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GROUP ANNUAL RESULTS For the year ended 31 August 2026 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 2026 Our conversation Wrap-up Supplementary information Overview Operating efficiently Engaging talent Growing reputation Optimising capital Investing strategically Galeria Mlociny, Warsaw, Poland
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3Group annual results for the year ended 31 August 2026 Overview Transition from recovery to growth, moving beyond stabilisation to disciplined execution The Towers, Western Cape, South Africa
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4Group annual results for the year ended 31 August 2026 Poland R33.3 billion South Africa R68.7 billion Group R102.1 billion 56.8% Retail 23.8% Office 17.6% Industrial 1.8% Other R0.1 billion 26.3% Retail 0.7% Office 4.2% Industrial 1.4% Self-storage 30.5% Retail 23.1% Office 13.4% Industrial 0.3% Other PROPERTY ASSET PLATFORM 67.3% 0.1% 32.6% When OUR PRIMARY GOAL is to grow and improve cash flow to create sustained value for all our stakeholders Why OUR PURPOSE to create and manage spaces in a way that transforms lives Where OUR MISSION to deliver the smartest and most sustainable spaces What OUR VISION to be the BEST South African REIT Putting people at the heart of what we do Our approach is purposeful, adaptable and inclusive
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5Group annual results for the year ended 31 August 2026 Improving property fundamentals are translating into stronger financial outcomes Key financial outcomes 1. Figures have been adjusted to include interest accrual IBB consistent with SA REIT BPR 2. Prior year comparative has been recalculated to reflect the adoption of the Third Edition of the SA REIT Best Practice Recommendations. Property assets R102.1 billion FY25 | R103.2 billion SA REIT loan-to-value 38.8% FY25 | 41.2%1 Interest cover ratio 2.3 times FY25 | 2.2 times SA REIT NAV per share 857.84 cents FY25 | 839.40 cents2 Undrawn committed facilities and cash R7.3 billion FY25 | R6.7 billion Group net operating profit margin 77.0% FY25 | 76.2% Dividend per share 49.06 cents FY25 | 45.84 cents Distributable income per share 56.08 cents FY25 | 52.39 cents
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6Group annual results for the year ended 31 August 2026 Disciplined execution is strengthening the platform for sustainable growth Strategic outcomes Total assets decreased by R219.1 million to R106.1 billion Fair value of property assets lifted by R1.8 billion in SA and R647.7 million in Poland Restructure of M1 joint venture completed with effect 1 October 2026 Investing strategically Group Loan-to-value ratio improved by 2.4% to 38.8% Renewal of debt facilities on favourable terms totalling R13.5 billion Optimise capital Distributable income growth of 7.5% to R3.9 billion Group net operating profit margin increased by 0.8% to 77.0% SA and ELI occupancy advanced by 1.3% and 1.7% to 94.8% and 98.5% respectively Operate efficiently Stable staff engagement with good and great Net Promoter scores in SA and Poland respectively In its 13th year in 2026, the Learnership programme has produced 468 graduates to date Healthy staff retention levels of 94.4% and 94.5% in SA and Poland respectively Engage talent Awarded first place in EY’s Excellence in integrated reporting 2026 Redefine maintained an 81.4 GRESB score, EPP increased its score from 80.5 to 85.7 Achieved a net zero waste level 2 certification from Green Building Council SA at Blue Route Mall Grow reputation Liquidity profile bolstered by R0.6 billion with access to committed undrawn facilities and cash of R7.3 billion
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7Group annual results for the year ended 31 August 2026 Investing strategically A diversified portfolio positioned for sustainable long-term value creation The Boulevard Office Park, Western Cape, South Africa
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8Group annual results for the year ended 31 August 2026 Uses of cash flow of R5.7 billion Capital allocated to developments and capex of R1.9 billion 97 352 593 1 355 3 302 Taxation Net debt repayment Polish development activities and capex SA development activities and capex Distribution 516 408 431 191 402 Group1 South Africa2 Poland FY26 FY25 FY26 FY25 FY26 FY25 Property assets under management (R'bn) 102.1 103.2 68.7 66.8 33.3 36.3 Total GLA ('000 m²) 5 452 5 567 3 737 3 814 1 715 1 753 A diversified platform providing resilience and multiple drivers of cash flow growth Our group property asset platform 1. Includes Lango of R0.1 billion 2. Includes Talis government-tenanted portfolio SA retail SA office SA industrial Polish retail Polish self-storage (R’m) (R’m)
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9Group annual results for the year ended 31 August 2026 South Africa Investing strategically Strengthening the portfolio to deliver sustainable returns Brackengate, Western Cape, South Africa
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10Group annual results for the year ended 31 August 2026 South Africa asset portfolio A higher-quality portfolio with a diversified and quality income base South Africa1 FY26 FY25 Carrying value of properties R67.4bn R65.5bn Total GLA ('000) 3 581m² 3 658m² Weighted average lease escalation by GMR 6.3% 6.3% Number of tenants 4 109 4 200 Average value per property R311.9m R287.4m 84% 12% 4% 15 051 15 857 16 877 17 584 18 487 258 241 238 228 216 FY22 FY23 FY24 FY25 FY26 Average value per m² (R) Number of properties (#) Tenant grade Impact of portfolio repositioning 46% 34% 20% Sectoral split by value 2% 19% 17% 20% 12% 30% Monthly 2027 2028 2029 2030 Beyond 2030 Lease expiry profile by GMR 1.Excludes Talis government-tenanted portfolio Northern Cape Eastern Cape KwaZulu-Natal Mpumalanga Limpopo Gauteng North-West Free State Western Cape Geographic split by value 71% 5% Other in SA 5% 19% A Grade B Grade C GradeRetail Office Industrial
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11Group annual results for the year ended 31 August 2026 1.Includes new developments in progress, redevelopments in progress and infrastructure projects Higher occupancy and retention driving income growth, while rental reversions continue to improve South Africa portfolio key outcomes 1.8% 4.8% 6.9% 9.5% 1.9% 2.8% Portfolio vacancy 1 815 892 525 398 2.7% 3.0% 2.3% 3.0% Change in fair value (Rm) Change in fair value (%) Change in fair value by sector GMR GLA Portfolio 5.2% Portfolio 3.5% Total Retail Office Industrial Office | 8.8% Industrial | 9.0% Retail | 8.0% Specialised | 9.8% Weighted average exit cap rate per sector Renewal reversions -3.9% FY25 | -5.2% Tenant retention by GMR 93.4% FY25 | 91.8% Renewal success rate by GLA 86.6% FY25 | 78.9% Weighted avg. unexpired lease term 3.3 years FY25 | 3.0 years Total developments in progress1 R621.5m FY25 | R707.3m Non-core disposals R1 176.9m FY25 | R1 134.0m Non-current assets held for sale R180.1m FY25 | R62.5m Solar PV Capacity In progress 4.6 MWp FY25 | 8.4 MWp Installed 70.1 MWp FY25 | 58.4 MWp Active occupancy 94.8% FY25 | 93.5%
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12Group annual results for the year ended 31 August 2026 Strong operating fundamentals are translating into organic income growth and asset value gains South Africa retail portfolio 13% 41% 42% 4% Type by grade 892 31 446 467 -52 3.0% 0.8% 3.7% 3.8% -3.4% Change in fair value (Rm) Change in fair value (%) Change in fair value by type Number of tenants 2 659 FY25 | 2 697 GLA 1 171 281m² FY25 | 1 195 116m² Number of properties 52 FY25 | 54 Carrying value R31.1bn FY25 | R29.8bn Blue Route Mall, Western Cape, South Africa Total Super regional Regional Convenience Other Regional Convenience Other Super regional
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13Group annual results for the year ended 31 August 2026 1. Relates to 15% of retail portfolio (FY25 | 17% of retail portfolio) | 2. Relates to 20% of retail portfolio (FY25 | 21% of retail portfolio) Higher occupancy and positive rental growth strengthen portfolio fundamentals South Africa retail portfolio key outcomes Contribution to vacancy by type 2% 22% 21% 21% 14% 20% Monthly 2027 2028 2029 2030 Beyond 2030 Lease expiry profile by GMR 74% 21% 5% 412 Positive reversions 94 Flat reversions 35 Negative reversions Renewal reversion analysis by GLA¹ Vacancy by type No of leases Renewal reversions1 3.0% FY25 | 1.0% Tenant retention by GMR 93.5% FY25 | 92.6% Renewal success rate by GLA2 87.1% FY25 | 86.6% Weighted avg. unexpired lease term 2.8 years FY25 | 3.0 years Letting activity (33% new deals) 246 545m² FY25 | 290 692m² (34% new deals) Weighted average lease escalation 5.8% FY25 | 5.9% Annual trading density R37 670/m² FY25 | R36 320/m² Solar PV Capacity In progress 4.2 MWp FY25 | 5.0 MWp Installed 48.2 MWp FY25 | 45.7 MWp Active occupancy 95.2% FY25 | 94.1% Rent-to-turnover 7.4% FY25 | 7.4% Office related | 16.4% Motor related | 23.8% Retail | 4.0% 80% 14% 6% 4.8%
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14Group annual results for the year ended 31 August 2026 Above numbers exclude Talis government-tenanted portfolio Premium assets unlock value and reinforce long term growth potential South Africa office portfolio 58% 38% 4% Value by grade 525 429 107 -11 2.3% 3.4% 1.3% -0.6% Change in fair value (Rm) Change in fair value (%) Change in fair value by type Number of tenants 1 175 FY25 | 1 233 GLA 953 690m² FY25 | 992 455m² Number of properties 81 FY25 | 86 Carrying value R22.6bn FY25 | R22.1bn The Boulevard, Western Cape, South Africa Total Premium Grade A Grade Secondary Grade A Grade Secondary Premium
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15Group annual results for the year ended 31 August 2026 1. Relates to 21% of office portfolio (FY25 | 16% of office portfolio) | 2. Relates to 21% of office portfolio (FY25 | 18% of office portfolio) Positive leasing momentum is accelerating occupancy recovery as rental pressure eases South Africa office portfolio key outcomes Contribution to vacancy by type 3% 15% 15% 26% 11% 30% Monthly 2027 2028 2029 2030 Beyond 2030 Lease expiry profile by GMR 39% 7% 54% 125 Positive reversions 17 Flat reversions 75 Negative reversions Renewal reversion analysis by GLA¹ Vacancy by type No of leases Renewal reversions1 -12.3% FY25 | -12.9% Tenant retention by GMR 93.8% FY25 | 89.1% Renewal success rate by GLA2 84.5% FY25 | 77.5% Weighted avg. unexpired lease term 3.5 years FY25 | 3.5 years Letting activity (32% new deals) 262 458m² FY25 | 261 822m² (44% new deals) Weighted average lease escalation 6.9% FY25 | 6.9% Solar PV Capacity In progress 0.4 MWp FY25 | 1.7 MWp Installed 7.2 MWp FY25 | 4.8 MWp Active occupancy 90.5% FY25 | 87.0% A Grade | 11.9% Secondary | 27.7% Premium | 4.7% Vacancy analysis SAPOA RDF Total 11.8% 9.5% Johannesburg 14.7% 11.6% Cape Town 6.9% 4.4% Sandton 13.4% 4.5% 22% 64% 14% 9.5%
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16Group annual results for the year ended 31 August 2026 398 12 59 59 88 86 79 7 8 3.0% 0.5% 7.3% 2.3% 7.7% 2.5% 4.5% 3.5% 0.9% Change in fair value (Rm) Change in fair value (%) Above numbers exclude Talis government-tenanted portfolio Quality industrial assets continue to deliver income and value growth South Africa industrial portfolio Value by grade Change in fair value by type Number of tenants 275 FY25 | 269 GLA 1 456 208m² FY25 | 1 458 091m² Number of properties 82 FY25 | 85 Carrying value R13.6bn FY25 | R13.1bn Total Nine at S&J Business Park, Gauteng, South Africa 14% 6% 19% 13% 24% 15% 2% 7% Light manufacturing Heavy grade industrial Warehousing Modern logistics Hi-tech industrial Industrial units Retail warehouse Vacant land/sites Ware- housing Light manuf. Heavy grade industrial Industrial units Modern logistics Hi-tech industrial Retail warehouse Vacant land
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17Group annual results for the year ended 31 August 2026 1. Relates to 5% of industrial portfolio (FY25 | 8% of industrial portfolio) | 2. Relates to 7% of industrial portfolio (FY25 | 12% of industrial portfolio) High occupancy and strong rental growth sustain industrial momentum South Africa industrial portfolio key outcomes 38% 5%34% 20% 3% Contribution to vacancy by type 2% 17% 11% 9% 6% 55% Monthly 2027 2028 2029 2030 Beyond 2030 Lease expiry profile by GMR 75% 23% 2% 37 Positive reversions 14 Flat reversions 2 Negative reversion Renewal reversion analysis by GLA¹ Vacancy by type No of leases Renewal reversions1 4.6% FY25 | 0.8% Tenant retention by GMR 92.0% FY25 | 94.4% Renewal success rate by GLA2 89.2% FY25 | 70.4% Weighted avg. unexpired lease term 3.9 years FY25 | 4.6 years Letting activity (55% new deals) 141 809m² FY25 | 218 877m² (43% new deals) Weighted average lease escalation 6.4% FY25 | 6.5% Solar PV Capacity Installed 14.7 MWp FY25 | 8.2 MWp Active occupancy 97.2% FY25 | 97.3% Retail warehousing 7.6% 2.8% Warehousing 5.5% Modern Logistics 4.2% Industrial units 0.9% HiTech Industrial 5.5% Achieved Net positive waste certification for Nasrec Rd. development Green Star SA Certifications 38 FY25 | 35
