investment property – – – – 11 (14) – (3) Capital items and non-cash charges – – – – – – – – Finance and other investment income 91 29 – 120 9 8 (120) 17 Finance expense – – – – (113) (121) – (234) Consolidated profit/(loss) before taxation 91 29 60 180 371 259 (120) 690 GROWTHPOINT 37Group summarised audited annual results for the year ended 30 June 2026
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30 June 2026 Growthpoint Investment Partners (GIP) Investment GHPH 39.1% Rm Investment GSAH 16.8% Rm GIP fund manager Rm Total GIP Rm GHPH segment Rm GSAH segment Rm Consoli- dation Rm Total GIP reported Rm Assets Cash and cash equivalents – – – – 41 136 – 177 Trade and other receivables – – – – 128 60 – 188 Taxation receivable – – – – – – – – Investment property classified as held for sale – – – – – – – – Investment property held for trading and development – – – – – – – – Derivative assets – – – – 14 1 – 15 Listed investments – – – – – – – – Fair value of property assets – – – – 8 489 5 001 – 13 490 Fair value of investment property – – – – 8 472 5 001 – 13 473 Tenant incentives – – – – 14 – – 14 Right-of-use assets – – – – 3 – – 3 Long-term loans granted – – – – – – – – Investments in associates and joint ventures – – – – – – – – Investments in subsidiaries 754 490 – 1 244 – – (1 244) – Unlisted investments – – – – – – – – Equipment – – – – 25 8 – 33 Intangible assets – – – – 2 – – 2 Deferred tax assets – – – – – – – – Total assets 754 490 – 1 244 8 699 5 206 (1 244) 13 905 Total property assets – – – – 8 489 5 001 – 13 490 Liabilities Trade and other payables – – – – 150 147 – 297 Taxation payable – – – – 2 – – 2 Occupancy advances – – – – 1 901 – – 1 901 Derivative liabilities – – – – 3 5 – 8 Interest-bearing borrowings – – – – 2 532 1 590 – 4 122 Lease liability – – – – 2 – – 2 Deferred tax liability – – – – – 125 – 125 Total liabilities – – – – 4 590 1 867 – 6 457 Other disclosures Transfers between segments – – – – – – – – Acquisitions – – – – 3 577 51 – 3 628 Development and capital expenditure – – – – 371 349 – 720 38 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Segmental analysis continued For the year ended 30 June 2026
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30 June 2025 Growthpoint Investment Partners (GIP) Investment GHPH 39.1% Rm Investment GSAH 17.9% Rm GIP fund manager Rm Total GIP Rm GHPH segment Rm GSAH segment Rm Consoli- dation Rm Total GIP reported Rm Assets Cash and cash equivalents – – – – 245 112 – 357 Trade and other receivables – – – – 23 42 – 65 Taxation receivable – – – – – – – – Investment property classified as held for sale – – – – – – – – Investment property held for trading and development – – – – – – – – Derivative assets – – – – 14 – – 14 Listed investments – – – – – – – – Fair value of property assets – – – – 4 226 4 352 – 8 578 Fair value of investment property – – – – 4 210 4 352 – 8 562 Tenant incentives – – – – 16 – – 16 Right-of-use assets – – – – – – – – Long-term loans granted – – – – – – – – Investments in associates and joint ventures – – – – – – – – Investments in subsidiaries 754 490 – 1 244 – – (1 244) – Unlisted investments – – – – – – – – Equipment – – – – – 8 – 8 Intangible assets – – – – – – – – Deferred tax assets – – – – – – – – Total assets 754 490 – 1 244 4 508 4 514 (1 244) 9 022 Total property assets – – – – 4 226 4 352 – 8 578 Liabilities Trade and other payables – – – – 34 154 – 188 Taxation payable – – – – 7 – 7 Occupancy advances – – – – – – – – Derivative liabilities – – – – 6 14 – 20 Interest-bearing borrowings – – – – 963 1 347 – 2 310 Lease liability – – – – – – – – Deferred tax liability – – – – – 125 – 125 Total liabilities – – – – 1 010 1 640 – 2 650 Other disclosures Transfers between segments – – – – – 240 – 240 Acquisitions – – – – 5 – – 5 Development and capital expenditure – – – – 11 438 – 449 GROWTHPOINT 39Group summarised audited annual results for the year ended 30 June 2026
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30 June 2026 Offshore Distribution received GOZ 63.6% Rm Dividends received C&R 0.0% Rm GWI segment 29.6% Rm Lango segment 18.9% Rm Total Offshore Rm GOZ segment Rm Consoli- dation Rm TotalTotal Offshore reported Rm Total Group as reported Rm Material profit or loss disclosures Revenue excluding straight-line lease adjustment – – – – – 3 620 – 3 620 13 194 Total contracted rental income – – – – – 2 926 – 2 926 10 275 Assessment rates recovered – – – – – – – – 926 Contracted operating cost recoveries – – – – – 667 – 667 1 232 Other revenue – – – – – 27 – 27 761 Asset management fee income – – – – – 87 – 87 87 Property-related expenses (including ECL on trade receivables and cost of trading and development property sold) – – – – – (847) – (847) (3 833) Assessment rates – – – – – (147) – (147) (1 313) Cost of trading and Development property sold – – – – – – – – (39) Other property-related expenses – – – – – (700) – (700) (2 481) Net property income – – – – – 2 860 – 2 860 9 448 Other administrative and operating overheads – – – – – (425) – (425) (1 072) Asset management fee expense – – – – – – – – – Equity-accounted investment profit – non-distributable profit/(loss) – – (45) (66) (111) 60 – (51) 1 058 Equity-accounted investment profit – dividends/interest received – – 171 – 171 – – 171 1 136 Fair value adjustment on investment property – – – – – (684) – (684) 1 883 Fair value adjustments other than investment property – – – – – (55) – (55) 467 Capital items and non-cash charges – – – – – (5) – (5) (244) Finance and other investment income 887 – – – 887 34 (887) 34 156 Finance expense – – – – – (1 066) – (1 066) (4 239) Consolidated profit/(loss) before taxation 887 – 126 (66) 947 719 (887) 779 8 593 40 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Segmental analysis continued For the year ended 30 June 2026
