Slides
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PRE-CLOSE INVESTOR UPDATE for the half year ending 28 February 2026
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Strategic overview Property asset platform Financial insights OUR CONVERSATION Strategic overview Andrew König 1 Property asset platform Leon Kok and Andrew König Financial insights Ntobeko Nyawo 2 3 Pre-close investor update for the half year ending 28 February 2026
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Strategic overview Property asset platform Financial insights STRATEGIC OVERVIEW Pre-close investor update for the half year ending 28 February 2026 Strengthening real estate fundamentals, renewed investor confidence, and accelerating technological adoption are converging
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Strategic overview Property asset platform Financial insights JIBAR swap rates Source: RMB/Bloomberg Pre-close investor update for the half year ending 28 February 2026 OUR OPERATING CONTEXT Commercial property dynamics are transitioning from recovery to momentum 4 EURIBOR swap rates Stabilised vacancy rates, retail and industrial rental growth Sovereign credit rating upgrade by S&P Increased business confidence South Africa exited the FATF grey list Improved port and rail performance Cheaper borrowing costs Better access to capital Stable electricity supply
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Strategic overview Property asset platform Financial insights 5 Pre-close investor update for the half year ending 28 February 2026 Invest strategically Focus areas Disciplined capital allocation Simplify offshore joint ventures Foster tenant engagement to understand and respond to evolving needs Broaden sources of capital Reduce see-through LTV by recycling non-core Polish assets Tailor our hedging strategy to take advantage of opportunities in the interest rate cycle Improve the group operating profit margin to 80% Restore the earnings base Accelerate technology adoption to identify and enhance operational efficiencies Refine our skills and capabilities assessments Align structures and responsibilities with our strategy Create more growth opportunities for our people Extend the Upside of Us initiative to all stakeholders Leverage our market-leading ESG position Embrace technology disruptors to monitor our environmental and social impact Optimise capital Operate efficiently Engage talent Grow reputation OUR STRATEGIC FOCUS FOR FY26 Execution of our strategic priorities will turn momentum into durable growth UPWARD PROPERTY CYCLE Lower REIT (and bond) yields Rising optimism Stable property fundamentals S&P sovereign credit rating upgrade Stability builds momentum – momentum builds value Easing interest rates Revised inflation target Exit from grey list
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Strategic overview Property asset platform Financial insights 6 Pre-close investor update for the half year ending 28 February 2026 Invest strategically Optimise capital Operate efficiently Engage talent Grow reputation EMERGING THEMES FROM OUR STRATEGY IN ACTION Redefine is entering 2026 from a stronger position than at any point since the post-pandemic correction began Asset values are supported by improving leasing conditions Simplification of Polish joint ventures progressing well Noticeable pickup in recycling opportunities LTV ratio within target range of 39% to 41% Interest cover ratio has improved to 2.3x Refinancing of €324 million (R6.2 billion) EPP core debt well advanced On track to deliver upper end of earnings guidance Group net operating profit margin improving Property fundamentals continue to strengthen Certified as a top employer for 11 th consecutive year EPP recognised as a Friendly Workplace Employee retention levels high at 98.5% and 97.4% for Redefine and EPP , respectively Identified as 2026 top rated global ESG leader by Sustainalytics Earned 29 awards at the SACSC annual footprint awards EPP won 7 PRCH (Polish Council of Shopping Centres) retail awards 62 Umlambo is the first 5-Star Green Star rated building in the Coega Special Economic Zone
