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1Group annual results for the year ended 31 August 2025 Follow our LinkedIn page for regular insights Follow our LinkedIn page for regular insights
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2Group annual results for the year ended 31 August 2025 Investing strategically Growing reputation Strategic overview Engaging talent Supplementary information Operating efficiently Optimising capital Wrap-up Our conversation
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Strategic overview Our future lies at the intersection of flexibility, sustainability and technology Rosebank Link, Gauteng, South Africa
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4Group annual results for the year ended 31 August 2025 OUR PURPOSE is to create and manage spaces in a way that transforms lives OUR VISION is to be the BEST South African REIT OUR MISSION is to deliver the smartest and most sustainable spaces OUR PRIMARY GOAL is to grow and improve cash flow to create sustained value for all our stakeholders When Why Where What Our approach is purposeful, adaptable and inclusive A people centric, directly managed, focused and diversified real estate business R103.2 billion Property asset platform 35.2% 64.7% Poland R36.3 billion South Africa R66.8 billion 28.2% Retail 0.9% Office 5.1% Logistics 1.0% Self-storage 28.9% Retail 22.3% Office 12.8% Industrial 0.7% Other R0.1 billion 0.1%
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5Group annual results for the year ended 31 August 2025 *Relates to EPP Core Key financial outcomes The property cycle is on its upward trajectory Poland occupancy* 99.4% FY24 | 99.1% SA occupancy 93.5% FY24 | 93.2% SA REIT NAV per share 816.45 cents FY24 | 788.28 cents Property assets R103.2 billion FY24 | R99.6 billion SA REIT loan-to-value 40.6% FY24 | 42.3% Interest cover ratio 2.2 times FY24 | 2.1 times Dividend per share 45.84 cents FY24 | 42.52 cents Distributable income per share 52.39 cents FY24 | 50.02 cents
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6Group annual results for the year ended 31 August 2025 Strategic outcomes Redefine has ended FY25 in much better shape than when we started Renewal of debt facilities totaling R7.9 billion Strong liquidity profile with access to committed undrawn facilities and cash of R6.7 billion Loan-to-value ratio lowered by 1.7% to 40.6% Group net operating profit margin lifted by 1.1% to 76.2% Rental reversions in the local and EPP core portfolios improved from -5.9% and +0.2% to -5.2% and +0.4% Distributable income growth of 7.8% to R3.6 billion 2025 Learnership Programme in its twelfth year has had 518 learners complete the programme Stable employee retention rate of 93.6% and 79.9% in SA and Poland Healthy staff engagement with good and positive Net Promoter Scores in SA and Poland respectively Redefine achieved a 81 GRESB score, EPP advanced its score from 70 to 81 Net Zero Carbon Level 2 certifications increased from six to nine buildings Retained top three position in EY’s excellence in integrated reporting for ninth consecutive year Total assets grown by R4.4 billion to R106.3 billion Property values lifted by R1.9 billion in SA and R49.4 million in Poland Recycled capital totalling R1.1 billion in SA and R163 million in Poland INVESTSTRATEGICALLY OPTIMISE CAPITAL OPERATE EFFICIENTLY ENGAGE TALENT GROW REPUTATION
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Investing strategically A quality, diversified portfolio positioned to deliver sustainable returns Group 90 Rivonia Road, Gauteng, South Africa
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8Group annual results for the year ended 31 August 2025 *Includes Lango of R0.1 billion **Includes Talis government-tenanted portfolio ***Includes Pan Africa Development Proprietary Limited additional investment of R30 million ^As a result of the ELI restructuring, prior year metrics have been restated to include only those assets directly managed by Redefine Our group property asset platform A quality, well-located and diversified portfolio that delivers sustainable risk-adjusted real estate returns Group* South Africa** Poland^ FY25 FY24 FY25 FY24 FY25 FY24 Property assets under management (R'bn) 103.2 99.6 66.8 64.7 36.3 34.7 Total GLA ('000 m²) 5 567 5 688 3 814 3 908 1 753 1 780 Uses of cash flow of R5.2 billion Capital allocated to developments and capex of R1.7 billion R’m R’m 80 179 321 460 1 190 2 931 Taxation Net debt repayment SA acquisitions and investment in PAD*** Polish development activities and capex SA development activities and capex Distribution 364 554 272 138 322 SA retail SA office SA industrial Polish retail Polish self-storage
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Investing strategically Allocating capital where the best risk-adjusted returns lie South Africa Centurion mall, Gauteng, South Africa
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10Group annual results for the year ended 31 August 2025 Northern Cape Eastern Cape KwaZulu-Natal Mpumalanga Limpopo Gauteng North West Free State Western Cape *Excludes Talis government-tenanted portfolio and ROU assets South Africa asset portfolio Improved operating metrics bodes well for growth expectations South Africa* FY25 FY24 Carrying value of properties R65.5bn R63.1bn TotalGLA ('000) 3 658m² 3 738m² Weighted average lease escalation by GMR 6.3% 6.3% Number of tenants 4 200 4 239 Average value per property R287.4m R265.0m 45% 34% 20% 1% 15 051 15 857 16 877 17 584 258 241 238 228 FY22 FY23 FY24 FY25 Average value per m² (R) Number of properties (#) 2% 15% 20% 17% 16% 30% Monthly 2026 2027 2028 2029 Beyond 2029 Sectoral split by value Impact of portfolio repositioningLease expiry profile by GMR 75% 18% 7% Tenant grade A Grade B Grade C GradeRetail Office SpecialisedIndustrial Geographic split by value 72% 5% Other in SA 5% 18%