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18Group annual results for the year ended 31 August 2026 Scaling new income streams through digital innovation and strategic partnerships Alternative income in action Digital transformation LED network expansion New projects Strategic partnerships Meaningful income contribution Expanding scalable digital media income Scaling an established revenue stream Building future income streams Converting reach into commercial value R106.9 million FY26 net income (4.7% organic growth) Growing the retail media platform through new digital formats and technology We continue to expand our industry-leading LED network, with more screens in Sandton than any other landlord, and a total network including 23 screens reaching over 32.8 million people per month Developing opportunities across parking, Wi-Fi, AI/data centres, digital advertising and EV charging Leveraging media inventory and partnerships to generate additional value We also continue to transform lives, providing R18.6 million in support to SMMEs and NGOs The strategy remains focused on maximising the performance of existing income streams while developing new, scalable revenue opportunities across digital media, technology, strategic partnerships, and emerging asset classes
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19Group annual results for the year ended 31 August 2026 Poland Investing strategically Positioning an asset platform to benefit from the fastest-growing major EU economy King Cross Marcelin, Poznań, Poland
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20Group annual results for the year ended 31 August 2026 Value by sector (%) International platform (R’bn) 81% 2% 13% 4% 34.7 36.3 33.3 0.2 0.1 0.1 34.9 36.4 33.4 FY24 FY25 FY26 Poland EPP ELI Self-Storage FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 Property asset platform (ZAR) R33.4bn R36.3bn R27.6bn R30.0bn R4.3bn R5.3bn R1.4bn R1.0bn Property asset platform (EUR) €1.8bn €1.7bn €1.5bn €1.4bn €0.2bn €0.3bn €74.8m €48.7m Total GLA ('000 m²) 1 715 1 753 1 202 1 238 513 515 381 331 An asset platform positioned to capture Poland’s structural growth Poland asset portfolio Poland’s proportional share of JVs Retail Office Logistics Self-storage Debt R12.2bn FY25 | R13.6bn Assets R27.2bn FY25 | R31.0bn 1 NLA (net lettable area) Poland Africa
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21Group annual results for the year ended 31 August 2026 1. Source: Statistics Poland | 2. Source: Oxford Economics Combining resilient consumer-driven retail with one of Europe’s most dynamic logistics sectors Poland portfolio salient features 0% 2% 4% 6% 8% 10% 12% 14% I 2023 III 2023 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 2025 XI 2025 I 2026 III 2026 V 2026 VII 2026 Share of e-commerce (%)¹ 0 2 4 6 Czechia Slovakia Poland Chile Malaysia Peru China Philippines Hungary Bulgaria Mexico Romania India Colombia South Africa Brazil Turkey Russia Economic risk: Poland vs emerging markets² Completed the simplification of Horse (M1) joint venture EPP has completed its solar rooftop rollout across 13 properties EPP's pay-out ratio improved in FY26 to 81.0% (FY25: 65.0%) Sold Power Park Kielce and Targowek undeveloped land, sale of Power Park Tychy at an advanced stage ELI’s dividend yield improved from 4.2% to 5.9% Self-storage developments in Wroclaw (970 units) and Warsaw (1 025 units) completed and awaiting occupancy certificates Solar PV Capacity Electricity from renewable energy sources Retail 37% | Office 100% | Logistics 100% Installed 7.1 MWp Poland’s contribution to distributable income has increased from 23.7% to 28.7% Expansion into small business units with shorter stabilisation period will leverage off self-storage infrastructure Emerging markets average
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22Group annual results for the year ended 31 August 2026 Ensuring flexibility while the Polish transactional market recovers Simplifying joint ventures to reduce complexity and improve returns See-through LTV bridge 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 Office Retail Industrial Hotel Living Mixed Polish investment activity recovery (€’m) Horse Group (M1) restructure The restructure was completed on 1 October 2026 PIMCO’s shares were bought back for €150.8 million RMBIA introduced as a €66.0 million equity partner Balance of the considerationwas funded by Redefine and proceeds from the sale of Power Park Kielce The distribution waterfall has been simplified The focus will now shift to realising value from undeveloped/surplus land parcels through disposals to residential developers and possibly expand M1 Marki 38.8% 2.0% 1.5% 1.3% 0.8% 0.4% 0.0% 44.8% SA REIT LTV Horse ELI Community Mlociny Henderson Talis See-through LTV Source:JLL,June 2026
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23Group annual results for the year ended 31 August 2026 R17.7bn FY25 | R19.0bn A portfolio dominant in its respective nodes and located in cities with the strongest consumer demand Poland EPP Core portfolio 0.5% 1.1% 1.3% 1.5% 1.5% 1.6% 1.6% 1.7% 1.8% 1.8% 2.3% 2.5% 2.7% 2.8% Italy Switzerland Portugal Spain Eurozone France Germany United Kingdom Netherlands Finland Ireland Belgium Sweden Poland Retail growth volume forecast 2026 - 2030 Number of tenants 661 FY25 | 668 GLA 250 080 m² FY25 | 250 651 m² Carrying value of investment in JVs R8.5bn FY25 | R9.4bn Value of directly held property assets Galeria Echo, Kielce, Poland Source:JLL
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24Group annual results for the year ended 31 August 2026 1. Renewal reversions based on 15.7% of the core portfolio | Source: 2. JLL, June 2026 Shifting our focus to asset optimisation and operational efficiency Poland EPP Core portfolio key outcomes 6.50% 7.20% 4% 5% 6% 7% 8% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Shopping Centre Retail Park Prime Polish retail yields2 Pasaż Grunwaldzki, Wrocław, Poland Renewal reversion1 0.7% FY25 | 0.4% Tenant retention by GMR 94.7% FY25 | 95.1% Renewal success rate by GLA 76.5% FY25 | 77.4% Weighted avg. rent indexation rate 2.0% FY25 | 2.1% Weighted avg. unexpired lease term by GMR 3.8 years FY25 | 3.8 years Annual footfall 36 900 999 FY25 | 36 801 361 Rent-to-sales ratio 8.9% FY25 | 9.0% BREEAM In-use ratings by GLA 100.0% FY25 | 100.0% Occupancy 99.3% FY25 | 99.4%
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25Group annual results for the year ended 31 August 2026 Description FY26 Horse Group EPP Community Galeria Młociny Henderson EPP % shareholding 50.0% 46.9% 70.0% 30.0% Occupancy 98.1% 97.3% 97.9% 80.0% Weighted average renewal reversions 2.3% -1.9% -1.5% -15.3% Weighted average tenant retention by GMR 97.5% 95.7% 94.5% 91.5% Weighted average renewal success rate by GLA 69.9% 81.7% 86.0% 67.7% Weighted average rent indexation rate 1.9% 2.3% 2.0% 1.8% Weighted average unexpired lease term by GLA 4.5 3.3 3.7 3.2 Like-for-like footfall1 0.7% 0.9% -2.0% n/a Rent-to-sales ratio1 7.4% 7.3% 9.5% n/a 1. Only applicable to retail properties Solid operating metrics driven by active asset management Poland EPP joint ventures
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26Group annual results for the year ended 31 August 2026 A high-quality logistics platform concentrated in Poland’s key distribution hubs Poland ELI portfolio Geographical spread Diverse tenant base with 47.0% of GLA let to last-mile & distribution operators Active income producing GLA 513 287m² FY25 | 514 638m2 74.6% by value located in major logistics hubs Carrying value R9.5bn FY25 | R10.5bn Wroclaw, Lower Silesia, Poland Standing asset Land acquired
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27Group annual results for the year ended 31 August 2026 1. JLL, April 2026 Higher occupancy and tenant retention demonstrate the resilience of the logistics platform Poland ELI portfolio key outcomes 44% 23% 19% 5% 4% 5% Tenant type by GLA 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 Warsaw Poland (excl. Warsaw) Prime Polish industrial yields¹ Renewal growth 2.1% FY25 | 6.9% Tenant retention by GMR 86.9% FY25 | 66.7% Renewal success rate by GLA 82.3% FY25 | 61.9% Weighted avg. rent indexation rate 2.4% FY25 | 2.3% Weighted avg. unexpired lease term by GMR 5.7 years FY25 | 5.0 years 88.2% by GLA let to national and international tenants Relets and renewals of 69 877m² at average rental of €5.17/m² BREEAM Ratings by GLA 70.8% FY25 | 70.0% of portfolio certified as Very Good or Excellent, all new developments to be certified Very Good or Excellent Occupancy 98.5% FY25 | 96.8% Distribution 3PL Production Retailer Supplier Delivery
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28Group annual results for the year ended 31 August 2026 Establishing an institutional grade Self-Storage platform exposed to markets with growth potential Poland self-storage portfolio and key outcomes Geographical spreadOccupied NLA 24 267 (70.7%) FY25 | 20 292 (66.4%) Carrying value R1.4bn FY25 | R993.0m Total NLA 37 740m2 FY25 | 32 964m2 Number of properties 19 FY25 | 21 Warsaw Lazurowa, Poland Two developments completed, total cost of R283.8 million, adding NLA of 8 172m² Two developments in progress will increase NLA by 10 645m² in FY27
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29Group annual results for the year ended 31 August 2026 Improving our portfolio: R380 million Protecting our portfolio: R118 million Expanding our portfolio: R550 million Anticipated outcomes • Reposition portfolio bias to consumer-driven • Bolster an appropriate capital collection risk profile • Maintain durability of asset base Disciplined capital allocation creating smart, sustainable and relevant spaces Adapting our strategic priorities to evolving variables under our control FY27 focus areas • Refine and expand the portfolio mix • Simplify offshore joint ventures • Respond to users’ evolving needs Committed capital allocation priorities to position asset platform for sustained value creation • Revenue-enhancing operational capital expenditure • Solar PV/smart metering/ low-flush toilets • Energy efficiency projects • Polish self-storage development • Local retail development • Local office development • Local industrial development • Local defensive capital expenditure • International defensive capital expenditure
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30Group annual results for the year ended 31 August 2026 Optimising capital Efficiently sourcing capital to drive our long-term growth Mall of the South, Gauteng, South Africa
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31Group annual results for the year ended 31 August 2026 1. The LTV ratio has been adjusted to incorporate interest accrual on IBB consistent with SA REIT BPR | 2. 29 906 278 share s sold by the Redefine Empowerment Trust (RET) to settle its loan with Redefine | 3. Net of cash Our prudent risk management delivers a stronger balance sheet Funding key outcomes 10 150 370 640 1 177 3 352 Equity contributed by SSI's NCI Shares issued ² International equity and loan repayments Net Vendor loan repaid Local disposals Cash flow from operations Sources of cash flow of R5.7 billion 64.7 66.8 68.7 34.9 36.4 33.4 24.5 24.5 23.4 17.9 18.1 16.2 Analysis of property assets and debt (R’bn) FY26 FY25 SA REIT LTV1 38.8% 41.2% Interest cover ratio 2.3x 2.2x Access to committed undrawn facilities & cash on-hand R7.3bn R6.7bn Group weighted average cost of debt 6.9% 7.0% ZAR weighted average cost of debt 8.5% 8.9% FX weighted average cost of debt 4.6% 4.5% % of total debt hedged 79.0% 83.2% % of ZAR debt hedged 80.0% 85.9% % of FX debt hedged 77.2% 78.7% Group weighted average term of debt 3.3 years 3.2 years 42.4 39.642.6 South Africa property assets South Africa debt3 International property assets International debt3 99.6 102.1 LTV1 FY24 41.6% FY25 41.2% FY26 38.8% 103.2 Moody’s credit rating maintained at Ba2, with a stable outlook
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32Group annual results for the year ended 31 August 2026 Firmly within our medium-term 38% - 41% target range Group’s see-through LTV trend 48.2% 47.3% 44.8% FY24 FY25 FY26 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% (R0.4bn) 0.2% Foreign exchange movements ZAR depreciates / appreciates by 5% 0.1% FY26 Interest cover ratio (CTA) 2.3x LTV (CTA) 38.9% LTV (DMTN) 38.6% Strictest covenants LTV = 50% & ICR = 2.0x LTV sensitivity analysis Corporate covenants SA REIT LTV ratio Covenant definitions are governed by the Common Terms Agreement (CTA) and the Domestic Medium Term Note Programme (DMTN), which apply to secured funders and noteholders, respectively 41.2% 0.4% 0.7% 3.3% 38.8% (4.1%) (1.2%) (0.7%) (0.5%) (0.2%) (0.1%) FY25¹ Op Cashflow Val impacts SA Disposals Forex ELI Loan repayment RET loan Payment International capex SA capex Distribution HY26FY251 Operating cash flow Valuation impacts SA disposals Forex impact ELI loan repayment RET loan repayment International capex SA capex Dividend FY26 1 The LTV ratio has been adjusted to incorporate interest accrual on IBB consistent with SA REIT BPR
