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Strategic overview Property asset platform Financial insights OUR CONVERSATION Strategic overview Andrew König Property asset platform Leon Kok and Andrew König Financial insights Ntobeko Nyawo 1 2 3 2
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Strategic overview Property asset platform Financial insights STRATEGIC OVERVIEW Our future lies at the intersection of flexibility, sustainability and technology 3
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Strategic overview Property asset platform Financial insights Source: RMB/Bloomberg OUR OPERATING CONTEXT Each time we believe the skies are finally clearing, a dark cloud or two looms, which dissipate Rising geopolitics, geoeconomics, and GNU fragility was absorbed with little sustained disruption to markets Energy and logistics reforms continue, while loadshedding is largely behind us South Africa’s removal from the FATF grey list in October is anticipated Interest rates have settled at their long-term averages President Ramaphosa launched the second phase of Operation Vulindlela in May Commercial real estate transaction activity has picked up Prospects of an SA Inc credit rating upgrade from Standard & Poor's in 2026 are good South Africa’s move to a 3% inflation target may bolster prospects for a lower repo rate JIBAR rates EURIBOR rates 4 3 4 5 6 7 8 9 10 (1) 0 1 2 3 4
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Strategic overview Property asset platform Financial insights OUR STRATEGIC FOCUS IN THE SECOND HALF OF FY25 It is how we adapt our strategic priorities in an ever-evolving landscape that will set us apart Invest strategically ▪ Create value through organic growth and asset optimisation ▪ Allocate capital strategically into growth sectors ▪ Keep spaces relevant to ensure they meet stakeholder’s needs Optimise capital ▪ Renew maturing debt facilities proactively, extend the debt maturity profile and continue to diversify funding sources ▪ Manage interest rate risk vigilantly ▪ Source new capital and recycle non-core assets Operate efficiently ▪ Improve renewal reversions, cost control and recoveries ▪ Attract new tenants by offering compelling value-added services ▪ Improve digital ratio to use data analytics to identify trends and inefficiencies Engage talent ▪ Build future-ready skills ▪ Cultivate an inclusive and diverse high-performing team ▪ Review people structures to ensure they are fit-for-purpose Grow reputation ▪ Collaborate with key stakeholders ▪ Create sustainable socioeconomic impacts ▪ Reduce reliance on municipally supplied utilities FLEXIBILITY Adaptable workspaces Smart buildingsWellbeing SUSTAINABILITY TECHNOLOGY Environmentally friendly buildings Renewable energy Improve efficiency Enhance tenant experience Adaptive reuse Mixed use 5
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Strategic overview Property asset platform Financial insights Invest strategically ▪ Asset values are increasing ▪ Significant focus on simplifying Polish joint ventures ▪ Leasing prospects are improving Optimise capital ▪ Loan-to-value ratio improving to within our target range of 38% to 41% ▪ Debt margins have lowered on renewal of facilities ▪ Elimination of European debt amortisation progressing well Operate efficiently ▪ On track to deliver earnings growth ▪ Improved group net operating profit margin ▪ Increased local renewable energy capacity by 9.3MWp to 52.5MWp Engage talent ▪ SA employees bring a combined 3 361 years of experience and 329 tertiary qualifications ▪ EPP employees bring a combined 2 014 years of experience and 181 tertiary qualifications ▪ SA employee retention rate stable at 95.3% ▪ EPP employee retention rate at 94.5% ▪ Learnership Programme in its 12th year with 465 learners since inception Grow reputation ▪ Number of Net Zero Carbon Level 2 certifications increased by three to total nine buildings ▪ International recognition for local corporate social responsibility impacts with two Solal awards ▪ Renewable energy totalling 37GWh per annum secured through a power purchase agreement KEY OUTCOMES FROM OUR STRATEGY IN ACTION We look to end FY25 in better shape than we started 6