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11Group annual results for the year ended 31 August 2025 * Includes new developments in progress, redevelopments in progress and infrastructure projects South Africa portfolio key outcomes A diversified portfolio delivering stable results 2.4% 5.9% 9.9% 13.0% 1.8% 2.7% Retail Office Industrial Portfolio vacancy 1 931 1 267 139 534 -9 3.0% 4.5% 0.6% 4.2% -1.6% Change in fair value (Rm) Change in fair value (%) Change in fair value by sector Solar PV capacity In progress 8 380kWp FY24 | 18 304kWp Installed 58 401kWp FY24 | 43 200kWp Active occupancy 93.5% FY24 | 93.2% Non-current assets held for sale R62.5m FY24 | R521.0m Renewal reversions -5.2% FY24 | -5.9% Tenant retention by GMR 91.8% FY24 | 89.4% Renewal success rate by GLA 78.9% FY24 | 67.7% Non-core disposals R1 134.0m FY24 | R386.0m Weighted average unexpired lease term 3.0 years FY24 | 3.4 years Total developments in progress* R707.3m FY24 | R742.0m Industrial | 9.0% Office | 8.9%Specialised | 8.6% Retail | 8.0% Weighted average exit cap rate per sector (core portfolio) GMR % GLA % Portfolio 6.5% Portfolio 4.8% Total Retail Office Industrial Specialised
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12Group annual results for the year ended 31 August 2025 South Africa retail portfolio A bias to regional and convenience centres geared for growth 13% 41% 41% 5% Type by value 1 267 181 657 471 -42 4.5% 4.8% 5.7% 4.0% -3.1% Change in fair value (Rm) Change in fair value (%) Change in fair value by type Benmore Centre, Gauteng, South Africa Carrying value R29.8bn FY24 | R28.3bn Number of properties 54 FY24 | 59 Number of tenants 2 697 FY24 | 2 807 GLA 1 195 116 m² FY24 | 1 219 584 m² Super regional Other Regional Convenience Total Super regional Regional Convenience Other
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13Group annual results for the year ended 31 August 2025 #Relates to 21% of retail portfolio (FY24 | 15% of retail portfolio) *Relates to 17% of retail portfolio (FY24 | 15% of retail portfolio) South Africa retail portfolio key outcomes Lower inflation and interest rates bodes well for discretionary spend to drive sector recovery 79% 16% 5% Contribution to vacancy by type 3% 16% 24% 20% 15% 22% Monthly 2026 2027 2028 2029 Beyond 2029 Lease expiry profile by GMR 59% 22% 19% 391 Positive reversions 139 Flat reversions 78 Negative reversions Renewal reversion analysis by GLA# Vacancy by type No of leases Solar PV capacity In progress 5 024kWp FY24 | 12 351kWp Installed 45 374kWp FY24 | 34 587kWp Active occupancy 94.1% FY24 | 95.0% Renewal success rate by GLA* 86.6% FY24 |87.9% Renewal reversions# 1.0% FY24 | 0.2% Annual trading density R36 320 per m² FY24 | R34 700 per m² Rent-to-turnover 7.4% FY24 | 7.7% Letting activity 290 692m² (34% new deals) FY24 | 279 694m² (38% new deals) Tenant retention by GMR 92.6% FY24 | 91.2% Weighted average unexpired lease term 3.0 years FY24 | 3.0 years Weighted average lease escalation 5.9% FY24 | 5.9% Retail vacancy 5.0% Office related vacancy 18.4% Motor related vacancy 23.8%5.9%
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14Group annual results for the year ended 31 August 2025 Above numbers exclude Talis government-tenanted portfolio South Africa office portfolio High-quality portfolio located in well-performing nodes 57% 39% 4% Value by grade 139 44 254 -159 0.6% 0.4% 2.8% -8.1% Change in fair value (Rm) Change in fair value (%) Column2 Change in fair value by type 115 West Street, Gauteng, South Africa Carrying value R22.1bn FY24 | R21.5bn Number of properties 86 FY24 | 86 Number of tenants 1 233 FY24 | 1 153 GLA 992 455 m² FY24 | 984 121 m² Secondary Premium A Grade Total Premium Grade A Grade Secondary Grade
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15Group annual results for the year ended 31 August 2025 # Relates to 19% of office portfolio (FY24 | 15% of office portfolio) * Relates to 17% of office portfolio (FY24 | 10% of office portfolio) South Africa office portfolio key outcomes Gradual recovery driven by location, building efficiency and grade of properties 18% 63% 19% Contribution to vacancy by type 3% 16% 17% 16% 23% 25% Monthly 2026 2027 2028 2029 Beyond 2029 Lease expiry profile by GMR 34% 9% 57% 122 Positive reversions 35 Flat reversions 76 Negative reversions Renewal reversion analysis by GLA# Vacancy by type No of leases Solar PV capacity In progress 1 658kWp FY24 | 1 045kWp Installed 4 794kWp FY24 | 4 191kWp Active occupancy 87.0% FY24 | 88.8% Green Star SA certifications 143 FY24 | 137 Renewal reversions# -12.9% FY24 | -13.9% Letting activity 261 822m² (44% new deals) FY24 | 251 318m² (44% new deals) Weighted average unexpired lease term 3.5 years FY24 | 3.2 years Renewal success rate by GLA* 77.5% FY24 | 67.8% Weighted average lease escalation 6.9% FY24 | 6.8% Tenant retention by GMR 89.1% FY24 | 89.0% Premium Grade 5.8% A Grade 15.8% Secondary Grade 34.2%13.0%