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33Group annual results for the year ended 31 August 2026 Opportunities to early refinance improves maturity profile and debt margins Funding profile 4.5 5.8 9.6 6.9 8.0 3.2 3.8 1.0 2.0 0.3 1.8 12% 17% 21% 19% 17% 6% 8% 0% 5% 10% 15% 20% 25% 0 5 10 15 FY27 FY28 FY29 FY30 FY31 FY32 FY32> Group debt maturity profile (R’bn)Key outcome Weighted average debt tenor increased to 3.3 years (FY25: 3.2 years), while the group weighted average margin improved to 1.7% (FY25: 1.8%) South Africa • Settled R2.6 billion in listed bonds with weighted average margin of 1.5% • Issued R2.4 billion of notes with a weighted average tenor of six years at a weighted average margin of 1.3% • Settled R155.0 million of syndicated bank facilities with a weighted average margin of 1.7% • Early refinanced R4.1 billion of bank debt for a weighted average tenor of six years at a margin of 1.3% achieving a 16bps margin compression • Refinanced $10.0 million and €47.6 million bank debt facilities into a €56.2 million facility with a four-year tenor at a margin of 2.0%, achieving 65bps margin compression Poland (EPP) • Refinanced €323.9 million of secured facilities for a five-year tenor at 2.0% margin, achieving a 56bps margin compression Debt balance Available balance
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34Group annual results for the year ended 31 August 2026 Proactively managing the cost of debt through market cycles Debt margins continue to improve 1.8% 1.7% 1.6% 2.5% 2.5% 2.1% 1.9% 1.8% 1.7% FY24 FY25 FY26 Analysis of group debt margins 9.2% 8.9% 8.5% 5.1% 4.5% 4.6% 7.5% 7.0% 6.9% FY24 FY25 FY26 Analysis of weighted average cost of debt ZAR FX Group SA EPP Group
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35Group annual results for the year ended 31 August 2026 Extended average term of hedges to 1.7 years to mitigate rising interest rates Interest rate hedging 2.0% 4.3% 7.0% 3.0% 3.0% RDF - EUR RDF - ZA EPP - EUR EPP - EUR Weighted average hedge rateSouth Africa • R13.0 billion of interest rate swaps matured during the period with an average fixed rate of 7.4% • New interest rate swaps of R11.0 billion were entered into at an average fixed rate of 6.9% for a two-year tenor • Cross currency interest rate swaps of €270.0 million matured during the period with an average fixed rate of 4.3% • New cross currency interest rate swaps of €270.0 million with an average fixed rate of 4.4% were entered into for a two-year tenor to replace matured swaps Poland (EPP) • As part of the April 2026 refinancing, EPP concluded a collar of €259.1 million with a floor of 2.0% and cap of 3.0% for a five-year tenor 25.3 16.7 1.2 12.9 11.4 6.1 4.9 79.0% 66.5% 22.5% 22.0% FY27 FY28 FY29 FY30 Cumulative ZAR hedges Cumulative FX hedges Hedge ratio Group’s hedging maturity profile (R’bn) Cross currency swaps Interest rate swaps Interest rate collar Earnings certainty is central to our hedging strategy. Redefine targets 75% hedge ratio over a rolling 3-year period
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36Group annual results for the year ended 31 August 2026 Our well diversified and broad funding base strengthens our liquidity profile Funding sources 1. Erste Group acquired Santander Bank Polska in January 2026, the exposure of each funder previously disclosed separately has been combined Sources of debt are drawn balances as at reporting date including the mark-to-market of cross currency swaps 1% 2% 2% 2% 2% 4% 5% 5% 5% 7% 9% 10% 11% 11% 11% 13% BNP Paribas Unlisted DCM IFC MMI PKO BP Ninety One Helaba Sanlam Old Mutual Liberty Listed DCM ABSA Erste Group¹ Standard Bank Nedbank RMB Sources of debt FY26 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 Sources of debt FY25 EPP Core (19%) South Africa (81%) EPP Core (21%) South Africa (79%) FY26 FY25
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37Group annual results for the year ended 31 August 2026 Our clear and consistent risk management approach puts long-term growth in focus Balance sheet strength restored 54.5% 49.8% 47.0% 47.5% 48.2% 47.3% 44.8% 50.0% 42.6% 40.4% 41.4% 42.5% 41.2% 38.8% FY20 FY21 FY22 FY23 FY24 FY25 FY26 See-through LTV Group LTV Group LTV and See-through LTV Focus on restoring Group ICR >2.5x and maintain healthy hedging profile to mitigate rising interest rates impact Simplification of Polish JVs remains a catalyst for reducing see-through LTV Continue to efficiently source capital to drive our long-term growth 1 2 3
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38Group annual results for the year ended 31 August 2026 Efficiently sourcing capital drives our long-term strategic growth profile Adapting our strategic priorities to evolving variables under our control 6 7 8 9 10 11 2024 2025 2026 ZARONIA - 3Y Swap ZARONIA - 5Y Swap SA 10 year govt bond 2 3 4 2024 2025 2026 EURIBOR - 3M EURIBOR - 6M EUR - 3Y Swap EUR - 5Y Swap Anticipated outcomes • Lower cost of internal sources of capital • Improve equity risk profile • Maintain predictable funding costs FY27 focus areas • Broaden our sources of capital • Reduce see-through LTV by recycling non-core Polish assets • Tailor our hedging strategy to reduce earnings sensitivity to interest rate movements Drivers of the cost of capital (%)
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39Group annual results for the year ended 31 August 2026 Operating efficiently Positive organic growth driving our solid earnings performance Convention Tower, Western Cape, South Africa
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40Group annual results for the year ended 31 August 2026 Distributable income grew by 7.5% to R3.9bn complemented by operating margin expansion to 77.0% Key outcomes 0.4 0.6 0.7 1.0 SA occupancy by 0.5% Poland rent indexation by 1% ZAR interest rate by 50bps EUR interest rate by 50bps Distributable income sensitivity analysis (cents per share) 78.5% 66.4% 75.1% 78.4% 71.4% 76.2% 79.3% 72.0% 77.0% South Africa EPP Core Group Net operating profit margin4 FY24 FY25 FY26 EPP Core distributable income €34.0m FY25 | €32.1m SA active NPI growth1 4.1% FY25 | 1.2% EPP Core active NPI growth1/2/3 4.8% FY25 | 4.2% Net arrears for SA amounted to R74.4m FY25 | R81.1m Net arrears for EPP Core3 amounted to R32.9m FY25 | R34.6m SA weighted avg. collection rate of 99.7% FY25 | 99.3% EPP Core avg. collection rate of 99.7% FY25 | 99.8% Solar savings Group net profit margin improved by 0.8% to 77.0% South Africa’s value of annual savings R208.2m Group distributable income R3.9bn FY25 | R3.6bn 1 Net property income is calculated on the active portfolio on the like-for -like basis | 2 Excluding the impact of exchange rate fluctuations| 3 Excludes fees billed to JV’s | 4 Net operating profit margin is after administration costs and before funding costs
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41Group annual results for the year ended 31 August 2026 SA delivers 4.1% like-for-like NPI growth with Poland improving contribution to 28.7% of Group earnings Group distributable income 3 640 195 66 54 37 33 9 3 913 (8) (13) (21) (37) (42) FY25 SA: NOI active properties Int: Net forex losses SA: Finance costs: ZAR and FX Int: Redefine Europe Int: EPP SA: NOI acquired properties Int: Self Storage SA:NOI development properties Antecedent earnings adjustment SA: NOI disposed properties SA: Administration cost FY26 R’m Tailwinds R394m Headwinds (R121m) FY25 NPI active properties International Net forex gains Finance costs ZAR and FX Redefine Europe EPP NPI acquired properties SSI NPI development properties Antecedent earnings adjustment NPI disposed properties Administration cost FY26
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42Group annual results for the year ended 31 August 2026 EPP Core 4.8% like-for-like NPI growth while maintaining cost discipline EPP distributable income 52.2 3.0 0.7 1.9 0.9 55.3 (0.4) (0.8) (0.8) (0.7) (0.7) FY25 NOI Funding costs Administrative costs Fee income Taxation Mlociny JV Community JV Horse JV PPO JV (disposed) FY26 €’m EPP Core €1.7m EPP JVs €1.4m
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43Group annual results for the year ended 31 August 2026 1.Calculation based on the Third Edition of the SA REIT BPR A stronger Rand mutes Net Asset Value growth to 2.1% NAV per share 839.4 42.2 26.4 16.2 15.4 14.4 3.8 857.8 (1.1) (47.3) (51.6) FY25 NAV¹ Statutory profit Valuations – SA property Valuations – international subsidiary & JV's Fair value of hedges FX & FCTR on international subsidiaries and JVs – liabilities FX of SA foreign loans and CCS Share issue dilution Dividend paid (FY25 & HY26) FX & FCTR on international subsidiaries and JVs – assets FY26 NAV¹ Net FX (37.2 cents) EUR CCS 8.8 EUR FEC 3.1 ZAR IRS 2.1 EUR IRS 1.4 Properties 26.1 Delta Shares 0.3 EPP 12.8 EUR SSI 2.2 PLN RDF E 1.4 EUR Lango -0.2 USD EUR Loans 2.7 EUR CCS 1.0 USD Loans 0.1
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44Group annual results for the year ended 31 August 2026 NPI growth assessment Operating segment Like-for-like NPI Target range Rating SA Retail 6.0% 4% to 6% ⚫ SA Office 0.3% 1% to 3% ⚫ SA Industrial 6.3% 5% to 8% ⚫ EPP Core 4.8% 3% to 4% ⚫ EPP JVs 1.6% 2% to 3% ⚫ ELI 11.4% 2% to 4% ⚫ Self-storage 25.7% 0% to 10% ⚫ FY26 characterised by solid organic growth from SA and Poland operations Earnings quality continues to improve 72.5 119.5 156.6 208.22.1% 3.5% 4.3% 5.3% 0 50 100 150 200 250 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% FY23 FY24 FY25 FY26 Solar savings Solar % of Distributable income SA solar savings contribution to Group’s distributable income 67% 33% South Africa Poland Group’s asset base vs distributable income contribution & quality 72% 28% South Africa Poland 99.6% 0.4% Recurring Non - recurring Assets Earnings Quality On track Work-in-progress Requires focus
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45Group annual results for the year ended 31 August 2026 7.0% Dividend per share growth driven by high-quality earnings Final dividend for the year ended 31 August 2026 25.3 25.5 27.3 24.7 26.9 28.8 20.3 20.4 21.8 22.2 25.4 27.3 56.1 49.150.0 42.5 52.4 45.8 Distributable income (DIPS) and dividend (DPS) per share (cents) Consistent 87.5% payout ratio within our 80%-90% range • Maintaining relevance and defensively repositioning our properties • Proactively managing our liquidity profile through market cycles • Preserving shareholder value by minimising tax • Maintaining the LTV ratio at lower end of our medium-term target range • Monitoring the improving ICR levels and covenant headroom FY26FY24 FY25 Interim DIPS Final DIPS Interim DPS Final DPS 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 for this period
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46Group annual results for the year ended 31 August 2026 Operational excellence and innovation translating into durable growth Adapting our strategic priorities to evolving variables under our control Anticipated outcomes • Drive organic NPI growth • Improve cost of external sources of capital • Improved efficiency and strengthen decision-making processes FY27 focus areas • Improve group net operating profit margin to 80% in the medium-term • Drive distributable income growth • Accelerate technology adoption to enhance operational efficiencies Our purpose is centred on delivering meaningful value to our tenants Improving tenant and business outcomes across the tenant lifecycle journey Evolving the business model to meet changing tenant needs Optimising portfolio performance through data and insights Business model evolution and workflow redesign Sustained valued realisation AI enablement is driving increased innovation and faster execution across our operating model Intelligence Autonomy Business agility Strong security and governance provide the foundation for responsible AI-led business transformation, enabling innovation at scale while managing risk, strengthening resilience and preserving trust 37.8% Medium-term target | 50%
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47Group annual results for the year ended 31 August 2026 Engaging talent Empowering creativity, driving innovation, leading with purpose Redefine employees, South Africa
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48Group annual results for the year ended 31 August 2026 Building a high-performance workforce to support sustainable income growth Redefine’s talent engagement key outcomes *1. An eNPS scores below 0 needs improvement, between 0-29 is good, 30-69 is great and above 70 is excellent 2. NQF level 5 to 9 Employee Net Promotor Score1 SA eNPS: good at +7.4 EPP eNPS: improved to +51.0 AI enabled HR App equipping leaders and teams with real-time insights to sustain peak performance Employees bring a combined 5 513 years of experience and 420 tertiary qualifications2 Employee retention rate SA: 94.4% FY25 | 93.6% EPP: 94.5% FY25 | 93.8% AI powered digital transformation enhancing decisions, efficiency and output focusing teams on value creation Maintained staff engagement SA:75.0% FY25 | 73.0% EPP: 73.0% FY25 | 73.0% Mandela Day 2026, Sandton Women’s Day 2026