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Strategic overview Property asset platform Financial insights LOOKING AHEAD Focusing on what matters most will draw our attention away from non-value-adding distractions We will continue to focus on the variables under our control Build a quality, diversified portfolio that delivers sustainable risk- adjusted returns Focus on conservative balance sheet management to drive sustainable growth Accelerate new data and digital platforms to lift operating profit margin Invest in and transform our human capital to empower creativity and drive innovation Embed ESG as an operational imperative by fostering stakeholder collaboration Direct influence on value creation Indirect influence on value creation Team and culture Stakeholder experience Capital allocation Capital sourcing Rental growth and cost containment 7
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8 Strategic overview Property asset platform Financial insights PROPERTY ASSET PLATFORM: SOUTH AFRICA A sizeable, well-diversified and high-quality portfolio
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Strategic overview Property asset platform Financial insights 2.2% 5.4% 9.8% 12.7% 1.5% 1.8% Vacancy by GMR Vacancy by GLA TRADING STATISTICS Jul 25 FY24 Active occupancy 94.1% 93.2% Renewal reversions -5.2% -5.9% Tenant retention by GMR 92.9% 89.4% Renewal success rate by GLA 78.0% 67.7% Weighted average lease escalation 6.3% 6.3% Weighted average unexpired lease term by GMR (years) 3.1 3.4 Retail Office Industrial Specialised 4.6% 5.9% 3% 1% 16% 20% 16% 15% 29% Monthly FY25 FY26 FY27 FY28 FY29 Beyond FY29 Lease expiry profile by GMR Renewal reversion analysis 88 690 121 238 202 503 Number of leases Positive reversions Flat reversions Negative reversions GLA (m²) 499 175 148 Active vacancySector split by value 9 GLA (m2) SOUTH AFRICAN PORTFOLIO OVERVIEW Industrial and retail sectors leading growth while office adapt to evolving demand 45% 34% 20% 1%
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Strategic overview Property asset platform Financial insights SUSTAINABILITY INITIATIVES RETAIL OFFICE INDUSTRIAL Renewable energy Solar PV projects completed and commissioned 40 484kWp 4 615kWp 7 440kWp Installations in progress 8 471kWp 1 658kWp 2 077kWp Feasibilities in progress 10 767kWp 1 449kWp 1 315kWp Solar wheeling Expanding access to renewable energy sources Blue Route Mall and Kenilworth Centre earmarked as off-takers for the wheeled energy from Massmart DC in HY26 Concluded a PPA to secure 14MWp supplying 37GWh per annum to Eskom-connected buildings for beginning 2027 Network upgrades are underway, for the implementation of a 5.7MWp roof-mounted solar farm at Massmart DC. On track to go live during HY26 Green Star ratings Number of certifications 15 144 27 New certifications in progress 10 6 12 Net zero certifications Number of certifications – 9 – Water efficiency Number of low-flush toilets installed 784 1 859 – Energy efficiency Number of LED lights retrofitted (total) 49 044 45 213 802 Waste management % of waste recycled 73% 58% 9% 10 SOUTH AFRICA – SUSTAINABILITY IN ACTION Sustainability is a core operational imperative
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Strategic overview Property asset platform Financial insights 7% 29% 31% 33% ACTIVITY DURING THE PERIOD Disposals • Four non-core properties sold for combined proceeds of R432.0 million Developments • Park Meadows refurbishment to improve convenience and introduce Woolworths Foods is in progress at a cost of R62.0 million • Mall of the South: Vacant land redevelopment and fast food court relocation in progress at a total cost of R58.0 million • GMR growth driven by strong trading density growth from essential services and apparel. These categories contribute 62% of turnover and 55% of GMR • Recovery of large format centres will drive income growth based on improved performance from apparel, where turnover growth improved from 1.0% at HY25 to 3.7% • Focus on operating cost efficiencies and effectiveness of solar drive margin improvement to 89.4% at FY25 • In-force escalations remains unchanged and are forecast to marginally increase to 6.0% at HY26 TRADING STATISTICS Jul 25 FY24 Active occupancy 94.6% 95.0% Renewal reversions* 1.6% 0.2% Tenant retention by GMR 93.4% 91.2% Renewal success rate by GLA 