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Strategic overview Property asset platform Financial insights LOOKING AHEAD Focusing on what matters most presents a shift from defensive positioning to opportunity-led decision-making 7 Pre-close investor update for the half year ending 28 February 2026 We will continue to focus on the variables under our control 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 Build a quality, diversified portfolio that delivers sustainable risk- adjusted returns Capital allocation Focus on conservative balance sheet management to drive sustainable growth Capital sourcing Rental growth and cost containment Accelerate new data and digital platforms to lift operating profit margin
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Strategic overview Property asset platform Financial insights Pre-close investor update for the half year ending 28 February 20268 PROPERTY ASSET PLATFORM: SOUTH AFRICA A substantial, diverse and high-quality portfolio to capture emerging tailwinds
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Strategic overview Property asset platform Financial insights 45% 34% 20% 1% 2.0% 5.1% 8.8% 11.8% 2.0% 3.0% Vacancy by GMR Vacancy by GLA Trading statistics Jan 26 FY25 Active occupancy (%) 93.9 93.5 Renewal reversions (%) -6.3 -5.2 Tenant retention by GMR (%) 97.2 91.8 Renewal success rate by GLA (%) 92.9 78.9 Weighted average lease escalation (%) 6.4 6.3 Weighted average unexpired lease term by GMR (years) 3.4 3.41 Retail Office Industrial Specialised 4.3% 6.1% 3% 9% 20% 17% 18% 10% 23% Monthly FY26 FY27 FY28 FY29 FY30 Beyond FY30 Lease expiry profile by GMR Renewal reversion analysis 53 077 62 471 128 397 # of leases Positive reversions Flat reversions Negative reversions GLA (m²) 248 72 45 SOUTH AFRICAN PORTFOLIO OVERVIEW Operating metrics consistently improving, supporting our growth profile Active vacancySector split by valueNumber of leases 9 GLA (m2) Pre-close investor update for the half year ending 28 February 2026 1 Comparative corrected
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Strategic overview Property asset platform Financial insights Sustainability initiatives Retail Office Industrial Renewable energy Solar PV projects completed and commissioned 47 792kWp 6 387kWp 8 232kWp Installations in progress 2 715kWp 1 042kWp 1 798kWp Feasibilities in progress 6 673kWp 744kWp – Solar wheeling Expanding access to renewable energy sources Exploring virtual wheeling opportunities 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 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 certifications Number of certifications 25 123 35 New certifications in progress 10 23 19 Net zero certifications Number of certifications – 9 – Water efficiency Number of low-flush toilets installed 811 1 718 – Energy efficiency Number of LED lights retrofitted (total) 49 044 45 213 972 Waste management % of waste recycled 83 79 13 10 SOUTH AFRICA: SUSTAINABILITY IN ACTION Enhancing efficiencies for sustainable value creation Electricity savings of 71 520kWh 23.0% increase in installed capacity since HY25 Solar fleet generated 13.1% of our total energy demand 7.3% reduction in water consumption Electricity savings of 5 129MWh Pre-close investor update for the half year ending 28 February 2026
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Strategic overview Property asset platform Financial insights Looking ahead Forecasting rental reversion to continue improving based on low overall rent-to-turnover ratios Development spend to focus on protecting existing assets Position food and entertainment to increase experiential shopping and increase dwell time at large format centres Collaboration with national fashion retailers for store optimisation and upgrades to drive turnover and trading density growth Activity during the period Developments Park Meadows: The defensive refurbishment to improve convenience and introduce Woolworths Foods was completed at a cost of R89 million Mall of the South: The vacant land redevelopment and fast-food court relocation was completed at a cost of R57.8 million Trading activities Reversion rates and operating cost efficiencies continue to improve, supported largely by solar initiatives that contributed to NOI margin improvement to 87.5% Large-format centres have recovered, with turnover growth now in line with convenience centres Turnover growth continues to