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30 June 2025 Offshore Distribution received GOZ 63.6% Rm Dividends received C&R 68.9% Rm GWI segment 29.6% Rm Lango segment 15.7% Rm Total Offshore Rm GOZ segment Rm Consoli- dation Rm Total Offshore reported Rm Total Group as reported Rm Material profit or loss disclosures Revenue excluding straight-line lease adjustment – – – – – 3 666 – 3 666 13 190 Total contracted rental income – – – – – 2 961 – 2 961 10 245 Assessment rates recovered – – – – – – – – 932 Contracted operating cost recoveries – – – – – 617 – 617 1 191 Other revenue – – – – – 88 – 88 822 Asset management fee income – – – – – 115 – 115 115 Property-related expenses (including ECL on trade receivables and cost of Trading and Development property sold) – – – – – (832) – (832) (3 914) Assessment rates – – – – – (145) – (145) (1 321) Cost of Trading and Development property sold – – – – – – – – (201) Other property-related expenses – – – – – (687) – (687) (2 392) Net property income – – – – – 2 949 – 2 949 9 391 Other administrative and operating overheads – – – – – (427) – (427) (981) Asset management fee expense – – – – – – – – – Equity-accounted investment profit – non-distributable profit – – (337) 315 (22) (38) – (60) 486 Equity-accounted investment profit – dividends/interest received – – 302 11 313 6 – 319 1 129 Fair value adjustment on investment property – – – – – (2 647) – (2 647) (930) Fair value adjustments other than investment property – – – – – (89) – (89) 607 Capital items and non-cash charges – – – – – (21) – (21) (165) Finance and other investment income 957 104 – – 1 061 26 (1 061) 26 240 Finance expense – – – – – (1 061) – (1 061) (4 782) Consolidated profit/(loss) before taxation 957 104 (35) 326 1 352 (1 302) (1 061) (1 011) 4 995 GROWTHPOINT 41Group summarised audited annual results for the year ended 30 June 2026
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30 June 2026 Offshore Investment GOZ 63.6% Rm Invest- ment C&R 0.0% Rm GWI segment 29.6% Rm Invest- ment Lango 18.9% Rm Total Offshore Rm GOZ segment Rm Consoli- dation Rm Total Offshore reported Rm Total Group as reported Rm Assets Cash and cash equivalents – – – – – 671 – 671 1 172 Trade and other receivables – – – – – 191 – 191 1 662 Taxation receivable – – – – – – – – 72 Investment property classified as held for sale – – – – – – – – 697 Investment property held for trading and development – – – – – – – – 335 Derivative assets – – – – – 425 – 425 1 569 Listed investments – – – – – – – – – Fair value of property assets – – – – – 47 772 – 47 772 125 806 Fair value of investment property – – – – – 45 613 – 45 613 123 050 Tenant incentives – – – – – 1 062 – 1 062 1 614 Right-of-use assets – – – – – 1 097 – 1 097 1 142 Long-term loans granted – – – – – – – – 2 981 Investments in associates and joint ventures – – 8 482 – 8 482 405 – 8 887 18 400 Investments in subsidiaries 9 594 – – – 9 594 – (9 594) – – Unlisted investments – – – 840 840 33 – 873 978 Equipment – – – – – 26 – 26 69 Intangible assets – – – – – 67 – 67 544 Deferred tax assets – – – – – 140 – 140 140 Total assets 9 594 – 8 482 840 18 916 49 730 (9 594) 59 052 154 425 Total property assets – – 14 645 2 439 17 084 47 772 – 64 856 160 079 Liabilities Trade and other payables – – – – – 929 – 929 3 146 Taxation payable – – – – – 50 – 50 52 Occupancy advances – – – – – – – – 1 901 Derivative liabilities – – – – – 33 – 33 59 Interest-bearing borrowings – – – – – 20 800 – 20 800 59 075 Lease liability – – – – – 1 278 – 1 278 1 322 Deferred tax liability – – – – – – – – 3 284 Total liabilities – – – – – 23 090 – 23 090 68 839 Other disclosures Transfers between segments – – – – – – – – – Acquisitions – – – – – 1 090 – 1 090 5 247 Development and capital expenditure – – – – – 702 – 702 2 751 42 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Segmental analysis continued For the year ended 30 June 2026
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30 June 2025 Offshore Investment GOZ 63.6% Rm Investment C&R 68.9% Rm GWI segment 29.6% Rm Invest- ment Lango 15.7% Rm Total Offshore Rm GOZ segment Rm Consoli- dation Rm Total Offshore reported Rm Total Group as reported Rm Assets Cash and cash equivalents – – – – – 582 – 582 1 818 Trade and other receivables – – – – – 248 – 248 1 264 Taxation receivable – – – – – – – – 74 Investment property classified as held for sale – – – – – – – – 317 Investment property held for trading and development – – – – – – – – 136 Derivative assets – – – – – 403 – 403 1 063 Listed investments – – – – – – – – 1 212 Fair value of property assets – – – – – 48 477 – 48 477 123 304 Fair value of investment property – – – – – 46 051 – 46 051 120 187 Tenant incentives – – – – – 1 149 – 1 149 1 796 Right-of-use assets – – – – – 1 277 – 1 277 1 321 Long-term loans granted – – – – – – – – 2 943 Investments in associates and joint ventures – – 9 426 326 9 752 349 – 10 101 18 354 Investments in subsidiaries 9 594 – – – 9 594 – (9 594) – – Unlisted investments – – – 779 779 87 – 866 945 Equipment – – – – – 18 – 18 32 Intangible assets – – – – – 74 – 74 554 Deferred tax assets – – – – – 163 – 163 163 Total assets 9 594 – 9 426 1 105 20 125 50 401 (9 594) 60 932 152 179 Total property assets – – 16 298 2 286 18 584 48 477 – 67 061 155 787 Liabilities Trade and other payables – – – – – 869 – 869 3 035 Taxation payable – – – – – 57 – 57 64 Occupancy advances – – – – – – – – – Derivative liabilities – – – – – 134 – 134 401 Interest-bearing borrowings – – – – – 19 820 – 19 820 61 549 Lease liability – – – – – 1 498 – 1 498 1 542 Deferred tax liability – – – – – – – – 3 333 Total liabilities – – – – – 22 378 – 22 378 69 924 Other disclosures Transfers between segments – – – – – – – – – Acquisitions – – – – – – – – 19 Development and capital expenditure – – – – – 640 – 640 2 762 GROWTHPOINT 43Group summarised audited annual results for the year ended 30 June 2026