83.7% 87.9% Weighted avg. lease escalation 5.9% 5.9% Weighted avg. unexpired lease term by GMR (years) 3.0 3.0 Tenant turnover growth **4.1% 5.9% Rent-to-turnover ratio **7.4% 7.7% Trading density growth **3.5% 3.4% * Renewal reversions based on 16% (FY24:15%) of the portfolio ** For the period 1 July 2024 to 30 June 2025 Super regional 3.7% Regional 3.9% Convenience 4.2% Other 19.1% LOOKING AHEAD ▪ Forecasting rental reversion to continue improving based on low overall rent-to-turnover ratios ▪ Turnover growth to be underpinned by apparel and grocer relailers ▪ Development spend to focus on protecting existing assets 5.4% SOUTH AFRICAN RETAIL PORTFOLIO Stable electricity supply and lower interest rates underpinning sector recovery Contribution to vacancy Vacancy by type Mall of the South, Gauteng, South Africa 11
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Strategic overview Property asset platform Financial insights TRADING STATISTICS Jul 25 FY24 Active occupancy 87.3% 88.8% Renewal reversions* -12.3% -13.9% Tenant retention by GMR 90.8% 89.0% Renewal success rate by GLA 77.9% 67.8% Weighted average lease escalation 6.9% 6.8% Weighted average unexpired lease term by GMR (years) 3.5 3.2 * Renewal reversions based on 15% (FY24: 16%) of the portfolio Premium Grade 4.5% A Grade 14.8% Secondary 37.5% 14% 63% 23% 90 Rivonia Road, Gauteng, South Africa 12.7% 12 SOUTH AFRICAN OFFICE PORTFOLIO Negative reversions persist but proactive renewals resulted in a longer WAULT ACTIVITY DURING THE PERIOD Disposals • Two non-core properties sold for combined proceeds of R141.0 million Developments • Hertford Office Park Building H under construction at a cost of R65.5 million (33% share) 30 June 2026 completion date • Monte Circle Building G under construction at a cost of R11.4 million (17.55% share) Renewal reversion rates at -12% for the year due to renewals/pre-empted renewals of larger tenants, improving WAULT and reducing risk • Alexander Forbes (11 801m) • WeWork (Rosebank 12 852m²) • WNS (Century City 6 971m²) • Bowman Gilfillan (CT CBD 6 799m²) • Marsh (Alice Lane 6 744m²) Renewal analysis • 208 renewals have been concluded in this financial year to end July 2025 • 109 had a positive increase in rentals with 30 flat and 69 negative reversions LOOKING AHEAD ▪ Continue to dispose of non-core assets and develop bulk at attractive yields ▪ Negative reversions are expected to improve in the next financial year with fewer large over-rented tenants up for renewal and asking market rentals improving Contribution to vacancy Vacancy by type
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Strategic overview Property asset platform Financial insights TRADING STATISTICS Jul 25 FY24 Active occupancy 98.2% 94.5% Renewal reversions* -0.2% 5.5% Tenant retention by GMR 95.3% 85.6% Renewal success rate by GLA 70.7% 47.6% Weighted average lease escalation 6.5% 6.5% Weighted average unexpired lease term by GMR (years) 4.6 5.2 Cato Ridge DC, KwaZulu-Natal, South Africa 13 SOUTH AFRICAN INDUSTRIAL PORTFOLIO Continues to outperform, driven by strong demand for modern logistics and warehousing ACTIVITY DURING THE PERIOD Disposals • Five non-core properties sold for combined proceeds of R403.1 million • Four land parcels sold measuring 51 763m² at an average rate of R1 524/m² Renewal analysis • 52 renewals have been concluded in this financial year to end July 2025 • 36 had a positive increase in rentals with 13 flat and 3 negative reversions Developments in progress • Brackengate 2 minis 4 800m² at 9% – completion October 2025 • Skyhawk Park 15 815m² at 9% – completion June 2026 • NINE AT S&J mini units 22 450m² at 9.4% – completion July 2026 LOOKING AHEAD ▪ Next phases at S&J Business Park earmarked to launch 2026 ▪ Proactive facility management ensures attraction and retention ▪ Right-sizing brownfield developments by improving yard areas and office to warehouse ratios Contribution to vacancy Vacancy by type * Renewal reversions based on 8% (FY24: 11%) of the portfolio Note: Heavy grade, modern logistics and hi-tech industrial have no vacancies 12% 31%56% 1% Warehousing 1.5% Light manufacturing 10.6% Modern logistics 13.9% Retail warehousing 3.7% 1.8%