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49Group annual results for the year ended 31 August 2026 Building a collective of people who create and manage spaces for positive impact Adapting our strategic priorities to evolving variables under our control Anticipated outcomes • Foster diversity of thought • Harness technology to improve productivity • Deepen the leadership bench FY27 focus areas • Strive to be the most diverse and inclusive REIT • Build digital confidence and encourage AI adoption • Strengthen succession-ready leadership Talent outcome Business impact Talented people Diversity of thought Collaborative, innovative and accountable Reduced operational disruptionHigh retention Improved efficiency and decision qualityAI- enabled productivity Strong succession pipelineLeadership development Better tenant and customer experienceHigh engagement Lower replacement cost and stronger institutional knowledgeInternal mobility Adaptive high- performance culture Lead with visible impact Purpose driven Talent as a strategic asset Resilience and adaptability Long-term value creation Smart data and innovative use
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50Group annual results for the year ended 31 August 2026 Growing reputation Embedding ESG as an operational imperative Kyalami Corner, Gauteng, South Africa
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51Group annual results for the year ended 31 August 2026 Environmental Delivering long-term value through measurable impacts Our local industry-leading ESG impacts in action Social Governance Renewable energy 33.4 MWh wheeled through short-term PPA started September 2025 70.1MWp (FY25: 4.6MWp) generated by embedded solar PV plants 2.0% reduction in energy consumption 11 buildings Net Zero Certified ▪ 8 Net Zero Carbon Level2: Building and Occupant Emissions (measured) ▪ 1 Net Zero Carbon Level 2 Precinct: Building and Occupant Emissions (measured) ▪ 2 Net Zero Waste Level 1 and 2 (measured) 82.0% landfill waste diversion rate across 98 internally managed properties SA backup water storage capacity of 12 753 kl will supply on average 3.5 days consumption Most empowered South African REIT that has maintained Level 1 BBBEE status for five consecutive years 140 learners empowered by the STEM and Robotics programme at Matlosana Mall Community Hub Established mobile clinic at 12 Piet Rautenbach providing basic medical services to tenants and community R11.7 million donated to social partners Net dividend income of R35.4m disbursed to the Redefine Empowerment Trust for FY26 Morningstar Sustainalytics ESG risk rating of 6.1 (2025: 6.2) compared to peer average of 18.6 – indicative of strong risk management 51 SACSC Footprint Awards 2026 (2025: 29) One Gold Solal Award for Battle of the Choirs tactical activation Received two ASEA Awards from the African Securities Exchange Association: Best Environmental Disclosure and Transparency (1st) Community Empowerment initiatives (2nd) GRESB Score Standing investments 81.4% (FY25:81.3%) 1st place in the EY Excellence Integrated Report Awards 2026
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52Group annual results for the year ended 31 August 2026 Demonstrating our responsibility towards the planet and people Making significant strides in our sustainability journey 1. Polish employer-branding recognition run by MarkaPracodawcy.pl. Environmental Social Governance Ranking ESG Responsible Management Sustainability Champions 2026 Energy efficiency modernisation ▪ Galeria Twierdza Kłodzko ▪ M1 Bytom ▪ M1 Częstochowa ▪ M1 Radom ▪ M1 Poznań 33GWh wind energy generated through PPA SBTi Science Based Targets’ decarbonisation targets validated 7.0MWp installed solar PV capacity 306 SED initiatives run in EPP buildings (299 in FY25) Building without barriers certificates for 19 assets Friendly Workplace Award1 2026 certified HR Quality Award 2026 certification 106 105 beneficiaries directly benefiting from SED initiatives (37 374 in FY25) CDP Rating B in climate change and B in water • CEE Retail Awards for the Asset Management Firm of the year and Retail Project Small – Galeria Twierdza Kłodzko • Three gold, one silver Solal Awards in social media, strategic marketing and grand opening/expansion categories BREEAM All buildings certified GRESB Standing investments 85.7% (FY25:80.5%) ESG COMPASS People are the Strategy ESG INNOVATOR 2025 Energy transformation of King Cross Marcelin 2026 RESPONSIBLE BUSINESS IN POLAND GOOD PRACTICES with five EPP practices recognised
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53Group annual results for the year ended 31 August 2026 Enhancing impact driven relationships with key stakeholders Adapting our strategic priorities to evolving variables under our control Anticipated outcomes • A stronger Redefine brand • Deepen relationships with stakeholders • Enhance our stakeholder user experiences FY27 focus areas • Extend the Find your Upside to all stakeholders • Leverage market-leading ESG position • Embrace digital solutions Stakeholder engagement impacts Investors and funders Successful CMD 2026 with 186 attendees (on-line and in person), media coverage reach of over 24 million and LinkedIn engagement of 1 737 Property brokers Over 750 registrations and 28 000 sessions on our broker portal since launch. User experience enhancements also underway Suppliers Over 240 responses to the supplier sustainability survey (versus 85 for FY25) and supplier engagement sessions in progress Tenants Launched our new tenant survey solution using our Microsoft platform including built in AI analysis functionality Employees 330 active users of Copilot (80.1% adoption rate) and over 22 000 staff app sessions (over past 90 days with an 82.2% adoption rate) Shoppers Successful implementation of our super shopper Whatsapp channel for shoppers at Centurion Mall 33 000 active users and a 74.0% read rate Communities Over 880 000 individuals impacted directly through SED initiatives and R18.6 million worth of free advertising space donated to various partners
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54Group annual results for the year ended 31 August 2026 Wrap-up A stronger and more resilient business, built through successive cycles of change 90 Rivonia Road, Gauteng, South Africa
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55Group annual results for the year ended 31 August 2026 Capital allocation Focused execution on the variables we control to drive sustained value creation Our game plan for FY27 Our strategic focus on variables under our control drives our growth Direct influence on value creation Indirect influence on value creation Team and culture Invest in and transform our human capital to empower creativity and drive innovation Stakeholder experience Embed ESG as an operational imperative Build a quality, diversified portfolio that delivers durable growth Capital sourcing Focus on conservative balance sheet management to optimise the cost of capital Rental growth and cost containment Accelerate use of new data and digital platforms to lift operating profit margin
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56Group annual results for the year ended 31 August 2026 Operational momentum will be pitted against geopolitical friction in FY27 Durability is not built in a crisis it is revealed in one Rental growth Organic net property income growth Lower cost of capital Targeted capital allocation Higher occupancy Improved operating profit margin Durable earnings Operational momentum Geopolitical friction Stable shareholder returns
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57Group annual results for the year ended 31 August 2026 A clearer, simpler Redefine with exposure to the earnings durability of a diversified consumer-led asset platform Outlook Improving real estate fundamentals Our equity story Identifiable internal growth opportunities A simpler portfolio and balance sheet Disciplined capital deployment FY27 distributable income per share growth of 3% to 5% 87.5% dividend payout ratio subject to our policy
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Reflections Alice Lane, Gauteng, South Africa
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59Group annual results for the year ended 31 August 2026 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. All figures presented are as at 31 August 2026. The information on which forward-looking statements are based has not been audited, and such statements have not been reviewed or reported by the Redefine’s external auditors. 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. Rosebank Link, Gauteng, South Africa Disclaimer
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60Group annual results for the year ended 31 August 2026 Supplementary information Brackengate, Western Cape, South Africa 22 Bree Street, Western Cape, South Africa
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61Group annual results for the year ended 31 August 2026 GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Redefine’s diversified property asset platform 62 Reconciliation of property - related assets 63 Reconciliation of cash generated to total distributable income 64 Funds from operations 65 - 66 South Africa | Distributable income analysis 67 International | Distributable income analysis 68 South Africa | Portfolio income analysis 69 South Africa | Active portfolio expenditure analysis 70 Group arrears and bad debts 71 Income hedging position by currency and interest received 72 FUNDING Group funding snapshot 73 JV funding snapshot 74 Loan-to-value calculation 75 Currency analysis of property assets and borrowings 76 Analysis of secured and unsecured debt to property assets 77 Debt funding profile 78 JV Debt maturity profile 79 INVESTING ACTIVITIES South Africa | Disposal of non-core property assets 80 - 81 South Africa | Non-current assets held for sale 82 South Africa | New developments completed 83 South Africa | New developments in progress 84 South Africa | Redevelopment completed 85 South Africa | Redevelopment in progress 86 South Africa | Infrastructure projects 87 South Africa | Solar PV 88 SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Portfolio overview 89 South Africa | Sectoral and geographical split 90 South Africa | Sector and type split 91 South Africa | Top10 properties and tenants of total portfolio 92 South Africa | Top10 retail properties and tenants 93 South Africa | Top10 office properties and tenants 94 South Africa | Top10 industrial properties and tenants 95 South Africa | Portfolio overview – Talis 96 South Africa | Talis properties and top 10 tenants 97 South Africa | Undeveloped land 98 South Africa | Retail portfolio – Turnover comparison 99 POLAND – OPERATING ACTIVITIES Overview of Poland joint ventures 100 POLAND – EPP OPERATING ACTIVITIES Poland | EPP portfolio overview (including JVs) 101 Poland | EPP joint ventures 102 Poland | Retail market 103 Poland | EPP core top 10 properties and tenants of total portfolio 104 Poland | EPP Horse Group JV top 10 properties and tenants of total portfolio 105 Poland | EPP Community JV top 10 properties and tenants of total portfolio 106 Poland | EPP Henderson JV properties and top 10 tenants of total portfolio 107 Poland | Galeria Młociny JV property and top 10 tenants of total portfolio 108 Poland | EPP BREEAM certifications 109 POLAND – ELI OPERATING ACTIVITIES Poland | Logistics market 110 Poland | ELI JV top 10 properties and tenants of total portfolio 111 Poland | ELI net operating income 112 Poland | ELI land holdings 113 Poland | ELI BREEAM certifications 114 Contents
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62Group annual results for the year ended 31 August 2026 81% 2% 13% 4% 45% 34% 20% 1% 67% 33% SA per sector by value Geographic spread by value International sector by value 1. Includes Talis government-tenanted portfolio 2. Includes Horse Group of R936 million held by Redefine Europe (FY25: R1 034 million) GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Redefine’s diversified property asset platform Property portfolio1 R68.5bn Retail R31.1bn Office R23.6bn Industrial R13.7bn Specialised R0.1bn ROU & PPE R0.1bn Loans receivable & investments R0.1bn R68.7bn EPP N.V 99.9% R18.2bn EPP JVs R9.4bn2 European Logistics platform 50.1% R4.3bn Self-Storage 85.4% R1.4bn Lango Real Estate Limited 1.9% R0.1bn R33.4bn Portfolio valued at R102.1 billion Office Industrial Retail Other Poland South Africa Office Industrial Retail Other Local property portfolio International property portfolio