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16Group annual results for the year ended 31 August 2025 Above numbers exclude Talis government-tenanted portfolio South Africa industrial portfolio A defensive portfolio delivering consistent growth 17% 7% 20% 9% 26% 13% 1%7% Value by grade 534 90 14 30 54 244 66 5 31 4.2% 4.1% 1.4% 1.0% 5.3% 8.0% 4.3% 2.2% 3.2% Change in fair value (Rm) Change in fair value (%) Change in fair value by type Carrying value R13.1bn FY24 | R12.7bn Number of properties 85 FY24 | 90 Number of tenants 269 FY24 | 278 GLA 1 458 091 m² FY24 | 1 521 136 m² Warehousing Light manufacturing Heavy grade industrial Industrial units Modern logistics Hi-tech industrial Retail warehouse Vacant land/sites Total Ware- housing Light manuf. Heavy grade industrial Industrial units Modern logistics Hi-tech industrial Retail warehouse Vacant land Brackengate II, Western Cape, South Africa
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17Group annual results for the year ended 31 August 2025 # Relates to 13% of industrial portfolio (FY24 | 8% of industrial portfolio) * Relates to 9% of industrial portfolio (FY24 | 11% of industrial portfolio) South Africa industrial portfolio key outcomes Demand for modern industrial units continue to support market rental growth Contribution to vacancy by type 1% 8% 17% 10% 6% 58% Monthly 2026 2027 2028 2029 Beyond 2029 Lease expiry profile by GMR 56% 31% 13% 40 Positive reversions 13 Flat reversions 3 Negative reversions Renewal reversion analysis by GLA# Vacancy by type No of leases Solar PV capacity In progress 1 698kWp FY24 | 4 908kWp Installed 8 233kWp FY24 | 4 422kWp Active occupancy 97.3% FY24 | 94.5% Green Star SA certifications 35 FY24 | 27 Renewal reversions# 0.8% FY24 | 5.5% Letting activity 218 877m² (43% new deals) FY24 | 326 799m² (50% new deals) Weighted average unexpired lease term 4.6 years FY24 | 5.2 years Renewal success rate by GLA* 70.4% FY24 | 47.6% Weighted average lease escalation 6.5% FY24 | 6.5% Tenant retention by GMR 94.4% FY24 | 85.6% Warehousing 8.6% Retail warehousing 4.2% Industrial units 5.8% 2.7% 77% 1% 22%
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18Group annual results for the year ended 31 August 2025 South Africa alternative income streams Supplementing individual building strategies by creating new revenue opportunities FY25 revenue of R102.1 million (FY24: R88.3 million) Our kiosk spaces provide ideal opportunities to test new retail concepts that can develop into fully fledged GLA retail tenants Strategic shift to execute activations that enhance the shopping experience and attract new mall visits Average organic growth of 7.5% in the past 5 years A national network of outdoor media sites, generating revenue and providing added value to tenants. 12 new sites in progress Innovation with a potential 10.7% uplift in revenue Including interactive vehicle showrooms, multipurpose digital event venues and electric charging solutions for the logistics industry R22 million in advertising for SED Empowering NGO’s and SMME’s by using unsold inventory to create awareness for their businesses Overall growth of 15.6% vs prior year Driving revenue on existing initiatives and the development of innovative new income streams remain the key focus areas 36.5% increase vs prior year 19.5% increase vs prior year EXHIBITIONS KIOSKS IN-MALL AND EXTERIOR MEDIA NEW PROJECTS FY25 REVENUE SMME AND SED SUPPORT
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Investing strategically Strategic exposure to sectors with growth potential Poland King Cross Marcelin, Poznań, Poland
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20Group annual results for the year ended 31 August 2025 *Includes Horse Group of R1 034 million held by Redefine Europe (FY24: R983 million) and Berea loan of R51.6 million (FY24: 1 90.1 million) **As a result of the ELI restructuring, prior year metrics have been restated to include only those assets directly managed b y Redefine ***NLA (net lettable area) Poland asset portfolio Bias to retail and logistics sectors will benefit from evolving real estate dynamics Poland EPP* ELI** Self-storage FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 Property asset platform (ZAR) R36.3bn R34.7bn R30.0bn R28.9bn R5.3bn R5.3bn R1.0bn R0.5bn Property asset platform (EUR) €1.7bn €1.8bn €1.4bn €1.5bn €0.3bn €0.3bn €48.7m €25.4m Total GLA ('000 m²) 1 753 1 780 1 238 1 265 515 515 31*** 26*** Value by sector (%) 80% 2% 15% 3% International platform R'bn 36.7 34.7 36.3 0.2 0.2 0.1 36.9 34.9 36.4 FY23 FY24 FY25 Poland Africa Poland’s proportional share of JVs Retail Office Logistics Self-storage Assets R31.0bn FY24 | R30.5bn Debt R13.6bn FY24 | R13.3bn
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21Group annual results for the year ended 31 August 2025 Poland portfolio salient features Operating conditions are improving 0% 2% 4% 6% 8% 10% 12% 14% V 2023 VII 2023 IX 2023 XI 2023 I 2024 III 2024 V 2024 VII 2024 IX 2024 XI 2024 I 2025 III 2025 V 2025 VII 2025 IX 2023 XI 2023 I 2024 III 2024 V 2024 VII 2024 IX 2024 XI 2024 I 2025 III 2025 V 2025 VII 2025 Share of e-commerce in total retail sales (%) -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% V 2023 VI 2023 VII 2023 VIII 2023 IX 2023 X 2023 XI 2023 XII 2023 I 2024 II 2024 III 2024 IV 2024 V 2024 VI 2024 VII 2024 VIII 2024 IX 2024 X 2024 XI 2024 XII 2024 I 2025 II 2025 III 2025 IV 2025 V 2025 VI 2025 VII 2025 VIII 2025 Total retail sales (y-o-y, %), fixed prices Solar PV capacity in progress 7 100kWp Electricity from renewable energy sources Retail 35% Office 100% Logistics 100% Implemented cost reduction plan, lifting EPP’s operating profit margin Seven Self-Storage developments totalling NLA of 33 171m² approved Significant focus on reducing complexity and high leverage in JVs Institutional investment activity remains subdued Process underway to sell Malta Office Park ELI's cash distribution increased from R100.5 million to R214.3 million Renewable energy PPA to initially provide 16% of EPP’s usage, increasing to 25% Progress made to eliminate EPP Core’s debt amortization Source: Central Statistical Office