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14 Strategic overview Property asset platform Financial insights PROPERTY ASSET PLATFORM: POLAND – EPP An asset platform in cities with the strongest consumer demand
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Strategic overview Property asset platform Financial insights POLAND EPP Retail continues its healthy performance MARKET OVERVIEW ▪ For the period April to June 2025, retail sales grew by 8%, 4% and 2% respectively ▪ Share of e-commerce oscillated between 8.7% to 9.1% since January 2025 ▪ Brands such as Mr DIY, Half Price,Worldbox, centrumrowerowe.pl, Sportsdirect, Rituals, and dm continued expansion ▪ Rapid expansion of retail parks continues across Poland with signs of saturation in some catchment areas ▪ No new shopping centres are under construction ▪ Lifting the Sunday retail trading bill unlikely and introduction of REIT legislation uncertain following the election of a new President • No historical data for Auchan Hypermarkets available for Horse JV • Data available for 1 July 2024 to 30 June 2025 compared to period 1 July 2023 to 30 June 2024 SUSTAINABILITY IN ACTION ▪ King Cross Marcelin modernisation completed with significant reduction in energy consumption in common areas ▪ PV installations plan approved for 7 127kWp and installation in progress ▪ Achieved a CDP "B" rating score ▪ All eligible properties have obtained BREEAM in-use ratings at “very good” score or above ▪ Waste tracking tool implemented in first location: King Cross Marcelin, enabling tenants to better manage their waste OPERATIONAL UPDATE ▪ Footfall across the EPP portfolio reduced by 2% for the period 1 August 2024 to 31 July 2025 compared with the prior year period ▪ Like-for-like turnover for the period 1 July 2024 to 30 June 2025 compared to the prior year period increased by +2% ▪ Rent collection for both retail and office remained strong with a collection rate of 99.0% (FY24:99.7%) ▪ Occupancy across the retail portfolio increased to 97.9% from 97.8% and decreased across the office portfolio from 87.4% to 84.4% ▪ Operational efficiencies are being realised from rationalised property administration, recoveries in respect of asset management and internalised accounting EPP RETAIL SALES TRENDS BY CATEGORY Category 2025 vs 2024 Services 8% Entertainment 6% Health and beauty 6% Food Court 3% Restaurants 3% Speciality goods 3% Household appliances and accessories 3% Café 2% Fashion and accessories 1% Electronics -2% Value retailers -2% Food/Groceries/Supermarkets -3% DIY -5% Total weighted average 2% 15
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Strategic overview Property asset platform Financial insights PRIORITIES FOR EPP ▪ Asset management programme aimed at increasing attractiveness of M1 shopping centres is well advanced with number of new stores opened such as Half Price (M1 Radom, Poznań and Zabrze), centrumrowerowe.pl (M1 Poznań), Action, dm (M1 Łódź), Sportsdirect (M1 Kraków, M1 Zabrze), Well Fitness, CCC (M1 Marki), Fly Park (M1 Bytom) ▪ Opening of Twierdza Kłodzko retail park extension resulted in significant footfall increases (29% in May, 13% in June and 17% in July) ▪ Number of new lease contracts signed in Galeria Młociny, including Mr DIY, Intersport, Starbucks, Castorama Design Point, Hdrey – enhancing the centre’s tenant mix ▪ Continue to drive operational efficiencies ▪ Simplify our investment proposition and reduce high levels of gearing POLAND | EPP CORE PORTFOLIO OVERVIEW Business enhancement programme well underway * Renewal reversions based on 16.0% (FY24: 14.7%) of the core portfolio ** Indexation occurs once a year in the first calendar quarter. EICB (all EU countries) inflation rate printed at 2.6% and MUIP (Eurozone countries) inflation rate printed at 2.4% for calendar year 2024 *** Data available for 1 July 2024 to 30 June 2025 compared to period 1 July 2023 to 30 June 2024 **** Data available for 1 August 2024 to 31 July 2025 compared to period 1 August 2023 to 31 July 2024 EPP CORE PORTFOLIO TRADING STATISTICS July 25 FY24 Active occupancy 99.3% 99.1% Renewal reversions* 0.8% 0.2% Tenant retention by GMR 95.8% 94.8% Renewal success rate by GLA 76.8% 74.0% Weighted average rent indexation rate** 2.1% 5.5% Weighted average unexpired lease term by GMR (years) 3.8 3.9 Like-for-like footfall**** -2.2% 3.6% Rent-to-sales ratio*** 9.3% 8.8% M1 Marki, Polska, Poland 16