be driven by grocery retailers however this growth has slowed in Q4 vs high base in prior year 6 000m² of cinema space was reconfigured which impacted turnovers due to void periods, this is expected to improve due to more relevant tenancies Blue Route Mall, Western Cape, South Africa Trading statistics Jan 26 FY25 Active occupancy (%) 94.9 94.1 Renewal reversions (%)1 2.4 1.0 Tenant retention by GMR (%) 97.6 92.6 Renewal success rate by GLA (%) 92.1 86.6 Weighted avg. lease escalation (%) 5.8 5.9 Weighted avg. unexpired lease term by GMR (years) 2.9 3.0 Tenant turnover growth (%)2 2.9 4.0 Rent-to-turnover ratio (%)2 7.7 7.4 Trading density growth (%)2 3.5 4.7 1 Renewalreversionsbased on 9% (FY25:17%)of the portfolio 2 For the period 1January 2025 to 31 December 2025 11 SOUTH AFRICA | RETAIL PORTFOLIO Income growth driven by renewal reversion rates and low rent-to-turnover ratios Contribution to vacancy Vacancy by type Pre-close investor update for the half year ending 28 February 2026 4% 27% 32% 37% Super regional Regional Convenience Other 2.1% 3.5% 4.1% 17.8% 5.1%
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Strategic overview Property asset platform Financial insights SOUTH AFRICA | OFFICE PORTFOLIO Improving demand, rentals increasing, reduced vacancies but drag of large tenant renewal reversions 1 Renewal reversions based on 11% (FY25: 17%) of the portfolio Looking ahead Vacancies are expected to reduce to below 10% by year end on the back of leasing and the sale of non-core properties with vacancies Improving market conditions with lower vacancy rates are expected to drive year-on-year NPI and valuation growth 21% 55% 24% Alice Lane, Gauteng, South Africa Trading statistics Jan 26 FY25 Active occupancy (%) 88.2 87.0 Renewal reversions (%)1 -16.8 -12.9 Tenant retention by GMR (%) 97.4 89.1 Renewal success rate by GLA (%) 92.0 77.5 Weighted average lease escalation (%) 7.2 6.9 Weighted average unexpired lease term by GMR (years) 3.6 3.5 Premium Grade A Grade Secondary 5.8% 12.7% 41.4% 11.8% 12 Contribution to vacancy Vacancy by type Pre-close investor update for the half year ending 28 February 2026 Activity during the period Disposals • De Beers: R49.3 million • Rosebank Corner: R78.4 million Developments • Hertford Office Park, Building H, is under construction at a total cost of R65.5 million (33% share), with completion expected by 30 June 2026 • Media Building in Black River Office Park to be refurbished, adding 385m² of GLA. Completion expected in August 2026 Renewal reversion rates at -16.8% due to renewals/pre-empted renewals of larger tenants, • Webber Wentzel: 90 Rivonia (26 126m²) • Virgin Active: Alice Lane (3 611m²) Reversion rate expected to be approximately -11.0% at year end Renewal analysis • 95 renewals have been concluded from September 2025 to end of January 2026 • 53 had a positive increase in rentals with 14 flat and 28 negative reversions
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Strategic overview Property asset platform Financial insights 67% 14% 16% 3% Trading statistics Jan 26 FY25 Active occupancy (%) 97.0 97.3 Renewal reversions (%)1 3.7 0.8 Tenant retention by GMR (%) 96.0 94.4 Renewal success rate by GLA (%) 95.4 70.4 Weighted average lease escalation (%) 6.4 6.5 Weighted average unexpired lease term by GMR (years) 4.2 4.6 1 Renewal reversions based on 3% (FY25: 9%) of the portfolio Activity during the period Disposals • Two properties sold for combined proceeds of R267.1 million • Six land parcels in extent of 67 760m² were sold at an average rate of R1 180/m² Renewal analysis • 22 renewals concluded during the five months ending January 2026, at an average growth rate of 3.7% New developments in progress • Skyhawk Park: 15 826m² completion scheduled for July 2026. 10-year pre-let lease secured, commencing 1 November 2026 • Nine industrial mini units at S&J of 22 450m² with completion expected in August 2026 Looking ahead Unlock land holdings and dispose of non-core assets Strategic redevelopment of well-located assets Commission the CoCT-based wheeling plant in August 2026 Expand water security measures for Gauteng assets SOUTH AFRICA | INDUSTRIAL PORTFOLIO Solid start to the year with high demand for well-located industrial space Warehousing Industrial units Modern logistics Retail warehousing S&J Business Park, Gauteng, South Africa 3.0% 8.4% 4.3% 2.1% 7.6% 13 Contribution to vacancy Vacancy to by type Note: Heavy Grade, light manufacturing and hi-tech industrial have no vacancies Pre-close investor update for the half year ending 28 February 2026