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22Group annual results for the year ended 31 August 2025 Reducing complexity and high leverage to focus on quality assets Restructuring the Polish joint ventures holds the key to achieving this Horse Group Pursue the sale of surplus land to residential developers, dispose of M1 properties and Power Parks Henderson Look to dispose this portfolio ELI The division of ELI into two portfolios provides optionality given the attractive asset profile and WAULT of 5 years Action planJoint venture The sale of surplus land at Krakow and Lodz subject to rezoning, is underway The sale of the two Power Parks remain on the market Malta office park is being marketed to establish whether there is any investor appetite Focus is now on improving ELI’s equity yield, whilst we wait for the investment market to pick up and the existing stock on the market is sold (about 10% of the market is up for sale at the moment) Update on action plan M1 Marki, Poland 2.1% 1.5% 1.5% 0.7% 0.4% -0.1% 40.6% 46.7% FY25 SA REIT LTV Horse ELI Community Mlociny Henderson Talis See-through LTV See-through LTV bridge
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23Group annual results for the year ended 31 August 2025 Source: JLL Poland EPP Core portfolio An asset platform located in cities with the strongest consumer demand and growth potential 0.4% 1.2% 1.5% 1.5% 1.5% 1.7% 1.7% 1.9% 1.9% 1.9% 2.0% 2.0% 2.1% 2.6% 2.7% 2.9% 3.2% 3.4% Italy Switzerland Romania Spain Finland Eurozone Slovak Republic Netherlands United Kingdom France Germany Portugal Ireland Belgium Poland Sweden Czech Republic Hungary Retail growth volume forecast 2025-2029Value of directly held property assets R19.0bn FY24 | R18.0bn Carrying value of investment in JVs R9.4bn FY24 | R9.3bn Number of tenants 668 FY24 | 677 GLA 250 651 m² FY24 | 250 682 m² Galaxy, Szczecin, Poland
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24Group annual results for the year ended 31 August 2025 # Renewal reversions based on 16.3% of the core portfolio Poland EPP Core portfolio key outcomes Stable operating metrics underpinned by improving consumer spend 2025 EPP’s retail sales trends by category vs 2024 Cafe - Electronics -2% Entertainment 5% Fashion & accessories -1% Food / Groceries / Supermarkets -3% Food court 4% Health & beauty 4% Household appliances & accessories 11% Restaurants 5% Services 6% Speciality goods 1% Value retailers -2% Total weighted average 1% BREEAM in-use ratings by GLA 100.0% FY24 | 100.0% Occupancy 99.4% FY24 | 99.1% Rent-to-sales ratio 9.0% FY24 | 9.2% Weighted avg. rent indexation rate 2.1% FY24 | 5.5% Renewal reversion# 0.4% FY24 | 0.2% Weighted avg. unexpired lease term by GMR 3.8 years FY24 | 3.9 years Renewal success rate by GLA 77.4% FY24 | 74.0% Tenant retention by GMR 95.1% FY24 | 94.8% Annual footfall 36 801 361 FY24 | 37 586 138
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25Group annual results for the year ended 31 August 2025 *Only applicable to retail properties Poland EPP joint ventures Solid operating metrics driven by active approach to asset management Description FY25 Horse Group EPP Community Galeria Młociny Henderson EPP % shareholding 50.0% 48.2% 70.0% 30.0% Occupancy 98.3% 96.8% 97.1% 77.3% Weighted average renewal reversions -3.9% -0.1% -9.1% -8.7% Weighted average tenant retention by GMR 96.1% 95.8% 93.2% 95.0% Weighted average renewal success rate by GLA 80.8% 81.2% 90.9% 89.7% Weighted average rent indexation rate 2.0% 2.3% 2.4% 2.1% Weighted average unexpired lease term by GLA 5.2 3.4 3.9 3.0 Like-for-like footfall* -5.2% 0.1% 1.4% n/a Rent-to-sales ratio* 7.4% 7.4% 9.8% n/a Galeria Młociny, Warsaw, Poland
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26Group annual results for the year ended 31 August 2025 Poland ELI portfolio A modern logistics platform located in low-risk core markets Geographical spreadCarrying value R10.5bn FY24 | R10.3bn 74.6% by value located in major logistics hubs Active income producing GLA 514 638 FY24 | 514 638m2 Diverse tenant base with 45.4% of GLA let to last-mile and distribution operators BTS Weber Zabrze, Poland As a result of the ELI restructuring, prior year metrics have been restated to include only those assets directly managed by Redefine Standing asset Under construction Land acquired
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27Group annual results for the year ended 31 August 2025 * Renewal growth based on 28 815m² of the portfolio Poland ELI portfolio key outcomes The Polish logistics market is evolving beyond big box facilities to service e-commerce, retail and logistics 44% 23% 19% 5% 4% 5% Tenant type by GLA BREEAM ratings by GLA 70% FY24 | 84% of portfolio certified as Very Good or Excellent, all new developments to be certified Very Good or Excellent Occupancy 96.8% FY24 | 90.7% Renewal success rate by GLA 61.9% FY24 | 46.2% Renewal growth* 6.9% FY24 | 3.1% Weighted avg. unexpired lease term by GLA 5.0 years FY24 | 5.7 years Tenant retention by GMR 66.7% FY24 | 61.2% Weighted avg. rent indexation rate 2.3% FY24 | 3.4% Production Distribution 3PL Delivery Retailer Supplier 88.5% by GLA let to national and international tenants Relets and renewals of 28 815m² at average rental of €4.92/m² Bielsko-Biala, Poland