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63Group annual results for the year ended 31 August 2026 Property assets (R’m) Retail Office Industrial Specialised RDF Europe and ELI EPP1 Stokado Lango Group head office Total FY25 property asset platform 29 889 23 088 13 259 503 5 311 29 904 1 006 131 135 103 226 Movement for the year 1 316 505 483 (459) (1 063) (2 294) 413 (16) (37) (1 152) Deployment of capital 516 405 431 – – 191 402 – 3 1 948 Acquisition – – – – – 29 – – – 29 Disposals (71) (326) (347) (433) (108) (263) – – – (1 548) Impairment – – – – – – – – 2 2 Fair value adjustments – investment property 892 525 398 (9) – 477 169 – – 2 452 Other2 (21) (99) 1 (17) 34 (94) (17) (16) 7 (222) Foreign exchange adjustments – – – – (497) (2 845) (141) – (2) (3 485) Equity-accounted profit (net of dividends) – – – – 101 211 – – – 312 Net settlement of vendor loans – – – – (593) – – – (47) (640) FY26 property asset platform 31 205 23 593 13 742 44 4 248 27 610 1 419 115 98 102 074 1. Includes Horse Group of R937 million held by Redefine Europe (FY25: R1 034 million) 2. Includes straight lining adjustments, right-of-use, movement in tax assets, amortization of tenant installations and letting commission, depreciation, interest income, fair value of Lango GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Reconciliation of property-related assets
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64Group annual results for the year ended 31 August 2026 FY26 (R’m) FY25 (R’m) Net cash inflow from operating activities (as per statement of cash flows) 4 051 3 468 Items in cash flows from operating activities, but not distributable (672) 376 Working capital changes (413) 108 Changes in trade receivables (185) (11) Changes in trade payables (228) 119 Capital transaction costs 5 24 Settlement of derivative (229) 277 Insurance Income Refund (21) (20) Modification of financial instrument – 4 Leasehold interest and expense (14) (17) Non-cash flow items included in distributable income (99) (191) Foreign exchange gains 139 73 Amortisation of tenant installations and letting commissions (217) (189) Depreciation (excluding owner-occupied properties) (31) (29) Trading profit – (18) Share incentive schemes 10 (28) Adjustments to distributable income, not included in IFRS statement of profit and loss 681 621 Antecedent earnings adjustment 1 22 Distributable income of equity-accounted entities 680 599 Timing differences (44) (630) Taxation – difference between income and withholding taxation accrued not yet paid/received (4) (7) Distributable income of equity-accounted entities’ receipts (69) (170) Interest income accrual 26 67 Interest expense accrual 3 (520) Non-controlling interest share of distributable income (4) (4) Distributable income for the year 3 913 3 640 GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Reconciliation of cash generated to total distributable income
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65Group annual results for the year ended 31 August 2026 SA REIT FUNDS FROM OPERATIONS (SA REIT FFO) PER SHARE FY26 (R’m) FY25 (R’m) Profit per IFRS Statement of Comprehensive Income (SOCI) attributable to the parent 7 228 4 128 Adjusted for:- Accounting/specific adjustments: (2 192) (1 843) Fair value adjustments to: • Investment properties (2 452) (1 980) • Debt and equity instruments held at fair value through profit or loss (19) (127) Depreciation and amortisation of intangible assets 1 1 Impact of asset reclassifications and asset transfers on profit or loss 2 18 Gains or losses on the modification of financial instrument – 4 Deferred tax movement recognised in profit or loss 288 164 Straight-lining operating lease adjustment 14 52 Costs of capital nature expensed 5 25 Adjustments arising from investing activities: – (17) Gains or losses on disposal of: • Investment properties & property, plant and equipment – (17) Foreign exchange and hedging items: (1 276) 815 Fair value adjustments on derivative financial instruments employed solely for hedging purposes (911) 365 Reclassified foreign currency translation reserve upon disposal of a foreign operation 9 (1) Foreign exchange gains or losses relating to capital items – realised and unrealised (373) 451 For a more detailed FFO, refer to the audited annual financial statements for the year ended 31 August 2026 GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Funds from operations
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66Group annual results for the year ended 31 August 2026 SA REIT FUNDS FROM OPERATIONS (SA REIT FFO) PER SHARE FY26 (R’m) FY25 (R’m) Other adjustments: 185 592 Adjustments made for equity-accounted entities (542) (69) Distributable income received 680 600 NCI in respect of the above adjustments 46 39 Antecedent earnings adjustment 1 22 SA REIT FFO: 3 945 3 676 Number of shares outstanding at the end of the year (net of treasury shares) (millions) 6 978 6 948 SA REIT FFO per share (cents) 56.56 52.91 Company-specific adjustments (34) (36) Depreciation (excluding owner-occupied properties) 1 1 Capital insurance and other income (21) (20) Leasehold interest and expense (14) (17) Distributable income 3 913 3 640 Distributable income per share (DIPS) cents 56.08 52.39 For a more detailed FFO, refer to the audited annual financial statements for the year ended 31 August 2026 GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Funds from operations
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67Group annual results for the year ended 31 August 2026 R’m Retail Office Industrial Specialised Head office Total SA FY26 Total SA FY25 Property portfolio revenue 4 242 2 996 1 567 59 - 8 864 8 661 Operating costs (including expected credit losses on trade receivables) (1 838) (1 200) (510) (9) - (3 557) (3 510) Administration costs - - - - (397) (397) (355) Net operating profit /(loss) 2 404 1 796 1 057 50 (397) 4 910 4 796 Other income - - - - 7 7 9 Net distributable profit /(loss) before finance costs and tax 2 404 1 796 1 057 50 (390) 4 917 4 805 Interest income - - - - 641 641 881 Interest expense - - - - (2 765) (2 765) (2 927) Current taxation and withholding taxation - - - - 1 1 - Net income/(loss) from operations before non-controlling interest share 2 404 1 796 1 057 50 (2 513) 2 794 2 759 Non-controlling interest share of distributable income - - - - (5) (5) (3) Net income/(loss) before distributable adjustments 2 404 1 796 1 057 50 (2 518) 2 789 2 756 Below the line distributable income adjustments: - Antecedent earnings adjustments - - - - 1 1 22 Distributable income 2 404 1 796 1 057 50 (2 517) 2 790 2 778 GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME South Africa | Distributable income analysis
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68Group annual results for the year ended 31 August 2026 Poland Africa Total international R’m EPP RDF Europe Self- Storage EUR head office USD head office FY26 FY25 Contractual rental income 2 350 - 69 - - 2 419 2 399 Total revenue 2 350 - 69 - - 2 419 2 399 Operating cost (924) - (37) - - (961) (958) Administration cost (229) (17) (32) - - (278) (266) Net operating profit/(loss) 1 197 (17) - - - 1 180 1 175 Other income - 8 - - - 8 5 Net distributable profit/(loss) before finance costs & tax 1 197 (9) - - - 1 188 1 180 Net interest costs (440) 34 (12) (365) (2) (785) (902) - Interest income 4 34 - 1 - 39 77 - Interest expense (444) - (12) (366) (2) (824) (979) Foreign exchange profit 2 - - 137 - 139 73 Net distributable profit before taxation 759 25 (12) (228) (2) 542 351 Taxation (100) - - (1) - (101) (88) Net income/(loss) from operations before 659 25 (12) (229) (2) 441 263 Non-controlling interest share - - 2 - - 2 (1) Net income/(loss) before distributable adjustments 659 25 (10) (229) (2) 443 262 Below the line distributable income adjustments: - Equity-accounted investment 415 265 1 - - - 680 600 Distributable income/(loss) for the year 1 074 290 (10) (229) (2) 1 123 862 1 Includes Horse Group of R 47.6 million held by Redefine Europe GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME International | Distributable income analysis
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69Group annual results for the year ended 31 August 2026 R’m FY26 FY25 Change (%) Net property income from investment properties 5 304 5 148 3.0% Net property income from Talis properties 125 114 9.6% Net property income from acquired/development properties 62 64 (3.1%) Net property income from disposed properties 135 183 (26.2%) Net property income from active portfolio1 4 982 4 787 4.1% Active portfolio revenue 5 834 5 673 2.8% Active portfolio costs (852) (886) (3.8%) Net property income from active portfolio1 4 982 4 787 4.1% Retail 2 296 2 166 6.0% Office 1 640 1 635 0.3% Industrial 1 041 979 6.3% Specialised 5 7 (28.6%) Active portfolio margin % 85.4% 84.4% 33% 46% 21% 1. Properties owned for 12 months in both periods GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME South Africa | Portfolio income analysis 34% 45% 21% Active portfolio NPI contribution Retail Industrial Office Retail Industrial Office FY26 FY25
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70Group annual results for the year ended 31 August 2026 R’m Change (%) FY25 886 Net electricity costs lower based on an increase in solar PV production due to additional and expansion of existing solar PV plants (31) (12.3%) Net other utility costs, maintaining recovery ratio across all utilities and favorable council revaluations (49) (18.1%) Bad debts are provided on a specific tenant by tenant basis, increased bad debts in retail and industrial sectors 6 (22.2%) Contractual and other operating expenses market related increase 23 6.4% Staff costs higher due to market related increases as well as long-term incentive scheme realisation 17 5.8% FY26 852 (3.8%) GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME South Africa | Active portfolio expenditure analysis
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71Group annual results for the year ended 31 August 2026 R’m FY26 FY25 FY24 Gross arrears Trade receivables 216.3 248.0 296.2 Municipal recoveries1 325.2 334.0 342.1 Less: Expected credit loss (ECL) provision (84.4) (112.2) (162.9) Net arrears (including municipal recoveries) 457.1 469.8 475.4 1. Balance excludes the municipals with queries and credit balances GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Group arrears and bad debts R’m B/S FY26 I/S charge FY26 B/S FY25 I/S charge FY25 B/S FY24 I/S charge FY24 ECL provision (86.2) (26.0) (111.2) (51.7) (156.9) (52.7) FCTR 1.8 – (1.0) – (0.2) – Acquisitions – – – – (5.8) – Net debts written off (net of recoveries) – 57.7 – 83.8 – 114.2 Total (84.4) 31.7 (112.2) 32.1 (162.9) 61.5
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72Group annual results for the year ended 31 August 2026 Interest received FY26 (R’m) FY25 (R’m) Bank interest income 74.8 73.0 Interest of cross-currency swaps 553.6 793.3 Vendor loan 37.4 76.1 Other 14.5 15.2 Total 680.3 957.6 Income hedging position by currency FY27 FY28 Total EUR amount (€’m) 27.0 15.0 42.0 FEC rate (R: €1) 23.4 25.3 48.7 GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Hedging position by currency and interest received Capital hedging position by currency FY27 FY28 Total EUR amount (€’m) 146.3 – 146.3 FEC rate (R: €1) 19.3 – 19.3
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73Group annual results for the year ended 31 August 2026 FY26 FY25 SA REIT BPR – LTV (min required < 50%) 38.8% 41.2%1 Average term of debt 3.3 years 3.2 years % of debt secured 71.8% 72.0% % of asset secured 70.3% 69.9% Weighted average cost of ZAR debt 8.5% 8.9% Weighted average cost of FX debt 4.6% 4.5% Weighted average cost of total debt 6.9% 7.0% % of ZAR debt hedged 80.0% 85.9% % of FX debt hedged 77.2% 78.7% % of total debt hedged 79.0% 83.2% Average term of hedges 1.7 years 0.9 years Undrawn facilities (R’bn) 5.1 5.1 Group interest cover ratio 2.3x 2.2x - SA 2.3x 2.2x - EPP 2.7x 2.6x 1. The LTV ratio has been adjusted to incorporate interest accrual on IBB consistent with SA REIT BPR Moody’s has affirmed Redefine’s global long-term rating Ba2 FUNDING Group funding snapshot
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74Group annual results for the year ended 31 August 2026 Horse Group Community Galeria Młociny Henderson ELI Weighted average length of debt (years) 2.3 2.4 2.5 1.8 3.8 Weighted average cost of debt (%)1 5.1% 5.4% 5.2% 4.9% 3.3% Weighted average debt amortisation per annum (%) 0.3% 1.4% 0.0% 2.2% 0.1% LTV based on independent valuations (%) 49.9% 49.7% 41.1% 68.4% 41.7% % of debt secured 100.0% 100.0% 100.0% 100.0% 100.0% % of debt hedged 69.0% 79.1% 75.0% 100.0% 84.1% 1. ELI WACD includes hedges FUNDING JV funding snapshot
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75Group annual results for the year ended 31 August 2026 SA REIT BPR LTV ratio FY26 (R’m) FY25 (R’m) Value 102 074 103 226 Total assets 106 104 106 323 Less: Cash (2 219) (1 563) Less: Derivative financial assets (638) (139) Less: Trade and other receivables (including other monetary assets) (1 173) (1 395) Loan 39 561 42 578 Interest-bearing borrowings1 42 370 43 817 Less: Cash and cash equivalents (2 219) (1 563) Derivative financial instruments (590) 324 LTV % 38.8% 41.2% FUNDING Loan-to-value calculation 1. Figure have been adjusted to include interest accrual IBB consistent with SA REIT BPR