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Strategic overview Property asset platform Financial insights Pre-close investor update for the half year ending 28 February 202614 Pre-close investor update for the half year ending 28 February 2026Pre-close investor update for the half year ending 28 February 2026 PROPERTY ASSET PLATFORM: POLAND Strategic exposure to sectors with growth potential
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Strategic overview Property asset platform Financial insights Environmental, social and governance King Cross Marcelin awarded by Polish ESG Association (Polskie Stowarzyszenie ESG) for energy efficiency modernisation PV installation plan approved for 7 127kWp, and installation is in progress Achieved a CDP "B" rating All eligible properties have obtained BREEAM in-use ratings of Very Good or above Klodzko shopping mall modernisation completed, with significant reduction in energy consumption POLAND | EPP Recovery of retail driven by growth in household spend on the back of improved disposable income 15 ESG Pre-close investor update for the half year ending 28 February 2026 Data available for 1 January 2025 to 31 December 2025 compared to 1 January 2024 to 31 December 2024 EPP retail sales trends by category Category 2025 vs 2024 Entertainment 8% Services 6% Health and beauty 5% Food Court 4% Speciality Goods 4% Household appliances and accessories 4% Café 2% Restaurants 2% Fashion and accessories -1% Electronics -3% Value retailers -3% Food/groceries/supermarkets -4% DIY -6% Total weighted average 0% Market overview Retail sales grew between 2.2% to 7.6% for the period January 2025 to December 2025 Share of e-commerce oscillated between 8.1% to 11.0% from January to December 2025 Brands such as Mr DIY, Half Price, Worldbox, centrumrowerowe.pl, Sportsdirect, Rituals, and dm opened new stores. Brands such as Columbia Sportswear, DRM-LND, 8a.pl, Longines, Miniso, Carhart, Nikon announced continuation of expansion Rapid expansion of retail parks continues across Poland with signs of saturation in some catchment areas No new shopping centres are under construction Operational update Footfall across the EPP portfolio increased by 1.0% for the period 1 September 2025 to 31 January 2026 compared to the prior comparable period Like-for-like turnover for the period 1 September to 31 December 2025 increased by 0.5% compared to the prior comparable period Rent collection for both retail and office remained strong, with a collection rate of 98.4% for the period from 1 September 2025 to 31 January 2026 (FY25: 99.7%) Occupancy across the retail portfolio stayed at the same level of 98.2% and decreased across the office portfolio from 84.2% to 82.9% Rent-to-sales and occupancy cost ratios improved to 7.2% and 10.2%, respectively, for the period 1 September to 31 December 2025
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Strategic overview Property asset platform Financial insights 1 Renewal reversions based on 7.6% of the core portfolio 2 Indexation occurs once a year, during the first calendar quarter. For the 2024 calendar year, the EICB inflation rate (all EU countries) printed at 2.6%, while the MUIP inflation rate (Eurozone countries) printed at 2.4%. Indexation for 2025 is currently being applied and will be reported in HY26 3 Footfall data available from 1 September 2025 to 31 January 2026 and compared to the period 1 September 2024 to 31 January 2025 4 Data available from 1 September 2025 to 31 December 2025 16 EPP Core portfolio trading statistics Jan 26 FY25 Active occupancy (%) 99.4 99.4 Renewal reversions (%) (December 2025)1 1.9 0.4 Tenant retention by GMR (%) 97.5 95.1 Renewal success rate by GLA (%) 69.4 77.4 Weighted average rent indexation rate (%) (January 2025)2 2.1 2.1 Weighted average unexpired lease term by GMR (years) 3.8 3.8 Like-for-like footfall (%)3 0.8 -2.1 Rent-to-sales ratio (%) (December 2025)4 8.1 9.0 Galeria Echo, Kielce, Poland Pre-close investor update for the half year ending 28 February 2026 Priorities for EPP Improve operating profit margin to 80% Continuously assess options to simplify joint ventures Optimise debt funding profile to eradicate debt amortisation and reduce cost Distribute 75% to 80% of distributable income in cash to Redefine POLAND | EPP Shifting our focus to asset optimisation and operational efficiency