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28Group annual results for the year ended 31 August 2025 *Restated Poland Self-storage portfolio and key outcomes Creating a portfolio with excellent coverage of Polish cities offering the best self-storage prospects Geographical spread Stokado, Wroclaw, Poland Carrying value R993.0m FY24 | R530.3m Number of properties 21 FY24 | 20 Active income-producing NLA 30 543m2 FY24 | 26 347m2* Occupied NLA 20 292 (66.4%) FY24 | 18 156* (68.9%) One development completed, total cost of R183 million, adding NLA of 2 594m² Four developments in progress will increase NLA by 18 817m² in FY2026 Zielona Góra Tricity Poznań Wrocław Upper Silesia Warsaw Kraków Bydgoszcz Kalisz Legnica Under Construction Internal units Containers Development pipeline Operating locations Land secured / PSPA negotiations
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29Group annual results for the year ended 31 August 2025 Adapting our strategic priorities to evolving variables under our control Creating smart, sustainable and relevant spaces Committed capital allocation priorities to position asset platform for sustained value creation Improving: R279 million Expanding: R603 million Defending: R156 million ▪ Revenue-enhancing operational capital expenditure ▪ Solar PV/smart metering/ low-flush (Propelair) toilets/energy efficiency projects ▪ Local retail development ▪ Polish self-storage development ▪ Local retail development ▪ Local office development ▪ Local industrial development ▪ Local operational capex ▪ International operational capex Significant Long-term value-creation potential Anticipated outcomes2026 focus areas ▪ Disciplined capital allocation ▪ Restructure offshore joint ventures ▪ Foster tenant engagement to understand evolving needs ▪ Secure sustainable growth ▪ Simplified asset base ▪ Adapt spaces to attract and retain tenants
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Optimising capital Focus on balance sheet strength to drive growth Kenilworth, Western Cape, South Africa
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31Group annual results for the year ended 31 August 2025 Funding key outcomes Key credit metrics improvement enables long-term value creation 37 163 204 351 895 1 134 2 337 Equity contributed by SSI's NCI International disposals International equity and loan repayments Net Vendor loan repaid Shares issued* Local disposals Cashflow from operations Sources of cash flow of R5.2 billion 59.9 64.7 66.8 36.9 34.9 36.4 20.6 24.3 23.8 19.2 17.8 18.1 Analysis of property assets and debt FY25 FY24 SA REIT LTV 40.6% 42.3% Interest cover ratio 2.2x 2.1x Access to committed undrawn facilities and cash on-hand R6.7bn R4.8bn Group weighted average cost of debt 7.0% 7.5% SA weighted average cost of debt 8.9% 9.2% FX weighted average cost of debt 4.5% 5.1% % of total debt hedged 83.2% 78.9% % of ZAR debt hedged 85.9% 85.9% % of FX debt hedged 78.7% 66.7% Group weighted average term of debt 3.2 years 3.7 years Moody’s credit rating maintained at Ba2, with a stable outlook R’bn R’m South Africa property assets South Africa debt International property assets International debt LTV FY23 41.1% FY24 42.3% FY25 40.6% 96.8 39.8 99.6 42.1 103.2 *45 469 991 shares sold by the Redefine Empowerment Trust (RET) to settle its loan with Redefine and 150 180 791 shares issue d under the Dividend Reinvestment Plan (DRIP) 41.9
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32Group annual results for the year ended 31 August 2025 42.3% 0.2% 0.2% 0.3% 0.6% 2.9% 40.6% (3.4%) (0.8%) (0.7%) (0.7%) (0.2%) (0.1%) FY24 Op Cashflow Val impacts DRIP SA disposals RDF Empowerment Trust ELI Carry Payment Pan Africa (2&3) acq Forex International capex SA capex Distribution FY25 * The corporate ICR has been relaxed to 1.75x for all reporting periods up to and including 31 August 2026 SA REIT LTV ratio LTV within medium-term target rate of 38% to 41% Group’s see-through LTV trend 49.7% 46.9% 47.3% 47.9% 46.7% FY21 FY22 FY23 FY24 FY25 Impact Investment property valuations SA property values ± by 1% (R0.7bn) 0.3% EPP property values ± by 1% (R0.2bn) 0.1% Investment in joint ventures Valuation ± by 3% (R0.5bn) 0.2% Foreign exchange movements ZAR depreciates / appreciates by 5% 0.2% Strictest covenants LTV = 50% & ICR = 1.75x* FY25 Interest cover ratio 2.2x DMTN LTV 40.8% LTV SA secured funders 41.5% The LTV (Common Terms Agreement) with SA secured funders and the DMTN programme governs individual covenant definitions LTV sensitivity analysis Corporate covenants FY24 Operating cashflow Valuation impacts DRIP SA disposals RET loan repayment PPO JV Disposal SA acquisitions Forex International capex SA capex Dividend FY25
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33Group annual results for the year ended 31 August 2025 Funding profile Proactively working on FY27 and FY28 early refinancing opportunities 3.1 8.6 13.9 9.6 8.0 5.13.1 6.5 13.0 9.3 6.2 5.1 7% 18% 29% 20% 16% 10% 7% 15% 30% 22% 14% 12% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 0 2 4 6 8 10 12 14 16 FY26 FY27 FY28 FY29 FY30 >FY31 Facilities Drawn Group debt maturity profile R'bn Making up the R3.1bn of facilities maturing in FY26 is the SA term funding of R1.2bn, a EPP term facility of R0.9bn and listed bonds of R1.0bn Of the R3.1bn maturing in FY26, SA term funding of R1.2bn has been refinanced for a tenor of 4-years at 3-month EURIBOR + a margin of 2.0% achieving a margin compression of 65bps Subsequent to year end, early refinanced R4.1bn of SA secured debt extending the tenor from 3.8 years to 5.5 years and reduced the weighted average margin from 150bps to 134bps Actively early refinancing a portion of the FY28 maturities comprising of EPP Core term facilities of R5.3bn to proactively reduce refinance risk within this tenor bucket and reduce the margin SA funding margin reduced by 20bps to 1.6% (FY24 | 1.8%) while international funding margin maintained at 2.5% (FY24 | 2.5%)