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76Group annual results for the year ended 31 August 2026 FY26 FY25 Currency (R’m) Property assets Net debt1 NAV hedge Weighted avg cost Property assets Net debt2 NAV hedge Weighted avg cost ZAR (R) 68 681 24 206 35.2% 8.5% 66 823 24 422 36.5% 8.9% EUR (€) 31 859 15 176 47.6% 4.6% 35 267 17 960 50.9% 4.5% USD ($) 115 - - - 132 180 136.4% 7.1% PLN (zł) 1 419 179 12.6% 6.9% 1 004 17 1.7% 8.0% Total 102 074 39 561 38.8% 6.9% 103 226 42 549 41.2% 7.0% 1. Net of cash and cash equivalents 2. Figures have been adjusted to include interest accrual IBB consistent with SA REIT BPR FUNDING Currency analysis of property assets and borrowings Foreign exchange FY26 FY25 Closing rates at the end of the year EUR/ZAR 18.73 20.68 USD/ZAR 16.16 17.73 PLN/ZAR 4.32 4.86 EUR/PLN 4.33 4.27 Average rates for the year EUR/ZAR 19.40 19.90 USD/ZAR 16.67 18.09 PLN/ZAR 4.56 4.67 EUR/PLN 4.26 4.26
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77Group annual results for the year ended 31 August 2026 Assets (R’m) Debt (R’m) LTV Secured 71 739 30 443 42.4% ZAR 49 932 20 324 40.7% FX 21 807 10 119 46.4% Unsecured 30 335 9 708 32.0% ZAR1 18 749 9 955 53.1% FX 11 586 (247) (2.1%) Group LTV without hedging MTM 102 074 40 151 39.3% Mark-to-Market (590) Cross Currency Swaps2 (379) Interest Rate Swaps (84) Foreign Exchange Contracts (127) Group LTV 102 074 39 561 38.8% 1. Unsecured debt net of cash 2. Cross currency swaps do not require cash margining FUNDING Analysis of secured and unsecured debt to property assets
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78Group annual results for the year ended 31 August 2026 4.4 5.6 9.5 6.9 8.0 6.9 10.1 20.7 2.5 4.9 FY27 FY28 FY29 FY30 FY31 >FY31 78% 76% 72% 72% 69% 69% 70% 70% FY23 FY24 FY25 FY26 65.6 67.3 72.1 72.0 FY23 FY24 FY25 FY26 29.8% 34.5% 36.3% 38.8% FY23 FY24 FY25 FY26 Equity headroom for the unsecured lender (R’bn) Unsecured debt / unencumbered assets ratio Debt and hedge maturity profile (R’bn) Secured debt and secured assets FUNDING Debt funding profile Debt incl CCS MTM Hedges Secured debt Secured assets
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79Group annual results for the year ended 31 August 2026 Horse Group Community Galeria Młociny Henderson ELI (R’m) % (R’m) % (R’m) % (R’m) % (R’m) % FY27 858.1 13.2% 1 736.9 27.4% – – 62.2 2.3% – – FY28 3 653.6 56.2% 1 992.4 31.4% – – 2 611.2 97.7% 2 078.6 44.5% FY29 – – 592.7 9.3% 2 719.4 100.0% - - 138.9 3.0% FY30 – – – – – – – – – – FY31 1 985.0 30.6% 2 024.6 31.9% – – – – – – FY31+ – – – – – – – – 2 453.1 52.5% Total 6 496.7 100.0% 6 346.6 100.0% 2 719.4 100.0% 2 673.4 100.0% 4 670.6 100.0% FUNDING JV debt maturity profile
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80Group annual results for the year ended 31 August 2026 Property Province Date of transfer GLA (m²) Amount (R’m) Yield (%) Retail 9 367 70.8 10.6% 320 West Street KwaZulu-Natal May-26 9 367 70.8 10.6% Office 39 140 325.5 9.2% 18 The Boulevard KwaZulu-Natal Oct-25 4 984 41.9 15.3% 150 Rivonia Road Gauteng Nov-25 3 134 38.3 5.9% De Beers House Gauteng Apr-26 11 396 48.8 19.6% 16 Fredman Drive – 50.0% share Gauteng May-26 11 099 111.1 1.7% Centurion Wayne’s Gym Gauteng Jul-26 2 726 14.0 10.0% Wingwood Place Gauteng Aug-26 5 801 71.4 11.7% Industrial 32 148 294.5 8.5% S & J Industrial – 90.0% share Sparepro Gauteng Sep-25 18 659 220.5 8.1% 5 Tunney Road Gauteng Feb-26 8 353 47.8 10.0% 62 Mimetes Road Gauteng Aug-26 5 136 26.2 9.6% INVESTING ACTIVITIES South Africa | Disposal of non-core property assets
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81Group annual results for the year ended 31 August 2026 Property Province Date of transfer GLA (m²) Amount (R’m) Yield (%) Specialised1 12 817 433.3 11.7% Bedford Gardens Hospital Gauteng Aug-26 12 817 394.9 11.7% Park Central Gauteng Various Various 38.4 – Land1 52.8 – Atlantic Hills Erf 47 – 55.0% share Western Cape Sep-25 – 52.8 – Total 93 472 1 176.9 10.0% INVESTING ACTIVITIES South Africa | Disposal of non-core property assets (continued)
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82Group annual results for the year ended 31 August 2026 Property Province GLA (m²) Amount (R’m) Yield (%) Retail 4 653 26.7 2.6% 277 Helen Joseph Street Pretoria Gauteng 4 653 26.7 2.6% Office 18 761 153.4 7.8% Rosebank Corner Gauteng 8 818 78.4 8.6% Grayston Ridge Office Park Gauteng 9 943 75.0 6.9% Total 23 414 180.1 7.0% INVESTING ACTIVITIES South Africa | Non-current assets held for sale
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83Group annual results for the year ended 31 August 2026 Property Province GLA (m²) Projected development cost (R’m)1 Initial yield (%) Total value of work completed (R’m)2 Development costs incurred during 2026 (R’m)3 Still to spend (R’m) Completion date Retail 1 165 48.1 9.2% 43.6 27.9 4.5 Mall of the South – Drive thru and taxi rank Gauteng 1 165 48.1 9.2% 43.6 27.9 4.5 Dec-25 Office - 1.9 - 1.9 0.7 0.0 Hertford Office Park – 33.3% share - Common property Gauteng - 1.9 - 1.9 0.7 - Dec-25 Industrial 4 800 23.9 9.3% 21.2 9.7 2.7 Brackengate – 50.1% share – Erf 25701 (Ptn 2B) Mini Units Western Cape 4 800 23.9 9.3% 21.2 9.7 2.7 Apr-26 Total 5 965 73.9 9.2% 66.7 38.3 7.2 1. Development costs exclude capitalised interest and the cost of land 2. Incurred over the duration of the project until August 2026 3. Incurred during the year-to-date until August 2026 INVESTING ACTIVITIES South Africa | New developments completed
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84Group annual results for the year ended 31 August 2026 Property Province GLA (m²) Projected development cost (R’m)1 Initial yield (%) Total value of work completed (R’m)2 Development costs incurred during 2026 (R’m)3 Still to spend (R’m) Completion date Office 2 229 65.5 9.6% 40.4 38.7 25.1 Hertford Office Park – 33.3% share – Building H Gauteng 2 229 65.5 9.6% 40.4 38.7 25.1 Dec-26 Industrial 60 520 440.5 8.6% 145.8 124.9 294.7 Nine @ S & J – 90.0% share Gauteng 20 231 162.0 9.0% 143.9 123.0 18.1 Sep-26 S & J Industrial Erf 270 Calisto – 90.0% share Gauteng 27 058 133.7 9.0% 0.0 0.0 133.7 Sep-27 Erf 179205 Western Cape 8 260 91.9 8.6% 1.9 1.9 90.0 Aug-27 Erf 25701C (Ptn 3) – 50.1% share Western Cape 4 971 52.9 6.0% 0.0 0.0 52.9 Sep-27 Total 62 749 506.0 8.7% 186.2 163.6 319.8 1. Development costs exclude capitalised interest and the cost of land 2. Incurred over the duration of the project until August 2026 3. Incurred during the year-to-date until August 2026 INVESTING ACTIVITIES South Africa | New developments in progress
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85Group annual results for the year ended 31 August 2026 Property Province Projected development cost (R’m)1 Total value of work completed (R’m)2 Redevelopment costs incurred during 2026 (R’m)3 Completion date Yield (%) Retail 118.0 110.3 65.1 5.1% Park Meadows – Building upgrade Gauteng 62.0 62.0 30.8 Nov-25 1.4% Mall of the South – Food and entertainment consolidation Gauteng 18.5 16.7 6.7 Oct-25 12.9% East Rand Mall – 50.0% share – Ster Kinekor repurposing Gauteng 37.5 31.6 27.6 Aug-26 7.4% Industrial 186.0 164.9 151.5 9.0% Golf Air Park I – Redevelopment Western Cape 186.0 164.9 151.5 Apr-26 9.0% Total 304.0 275.2 216.6 7.5% 1. Development costs exclude capitalised interest and the cost of land 2. Incurred over the duration of the project until August 2026 3. Incurred during the year-to-date until August 2026 INVESTING ACTIVITIES South Africa | Redevelopment completed
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86Group annual results for the year ended 31 August 2026 Property Province Projected development cost (R’m)1 Total value of work completed (R’m)2 Redevelopment costs incurred during 2026 (R’m)3 Completion date Still to spend (R’m) Yield (%) Retail 42.9 - - 42.9 0.0% Goldfields Mall – Large Refurbishment Free State 42.9 - - Aug-27 42.9 0.0% Office 47.7 3.1 3.1 44.6 9.4% Black River Office park – Media Building Western Cape 37.2 3.1 3.1 Sep-26 34.1 9.4% 3 & 5 Sturdee Avenue – Large Refurbishment Gauteng 10.5 - - Nov-26 10.5 0.0% Total 90.6 3.1 3.1 87.5 9.4% 1. Development costs exclude capitalised interest and the cost of land 2. Incurred over the duration of the project until August 2026 3. Incurred during the year-to-date until August 2026 INVESTING ACTIVITIES South Africa | Redevelopment in progress
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87Group annual results for the year ended 31 August 2026 Property Province Projected development cost (R’m)1 Total value of work completed (R’m)2 Infrastructure costs (R’m)3 Still to spend (R’m) Completion / expected completion date Industrial - Completed 115.8 81.6 30.1 34.2 S & J Business Park – 90.0% share – Phase 4 Bulk Infrastructure Gauteng 90.4 58.0 6.5 32.4 Aug-26 S & J Business Park – 90.0% share – Phase 4 Erf 269 & Erf 240 Gauteng 25.4 23.6 23.6 1.8 Jul-26 Industrial - In progress 24.9 6.0 6.0 18.9 S & J Business Park – 90.0% share – Amalthea Precinct Infrastructure Ext 25 - 27 Gauteng 24.9 6.0 6.0 18.9 Sep-26 Total 140.7 87.6 36.1 53.1 1. Development costs exclude capitalised interest and the cost of land 2. Incurred over the duration of the project until August 2026 3. Incurred during the year-to-date until August 2026 INVESTING ACTIVITIES South Africa | Infrastructure projects
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88Group annual results for the year ended 31 August 2026 In progress Plant size (kWp) Capex (R'm) Initial return (%) Retail 4 228 41.1 16.6% Office 357 7.2 14.4% Total 4 585 48.3 16.4% INVESTING ACTIVITIES South Africa | Solar PV Installed Plant size (kWp) Retail 48 196 Office 7 248 Industrial 14 627 Total 70 071
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89Group annual results for the year ended 31 August 2026 FY26 FY25 Description Retail Office Industrial Specialised Total1 Total1 Number of properties 52 81 82 1 216 228 Number of tenants 2 659 1 175 275 – 4 109 4 200 Total GLA (‘000 m²) 1 171 954 1 456 – 3 581 3 658 Total GMR (R'm) 252 165 101 – 518 503 Vacancy (%) active 4.8% 9.5% 2.8% – 5.2% 6.5% Vacancy (%) held-for-sale and development 0.2% 1.7% 1.1% – 1.0% 0.4% Vacancy (%) total 5.0% 11.2% 3.9% – 6.2% 6.9% Asset value (R’bn) 31.1 22.6 13.6 0.1 67.4 65.5 Average property value (R’m) 598.7 279.1 165.8 43.6 311.9 287.4 Value as % of portfolio 46.2% 33.5% 20.2% 0.1% 100.0% 100.0% Average GMR per m² (R) 226.3 194.8 72.3 – 154.2 148.0 Weighted average retention rate by GLA 94.6% 94.2% 92.3% 100.0% 93.6% 91.9% Weighted average retention rate by GMR 93.5% 93.8% 92.0% 100.0% 93.4% 91.8% Weighted average renewal reversion rate (%) 3.0% (12.3%) 4.6% – (3.9%) (5.2%) Renewal success rate by GLA (includes monthly leases) 87.1% 84.5% 89.2% – 86.6% 78.9% Renewal success rate by GLA (excludes monthly leases) 79.8% 76.0% 75.2% – 77.5% 74.6% Weighted average lease escalations by GMR (%) 5.8% 6.9% 6.4% – 6.3% 6.3% Weighted average unexpired lease term (remaining) by GMR (years) 2.8 3.5 3.9 – 3.3 3.0 1. Excludes Talis government-tenanted portfolio SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Portfolio overview
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90Group annual results for the year ended 31 August 2026 Valuation (R’m) No. of properties GLA (m²) GMR (R’000) Sector ⚫ Retail 31 134 52 1 171 281 251 829 ⚫ Office 22 604 81 953 690 164 990 ⚫ Industrial 13 595 82 1 456 208 101 245 ⚫ Specialised 44 1 – – Total 67 377 216 3 581 179 518 064 Province ⚫ Gauteng 47 707 151 2 549 186 368 418 ⚫ Western Cape 12 705 35 528 541 90 587 ⚫ KwaZulu-Natal 3 481 12 235 544 28 035 ⚫ Other 3 484 18 267 908 31 024 Total 67 377 216 3 581 179 518 064 46% 34% 20% Type by value 24% 38% 38% 33% 27% 40% 49% 31% 20% 71% 19% 5% 5% 70% 16% 6% 8% 71% 15% 7% 7% 71% 18% 5% 6% By number of properties Type by GLA Type by GMR South Africa | Sectoral and geographical split SOUTH AFRICA – OPERATING ACTIVITIES
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91Group annual results for the year ended 31 August 2026 Valuation (R’m) GLA (m²) GMR (R’000) Retail ⚫ Super regional 4 007 124 873 31 855 ⚫ Regional 12 889 475 145 102 960 ⚫ Convenience 12 913 468 798 103 606 ⚫ Other 1 325 102 465 13 408 Total 31 134 1 171 281 251 829 Office ⚫ Premium Grade 13 157 410 487 91 808 ⚫ A Grade 8 534 478 782 68 251 ⚫ Secondary Grade 913 64 421 4 931 Total 22 604 953 690 164 990 Industrial ⚫ Warehousing 1 888 274 209 15 791 ⚫ Light manufacturing 845 106 507 7 454 ⚫ Heavy Grade industrial 2 611 341 931 21 430 ⚫ Industrial units 1 786 244 283 15 759 ⚫ Modern logistics 3 322 327 187 24 678 ⚫ Hi-tech industrial 2 051 146 769 14 590 ⚫ Retail warehouse 209 15 322 1 543 ⚫ Vacant land/sites 883 - - Total 13 595 1 456 208 101 245 13% 41% 42% 4% Type by value 11% 40%40% 9% 13% 41% 41% 5% 58% 38% 4% 43% 50% 7% 56% 41% 3% 14% 6% 19% 13% 24% 15% 2% 7% 19% 7% 24%17% 22% 10% 1% 16% 7% 21% 16% 24% 14% 2% Type by GLA Type by GMR South Africa | Sectoral and type split SOUTH AFRICA – OPERATING ACTIVITIES