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1. Revenue Group Group Company Company 2026 2025 2026 2025 Rm Rm Rm Rm Revenue from contracts with tenants Total contracted rental income 10 275 10 245 3 314 3 267 Assessment rates recovered 926 932 472 474 Contracted operating cost recoveries 1 232 1 191 271 288 Electricity-related recoveries 207 168 126 109 Turnover rental 50 49 34 35 Non-contractual revenue Casual parking 47 50 16 18 Investment management fee income 87 115 – – Other income1 371 271 67 63 Property management income 40 38 – – Total revenue, excluding straight-line lease income 13 235 13 059 4 300 4 254 Trading and development Disposals of properties held for trading and development 46 240 34 264 Development fees earned – 6 – 6 Trading and development revenue 46 246 34 270 Total revenue 13 281 13 305 4 334 4 524 1 Other income includes shared workspace and court space rentals, insurance income, hotel operating income, senior living operating income and interest received from tenants in arrears. 2. Basic and headline earnings per share 2 .1 Summary of earnings per share (EPS), headline earnings per share (HEPS) and distributable income per share (DIPS) Earnings attributable Weighted average number of shares Cents per share 2026 2025 Rm Rm 2026 2025 2026 2025 EPS from continuing operations Basic 7 568 5 433 3 384 965 487 3 388 124 120 223.59 160.35 EPS from discontinued operation Basic – 25 – 0.75 EPS (Total) Basic 7 568 5 458 223.59 161.10 EPS from continuing operations Diluted 7 568 5 433 3 416 307 018 3 415 601 311 221.54 159.06 EPS from discontinued operation Diluted – 25 – 0.73 EPS (Total) Diluted 7 568 5 458 221.54 159.79 HEPS from continuing operations Basic 4 042 5 451 3 384 965 487 3 388 124 120 119.40 160.90 HEPS from discontinued operation Basic – (64) – (1.89) HEPS (Total) Basic 4 042 5 387 119.40 159.01 HEPS from continuing operations Diluted 4 042 5 451 3 416 307 018 3 415 601 311 118.31 159.60 HEPS from discontinued operation Diluted – (64) – (1.87) HEPS (Total) Diluted 4 042 5 387 118.31 157.73 Earnings attributable Actual number of shares Cents per share 2026 2025 Rm Rm 2026 2025 2026 2025 DIPS 5 180 4 964 3 386 330 167 3 378 031 124 152.6 146.3 44 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Notes For the year ended 30 June 2026
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2.2 Reconciliation between basic earnings, diluted earnings and headline earnings 2026 2025 Rm Rm Basic and diluted earnings per share Profit from continuing operations as presented in the statement of profit or loss 8 366 5 485 Less: Profit from continuing operations attributable to non-controlling interests (798) (52) Profit from continuing operations attributable to the ordinary equity holders 7 568 5 433 Add: Profit from discontinued operation (attributable to equity holders of the company) – 25 Profit attributable to the ordinary equity holders of the company used in calculating basic earnings per share 7 568 5 458 SOCI1, 2 Total gross and net 2026 2025 2026 2025 Rm Rm Rm Rm Headline earnings per share Profit from continuing operations attributable to the ordinary equity holders 7 568 5 433 Adjustments: Impairment of non-financial assets 2 491 (751) 19 – Impairment of goodwill 2 491 (751) 163 – Loss on disposal of subsidiary of GWI 1 058 486 – 3 Net profit on sale of GSAH Manco and Lango Manco 2 491 (751) (5) (8) Fair value adjustments on investment property (3 703) 23 Net investment property valuation 2 491 (751) (2 268) 1 193 Fair value adjustments: equity-accounted investments 1 058 486 (1 504) (301) NCI portion of fair value adjustments 2 491 (751) 69 (869) Headline basic and diluted earnings from continuing operations 4 042 5 451 Plus: Profit from discontinued operation (attributable to equity holders of the company) – (48) – 25 Less: Profit on sale after income tax – (48) – (192) Adjustments: Fair value adjustments on investment property – – 103 Net investment property valuation – (48) – 150 NCI portion of fair value adjustments – (48) – (47) Headline basic and diluted earnings per share from discontinued operations – (64) Total headline basic and diluted earnings 4 042 5 387 1 Amounts and respective line items as recognised in the statement of profit or loss and other comprehensive income. 2 The impairment of non-financial assets and goodwill, profit on sale of GSAH Manco and Lango Manco and fair value adjustment on investment property and NCI portions are included in the “fair value adjustment, capital items and other charges” line item on the face of the statement of profit or loss and other comprehensive income. The fair value adjustment for equity-accounted investments is included in the “non-distributable income” line on the face of the statement of profit or loss and other comprehensive income. The adjustments relating to the discontinued operation are included in the “loss from discontinued operation” line item on the face of the statement of profit or loss and other comprehensive income in FY25. 2.3 Reconciliation of weighted average number of shares 2026 2025 Weighted average number of shares 3 384 965 487 3 388 124 120 Number of shares as at 1 July 3 430 787 066 3 430 787 066 Effect of treasury shares held (45 821 579) (42 662 946) Dilutive effect of share options granted to employees 31 341 531 27 477 191 Diluted average number of shares 3 416 307 018 3 415 601 311 GROWTHPOINT 45Group summarised audited annual results for the year ended 30 June 2026
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3. Classification of financial assets and liabilities Group 3 .1 Assets Designated at fair value through profit or loss Rm Mandatorily at fair value through profit or loss Rm Financial assets at amortised cost Rm Outside scope of IFRS 9 Rm Total Rm 2026 Cash and cash equivalents – 228 944 – 1 172 Trade and other receivables – – 1 367 295 1 662 Derivative assets – 1 569 – – 1 569 Listed investments – – – – – Long-term loans granted 2 981 – – – 2 981 Unlisted investments – 978 – – 978 2025 Cash and cash equivalents – 262 1 556 – 1 818 Trade and other receivables – – 1 103 161 1 264 Derivative assets – 1 063 – – 1 063 Listed investments – 1 212 – – 1 212 Long-term loans granted 2 943 – – – 2 943 Unlisted investments – 945 – – 945 3.2 Liabilities Designated at fair value through profit or loss Rm Mandatorily at fair value through profit or loss Rm Financial liabilities at amortised cost Rm Outside scope of IFRS 9 Rm Total Rm 2026 Trade payables – – 2 960 186 3 146 Occupancy advances – – 1 901 – 1 901 Derivative liabilities – 59 – – 59 Interest-bearing borrowings 59 075 – – – 59 075 Lease liabilities – – – 1 322 1 322 2025 Trade payables – – 2 785 250 3 035 Derivative liabilities – 401 – – 401 Interest-bearing borrowings 61 549 – – – 61 549 Lease liabilities – – – 1 542 1 542 46 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Notes continued For the year ended 30 June 2026