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34Group annual results for the year ended 31 August 2025 Interest rate hedging Leveraging low inflation environment to extend tenor 17.1 7.7 0.5 5.6 2.5 6.9 FY26 FY27 FY28 Cumulative ZAR hedges Cumulative FX hedges Group’s hedging maturity profile (R’bn) R9.4bn of interest rate swaps matured during the year with an average fixed rate of 7.1% New interest rate swaps of R9.5bn were entered into at an average fixed rate of 7.1% for a tenor of 1.8-years Post period, R2.0bn of interest rate swaps were entered into at an average fixed rate of 6.7% for a tenor of 2-years Cross currency interest rate swaps of €299m matured during the year of €191m with an average fixed rate of 4.1% and €108m with a 3- month EURIBOR + a margin of 1.5% New cross currency interest rate swaps of €299m with an average fixed rate of 3.9% were entered into for average tenor of 1-year to replace matured swaps Group debt margin 2.4% 2.5% 2.5% 2.5% 2.0% 2.1% 1.8% 1.7% 2.1% 2.2% 1.9% 1.8% FY22 FY23 FY24 FY25 EPP SA Group %
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35Group annual results for the year ended 31 August 2025 *Includes Standard Bank IOM Sources of debt are drawn balances as at reporting date plus mark -to-market of cross currency swaps Funding sources Focus on DCM opportunities to further diversify our funding base Sources of debt FY24 1% 1% 2% 2% 2% 3% 4% 4% 5% 5% 5% 6% 6% 12% 13% 14% 15% Unlisted DCM Credit Agricole IFC Ninety One MMI Sanlam Liberty Helaba Erste Group Old Mutual PKO BP Listed DCM Santander Bank RMB Nedbank ABSA Standard Bank* Sources of debt FY25 1% 1% 2% 2% 2% 2% 3% 4% 4% 5% 5% 6% 7% 8% 11% 11% 13% 13% Unlisted DCM Credit Agricole BNP Paribas IFC Ninety One MMI PKO BP Sanlam Helaba Erste Group Old Mutual Santander Bank Liberty Listed DCM Standard Bank RMB Nedbank ABSA 79% 21% 79% 21% FY25 FY24 South Africa EPP Core South Africa EPP Core
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36Group annual results for the year ended 31 August 2025 Adapting our strategic priorities to evolving variables under our control Efficiently sourcing capital drives our long-term strategic growth profile Drivers of the cost of capital 2 3 4 5 6 2023 2024 2025 3 year swap 5 year swap 5 year Polish Govt. bond 3m EURIBOR 6m EURIBOR 7 8 9 10 2023 2024 2025 R186 3 year swap 5 year swap 3 month Jibar % % Anticipated outcomes2026 focus areas ▪ Expand sources of capital ▪ Reduce see-through LTV ▪ Tailor hedging strategy to anticipated interest rate cycle ▪ Lower cost of capital ▪ Improve equity risk ▪ Maintain a predictable funding cost
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Operating efficiently Positioning for organic growth to lift operating margins Black River Office Park, Gauteng, South Africa
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38Group annual results for the year ended 31 August 2025 # includes tenant arrears and fees receivable | * Net operating profit margin is after administration costs and before fundin g costs | ** EPP Core directly held properties Key outcomes Margin improvement driving high-quality earnings 0.4 0.4 0.3 0.2 Poland rent indexation ± 1% SA occupancy ± 0.5% ZAR interest rate ± 50bps Local EUR interest rate ± 50bps Distributable income sensitivity analysis (cents per share) 78.4% 71.3% 76.2% 78.5% 66.4% 75.1% South Africa EPP** Group FY25 FY24 Net operating profit margin* South Africa value of solar annual savings R156.6m Group net profit margin improved by 1.1% to 76.2% Group distribuable income R3.6bn FY24 | R3.4bn EPP Core average collection rate of 99.8% FY24 | 99.5% EPP distributable income €52.2m FY24 | €46.4m SA core digital ratio 33.7% FY24 | 29.7% EPP electricity consumption decreased -1.8% FY24 | 0.3% SA average collection rate of 99.3% FY24 | 99.9% Net arrears for SA amounted to R81.1m FY24 | R79.1m Net arrears for EPP amounted to R53.6m# FY24 | R52.2m
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39Group annual results for the year ended 31 August 2025 Group distributable income Expansions and positive operational metrics driving profitable growthRm 3 378 140 100 88 32 30 28 22 7 6 3 640 (24) (29) (62) (76) FY24 SA: NOI acquired properties Int: EPP Int: Redefine Europe/ELI SA: Bad debts SA: NOI active properties SA: Finance costs: ZAR and FX Antecedent earnings adjustment SA: Sundry Income Int: Other Investments SA: NOI disposed properties SA: Administration cost FEC Realised FX FY25 Tailwinds R453m Headwinds (R191m) FY24 NPI of SA acquired & developed properties EPP Redefine Europe/ELI SA bad debts NPI of SA active properties ZAR & FX funding costs Antecedent earnings adjustment SA Sundry income Other international investments NPI SA disposed properties SA administration costs FEC Realised foreign exchange FY25