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Strategic overview Property asset platform Financial insights POLAND | EPP JOINT VENTURE PORTFOLIO OVERVIEW Solid retail operating metrics are driven by active asset management EPP JOINT VENTURE PORTFOLIO TRADING STATISTICS Horse Group EPP Community Galeria Młociny Henderson EPP % shareholding 50.0% 48.5% 70.0% 30.0% Jul 25 FY24 Jul 25 FY24 Jul 25 FY24 Jul 25 FY24 Active occupancy(%) 98.3 97.3 96.3 96.4 96.2 95.4 77.7 82.0 Renewal reversions (%)*** -3.9 -2.1 -0.5 -2.1 -7.8 -1.6 -11.5 -2.3 Tenant retention by GMR (%) 96.7 95.0 96.2 96.7 92.4 92.5 98.9 84.1 Renewal success rate by GLA (%) 82.1 89.4 76.9 88.2 95.7 82.2 94.7 27.4 Weighted average rent indexation rate (%)* 2.0 3.7 2.3 5.3 2.4 4.7 2.1 6.9 Weighted average unexpired lease term by GMR (years) 5.1 4.8 3.2 3.1 3.7 3.6 2.9 3.2 Like-for-like footfall (%)**** -5.2 -3.0 0.0 -1.7 2.4 2.2 n/a n/a Rent to sales ratio (%)** 7.5 7.6 8.4 7.6 10.9 10.9 n/a n/a * Indexation occurs once a year in the first calendar quarter. EICB (all EU countries) inflation rate printed at 2.6% and MUIP (Eurozone countries) inflation rate printed at 2.4% for calendar year 2024 ** Only applicable to retail properties for the period 1 July 2024 to 30 June 2025 compared to 1 July 2023 to 30 June 2024 *** Renewal reversion based on GLA: 13.4% – Horse Group, 17.1% – EPP Community, 25.7% – Galeria Młociny and 17.8% Henderson **** Data available for 1 August 2024 to 31 July 2025 compared to period 1 August 2023 to 31 July 2024 17
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18 Strategic overview Property asset platform Financial insights PROPERTY ASSET PLATFORM: POLAND – ELI AND SELF-STORAGE Strategic exposure to sectors with growth potential
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Strategic overview Property asset platform Financial insights PRIORITIES ▪ Actively pursuing asset management opportunities to enhance dividend yields ▪ Securing pre-letting agreements for undeveloped land to enable further development with favourable yields ▪ Selling select land holdings if tenants cannot be secured in the near term ▪ Finalising shareholder arrangements regarding separately managed portfolios MARKET OVERVIEW ▪ Poland’s logistics market demonstrates strong fundamentals despite macroeconomic challenges, including uncertainty surrounding trade tariffs ▪ In the first quarter of 2025, Poland’s modern logistics stock exceeded 35 million m², reflecting year-on-year growth of nearly 8% ▪ Leasing activity up 16% year-on-year in the first quarter of 2025, driven primarily by lease renewals ▪ Stable tenant demand, supported by Polish consumer spending, is expected to drive annual leasing volumes beyond 5 million m² for 2025 ▪ Headline rents remained relatively stable from 2024, ranging between €3.60 and €6.75/m²/month for large spaces OPERATIONAL UPDATE ▪ As of 31 July 2025, the GLA of the Redefine operating portfolio was 514 638m², unchanged from 31 August 2024, with 55 000m² of undeveloped land ▪ Due to strong leasing activity, the vacancy rate decreased from 10.1% as of 31 August 2024 to 3.2% as of 31 July 2025 ▪ Lease renewals totalling 14 639m² were recorded at an average rent of €4.74/m², achieving rental growth of 6.3% ▪ New lettings of 9 694m² were recorded at an average rent of €4.86/m², reflecting an 8.3% increase over the expiring rental rates ▪ First-time lettings of 29 881m² were recorded in developments at an average initial rent of €4.43/m² POLAND | ELI A modern logistics platform located in low-risk core markets SUSTAINABILITY IN ACTION ▪ 98.2% (FY24: 95.0%) of the portfolio has secured BREEAM certifications for new buildings, of the certifications obtained, 70.3% fall within the Very Good or Excellent categories ▪ The calculation of GHG emissions (Scope 1, 2, and 3) for FY24 is complete ▪ The Energy Performance Certificates have been finalised, and all buildings fall into energy classes ranging from A to C ▪ Implementation of the EPBD ordinance in Poland (which will impose energy classes) by the Ministry is targeted for the beginning of 2026 19