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Strategic overview Property asset platform Financial insights 1 Renewal reversion based on GLA of 6.7% for Horse Group, 9.4% for EPP Community, 17.7% for Galeria Młociny, and 15.9% for Henderson. In case of EPP Community renewal reversion for retail -0.6% and for office -10.7% 2 Indexation occurs once a year, during the first calendar quarter. For the 2024 calendar year, the EICB inflation rate (all EU countries) printed at 2.6%, while the MUIP inflation rate (Eurozone countries) printed at 2.4%. Indexation for 2025 is currently being applied and will be reported in HY26 3 Footfall data available from 1 September 2025 to 31 January 2026 and compared to the period 1 September 2024 to 31 January 2025 4 Data available from 1 September 2025 to 31 December 2025 EPP joint venture portfolio trading statistics Horse Group EPP Community Galeria Młociny Henderson EPP % shareholding 50.0% 47.5% 70.0% 30.0% Jan 26 FY25 Jan 26 FY25 Jan 26 FY25 Jan 26 FY25 Active occupancy(%) 98.2 98.3 97.1 96.8 96.7 97.1 75.9 77.3 Renewal reversions (%) (December 2025)1 -0.3 -3.9 -5.1 -0.1 0.9 -9.1 -7.4 -8.7 Tenant retention by GMR (%) 99.6 96.1 99.1 95.8 97.5 93.2 94.3 95.0 Renewal success rate by GLA (%) 92.6 80.8 88.6 81.2 48.5 90.9 43.2 89.7 Weighted average rent indexation rate (%) (January 2025)2 2.0 2.0 2.3 2.3 2.4 2.4 2.1 2.1 Weighted average unexpired lease term by GMR (years) 4.5 4.9 3.2 3.1 3.7 3.6 3.4 3.0 Like-for-like footfall (%)3 0.0 -5.2 2.6 0.1 -0.7 1.4 n/a n/a Rent to sales ratio (%) (December 25)4 6.2 7.4 6.7 7.4 8.8 9.8 n/a n/a 17 Pre-close investor update for the half year ending 28 February 2026 POLAND | EPP JOINT VENTURE PORTFOLIO OVERVIEW Solid retail operating metrics driven by active asset management
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Strategic overview Property asset platform Financial insights Environmental, social and governance 98.2% (FY25: 98.2%) 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 FY25 is complete and below the benchmark 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 2026, with the EU mandatory deadline being 29 May 2026 ESG 18 Pre-close investor update for the half year ending 28 February 2026 Bielsko Biala, Upper Silesia, Poland Market overview Poland strengthened its status as a top European logistics hub through stable supply growth, reaching 36.6 million m² Supply and demand for space remain balanced Leasing activity dominated by renewals and extensions, while vacancy improved to 7.4% Rental rates stable and remain, with strong interest continuing to exert upward pressure on prime rentals Logistics remains one of the strongest investment performers, recording around €1.5 billion in transactions in 2025 Operational update As at 31 January 2026, the GLA of the Redefine operating portfolio was 512 998m², with 55 000m² of undeveloped land 1 The vacancy rate decreased from 3.2% as at 31 August 2025 to 1.2% as at 31 January 2026 Lease renewals totalling 43 831m² were recorded at an average rent of €5.24 per m², achieving rental growth of 2.1% New lettings of 6 443m² were recorded at an average rent of €5.14 per m², reflecting a -0.6% decrease over the expiring rental rates 2 First-time lettings of 8 732m² were recorded in developments at an average initial rent of €4.11 per m² 3 1 The decrease of 1 640m2 since FY25 is due to the reduction in previously estimated office space due to the letting of vacant areas 2 New lettings form part of a major existing tenant renewal and expansion where the rentals were aligned 3 Excludes any lettings of office space POLAND | ELI The logistics market remains dynamic with increasing investment activity and rental growth