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Company 3.3 Assets Designated at fair value through profit or loss Rm Mandatorily at fair value through profit or loss Rm Financial assets at amortised cost Rm Outside scope of IFRS 9 Rm Total Rm 2026 Cash and cash equivalents – 175 59 – 234 Trade and other receivables – – 598 92 690 Derivative assets – 1 115 – – 1 115 Long-term loans granted 2 981 – – – 2 981 Investments in associates and joint ventures 10 242 – – – 10 242 Investments in subsidiaries 36 896 – – – 36 896 Unlisted investments – 945 – – 945 Intercompany assets – – 12 584 – 12 584 2025 Cash and cash equivalents – – 15 – 15 Trade and other receivables – – 608 8 616 Derivative assets – 507 – – 507 Long-term loans granted 2 943 – – – 2 943 Investments in associates and joint ventures 9 321 – – – 9 321 Investments in subsidiaries1 37 229 – – – 37 229 Unlisted investments – 858 – – 858 Intercompany assets – – 13 962 – 13 962 1 Refer to note 13 of the Group and company annual financial statements for detail regarding the prior year restatement. 3.4 Liabilities Designated at fair value through profit or loss Rm Mandatorily at fair value through profit or loss Rm Financial liabilities at amortised cost Rm Outside scope of IFRS 9 Rm Total Rm 2026 Trade payables – – 1 650 1 1 651 Derivative liabilities – 18 – – 18 Interest-bearing borrowings 28 482 – – – 28 482 Lease liabilities – – – 29 29 Intercompany liabilities – – 2 529 – 2 529 2025 Trade payables – – 1 790 11 1 801 Derivative liabilities – 197 – – 197 Interest-bearing borrowings 32 395 – – – 32 395 Lease liabilities – – – 29 29 Intercompany liabilities1 – – 1 229 – 1 229 1 Refer to note 13 of the Group and company annual financial statements for detail regarding the prior year restatement. GROWTHPOINT 47Group summarised audited annual results for the year ended 30 June 2026
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4. Fair value estimation Group 4 .1 Fair value measurement of assets and liabilities The table below includes only those assets and liabilities that are measured at fair value, including non-recurring items measured at fair value: 2026 2025 Fair value Rm Level 1 Rm Level 2 Rm Level 3 Rm Fair value Rm Level 1 Rm Level 2 Rm Level 3 Rm Assets Recurring fair value measurement Fair value of property assets 125 806 – – 125 806 123 304 – – 123 304 Listed investments – – – – 1 212 1 212 – – Unlisted investments 978 – – 978 945 – – 945 Long-term loans granted 2 981 – – 2 981 2 943 – – 2 943 Derivative assets 1 569 – 1 569 – 1 063 – 1 063 – Cash and cash equivalents 228 – 228 – 262 – 262 – Non-recurring fair value measurement Non-current assets held for sale 697 – – 697 317 – – 317 Total assets measured at fair value 132 259 – 1 797 130 462 130 046 1 212 1 325 127 509 Liabilities Recurring fair value measurement Interest-bearing borrowings 59 075 – 59 075 – 61 549 – 61 549 – Derivative liabilities 59 – 59 – 401 – 401 – Total liabilities measured at fair value 59 134 – 59 134 – 61 950 – 61 950 – The carrying amount of financial assets and financial liabilities that are not measured at fair value reasonably approximate their fair value due to their short-term nature. These include cash and cash equivalents classified at amortised cost, trade and other receivables, and trade and other payables. Due to the payment features associated with life right liabilities, its nominal value approximates fair value. 48 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Notes continued For the year ended 30 June 2026
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4.2 Movement in level 3 instruments 2026 2025 Property assets Rm Unlisted investments Rm Long-term loans granted Rm Property assets Rm Unlisted investments Rm Long-term loans granted Rm Opening balance 123 621 945 2 943 137 458 1 079 3 113 Profit/(loss) from fair value adjustments and translation of foreign operations 507 (186) (12) (3 367) (188) (156) Accrued interest – – 254 – – 279 Acquisitions 4 763 265 – 3 710 57 – Acquisition through the Auria business combination 3 580 – – – – – Adjustment for re-assessment of the lease liabilities (156) – – 260 – – Advanced during the year – – 50 – – – Depreciation and amortisation (739) – – (759) – – Disposals (5 073) (46) – (4 704) (3) – Impairments of tenant incentives – – – – – – Repaid during the year – – (254) – – (293) Sale of C&R – – – (8 951) – – Transferred from investment property held for trading and development – – – (26) – – Closing balance 126 503 978 2 981 123 621 945 2 943 4.3 Valuation process A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including level 3 fair values, and reports directly to the Group Financial Director. The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third-party information is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such valuations should be classified. Significant valuation issues are reported to the Group’s Property and Investment Committee and the Group’s Audit Committee. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: › Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities › Level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices) › Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. For assets and liabilities that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. There were no transfers between levels during the year. GROWTHPOINT 49Group summarised audited annual results for the year ended 30 June 2026
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4. Fair value estimation continued 4.4 Valuation techniques and significant unobservable inputs Level 2 instruments Cash and cash equivalents Description Valuation technique and inputs used Significant unobservable inputs Cash and cash equivalents Money market funds are valued by discounting future cash flows. Valuations are based on market interest rates. Not applicable The estimated fair value would increase/(decrease) if the interest rates were lower/(higher). Interest-bearing borrowings Description Valuation technique and inputs used Significant unobservable inputs Interest-bearing borrowings Valued by discounting future cash flows using the applicable swap curve plus an appropriate credit margin (as indicated below) at the dates when the cash flow will take place. Not applicable Credit margin 2026 % 2025 % SA (ZAR) 0.8 – 1.4 1.1 – 1.8 SA (EUR) 1.3 – 1.9 1.0 – 2.0 SA (US) 1.4 1.4 GOZ (AUD) 0.5 – 2.0 0.6 – 2.3 GOZ (USD)1 3.5 – 4.1 2.2 – 2.3 1 GOZ USD debt has a fixed rate. The estimated fair value would increase/(decrease) if the credit margin was lower/(higher). Derivative instruments Description Valuation technique and inputs used Significant unobservable inputs Forward exchange contracts Valued by discounting the forward rates applied at year end to the open hedged positions using the swap curve of the respective currencies. Not applicable Interest rate swaps Valued by discounting the future cash flows using the basis swap curve of the respective currencies at the dates when the cash flows will take place. Not applicable Cross-currency interest rate swaps Valued by discounting the future cash flows using the basis swap curve of the respective currencies at the dates when the cash flows will take place. Not applicable 50 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Notes continued For the year ended 30 June 2026
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Level 3 instruments Directors value the investment property based on valuation determined internally and by external independent valuers. In terms of the Group’s policy, at least 75% of the fair value of investment properties should be determined by an external, independent valuer, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. 89.6% (FY25: 87.2%) of the SA portfolio value was externally valued at FY26. The majority of the SA properties were valued at FY26 using the discounted cash flow of future income streams method by the following valuers who are all registered valuers in terms of section 19 of the Property Valuers Professional Act, No 47 of 2000. Valuer company Valuer Qualification of the valuer Broll Valuation and Advisory Services (Pty) Ltd S Crous NDip (Real Estate in Prop Val), MRICS, Professional Valuer Eris Property Group (Pty) Ltd C Everatt BSc (Hons) Estate Management, MRICS, MIV(SA), Professional Valuer Heroic Consulting (Pty) Ltd N Theron BSc (Hons) Property Studies, MRICS, Professional Valuer Intengo Valuers and Property Consultants (Pty) Ltd S Khumalo NDip (Prop Val), Professional Associated Valuer Knight Frank (KZN) (Pty) Ltd A Arbee NDip (Real Estate in Prop Val), Professional Valuer Mills Fitchet Cape (Pty) Ltd S Wolffs NDip (Prop Val), Professional Associate Valuer Real Insight (Pty) Ltd TLJ Behrens NDip (Real Estate in Prop Val), Professional Associated Valuer Spectrum Valuations & Asset Solutions (Pty) Ltd PL O'Connell NDip (Prop Val), MRICS, Professional Valuer Sterling Valuation Specialists CC AS Greybe-Smith BSc (Hons), MIV(SA), Professional Associated Valuer 56% (FY25: 67.0%) of the Australian properties were externally valued using the DCF of future income streams method by JLL, Savills, CBRE, M3 Property, Cushman & Wakefield and Knight Frank, who are all members of the Australian Property Institute and certified practising valuers. In respect of the senior living properties within the Healthcare segment, in applying IAS 40, the fair value determined by the independent valuer is adjusted for assets and liabilities that are separately recognised in the statement of financial position where those items are also reflected in the valuation discounted cash flow method. The adjustments relate to differences between the value of net occupancy advances included for future repayment within the independent valuation and the net occupancy advances recognised on the balance sheet. A reconciliation between the valuation and the amount recognised as investment property is as follows: Group Group 2026 2025 Rm Rm Subject to valuation Operators’ interest 1 473 – Property under development 784 – Adjustments Gross occupancy advances 1 998 – Accrued DML (96) – Occupancy advances related to assets held at cost (277) – Total investment property 3 882 – GROWTHPOINT 51Group summarised audited annual results for the year ended 30 June 2026
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4. Fair value estimation continued 4.4 Valuation techniques and significant unobservable inputs continued At the reporting date, the key assumptions and unobservable inputs used by the Group in determining fair value were in the following ranges for the Group’s portfolio of properties: 2026 Investment property (including held for sale) Significant unobservable inputs and range of estimates used Sector Valuation technique Fair value Rm Discount rate % Exit capitalisation rate % Capitalisation rate % Rental growth rate % Retail Discounted cash flow model 24 244 12.96 8.50 8.04 4.77 8 117 12.00 – 12.75 7.50 – 8.50 7.00 – 8.25 4.25 – 5.00 16 127 13.00 – 13.75 8.00 – 10.00 7.75 – 9.00 3.75 – 5.50 Office 23 124 13.51 9.60 8.85 4.47 2 383 12.00 – 12.75 8.25 – 9.00 8.00 – 8.75 4.00 – 4.50 15 882 13.00 – 13.75 8.75 – 17.28 8.00 – 9.75 3.50 – 5.00 4 234 14.00 – 14.75 9.50 – 11.50 9.00 – 10.75 3.50 – 5.00 625 15.00 – 15.25 9.75 – 11.25 9.00 – 11.00 0.00 – 4.00 Logistics and Industrial 11 029 13.76 9.52 8.96 4.64 300 12.75 – 12.75 8.75 – 9.00 8.25 – 8.75 4.00 – 5.00 6 105 13.00 – 13.75 8.75 – 10.00 8.25 – 9.25 0.50 – 5.00 4 481 14.00 – 14.75 9.50 – 10.75 9.00 – 10.25 4.00 – 5.50 143 15.25 – 15.50 10.75 – 11.50 9.00 – 11.00 4.50 – 5.00 GHPH (healthcare) 4 521 13.23 9.50 9.09 4.34 1 160 12.00 – 12.50 8.25 – 8.75 8.00 – 8.50 4.00 – 4.00 2 384 13.25 – 13.50 9.75 – 10.25 9.25 – 9.75 4.50 – 4.50 977 14.00 – 14.50 9.25 – 10.25 9.00 – 9.75 4.00 – 5.00 4 522 14.20 9.58 9.20 5.00 319 13.50 – 13.50 9.00 – 9.00 8.50 – 8.50 5.00 – 5.00 GSAH 4 203 14.00 – 14.50 9.25 – 10.00 9.00 – 9.50 5.00 – 5.00 GOZ Office 28 851 28 851 7.10 – 8.80 6.10 – 8.80 5.50 – 8.80 2.60 – 4.10 GOZ Logistics and Industrial 16 762 16 762 6.80 – 8.00 5.30 – 13.70 5.00 – 9.40 3.00 – 4.00 Total 113 053 GOZ operates in a foreign jurisdiction where certain information is not publicly reported. As a result, Growthpoint discloses information that is publicly available through disclosure by GOZ. Significant unobservable inputs and range of estimates used Sector Valuation technique Fair value Rm Discount rate % Average length of stay rate (years) Unit price growth rate % GHPH sector (senior living)1 Discounted cash flow model 3 114 13.90 9.45 5.70 3 114 13.50 – 15.45 8.75 – 9.50 5.50 – 6.00 Total 3 114 1 Excludes Coral Cove valued at R766m at FY26. 52 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Notes continued For the year ended 30 June 2026