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Strategic overview Property asset platform Financial insights PORTFOLIO SEPERATION ▪ On 12 March 2025, a side agreement was executed, allowing the division of the ELI group’s assets into two portfolios, each portfolio to be managed by Redefine and Madison, retrospectively effective from 1 September 2024 ▪ This arrangement will become permanent once a revised shareholders’ agreement, incorporating the terms of the side agreement and other corporate requirements is finalised ▪ Until these conditions are met, the parties have agreed to an interim arrangement under which cash distributions, such as revenue, proceeds from disposals, or refinancing gains, from each shareholders’ portfolios will be distributed to the respective shareholder POLAND | ELI PORTFOLIO OVERVIEW Resilient in a challenging market, with a steady improvement in occupancy levels ELI PORTFOLIO TRADING STATISTICS Jul 25 FY24* Active occupancy*** 96.8% 90.7% Renewal reversions** 7.1% 3.1% Tenant retention by GMR 59.5% 61.2% Renewal success rate by GLA 55.4% 46.2% Weighted average rent indexation rate 2.3% 3.4% Weighted average unexpired lease term by GMR (years) 5.1 5.7 * Redefine operating portfolio ** Renewal growth is based on 4.7% (FY24: 6.0%) of the portfolio *** 2.2% of the occupancy relates to leases commencing in FY26 20
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Strategic overview Property asset platform Financial insights BANK FINANCE ▪ Bank funding with a total facility of €14.1 million, representing a loan-to-cost ratio of 39% has been secured ▪ The funding comprises an investment loan of €4.7 million for the existing Warsaw-Modlinska building and €9.4 million for three developments MARKET OVERVIEW ▪ While Poland's self-storage sector is still in its early stages compared to its counterparts in Western Europe, it remains on a promising growth trajectory ▪ Poland currently has nearly 200 self-storage facilities available to both private users and companies ▪ Poland's self-storage market grows steadily, most notably in urban areas where space scarcity and high costs drive individuals and businesses to seek alternative storage solutions ▪ Expansion of the self-storage segment is driven primarily by rising demand from individuals needing additional storage space and businesses seeking flexible storage options, with a preference for short-term leases OPERATIONAL UPDATE ▪ Integration and standardisation of operations and implementation of technology across all locations have largely been achieved ▪ At 31 July 2025, the total net leasable area (NLA) of the active portfolio (operating assets) was 27 951m² spread across 20 locations. This comprises 15 089m² of NLA in containers and 12 862m² of NLA in internal units ▪ Average occupancy of the portfolio was at 72.1%, with occupancy of internal units at 81.0% and occupancy of containers at 64.6% ▪ First development undertaken within Stokado, located in Kraków, will start trading in August. The building comprises six floors with an NLA of 5 000m² providing 940 units POLAND | SELF-STORAGE INVESTMENTS Satisfying the demand for self-storage in urbanized markets DEVELOPMENTS ▪ Two developments are currently under construction, with two more developments starting in August 2025, comprising 3 487 units with an NLA of 18 639m² and a cost of €34.0 million ▪ Two developments are in Warsaw, one development in Kraków and one development in Wrocław ▪ Two new developments in Warsaw and Gdańsk, comprising 1 766 units with an NLA of 9 757m² and a cost of €21.2 million, are planned for construction over the next 12 months (subject to zoning requirements) 21
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Strategic overview Property asset platform Financial insights Warsaw Kraków Upper Silesia Wrocław Legnica Zielona Góra Bydgoszcz Poznań Kalisz Łódź Tricity POLAND | SELF-STORAGE INVESTMENTS OVERVIEW Developing an institutional-grade self-storage platform Portfolio progressionPRIORITIES FOR SELF-STORAGE INVESTMENTS ▪ Complete developments on time and within budget to ensure portfolio growth ▪ Implement efficient processes for onboarding new sites to ensure operational excellence ▪ Divest from underperforming container sites and redirect resources to better performing locations for efficiency ▪ Use proactive sales and marketing to build a recognised brand, boosting occupancy and rental income ▪ Develop a strategic pipeline in Polish cities with good self-storage potential for market coverage Standing asset Land secured Key markets Building permit submitted Development Advanced negotiations (project approved by RDF IC) Kraków M1, PolandBemowo, Warsaw, Poland Modlińska, Warsaw, Poland Sosnowiecka, Kraków, Poland 22