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Strategic overview Property asset platform Financial insights ELI portfolio trading statistics Jan 26 FY25 Active occupancy (%) 98.8 96.8 Renewal reversions (%)1 1.8 6.9 Tenant retention by GMR (%) 87.4 66.7 Renewal success rate by GLA (%) 87.2 61.9 Weighted average rent indexation rate (%) 2.5 2.3 Weighted average unexpired lease term by GMR (years) 6.2 5.0 1 Renewal growth is based on 9.8% (FY25: 5.6%) of the portfolio Lublin II, Lublin, Poland POLAND | ELI PORTFOLIO OVERVIEW Continued operational improvement driven by high occupancy levels Pre-close investor update for the half year ending 28 February 2026 Priorities for ELI Actively pursue asset management opportunities Secure pre-letting agreements for undeveloped land to enable further development at favourable yields or sell remaining two land parcels Conclude the sale of Targowek (vacant land with low development prospects) Improve dividend yield to 6.0% 19
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Strategic overview Property asset platform Financial insights 20 POLAND | SELF-STORAGE INVESTMENTS Poland's urbanisation drives demand in the underserved self-storage market Pre-close investor update for the half year ending 28 February 2026 Market overview Poland remains significantly underserved in the European self-storage sector Accelerated residential growth in major cities including Warsaw, Kraków and Wrocław is resulting in smaller apartments, driving sustained demand for flexible, supplementary household storage The continued rise of e-commerce is increasing demand from small businesses and entrepreneurs seeking affordable, flexible storage for inventory Growing adoption of online booking and digital management systems improves customer convenience and accessibility, thereby enhancing occupancy rates and operational efficiency in modern facilities Operational update The technology platform and executive team are now well positioned to drive tenant acquisition and operational performance through effective marketing and brand building Leasing performance at our newly developed self-storage facility, which opened in Kraków in August 2025, is in line with expectations, with steady growth in occupancy During the reporting period, three small self-storage facilities, comprising containers of 1 128m² NLA and units of 542m² NLA were closed, with the associated land leases cancelled At 31 January 2026, the total NLA of the active portfolio (operating assets) was 28 838m² spread across 18 locations. This comprises 13 944m² of NLA in containers and 14 894m² of NLA in internal units Average occupancy of the portfolio was at 66.5%, with occupancy of internal units at 69.3% and occupancy of containers at 63.6% Radzyminska, Warsaw, Poland Developments One development, located in Warsaw, comprising 914 units with a total NLA of 4 890m² and a total cost of €9.9 million, opened in February 2026 Three developments, located in Warsaw, Kraków and Wrocław, are under construction, comprising a total of 2 609 units with 13 927m² of NLA and a total cost of €25.5 million Two new developments located in Warsaw and Gdansk, comprising 1 766 units with a NLA of 9 618m² and a cost of €21.7 million are planned for construction over the next 12 months (subject to building permit approvals) Environmental, social and governance BREEAM certifications for self-storage operators in Europe with a certification level of Very Good being the most common New developments will include energy-efficient solutions such as PV rooftop panels, heat pumps, and energy-saving LED lights BREEAM certification positively impacts financing costs, valuations, and the potential of securing co-investors in the future ESG
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Strategic overview Property asset platform Financial insights Portfolio progression POLAND | SELF-STORAGE INVESTMENTS OVERVIEW Developing an Institutional Grade self-storage platform Pre-close investor update for the half year ending 28 February 2026 Kraków M1, PolandBemowo, Warsaw, Poland Sosnowiecka, Kraków, Poland 21 Priorities for Self-Storage Investments Complete developments on time and within budget Divest from underperforming container sites and redirect resources to new larger developments in better performing locations Use proactive sales and marketing to build a recognised brand, boosting occupancy and rental income Create an Institutional Grade self-storage platform to attract an equity partner Awicenny, Wrocław, Poland