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4. Fair value estimation continued 4.4 Valuation techniques and significant unobservable inputs continued 2026 Significant unobservable inputs and range of estimates used Sector Valuation technique Fair value Rm Value/m² R Retail Market-comparable approach 2 050 27 406 154 1 205 – 13 576 1 896 28 197 – 33 113 Office 2 323 6 964 685 0 – 4 264 199 7 986 – 9 476 296 11 771 – 12 896 1 143 15 378 – 35 599 Logistics and Industrial 1 829 2 508 495 0 – 1 911 476 3 042 – 5 988 476 6 115 – 8 953 382 9 382 – 11 708 GHPH (healthcare) 69 26 983 GSAH 479 9 962 Total 6 750 2025 Significant unobservable inputs and range of estimates used Sector Valuation technique Fair value Rm Discount rate % Exit capitalisation rate % Capitalisation rate % Rental growth rate % Retail Discounted cash flow model 25 142 12.92 8.41 7.96 4.85 15 611 12.00 – 13.00 7.50 – 8.75 7.00 – 8.25 4.25 – 5.50 9 531 13.25 – 13.75 8.25 – 9.50 8.00 – 8.75 4.19 – 5.07 Office 25 017 13.35 9.43 8.79 4.46 7 869 12.00 – 13.00 8.25 – 9.50 8.00 – 9.00 3.75 – 5.00 14 497 13.25 – 14.25 8.75 – 16.02 8.25 – 10.75 2.99 – 5.50 2 651 14.50 – 15.00 9.75 – 11.50 9.25 – 10.75 2.69 – 5.00 Logistics and Industrial 10 763 13.77 9.60 9.05 4.68 7 574 13.00 – 14.00 8.75 – 10.75 8.25 – 10.25 3.00 – 5.00 3 013 14.25 – 14.75 9.50 – 11.00 9.00 – 10.50 4.00 – 5.50 176 15.00 – 15.50 10.75 – 12.50 10.25 – 11.50 4.00 – 5.50 GHPH (healthcare) 4 205 13.78 9.42 9.01 4.54 2 956 13.00 – 13.75 8.25 – 9.75 8.00 – 9.25 4.50 – 5.00 1 249 14.00 – 14.50 9.25 – 10.25 9.00 – 9.75 4.00 – 5.00 GSAH 4 237 14.31 9.72 9.31 5.00 GOZ Office 29 945 7.73 7.33 7.03 3.15 16 356 6.75 – 7.75 5.63 – 7.63 5.13 – 7.38 2.60 – 3.70 13 589 7.88 – 8.75 7.35 – 8.75 7.30 – 8.50 2.60 – 3.70 GOZ Logistics and Industrial 17 255 7.21 6.88 6.11 3.30 6 114 7.00 – 8.00 5.50 – 7.59 5.25 – 7.30 2.80 – 3.80 9 629 7.25 – 7.25 5.75 – 7.01 5.50 – 6.58 2.80 – 3.80 1 512 7.25 – 7.25 12.26 – 12.42 8.49 – 8.67 2.80 – 3.80 Total 116 564 GROWTHPOINT 53Group summarised audited annual results for the year ended 30 June 2026
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4. Fair value estimation continued 4.4 Valuation techniques and significant unobservable inputs continued 2025 Significant unobservable inputs and range of estimates used Sector Valuation technique Fair value Rm Value/m² R Retail Market-comparable approach 573 18 689 123 11 973 – 11 973 450 21 658 – 21 658 Office 1 511 4 699 520 2 039 – 3 835 123 4 505 – 7 021 755 8 027 – 11 772 113 17 292 – 17 292 Logistics and Industrial 2 412 2 743 552 658 – 2 328 847 3 489 – 5 822 589 6 078 – 8 590 424 9 071 – 11 708 GHPH 5 2 586 GSAH 115 2 363 Total 4 616 Further assumptions are used in the valuation of investment property. The estimated fair value would increase/(decrease) if the expected market rental growth was higher/(lower), expected expense growth was lower/(higher), the vacant periods were shorter/(longer), the occupancy rate was higher/(lower), the rent-free periods were shorter/(longer), the discount rate was lower/(higher) and/or the reversionary capitalisation rate was lower/(higher). The property portfolio on pages 134 to 152 of the Group and company annual financial statements provides further detail on each of the Group’s investment properties. Long-term loans granted Description Valuation technique Significant unobservable inputs Range of inputs Relationship of unobservable inputs to fair value V&A Waterfront Valued by discounting future cash flows using the South African prime rate plus an appropriate credit margin at the dates when the cash flows will take place. Counterparty credit risk impacting the discount rate Discount rate at prime -1.65% (FY25: prime -1.65%) A change in the discount rate by 50bps would increase/(decrease) the fair value by R41.1m/ (R41.1m) (FY25: R17.2m/ (R17.2m)). 54 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Notes continued For the year ended 30 June 2026
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Unlisted investments Description Valuation technique Significant unobservable inputs Range of inputs (weighted average) (%) Relationship of unobservable inputs to fair value Lango Valued by multiplying the company’s percentage of investment in the fund by the net asset value, comprising investment property net of interest- bearing borrowings and working capital Discount rate (%) 10.75 – 12.25 (11.01) (FY25: 11.00 – 12.50 (11.71)) A change in the discount rate by 50bps would increase/(decrease) the fair value by R40.4m/(R71.3m) (FY25: R36.8m/(R64.9m)). Exit capitalisation rate (%) 8.50 – 10.25 (8.86) (FY25: 8.50 – 10.25 (9.27)) A change in the exit capitalisation rate by 50bps would increase/ (decrease) the fair value by R53.3m/ (R47.5m) (FY25: R48.5m/(R43.2m)). Marketability discount (%) 16.20 (FY25: 16.20) A change in the marketability discount rate by 50bps would increase/(decrease) the fair value by R4.4m/(R4.4m) (FY25: R4.6m/ (R4.6m)). Company 4.5 Fair value measurement of assets and liabilities The table below includes only those assets and liabilities that are measured at fair value, including non-recurring items measured at fair value: 2026 2025 Fair value Rm Level 1 Rm Level 2 Rm Level 3 Rm Fair value Rm Level 1 Rm Level 2 Rm Level 3 Rm Assets Recurring fair value measurement Fair value of property assets 34 041 – – 34 041 35 578 – – 35 578 Unlisted investments 945 – – 945 858 – – 858 Investments in subsidiaries1 36 896 11 794 – 25 102 37 229 13 036 – 24 193 Investments in joint ventures 10 242 – – 10 242 9 321 – – 9 321 Long-term loans granted 2 981 – – 2 981 2 943 – – 2 943 Derivative assets 1 115 – 1 115 – 507 – 507 – Cash and cash equivalents 175 – 175 – – – – – Non-recurring fair value measurement Non-current assets held for sale 243 – – 243 155 – – 155 Total assets measured at fair value 86 638 11 794 1 290 73 554 86 591 13 036 507 73 048 Liabilities Recurring fair value measurement Interest-bearing borrowings 28 482 – 28 482 – 32 395 – 32 395 – Derivative liabilities 18 – 18 – 197 – 197 – Total liabilities measured at fair value 28 500 – 28 500 – 32 592 – 32 592 – 1 Refer to note 13 of the Group and company annual financial statements for detail regarding the prior year restatement. The carrying amount of assets and liabilities that are not measured at fair value reasonably approximate their fair value due to their short-term nature. These include cash and cash equivalents classified at amortised cost, trade and other receivables, intercompany assets and liabilities, and trade and other payables. GROWTHPOINT 55Group summarised audited annual results for the year ended 30 June 2026