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Strategic overview Property asset platform Financial insights POLAND | REDUCING COMPLEXITY TO FOCUS ON QUALITY Restructuring the Polish joint ventures holds the key to achieving this JOINT VENTURE STRATEGIC VIEW UPDATE ON ACTION PLAN Horse Group JV Pursue the sale of surplus land to residential developers, dispose of M1 properties and Power Parks The sale of surplus land at Krakow and Lodz subject to rezoning, is underway The sale of the two Power Parks is close to being concluded Henderson Look to dispose this portfolio once the office market stabilises (anticipated in the medium term) Malta Office Park is being marketed to establish whether there is any investor appetite ELI The division of ELI into two portfolios provides optionality given attractive asset profile and WAULT of 5.1 years Focused on improving ELI’s equity yield, whilst we wait for the investment market to pick up and the existing stock on the market to be sold (about 10% of the market is up for sale at the moment) 23
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24 Strategic overview Property asset platform Financial insights Improving margins support our profitable organic growth FINANCIAL INSIGHTS
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Strategic overview Property asset platform Financial insights * Net operating profit margin is calculated after administration costs and before funding costs ** EPP Core directly held properties 0.2 0.3 0.4 0.5 0.5 SA office reversion rate by 3% SA admin costs by 5% EUR interest rate by 50bps Poland rent indexation by 1% ZAR interest rate by 50bps Changes78.2% 74.1% 76.7%78.5% 66.4% 75.1% 79.2% 72.6% 77.1% South Africa EPP** Group FY23 FY24 Q3 FY25 Recurring Non-recurring 99.7% 0.3% FY23 95.8% 4.2% FY24 99.8% 0.2% Q3 FY25 STABILISING EARNINGS OUTLOOK Healthy operating margins driving the high quality of earnings Distributable income per share Sensitivity analysis (cents per share)Net operating profit margin* Distributable earnings quality 25
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Strategic overview Property asset platform Financial insights BALANCE SHEET MANAGEMENT Consistent prudent risk management lowers risk through market cycles Focusing on delivering sustainable medium- term growth from our well-diversified property asset platform Stable liquidity profile with access to committed undrawn facilities and cash on hand of R7.6 billion as at 31 May 2025 (FY24: R4.8 billion) Committed to gradual reduction of see- through LTV Independent property valuations are in progress - expect gradual improvement in SA and stable outcome in Poland The easing interest rate cycle and strong cash generation to gradually improve ICR headroom in the medium term ZAR weighted average cost of debt reduced to 9.0% (FY24: 9.2%). Fx weighted average cost of debt decreased by 60bps to 4.5% (FY24: 5.1%) Interest rates hedged on 90.4% (FY24: 78.9%) of debt for 0.8 years (FY24: 1.3 years) Group weighted average cost of debt decreased by 90bps to 6.6% (FY24: 7.5%) on the back of reduced base rates and margin compression 26
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Strategic overview Property asset platform Financial insights DEBT MATURITY AND AVAILABLE FACILITIES Proactive management of liquidity mitigates volatility DEBT MATURITY PROFILE AS AT 31 MAY 2025 1% 5% 15% 33% 25% 12% 9% FY25 FY26 FY27 FY28 FY29 FY30 Beyond FY25 DEBT REFINANCING PROGRESSING WELL ▪ R6.5bn of debt facilities with average margin of 2.0% were early refinanced at margins of 1.6% for an average tenor of 4.8 years ▪ Issued R1.9bn through DCM private placement split between 3- year funding of R0.5bn at margin of 1.3%, 5-year funding of R0.5bn at margin of 1.5% and 7-year funding of R0.9bn at margin of 1.6% ▪ Auctioned R0.8bn through a 2.3x oversubscribed public auction split into 3-year tenor of R0.3bn at margin of 1.2% and 5-year tenor of R0.5bn with