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Strategic overview Property asset platform Financial insights Joint venture Strategic view Update on action plan Horse Group Pursue the sale of surplus land to residential developers, simplify profit sharing arrangement and dispose of Power Parks The sale of surplus land at Krakow and Łódź, subject to rezoning, is underway We are making good progress to simplify the joint venture In the process of selling Power Park Kielce and Power Park Tychy EPP Community Medium-term exit due to the proliferation of retail parks Joint venture to be extended beyond March 2027 Henderson Look to dispose this portfolio Malta Office Park is being marketed to gauge whether there is any investor appetite Galeria Młociny The asset is beginning to stabilise and provides us optionality We are buyers at an NOI yield of 7.5% (equity yield c.11%) and sellers at an NOI of 6.5% ELI The division of ELI into two portfolios provides us flexibility, given the attractive asset profile and WAULT of 6.2 years The focus now is on improving ELI’s equity yield, while we wait for the investment market to pick up and the existing stock on the market to be sold As part of the yield improvement plan, we are in the process of disposing Targowek – a plot of land in Warsaw (adjoining EPP’s M1 Marki) that does not have medium-term development prospects POLAND | SIMPLIFYING JOINT VENTURES TO REDUCE COMPLEXITY Large-scale institutional commercial real estate investment activity remains subdued Pre-close investor update for the half year ending 28 February 202622
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Strategic overview Property asset platform Financial insights Pre-close investor update for the half year ending 28 February 202623 Pre-close investor update for the half year ending 28 February 2026 FINANCIAL INSIGHTS Positive medium-term growth driven by a stabilising earnings base and improving property fundamentals
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Strategic overview Property asset platform Financial insights 1 Net operating profit margin is after administrationcosts and before funding costs 2 EPP Core directly held properties Changes STABILISING EARNINGS OUTLOOK Sustainable organic growth supported by our portfolio's quality and diversification 24 Distributable earnings quality Net operating profit margin1 Recurring Non-recurring Distributable income per share sensitivity analysis (cents) Pre-close investor update for the half year ending 28 February 2026 78.5% 66.4% 75.1% 78.4% 71.4% 76.2% 79.2% 72.0% 77.1% South Africa EPP Group FY24 FY25 Q126 0.1 0.3 0.4 0.5 0.6 SA office reversion rate by 3% SA admin cost by 5% Poland rent indexation by 1% ZAR interest rate by 50bps EUR interest rate by 50bps 95.8% 4.2% FY24 99.6% 0.4% FY25 100.0% 0.0% Q126 2
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Strategic overview Property asset platform Financial insights 25 BALANCE SHEET MANAGEMENT Our consistent prudent risk management anchors long-term value creation Stable liquidity profile with access to committed undrawn facilities and cash on hand of R5.3 billion as at 30 November 2025 (FY25: R6.7 billion) Focusing on delivering sustainable medium- term growth from our high quality and well-diversified property asset platform Biannual, independently performed property valuations are in progress – valuations are expected to remain largely stable ICR improves to 2.3x with lower interest rates and strong cash generation Progressing the early refinancing of EPP Core debt to reduce debt amortisation and lower cost Group weighted average cost of debt maintained at 7.0% (FY25: 7.0%) ZAR weighted average cost of debt reduced to 8.7% (FY25: 8.9%). Fx weighted average cost of debt maintained at 4.5% (FY25: 4.5%) Interest rates hedged on 82.1% (FY25: 83.2%) of debt for 0.9 years (FY25: 0.9 years) Pre-close investor update for the half year ending 28 February 2026