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4. Fair value estimation continued 4.6 Movement in level 3 instruments 2026 2025 Property assets Rm Unlisted invest- ments Rm Invest- ments in subsidia- ries Rm Invest- ments in joint ventures Rm Long- term loans granted Rm Property assets Rm Unlisted invest- ments Rm Invest- ments in subsidia- ries1 Rm Invest- ments in joint ventures Rm Long- term loans granted Rm Opening balance 35 733 858 24 193 9 321 2 943 35 320 1 029 22 565 8 278 3 113 Gain/(loss) from fair value adjustments 613 (178) (333) 918 (12) 781 (175) 1 628 1 043 (156) Depreciation and amortisation (94) – – – – (100) – – – – Accrued interest – – – – 254 – – – – 279 Acquisitions 1 126 265 1 242 3 – 872 7 – – – Disposals (3 094) – – – – (1 140) (3) – – – Advanced during the year – – – – 50 – – – – – Repaid during the year – – – – (254) – – – – (293) Closing balance 34 284 945 25 102 10 242 2 981 35 733 858 24 193 9 321 2 943 1 Refer to note 13 of the Group and company annual financial statements for detail regarding the prior year restatement. 4.7 Valuation process A number of the company’s accounting policies and disclosures require the measurement of fair values for both financial and non-financial assets and liabilities. The company has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including level 3 fair values, and reports directly to the Group Financial Director. The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third-party information is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such valuations should be classified. Significant valuation issues are reported to the Group’s Property and Investment Committee and the Group’s Audit Committee. When measuring the fair value of an asset or a liability, the company uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: › Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities › Level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices) › Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. For assets and liabilities that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. There were no transfers between levels during the year. 56 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Notes continued For the year ended 30 June 2026
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4.8 Valuation techniques and significant unobservable inputs Level 2 instruments Cash and cash equivalents Description Valuation technique and inputs used Significant unobservable inputs Cash and cash equivalents Money market funds are valued by discounting future cash flows. Valuations are based on market interest rates. Not applicable The estimated fair value would increase/(decrease) if the interest rates were lower/(higher). Interest-bearing borrowings Description Valuation technique and inputs used Significant unobservable inputs Interest-bearing borrowings Valued by discounting future cash flows using the applicable swap curve plus an appropriate credit margin (as indicated below) at the dates when the cash flow will take place. Not applicable Interest-bearing borrowings (refer to note 21.1 of the Group and company annual financial statements) Credit margin 2026 % 2025 % SA (ZAR) 0.9 – 2.1 1.1 – 1.8 The estimated fair value would increase/(decrease) if the credit margin was lower/(higher). Derivative instruments Description Valuation technique and inputs used Significant unobservable inputs Forward exchange contracts Valued by discounting the forward rates applied at year end to the open hedged positions using the swap curve of the respective currencies. Not applicable Interest rate swaps Valued by discounting the future cash flows using the basis swap curve of the respective currencies at the dates when the cash flows will take place. Not applicable Cross-currency interest rate swaps Valued by discounting the future cash flows using the basis swap curve of the respective currencies at the dates when the cash flows will take place. Not applicable GROWTHPOINT 57Group summarised audited annual results for the year ended 30 June 2026
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4. Fair value estimation continued 4.8 Valuation techniques and significant unobservable inputs continued Level 3 instruments Investment property (including held for sale) At the reporting date, the key assumptions and unobservable inputs used by the company in determining fair value of investment property were in the following ranges for the company’s portfolio of properties: 2026 Significant unobservable inputs and range of estimates used Sector Valuation technique Fair value Rm Discount rate % Exit capitalisation rate % Capitalisation rate % Rental growth rate % Retail Discounted cash flow model 14 445 12.94 8.54 8.07 4.74 5 036 12.25 – 12.50 8.00 – 8.50 7.50 – 8.25 4.25 – 5.00 9 409 13.00 – 13.75 8.00 – 10.00 7.75 – 9.00 3.75 – 5.50 Office 10 616 13.47 9.35 8.87 4.51 1 866 12.00 – 12.50 8.25 – 8.75 8.00 – 8.50 4.00 – 4.50 5 775 13.00 – 13.75 8.75 – 10.25 8.25 – 9.75 3.75 – 5.00 2 975 14.00 – 14.50 9.50 – 10.50 9.00 – 10.00 4.00 – 5.00 Logistics and Industrial 4 668 13.59 9.37 8.83 4.46 74 12.75 – 12.75 9.00 – 9.00 8.75 – 8.75 4.00 – 4.00 3 349 13.00 – 13.75 8.75 – 10.00 8.25 – 9.25 0.50 – 5.00 1 245 14.00 – 14.75 9.50 – 10.75 9.00 – 10.25 4.00 – 5.00 Total 29 729 2026 Significant unobservable inputs and range of estimates used Sector Valuation technique Fair value Rm Value/m² R Retail Market-comparable approach 1 376 30 473 1 376 1 205 – 33 113 Office 1 841 6 746 626 0 – 4 264 1 215 12 139 – 35 599 Logistics and Industrial 1 074 1 898 374 683 – 3 042 318 5 732 – 8 935 382 9 382 – 11 708 Total 4 291 58 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Notes continued For the year ended 30 June 2026