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40Group annual results for the year ended 31 August 2025 EPP distributable income Strong occupancy and rightsizing the cost base delivers a healthy performance €m 46 4 4 2 2 2 1 52 (1) (2) (6) Actual FY24 Administrative costs Net fee income NOI Funding costs Community JV Minorities PPO JV Galeria Mlociny Horse JV Actual FY25 Tailwinds €15m Headwinds (€9m) FY24 Administration costs Net fee income NOI Funding costs EPP Community Minorities PPO JV Galeria Mlociny Horse Group FY25
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41Group annual results for the year ended 31 August 2025 * Includes impact of dilutive shares NAV per share SA REIT NAV grew by 28.2 cents to 816.5 centscents 788.3 43.6 26.8 26.9 5.9 816.5 (1.8) (6.9) (9.5) (10.9) (20.6) (25.3) FY24 NAV Statutory profit Valuation SA property FX & FCTR on international subsidiaries & JVs - Assets Valuation international subsidiaries & JVs Fair value of hedges FX of SA foreign loans and CCS Share issue dilution FX & FCTR on international subsidiaries & JVs - Liabilities Dividend paid (HY25) Dividend to be paid (FY25) FinishFY24 NAV Statutory profit Valuation SA property FX & FCTR on international subsidiaries and JVs - assets Valuation international subsidiaries and JVs Fair value of hedges FX of SA foreign loans and CCS Share issue dilution FX and FCTR on international subsidiaries and JVs - liabilities Dividend paid (HY25)* Dividend to be paid (FY25)* FY25 NAV EUR loans (1.5) EUR CCS (5.4) Properties 27.0 Vendor loans (0.2) EUR FEC 0.8 EUR CCS (2.6) EPP 4.3 EUR SSI 1.0 PLN RDF E 0.7 EUR Lango (0.1) USD
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42Group annual results for the year ended 31 August 2025 Final dividend for the year ended 31 August 2025 High quality earnings, healthy liquidity and encouraging prospects support an improved 87.5% payout ratio Distributable income (DIPS) and dividend (DPS) per share 23.9 25.3 25.5 27.6 24.7 26.9 20.3 20.3 20.4 23.5 22.2 25.4 52.4 45.8 cents Consistently within our 80% to 90% payout ratio Maintaining relevance and defensively repositioning our properties Proactively managing liquidity through volatile market cycles Preserving shareholder value by minimising tax Maintaining the LTV ratio at our medium-term target range Monitoring the ICR covenant levels The merits of a DRIP are considered on a case-by-case basis and the board concluded that a DRIP will not be offered to shareholders Interim DIPS Interim DPSFinal DIPS Final DPS FY25FY23 FY24 42.5 50.0 43.8 51.5
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43Group annual results for the year ended 31 August 2025 Transforming our tenants' experience Redefine’s digital journey focus is framed through three work stream journeys: the tenant, the building and the employee Innovation Efficiencies Tenant centricity is at the core of our digital transformation strategy Focus on driving operational efficiencies across the value chain Modernised and relaunched our omnichannel fully functional tenant app Digitalising the tenant onboarding and transforming experience Completed the digitalisation of the “procure-to-pay” value chain, i.e. OnKey, Docuware and EFTSure Since March 2024, we have digitally processed +300 000 transactions on our procure-to-pay digitally enabled platform Adapting our strategic priorities to evolving variables under our control At the core of our digital transformation is our tenants’ experience 23.0% 29.7% 33.7% 68.2% 77.3% 79.8% FY23 FY24 FY25 Digital ratio Microsoft security score Anticipated outcomes2026 focus areas ▪ Lift operating profit margin to 80% ▪ Restore the earnings base ▪ Accelerate technology ▪ Drive organic distributable income growth ▪ Improve earnings to deliver our total return target ▪ Improve efficiency and strengthen processes Strengthening the security posture as we scale up our digital transformation is vital for the long-term operational architecture stability and business resilience Scaling AI deployment to unlock value and drive operational efficiencies
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Engaging talent Empowering creativity, driving innovation, leading with purpose
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45Group annual results for the year ended 31 August 2025 * An eNPS scores below 0 needs improvement, between 0 -29 is good, 30-69 is great and above 70 is excellent Redefine’s talent engagement key outcomes The right people, at the right time, in the right place Employee retention rate SA: 93.6% (FY24 | 90.8%) Poland: 93.8% (FY24 | 92.2%) Employee net promotor score* SA eNPS is good at 12.1 (FY24:32.7) Poland eNPS improved to 6 (FY24: -5) Learnership Programme in its 12th year Received 12 000 applications for the 2025 intake Recognised with the HR Quality Award by the Association of HR Practitioners Poland Certified Top Employer 10th consecutive year SA Employees bring a combined 5 375 years of experience and 510 tertiary qualifications
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46Group annual results for the year ended 31 August 2025 Adapting our strategic priorities to evolving variables under our control Building a collective of people who create and manage spaces for positive impact Anticipated outcomes2026 focus areas ▪ Refine skills and capabilities assessments ▪ Align structures and responsibilities to strategy ▪ Create growth opportunities ▪ Build a transformed pipeline of scarce skills ▪ Redesign roles and work allocation ▪ Strengthen retention in flat structure Resilience and adaptability Purpose driven Lead with visible impact Long-term value creation Smart data and innovative use Talent as a strategic asset Adaptive high- performance culture High engagement Low turnover Strong culture Stable workforce Innovation and accountability Internal mobility and succession Adaptive, high-performance culture Agile, future-ready workforce TODAY’S REALITY TOMORROW’S VISION Talented people Diversity of thought Collaborative, innovative and accountable