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92Group annual results for the year ended 31 August 2026 GLA (m²) GMR (R’000) Monthly 73 873 12 900 2027 575 327 96 362 2028 474 490 89 627 2029 514 829 103 441 2030 334 713 59 772 Beyond 2030 1 386 667 155 962 Vacancy 221 280 - Total 3 581 179 518 064 2% 19% 17% 20% 12% 30% Monthly 2027 2028 2029 2030 Beyond 2030 3% 16% 13% 14% 9% 39% 6% Monthly 2027 2028 2029 2030 Beyond 2030 Vacancy Lease expiry profile by GLA (m²) Lease expiry profile by GMR (R) Property Region Value (R’m) % GLA (m²) % Tenant GLA (m²) % GMR (R’000) % Centurion Mall Gauteng 3 902 113 165 Macsteel 542 768 Alice Lane Gauteng 3 386 70 854 Shoprite 124 296 Mall of the South Gauteng 2 238 68 292 Massmart 96 377 Blue Route Mall Western Cape 2 094 56 886 Pepkor 92 807 Kenilworth Centre Western Cape 1 863 52 901 Foschini 91 927 Golden Walk Gauteng 1 836 44 302 Pick n Pay 86 930 East Rand Mall – 50.0% share Gauteng 1 607 34 504 Mr Price 60 787 Goldfields Mall Other 1 451 36 989 Government 45 775 Black River Office Park Western Cape 1 443 51 901 Virgin Active 32 516 The Towers Western Cape 1 428 58 465 Bowman Gilfillan 25 635 Total top 10 properties 21 248 32% 588 259 16% Total top 10 tenants 1 199 818 32% 164 348 32% Balance of portfolio 46 129 68% 2 992 920 84% Balance of portfolio 2 381 361 68% 353 716 68% Total portfolio 67 377 100% 3 581 179 100% Total portfolio 3 581 179 100% 518 064 100% South Africa | Top 10 properties and tenants of total portfolio SOUTH AFRICA – OPERATING ACTIVITIES
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93Group annual results for the year ended 31 August 2026 GLA (m²) GMR (R’000) Monthly 27 319 6 350 2027 214 057 54 455 2028 202 120 53 031 2029 206 474 52 830 2030 155 925 35 679 Beyond 2030 307 152 49 483 Vacancy 58 234 - Total 1 171 281 251 829 2% 22% 21% 21% 14% 20% Monthly 2027 2028 2029 2030 Beyond 2030 2% 19% 17% 18% 13% 26% 5% Monthly 2027 2028 2029 2030 Beyond 2030 Vacancy Lease expiry profile by GLA (m²) Lease expiry profile by GMR (R) Property Region Value (R’m) % GLA (m²) % Tenant GLA (m²) % GMR (R’000) % Centurion Mall Gauteng 3 902 113 165 Shoprite 94 933 Mall of the South Gauteng 2 238 68 292 Pick n Pay 86 742 Blue Route Mall Western Cape 2 094 56 886 Woolworths 71 505 Kenilworth Centre Western Cape 1 863 52 901 Foschini 67 319 Golden Walk Gauteng 1 836 44 302 Mr Price 60 787 East Rand Mall – 50.0% share Gauteng 1 607 34 504 Pepkor 58 289 Goldfields Mall Other 1 451 36 989 Massmart 43 776 Centurion Lifestyle Centre Gauteng 1 283 60 619 Adeo 26 828 Stoneridge Centre Gauteng 1 247 65 207 Dis-Chem 24 799 Maponya Mall – 51.0% share Gauteng 1 213 34 597 Truworths 22 822 Total top 10 retail properties 18 734 60% 567 462 48% Total top 10 retail tenants 557 800 48% 117 197 47% Balance of portfolio 12 400 40% 603 819 52% Balance of portfolio 613 481 52% 134 632 53% Total retail portfolio 31 134 100% 1 171 281 100% Total retail portfolio 1 171 281 100% 251 829 100% South Africa | Top 10 retail properties and tenants SOUTH AFRICA – OPERATING ACTIVITIES
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94Group annual results for the year ended 31 August 2026 GLA (m²) GMR (R’000) Monthly 24 639 4 799 2027 129 677 24 163 2028 136 810 24 940 2029 191 334 41 861 2030 98 925 18 255 Beyond 2030 265 663 50 972 Vacancy 106 642 - Total 953 690 164 990 3% 15% 15% 25% 11% 31% Monthly 2027 2028 2029 2030 Beyond 2030 3% 14% 14% 20% 10% 28% 11% Monthly 2027 2028 2029 2030 Beyond 2030 Vacancy Lease expiry profile by GLA (m²) Lease expiry profile by GMR (R) Property Region Value (R’m) % GLA (m²) % Tenant GLA (m²) % GMR (R’000) % Alice Lane Gauteng 3 386 70 854 TP South Africa Trading 32 826 Black River Office Park Western Cape 1 443 51 901 Webber Wentzel 32 469 The Towers Western Cape 1 428 58 465 Sanlam 30 854 115 West Street Gauteng 1 193 36 546 Bowman Gilfillan 25 635 90 Rivonia Road Gauteng 1 151 37 216 WeWork (SA) 23 701 Rosebank Link Gauteng 746 20 186 Government 23 272 155 West Street Gauteng 637 25 575 WNS (SA) 19 208 Hertford Office Park – 33.3% share Gauteng 571 19 528 Nutun Business Services (SA) 14 931 Observatory Business Park Western Cape 521 17 032 Alexander Forbes 13 610 Wembley 2 Western Cape 519 18 941 Virgin Active 11 563 Total top 10 office properties 11 595 51% 356 244 37% Total top 10 office tenants 228 069 24% 55 255 33% Balance of portfolio 11 009 49% 597 446 63% Balance of portfolio 725 621 76% 109 735 67% Total office portfolio 22 604 100% 953 690 100% Total office portfolio 953 690 100% 164 990 100% South Africa | Top 10 office properties and tenants SOUTH AFRICA – OPERATING ACTIVITIES
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95Group annual results for the year ended 31 August 2026 GLA (m²) GMR (R’000) Monthly 21 917 1 750 2027 231 592 17 744 2028 135 565 11 656 2029 117 023 8 749 2030 79 864 5 838 Beyond 2030 813 849 55 508 Vacancy 56 398 - Total 1 456 208 101 245 2% 17% 11% 9% 6% 55% Monthly 2027 2028 2029 2030 Beyond 2030 2% 16% 9% 8% 5% 56% 4% Monthly 2027 2028 2029 2030 Beyond 2030 Vacancy Lease expiry profile by GLA (m²) Lease expiry profile by GMR (R) Property Region Value (R’m) % GLA (m²) % Tenant GLA (m²) % GMR (R’000) % 233 Barbara Road Gauteng 1 012 102 631 Macsteel 542 768 Hirt & Carter Cornubia KwaZulu-Natal 848 47 718 Massmart 52 601 10 Rubicon Boulevard Western Cape 729 52 601 Hirt and Carter 47 718 Macsteel Lilianton Gauteng 612 83 347 Goodyear (SA) 38 515 Cato Ridge DC KwaZulu-Natal 456 50 630 Pepkor 34 518 Macsteel Coil Proc. Gauteng 363 52 886 Conop Projects 28 000 Macsteel VRN Gauteng 338 57 645 Shoprite 27 804 Macsteel Trading Gauteng 329 56 495 Buffalo Couriers 27 502 62 Umlambo Street Coega Other 303 38 515 Kintetsu World Express (SA) 25 740 Macsteel Cape Town Western Cape 295 38 340 Scania (SA) 24 363 Total top 10 industrial properties 5 285 39% 580 808 40% Total top 10 industrial tenants 849 529 58% 61 942 61% Balance of portfolio 8 310 61% 875 400 60% Balance of portfolio 606 679 42% 39 303 39% Total industrial portfolio 13 595 100% 1 456 208 100% Total industrial portfolio 1 456 208 100% 101 245 100% South Africa | Top 10 industrial properties and tenants SOUTH AFRICA – OPERATING ACTIVITIES
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96Group annual results for the year ended 31 August 2026 FY26 FY25 Description Office Industrial Total Total Number of properties 10 1 11 11 Number of tenants 61 7 68 68 Total GLA (‘000 m²) 130 26 156 156 Total GMR (R'm) 12 2 14 14 Vacancy (%) total 25.5% 1.0% 21.4% 23.3% Asset value (R’bn) 1.0 0.1 1.1 1.1 Average property value (R’m) 98.0 146.9 102.5 101.2 Value as % of portfolio 87.0% 13.0% 100.0% 100.0% Average GMR per m² (R) 128.6 70.2 116.2 112.7 Weighted average retention rate by GLA 94.7% 100.0% 95.9% 93.5% Weighted average retention rate by GMR 94.6% 100.0% 95.2% 97.4% Weighted average renewal reversion rate (%) 4.3% – 4.3% 1.2% Renewal success rate by GLA (includes monthly leases) 93.3% 100.0% 93.9% 61.9% Renewal success rate by GLA (excludes monthly leases) 39.0% 56.3% 40.4% 53.7% Weighted average lease escalations by GMR (%) 4.8 1.4 6.2 6.2 Weighted average unexpired lease term (remaining) by GMR (years) 2.6 0.4 3.0 3.6 South Africa | Portfolio overview – Talis SOUTH AFRICA – OPERATING ACTIVITIES
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97Group annual results for the year ended 31 August 2026 GLA (m²) GMR (R’000) Monthly 39 569 5 697 2027 8 894 855 2028 46 961 4 751 2029 8 242 414 2030 4 139 575 Beyond 2030 15 034 1 978 Vacancy 33 358 - Total 156 197 14 270 40% 6% 33% 3% 4% 14% Monthly 2027 2028 2029 2030 Beyond 2030 25% 6% 30% 5% 3% 10% 21% Monthly 2027 2028 2029 2030 Beyond 2030 Vacancy Lease expiry profile by GLA (m²) Lease expiry profile by GMR (R) Property Region Value (R’m) % GLA (m²) % Tenant GLA (m²) % GMR (R’000) % 61 Jorrisen Street Gauteng 190 19 123 Government 99 019 240 & 260 Justice Mohamed St Gauteng 175 12 726 AMR Wholesalers 6 365 12 Piet Rautenbach Street Gauteng 147 26 355 Wealthtec Services 2 761 300 Middel Street Gauteng 129 11 077 Fourie and Truter Inc 1 787 Mineralia Building Gauteng 115 13 116 Subtropico 1 017 Wheat Board Gauteng 97 12 093 Clicks Group 926 Nedbank Centre Nelspruit Mpumalanga 92 15 005 Momentum Metropolitan Life 748 West End Shopping Centre Other 66 20 962 NEHAWU 701 Emanzeni Gauteng 52 11 302 Liberty Group 384 Curator Gauteng 46 8 643 Nedbank 197 Delpen Building Gauteng 18 5 795 Total top 10 Talis tenants 113 905 73% 13 403 94% Balance of portfolio – – – – Balance of portfolio 42 292 27% 867 6% Total Talis portfolio 1 127 100% 156 197 100% Total Talis portfolio 156 197 100% 14 270 100% South Africa | Talis properties and top 10 tenants SOUTH AFRICA – OPERATING ACTIVITIES
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98Group annual results for the year ended 31 August 2026 Property1 Province Value (R'm) S & J Business Park – 90.0% share Gauteng 787.7 Galleria – 90.0% share Gauteng 141.1 4 Keyes Avenue Gauteng 27.3 Monte Place – 22.5% share Gauteng 23.9 Wonderboom Junction Phase 2 Gauteng 22.3 Boulevard Annex – Cape Town Western Cape 16.1 Centurion Junction – 25.0% share Gauteng 10.7 Total undeveloped land 1 029.1 1. Undeveloped land is included in the relevant sector totals South Africa | Undeveloped land SOUTH AFRICA – OPERATING ACTIVITIES
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99Group annual results for the year ended 31 August 2026 103% 102% 103% 104% 102% 107% 105% 103% 100% 99% 99% R 0 R5 000 R10 000 R15 000 R20 000 R25 000 R30 000 R35 000 Total Grocery & Supermarkets Apparel Consolidated Pharmacy & Personal Care Food & Entertainment Balance of Business Types Electronics Hardware Homeware & Interior Motor Related Furniture Focused • Turnover growth is continuously driven by grocery retailers with turnover growth on new & refurbished stores of 41.5% – the grocery comparable turnover growth is in line with the major retailer market updates & Like for Like growth is impacted by cannibalisation from grocers • Annualised Trading Density improved by 2.4% to R37 670/m² with township assets achieving an increase of 4.6%, convenience centres 3.9% and large format assets of 1.4% • Apparel retailers contribute 31% of total turnover & achieved marginal growth in line with reported numbers from major apparel retailers. Largely driven by low growth from mid tier apparel • Pharmacy and Personal Care delivered strong growth across all retail formats, with new stores contributing 1.3% to the business type turnover growth – the category remains a key driver of tenant retention, expansion opportunities, and long-term portfolio strength • Rent to sales ratio at FY26 has marginally improved to 7.4% & remains supportive of positive rental reversions South Africa | Retail portfolio – Turnover comparison by business type R’m FY26 FY25 SOUTH AFRICA – OPERATING ACTIVITIES
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100Group annual results for the year ended 31 August 2026 Horse Group EPP Community Galeria Młociny Henderson ELI Effective interest 50.0% 46.9% 70.0% 30.0% 50.9% Carrying value of investment in JV R3.9bn R2.7bn R2.4bn R0.4bn R4.2bn Total assets R13.7bn R13.4bn R6.9bn R4.3bn R18.6bn Total liabilities R13.7bn R7.8bn R3.4bn R3.0bn R10.4bn Net asset value -1 R5.7bn R3.5bn R1.3bn R8.2bn 1.The shares issued by Horse Group do not meet the definition of equity in terms of IAS 32: Financial Instruments: Presentation and are therefore classified in their entirety as a financial liability in accordance with IFRS 9: Financial Instruments. As a result, the net asset value of the group is Rnil. The NAV before the IFRS adjustment is R6.0bn. For more detail, refer to the audited group financial statements, page 36 15.1 13.6 Total 4.6 4.2 3.0 2.8 0.5 4.2 3.9 2.7 2.4 0.4 ELI Horse Group JV EPP Community JV Galeria Młociny Henderson Park Carrying value of investment in JV’s (R’bn)Total carrying value of all polish investment in JV’s (R’bn) POLAND – OPERATING ACTIVITIES Overview of Poland joint ventures FY25 FY26 FY25 FY26
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101Group annual results for the year ended 31 August 2026 EPP JVS Description EPP Core Horse Group EPP Community Galeria Młociny Henderson EPP total FY25 % EPP share in JV 100% 50% 46.9% 70% 30% Number of properties 5 10 15 1 3 34 35 Number of tenants 661 567 731 184 65 2 208 2 210 Total GLA (‘000 m²) 250 435 331 81 105 1 202 1 238 Total GLA (‘000 m²) on a see-through basis 250 217 155 57 31 711 733 Vacancy rate (%) total 0.7% 1.9% 2.7% 2.1% 20.0% 3.5% 3.8% Total asset value (€’m) 947 701 682 354 209 2 893 2 916 Total asset value (R’m) 17 741 13 133 12 764 6 620 3 908 54 166 60 306 Total asset value (€’m) on a see-through basis 947 350 320 248 63 1 928 1 936 Total asset value (R’m) on a see-through basis 17 741 6 567 5 986 4 634 1 172 36 100 40 032 Average value per property (€’m) 189 70 45 354 70 85 83 Average base rent per m² (€) 20.6 10.0 14.4 18.3 15.2 14.5 14.2 Average gross rent per m² (€) 29.4 14.6 20.7 26.1 21.0 20.9 20.2 Weighted average retention by GMR 94.7% 97.5% 95.7% 94.5% 91.5% 95.4% 95.4% % of portfolio renewed by GLA 15.7% 12.4% 20.0% 26.0% 24.6% 17.2% 16.3% Weighted average renewal reversion rate (%) 0.7% 2.3% (1.9%) (1.5%) (15.3%) (2.3%) (2.9%) Weighted average rent indexation rate 2.0% 1.9% 2.3% 2.0% 1.8% 2.1% 2.1% Weighted average renewal success rate by GLA 76.5% 69.9% 81.7% 86.0% 67.7% 77.6% 82.4% Weighted average unexpired lease term by GLA (years) 4.0 4.5 3.3 3.7 3.2 3.9 4.3 Weighted average unexpired lease term by GMR (years) 3.8 4.1 3.1 3.6 3.1 3.6 3.8 Average collection of gross billings 99.7% 99.8% 99.6% 99.1% 99.3% 99.6% 99.7% Yield on current rent 7.1% 7.6% 8.6% 5.4% 6.0% 7.3% 7.2% Rent to sales ratio 8.9% 7.4% 7.3% 9.5% n/a 8.0% 8.2% % GLA of leases which have an indexation cap 17.5% 22.2% 9.1% 14.9% 24.9% 17.4% 14.4% Poland | EPP portfolio overview (including JVs) POLAND – EPP OPERATING ACTIVITIES