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2025 Significant unobservable inputs and range of estimates used Sector Valuation technique Fair value Rm Discount rate % Exit capitalisation rate % Capitalisation rate % Rental growth rate % Retail sector Discounted cash flow model 15 243 12.79 8.36 7.91 4.86 10 960 12.25 – 13.00 7.50 – 8.75 7.25 – 8.25 4.25 – 5.50 4 283 13.25 – 13.75 8.25 – 9.50 8.00 – 8.50 4.19 – 5.00 Office sector 12 972 13.36 9.13 8.70 4.40 5 609 12.00 – 13.00 8.25 – 9.50 8.00 – 9.00 3.75 – 4.75 5 305 13.25 – 14.00 9.00 – 11.00 8.50 – 10.75 4.00 – 5.00 2 058 14.25 – 14.50 10.00 – 10.50 9.50 – 9.50 4.17 – 4.50 Logistics and Industrial sector 4 438 13.59 9.49 8.95 4.66 3 408 13.00 – 13.75 8.75 – 10.00 8.25 – 9.25 4.00 – 5.00 1 030 14.00 – 15.00 9.50 – 11.00 9.00 – 10.50 4.00 – 5.00 Total 32 653 Significant unobservable inputs and range of estimates used Sector Valuation technique Fair value Rm Value/m² R Retail Market-comparable approach 123 11 973 123 11 973 – 11 973 Office 1 308 3 532 499 2 039 – 3 084 809 8 027 – 11 011 Logistics and Industrial 1 321 2 146 359 658 – 1 300 282 3 636 – 5 827 269 7 695 – 7 698 411 9 071 – 11 708 Total 2 752 Long-term loans granted Description Valuation technique Significant unobservable inputs Range of inputs Relationship of unobservable inputs to fair value V&A Waterfront Valued by discounting future cash flows using the South African prime rate plus an appropriate credit margin at the dates when the cash flows will take place Counterparty credit risk impacting the discount rate Discount rate at prime -1.65% (FY25: prime -1.65%) A change in the discount rate by 50bps would increase/(decrease) the fair value by R41.1m/ (R41.1m) (FY25: R17.2m/ (R17.2m)) GROWTHPOINT 59Group summarised audited annual results for the year ended 30 June 2026
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4. Fair value estimation continued 4.8 Valuation techniques and significant unobservable inputs continued Investments in subsidiaries 2026 Sector Valuation technique Significant unobservable inputs Range of inputs (weighted averages) (%) A change in the rate by 25bps would increase/ (decrease) the fair value by Total Discounted cash flow model of the underlying properties in the subsidiaries Discount rate 12.00 – 15.00 (13.5) R535.2m/(R545.2m) Exit capitalisation rate 7.50 – 17.28 (9.36) R390.8m/(R433.5m) Retail Discount rate 12.00 – 17.75 (12.99) R145.6m/(R148.7m) Exit capitalisation rate 7.50 – 9.00 (8.44) R123.3m/(R131.0m) Office Discount rate 12.50 – 15.25 (13.55) R171.7m/(R174.8m) Exit capitalisation rate 8.50 – 17.28 (9.81) R127.7m/(R134.4m) Logistics and Industrial Discount rate 12.75 – 15.50 (13.88) R90.0m/(R91.2m) Exit capitalisation rate 8.75 – 11.50 (9.62) R63.9m/(R67.1m) Healthcare Discount rate 12.00 – 14.50 (13.23 R63.3m/(R64.8m) Exit capitalisation rate 8.25 – 10.25 (9.50) R40.1m/(R42.6m) Senior living Discount rate 13.50 – 14.50 (13.90) R40.1m/(R43.9m) Average length of stay rate (years)8.75 – 9.5 (9.45) R19.7m/(R20.5m) Student Accommodation Discount rate 13.50 – 14.50 (14.20) R64.7m/(R65.7m) Exit capitalisation rate 9.00 – 10.00 (9.58) R46.0m/(R48.2m) Investments in subsidiaries 2025 Sector Valuation technique Significant unobservable inputs Range of inputs (weighted average) (%) A change in the rate by 25bps would increase/ (decrease) the fair value by Total Discounted cash flow model of the underlying properties in the subsidiaries Discount rate 12.00 – 15.50 (13.60) R534.9m/(R521.6m) Exit capitalisation rate 7.50 – 16.02 (9.36) R423.9m/(R400.6m) Retail Discount rate 12.00 – 13.75 (13.13) R147.6m/(R144.4m) Exit capitalisation rate 7.50 – 9.25 (8.48) R130.6m/(R122.9m) Office Discount rate 12.50 – 15.00 (13.52) R171.8m/(R167.4m) Exit capitalisation rate 8.50 – 16.02 (9.76) R131.1m/(R124.3m) Logistics and Industrial Discount rate 13.00 – 15.50 (13.89) R91.3m/(R88.1m) Exit capitalisation rate 8.75 – 12.50 (9.68) R66.6m/(R62.6m) Healthcare Discount rate 13.00 – 14.50 (13.78) R61.2m/(R60.0m) Exit capitalisation rate 8.25 – 10.25 (9.42) R39.7m/(R37.8m) Student Accommodation Discount rate 14.00 – 14.75 (14.31) R63.0m/(R61.7m) Exit capitalisation rate 9.50 – 10.00 (9.72) R55.9m/(R53.0m) Unlisted investments Description Valuation technique Significant unobservable inputs (%) Range of inputs (weighted average) (%) Relationship of unobservable inputs to fair value Lango Valued by multiplying the company’s percentage of investment in the fund by the net asset value, comprising investment property net of interest- bearing borrowings and working capital Discount rate 10.75 – 12.25 (11.01) (FY25: 11.00 – 12.50 (11.71)) A change in the discount rate by 50bps would increase/(decrease) the fair value by R40.4m/(R71.3m) (FY25: R36.8m/(R64.9m)). Exit capitalisation rate 8.50 – 10.25 (8.86) (FY25: 8.50 – 10.25 (9.27)) A change in the exit capitalisation rate by 50bps would increase/ (decrease) the fair value by R53.3m/ (R47.5m) (FY25: R48.5m/(R43.2m)). Marketability discount 16.20 (FY25: 16.20) A change in the marketability discount rate by 50bps would increase/(decrease) the fair value by R4.4m/(R4.4m) (FY25: R4.6m/ (R4.6m)). 60 GROWTHPOINT Group summarised audited annual results for the year ended 30 June 2026 Notes continued For the year ended 30 June 2026
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http://www.linkedin.com/company/growthpointlimited @growthpoint https://www.youtube.com/user/GrowthPointBroadcast Johannesburg office Physical address: The Place, 1 Sandton Drive, Sandown, Sandton, 2196 Postal address: PO Box 78949, Sandton, 2146 Switchboard tel: +27 (0) 11 944 6000 Durban office Physical address: 4th Floor, Lincoln On The Lake, 2 The High Street, Parkside Umhlanga Ridge, KwaZulu-Natal, 4319 Postal address: PO Box 1330, Umhlanga Rocks, 4320 Switchboard tel: +27 (0) 31 584 5100 Cape Town office Physical address: 4th Floor, MontClare Place, Main Road, Claremont, 7700 Postal address: PO Box 44392, Claremont, 7735 Switchboard tel: +27 (0) 21 673 8400 Contact details GROWTHPOINT 61Group summarised audited annual results for the year ended 30 June 2026
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The Place, 1 Sandton Drive, Sandton, Gauteng, 2196, South Africa, Tel: +27 (0) 11 944 6000 PO Box 78949, Sandton, 2146, South Africa info@growthpoint.co.za www.growthpoint.co.za