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Growing reputation Embedding ESG as an operational imperative by fostering stakeholder collaboration 115 West Street, Gauteng, South Africa
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48Group annual results for the year ended 31 August 2025 Our industry leading ESG in action Our impacts lie at the heart of the long-term value creation 6.3 (negligible risk) ESG risk score Nine in total 8 Net Zero Carbon Level 2 certifications and 1 Precinct Net Zero award 128 EPCs (all required buildings) B climate readiness rating Four (4) certifications awarded 8.8 gWh to be annually wheeled ENVIRONMENTAL GOVERNANCESOCIAL Most empowered SA REIT Top employer for the 10th consecutive year (only SA REIT) Awarded the highest NCPD disabled learners rate award (only SA REIT) Two Solal award winners (Kenilworth Centre gold and Maponya Mall silver) 29 Awards 3 Gold 9 Silver 17 Bronze 2nd in the EY Integrated Report Awards 2025 One of the highest ranked companies Issued over R15 billion in green funding Achieved a C (prime) rating Score of 81/100 for standing investments 203 green certifications (63%) 6.3 (negligible risk) ESG risk score A Achieved a C (prime) rating Score of 81/100 for standing investments 203 green certifications (63%) 6.3 (negligible risk) ESG risk score Relevant across E, S & G
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49Group annual results for the year ended 31 August 2025 Making significant strides in our sustainability journey Focused on managing the environmental and social impacts Energy consumption reduced by 15% in FY25 vs FY22 B climate readiness rating EPP’s SBTi decarbonisation target validated ENVIRONMENTAL GOVERNANCESOCIAL Diversity IN Check certification Friendly Workplace® 2024 certification ʺ2025 Responsible Business in Poland. Good Practicesʺ report with 5 EPP practices recognised HR Quality Award 2025 certification Best F&B Concept: Galeria Echo, Kielce Financing Story of the Year: Galeria Młociny, Warsaw Relevant across E, S & G All buildings are certified Score of 81/100 GOLD: Modernisation Campaign of the Year: Pasaż Grunwaldzki, Wroclaw SILVER: Modernisation of the Year: Galeria Echo, Kielce SILVER: Best Performance: Galaxy, Szczecin
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50Group annual results for the year ended 31 August 2025 Investors and funders Brokers Suppliers Tenants Employees Shoppers Communities Strategic financing restructuring with major lenders New broker portal, enhanced lead generation process, and Always-On campaigns OnKey system and tenant self-service application Go City access control application, new tenant digital information form, new tenant application and nine net zero building certifications Employee app, enhanced wellness programme, AI (Co-pilot) adoption, and UN Global compact participation New SED impact measurement portal and evolution of The Red Thread volunteering programme Footprint and Solal marketing awards, multiple proptech projects, and live Google reviews dashboard Adapting our strategic priorities to evolving variables under our control Innovation in action 2026 focus areas ▪ Extend the Upside of Us to all stakeholders ▪ Leverage market-leading ESG position ▪ Embrace technology disruptors Anticipated outcomes ▪ Build the Redefine brand ▪ Deepen relationships with stakeholders ▪ Enhance decision-making process and monitor compliance
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Wrap-up Cautiously optimistic as we continue the path of growing total returns Alice Lane, Gauteng, South Africa
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52Group annual results for the year ended 31 August 2025 Confidence has returned to SA’s property sector Stability builds momentum, momentum builds value UPWARD PROPERTY CYCLE Lower REIT (and Bond) yields Rising optimism Stable property fundamentals Interest rates at long-term averageLower inflation targeting Exit from Greylist Prospect of sovereign credit rating uplift
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53Group annual results for the year ended 31 August 2025 Our game plan for FY26 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 Capital allocation Build a quality, diversified portfolio that delivers sustainable risk-adjusted returns Capital sourcing Focus on conservative balance sheet management to drive sustainable growth Rental growth and cost containment 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 Team and culture Stakeholder experience Direct influence on value creation Indirect influence on value creation
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54Group annual results for the year ended 31 August 2025 Outlook Portfolio quality and balance sheet strength have become the primary drivers of outperformance Our investment proposition Dividend payout policy maintained at 80% to 90% FY26 distributable income per share growth of 4% to 6% Diversified high-quality asset platform positioned for growth Engaged passionate and innovative human talent Sustainable Funding model with solid credit metrics Consistent delivery of strategy
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55Group annual results for the year ended 31 August 2025