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Strategic overview Property asset platform Financial insights FY26 Debt refinancing progressing well Proactively refinancing EPP Core debt of €323.9 million on a bullet profile for a tenor of five years at a margin of 2.0%, which will achieve 56bps margin compression. The refinance will address the maturity concentration risk in FY28 by R5.1 billion Early refinanced R4.1 billion of secured term and unlisted notes achieving a 16bps margin compression. The refinance was staggered between R1.4 billion (four years), R1.7 billion (six years) and R1.0 billion (seven years) at margins of 1.3%, 1.4% and 1.4%, respectively. The trade also served to proactively reduce the maturity concentration risk in FY28 by R0.9 billion Refinanced US$10 million and €47.6 million term debt facilities into a singular €56.2 million facility for a tenor of four years at margin of 2.0%, achieving 65bps margin compression • Repaid, from cash resources, RDFG01 (R144 million) and RDF34U (R55 million), which matured in September 2025 Refinancing of cross currency swaps (CCS) and interest rate swaps (IRS) €45 million in CCS matured during Q1 2026, which were accruing interest at a euro fixed rate of 5.1%. Matured CCS were refinanced in December 2025 at a fixed euro rate of 4.0% for a two-year tenor R2.75 billion in IRS with a weighted average fixed rate of 7.0% matured during Q1 2026. New IRS of R3.5 billion were entered into at a weighted average fixed rate of 6.6% for a weighted average tenor of two years 26 Debt maturity profile as at 30 November 2025 DEBT MATURITY AND AVAILABLE FACILITIES Healthy liquidity levels and low debt maturity risk enhance our opportunity optionality Available cash resources as at 30 November 2025 R'bn Cash on hand 0.6 Available committed access facilities 4.7 Total 5.3 Pre-close investor update for the half year ending 28 February 2026 4% 17% 27% 20% 18% 3% 11% FY26 FY27 FY28 FY29 FY30 FY31 Beyond
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Strategic overview Property asset platform Financial insights 49.7% 46.9% 47.3% 47.9% 46.7% 47.2% FY21 FY22 FY23 FY24 FY25 Q1 26 Corporate covenants Covenant 30 Nov 2025 Interest cover ratio1 1.75x 2.3x SA REIT LTV 50% 41.4% Moody’s credit rating reaffirmed at Ba2, during Feb 2026 with a stable outlook SA REIT LTV Rand strength and stable asset values to maintain LTV within our 38% to 41% target range SA REIT LTV: Forecast excludes property valuation movements and assumes stable Fx 27 LTV sensitivity analysis and impact LTV impact Investment property valuations SA property values increase/decrease by 1% (R0.7bn) ±0.3% EPP property values increase/decrease by 1% (R0.2bn) ±0.1% Investment in joint ventures Joint ventures value increase/decrease by 1% (R0.1bn) ±0.1% Foreign exchange movements ZAR depreciates/appreciates by 5% ±0.5% See-through LTV 1 ICR relaxed from 2.0x to 1.75x for all periods up to and including 31 August 2026 Pre-close investor update for the half year ending 28 February 2026 (0.1%) (0.1%) 0.1% (1.0%) (0.1%) 0.1% 0.2% 40.6% (0.8%) 0.2% 1.5% 41.4% 40.6%
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Strategic overview Property asset platform Financial insights TRADING UPDATE FOR FY26 Our medium-term growth profile remains robust with improving property fundamentals Progressing the restructure of our Polish joint ventures and actively recycling non-core assets Proactive asset management and operating margin improvement plan across the group to drive sustainable organic growth Upper end of our 4% to 6% guidance growth in distributable income per share Stability of the Government of National Unity and the 2026 local government elections will inform South Africa's reform agenda Rand strength and oil prices central to South Africa's inflation expectations and interest rates while Eurozone inflation is stable The unpredictable global geopolitical environment impacts inflation and the pace of the interest rate cutting cycle Simplified high-quality asset platform which is diversified Our investment proposition is compelling Engaged passionate and innovative human talent Consistent delivery of strategy Sustainable funding model with solid credit metrics 28
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Pre-close investor update for the half year ending 28 February 202629 Pre-close investor update for the half year ending 28 February 2026 DISCLAIMER For any questions please email: investorenquiries@redefine.co.za Follow our LinkedIn and Instagram pages 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.