margins of 1.4% ▪ Overall, R2.6bn of capital was raised through DCM auction and private placement at an average margin of 1.4% for tenor of 5.0 years ▪ The R1.5bn (of R2.6bn) DCM proceeds was used to repay R1.5bn of debt facilities with average margin of 2.1% ▪ Residual DCM proceeds of R1.1bn earmarked for repayment of facilities which mature in Q425 and H126 AVAILABLE CASH RESOURCES AS AT 31 MAY 2025 R’m Cash on hand 2 461 Available committed access facilities 5 120 Total 7 581 REFINANCING OF CROSS-CURRENCY SWAPS (CCS) AND INTEREST RATE SWAPS (IRS) ▪ CCS of €299m matured during the year, split across €191m with average fixed rate of 4.1% and €108m with average margin of 1.5% ▪ New CCS of €299m and an average fixed rate of 4.0% were entered into for an average tenor of 1-year to replace matured swaps ▪ IRS with nominal value of R9.0bn and average fixed rate of 7.1% matured during the year and were replaced with swaps with nominal value of R9.5bn and an average fixed rate of 7.1% for average tenor of 2-years 27
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Strategic overview Property asset platform Financial insights -0.7% -0.1% -0.1% -0.1% 0.1% 0.1% 0.4% -0.8% -0.1% 0.1% 0.2% 1.4% 41.2% 40.8% 41.6% HY25 Op Cashflow SA disposals 50% PPO Disp Val impacts Int capex SA capex Forex Q32025 Op Cashflow Graph Avenue … Int capex SA capex Distribution FC FY25 SA REIT LTV Focus on LTV reduction towards 38% to 41% medium target range SA REIT LTV – forecast assumes flat property values and stable FX CORPORATE COVENANTS Covenant 31 May 25 Interest cover ratio* 1.75x 2.2x SA REIT LTV 50% 40.8% Moody’s credit rating reaffirmed at Ba2, on 14 February 2025, with a stable outlook LTV SENSITIVITY ANALYSIS AND IMPACT LTV IMPACT Investment property valuations SA property values by 1% (R0.7 billion) -/+0.3% EPP property values by 1% (R0.2 billion) -/+0.1% Investment in joint ventures Joint ventures value by 1% (R0.1 billion) -/+0.1% Foreign exchange movements ZAR depreciates/appreciates by 5% +/-0.4% * ICR relaxed from 2.0x to 1.75x for all periods up to and including 31 August 2026 49.7% 46.9% 47.3% 47.9% 47.2% 46.9% FY21 FY22 FY23 FY24 HY25 Q3 FY25 See-through LTV SA disposals HY25 dividend 28
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Strategic overview Property asset platform Financial insights TRADING UPDATE FOR FY25 Solid operational metrics driving profitable organic growth Focusing on improving operating margins to support profitable organic growth Strong cash generation supports high-quality earnings Upgrading distributable income per share guidance to 51.5 cents and 52.5 cents Revision of SA’s inflation target to 3% The unpredictable global macroeconomic environment driven by US policy uncertainty Maintaining disciplined capital allocation with strong focus on see-through LTV reduction Consistent delivery of strategy REDEFINE’S INVESTMENT PROPOSITION IS COMPELLING Simplified high-quality asset platform that is diversified Sustainable funding model with solid credit metrics Engaged passionate and innovative human talent 29
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This presentation may include forward-looking statements which statements are not based on historical information, but rather premised on certain assumptions, risks, estimates and/or uncertainties (“risks and uncertainties”), which are taken into consideration as at date of this presentation. Should these risks and uncertainties prove inaccurate, or should unknown risks and uncertainties affecting Redefine’s business materialise, the actual results may differ materially from Redefine’s expectations. As a result of risks and uncertainties falling outside of our control, Redefine is not able to guarantee that any forward-looking statements will materialise. Attendees are accordingly cautioned in this regard and in respect of reliance placed on forward-looking statements as predictors of future events. Redefine assumes no obligation and disclaims any intention to update or revise any forward-looking statements (even in the event of new information or change in risks and uncertainties), save to the extent required by the JSE. For any questions please email: investorenquiries@redefine.co.za Please follow our LinkedIn page for more details DISCLAIMER