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102Group annual results for the year ended 31 August 2026 Poland | EPP joint ventures 50% ● Asset management programme aimed at increasing attractiveness of M1 shopping centres is almost finished with new stores opened such as Mr DIY, Ochnik, New Yorker, Tatuum, Lee Wrangler, iSpot, Fielmann, Żabka, X-com (M1 Czeladź), KappAhl, Rituals, CCC, Castorama Design Studio (M1 Kraków), CCC, Half Price (M1 Łódź), centrum rowerowe.pl (M1 Zabrze), Fly Park extension (M1 Bytom), Half Price (M1 Częstochowa), Żabka (M1 Marki) and Castorama Design Studio (M1 Poznań) ● New lease agreements were signed with opening scheduled for 2027: Fly Park (M1 Łódź), Medicine (M1 Radom), 8a.pl (M1 Poznań), Empik (M1 Łódź), CCC (M1 Poznań), Castorama Design Studio (M1 Marki) ● Lease agreements with anchor tenants were prolonged: Media Markt (M1 Radom), H&M (M1 Zabrze), Sephora (M1 Marki), Rossmann (M1 Bytom), Half Price (M1 Czeladź) ● M1 showed strong KPIs with RSR of 7.4%, OCR of 10.4% with positive footfall trend of 0.7% Horse Group 70% ● New stores opened including Mr DIY, Starbucks, ACEZ, mTac, Ochnik (relocation and enlargement), Recman (enlargement), Jankes Moda, Pandora (enlargement), Mini Mix ● New lease agreements have been signed: Half Price (relocation and enlargement), Sostrene Grene, Lonas, Taco Bell (first in Poland) ● Improved performance with RSR decreased to 9.5% Galeria Młociny 46.9% ● Improved retail performance with vacancy decreased to 1.4% and healthy RSR decreased to 7.3% and OCR 10.4% ● New brands and operators introduced such as CCC, Emkat, Kodano Optyk, Moda Max, Castorama Design Studio, Thai Long Asian Express (Olimpia), Kodano Optyk (Tęcza), Borgio, Fielman, 4F enlargement (Wzorcownia), Wojas, 4F enlargement, Thai Express and Ramen (Zakopianka), Homla enlargement, Wojas, Świat Pierogów, Arabic Kebab (Solna), Kodano Optyk (Sudecka), Smyk (Twierdza Kłodzko), Castorama Design Centre, Vistula, Grela Bakery (Twierdza Zamość) ● Anchor tenants lease agreements prolongations occurred such as: Sinsay, Vistula, car-pol (Galeria Amber), Carry (Solna), Media Expert (Bełchatów Retail Park), Smyk, Sinsay, Monnari, Crazy Carts (Galeria Tęcza), Centrum Stomatologii (Zakopianka), Diverse (Galeria Olimpia), 4F, Sizeer (Twierdza Zamość), Ochnik, Pako Lorente, KFC, Jysk (Twierdza Kłodzko), Big Star (Veneda), Pawo, Bytom, Apart (Wzorcownia) or Ochnik and Douglas (Galeria Sudecka) ● Park Rozwoju 90.3% leased – signed lease agreements with 4F (1 973m²), They (707m² + 428m² expansion), ITS Poland (684m²), IFDS (649m²), Proservice Finteco (2 888m² + 651m² expansion). Astra Park 94.9% leased – ongoing negotiations with MS Group (space planning and reception design), Nord Food bankruptcy (525m² vacant). Oxygen 92.4% leased including prolongation of Demant (5 058m²) and new lease with Ossur (166m²) ongoing negotiations with Ossur (1 610m² expansion). Major investments include electric vehicle charging station, PV installation, parking zone and green areas of Astra Park, refurbishment of lift lobbies and bathrooms in Park Rozwoju, refurbishment of bathrooms and new greenery in Oxygen. Vacancy across this portfolio – 8.2% EPP Community 30% ● O3 77.2% leased – new leases signed with Gym Operator (856m²), Konika Minolta (145m²), NAYUQA (445m²), Kempower (212m²), Archdesk (364m²) together with renewals of KPMG, Teyon, City Space, Heilind and IAG (7 730m² all together) and Ecolab renewal and expansion (5 270m²). Malta Office Park 82.8% leased – prolongation and expansion of GTF (4 166m²), prolongation of Carl Zeiss (1 214m²) and new canteen (317m²). Symetris Business Park 77.2% leased – Philips expansion (665m²) and new canteen (309m²). Major investments include electric vehicle charging station in O3, outdoor relaxation zones in Malta Office Park, new high-speed barriers in Symetris. Vacancy across this portfolio – 20.0% Henderson POLAND – EPP OPERATING ACTIVITIES
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103Group annual results for the year ended 31 August 2026 Source: JLL, CBRE Poland | Retail market ● At the end of June 2026, the total stock of modern retail space in Poland amounted to GLA of 18.5 million m² including over 10.0 million m² of shopping centres, 3.8 million m² of retail parks, 2.8 million m² of standalone warehousing, 1.7 million m² of convenience centres, and 262 000m² of outlets ● Shopping centre density is 266m² per 1 000 people, in line with the European average combined with very limited high street retail provision in Poland. Density for all retail formats in Poland is 497m² per 1 000 inhabitants ● Recent retail park openings include 17 000m² BIG in Dzierżoniów, 16 000m² Comfy Park in Bydgoszcz and 15 500m² M Park Zawiercie, and 10 000 m² Sekunda in Włoszczowa ● As of August 2026, 753 000m² remains under construction including: 650 000m² retail parks (92% stock under construction representing 17.0% of existing retail park stock) ● Dynamic retail park development continues with current pipeline accounting for 17.0% of total existing retail park stock. Largest projects under construction include: 38 000m² BIG Piła constructed by Acteeum and BIG, 26 000m² MGM park in Krosno developed by Master Management, 24 000m² Świderek retail park in Otwock developed by Redkom, 23 000m² Brama Bieszczad in Sanok constructed by Refield, 21 200m² BIG in Konstantynów Łódzki developed by Acteeum and BIG, 20 000m² S1 in Rybnik constructed by Saller, 20 000m² S1 in Kalisz developed by Saller, 20 000m² retail park in Kalisz constructed by Redkom, and 20 000m² OTO Park in Siemianowice Śląskie developed by Falcon and Acteeum ● Major retail parks planned with openings scheduled in 2027 include: 35 000m² retail park by Redkom in Tarnów and 17 000m² S1 in Kutno by Saller ● The period’s largest deal was Trigea’s acquisition of a majority stake in Posnania, the biggest retail investment deal in Poland since 2024. Shopper Park Plus (vehicle of Adventum) acquired eight shopping centres from Auchan Polska and Ceetrus. The Auchan-anchored hypermarkets units were transacted on a sale-and-leaseback basis, with Auchan remaining as tenant, while the adjoining shopping galleries changed hands under a standard sale. TREI and Patron Capital sold their six Vendo Parks to a joint venture of Generali Real Estate and Star Capital Finance, while the TREI Portfolio continued to change hands in stages, with Ares Real Estate and Slate Asset Management acquiring further parks from the portfolio each quarter. SCF Group also bought Jantar shopping centre in Słupsk from CBRE Investment Management and Crestpoint acquired Pasaż Łódzki from Stage Capital ● Leading investment agencies quote prime shopping centre yield at 6.5% and prime retail parks yield at 7.2% ● No sizeable new shopping centres (except 25 000m² Galeria Podhalańska in Nowy Targ) are under construction ● Investment volume in Poland by the end of June 2026 amounted to €3.049 billion including €782 million in industrial, €594 million in office, €1.018 billion in retail, €605 million in living and €50 million in the hotel sector ● The Polish retail investment market reached over €1 billion in H1 2026, well above the entire 2025 volume. Retail parks remained a sought- after format, confirmed by ongoing portfolio disposals, while shopping centres also attracted renewed interest. Hypermarkets sale-and- leaseback deals emerged as an active subtrend as retailers looked to release capital tied up in real estate while remaining as tenants 01 02 03 04 ● Retail sales grew between 1.3% to 8.7% in the period January to August 2026 ● Share of internet sales continued to oscillate between 8.6% and 9.7% of total retail sales in the period January to August 2026 ● National retailers (including Half Price, centrum rowerowe.pl, Shock Price, Boardriders and Sinsay) and international retailers (including Mr DIY, Sostrene Grene, dm, Rituals, GAP) continued expansions, while newcomers (such as Lululemon, Lonas, Ximi-V and Taco Bell) either opened first stores or announced entry 05 Shopping centre stock 10 000 000m² No new shopping centres over 25 000m² under development Density of shopping centres per 1 000 inhab. 266m² Retail parks development pipeline 17% of stock Prime shopping centre yield (June 2026) 6.5% POLAND – EPP OPERATING ACTIVITIES
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104Group annual results for the year ended 31 August 2026 GLA (m²) GMR (€) Monthly 3 197 55 418 2027 34 364 1 008 872 2028 26 512 1 023 316 2029 26 479 814 428 2030 41 293 1 259 693 Beyond 2030 116 571 3 012 675 Vacancy 1 664 – Total 250 080 7 174 402 1% 14% 14% 11% 18% 42% Monthly 2027 2028 2029 2030 Beyond 2030 1% 13% 11% 10% 17% 47% 1% Monthly 2027 2028 2029 2030 Beyond 2030 Vacant Lease expiry profile by GLA (m²) Lease expiry profile by GMR (€) Property Value (€’m) Value (R’m) GLA (m²) Tenant GLA (m²) % GMR (€’m) GMR (R’m) % Galaxy 284 5 324 56 667 Auchan 29 927 Galeria Echo Kielce 238 4 451 71 526 Modivo Group 19 856 Pasaż Grunwaldzki 219 4 112 48 403 LPP Group 14 486 Outlet Park 104 1 946 28 142 Multikino 8 853 King Cross Marcelin 102 1 908 45 342 H&M 8 279 Carrefour 7 723 Helios 5 478 Zdrofit 4 959 Tk Maxx 4 958 Smyk 4 761 Total top 10 tenants 109 280 44% 2.2 40.4 30% Balance of portfolio 140 800 56% 5.0 94.0 70% Total portfolio 947 17 741 250 080 Total portfolio 250 080 100% 7.2 134.4 100% Poland | EPP Core top 10 properties and tenants of total portfolio POLAND – EPP OPERATING ACTIVITIES
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105Group annual results for the year ended 31 August 2026 GLA (m²) GMR (€) Monthly 2 865 54 875 2027 12 306 293 079 2028 9 638 286 719 2029 71 808 848 417 2030 59 761 1 170 600 Beyond 2030 270 068 3 038 647 Vacancy 8 415 – Total 434 861 5 692 337 1% 5% 5% 15% 21% 53% Monthly 2027 2028 2029 2030 Beyond 2030 1% 3% 2% 17% 13% 62% 2% Monthly 2027 2028 2029 2030 Beyond 2030 Vacant Lease expiry profile by GLA (m²) Lease expiry profile by GMR (€) Property Value (€’m) Value (R’m) GLA (m²) Tenant GLA (m²) % GMR (€’m) GMR (R’m) % M1 Kraków 133 2 498 49 989 Auchan Group 106 983 M1 Czeladź 115 2 154 52 950 OBI 81 193 M1 Marki 106 1 979 47 878 AAA Auto 29 152 M1 Poznań 90 1 677 55 638 Modivo Group 20 912 M1 Zabrze 80 1 506 72 780 Media Markt 19 804 M1 Częstochowa 54 1 019 29 707 H&M 11 074 M1 Radom 51 955 37 085 BI1 8 765 M1 Łódź 32 603 37 767 Fly Park 8 305 M1 Bytom 21 386 28 367 Tk Maxx 7 614 PP Tychy 19 356 22 700 LPP Group 6 875 Total top 10 tenants 300 677 69% 3.0 56.7 53% Balance of portfolio 134 184 31% 2.7 49.9 47% Total portfolio 701 13 133 434 861 Total portfolio 434 861 100% 5.7 106.6 100% Poland | EPP Horse Group JV top 10 properties & tenants of total portfolio POLAND – EPP OPERATING ACTIVITIES
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106Group annual results for the year ended 31 August 2026 GLA (m²) GMR (€) Monthly 5 762 51 775 2027 40 454 964 270 2028 68 074 1 357 306 2029 50 752 1 038 012 2030 58 335 1 222 065 Beyond 2030 99 136 1 972 200 Vacancy 8 787 – Total 331 300 6 605 628 1% 15% 20% 16% 19% 29% Monthly 2027 2028 2029 2030 Beyond 2030 2% 12% 21% 15% 17% 30% 3% Monthly 2027 2028 2029 2030 Beyond 2030 Vacant Lease expiry profile by GLA (m²) Lease expiry profile by GMR (€) Property Value (€’m) Value (R’m) GLA (m²) Tenant GLA (m²) % GMR (€’m) GMR (R’m) % Galeria Amber 96 1 807 33 751 LPP Group 29 526 Park Rozwoju 73 1 369 34 679 Modivo Group 19 851 Galeria Twierdza Kłodzko 66 1 228 28 084 Carrefour 11 665 Galeria Sudecka 61 1 133 31 228 Auchan 11 230 Zakopianka Shopping Centre 60 1 129 27 713 Bricomarche 10 116 Galeria Twierdza Zamość 58 1 090 28 625 H&M 10 049 Galeria Solna 57 1 062 24 080 Schneider 7 763 Wzorcownia Włocławek 52 979 24 993 Demant 6 726 Galeria Olimpia 43 807 21 444 Multikino 6 631 Galeria Veneda 37 684 15 126 Helios 6 295 Total top 10 properties 603 11 288 269 723 Total top 10 tenants 119 852 36% 1.7 31.6 26% Balance of portfolio 79 1 476 61 577 Balance of portfolio 211 448 64% 4.9 92.1 74% Total portfolio 682 12 764 331 300 Total portfolio 331 300 100% 6.6 123.7 100% Poland | EPP Community JV top 10 properties & tenants of total portfolio POLAND – EPP OPERATING ACTIVITIES
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107Group annual results for the year ended 31 August 2026 GLA (m²) GMR (€) Monthly 43 792 2027 10 251 229 411 2028 20 922 449 794 2029 8 674 180 683 2030 16 515 311 704 Beyond 2030 27 289 558 437 Vacancy 20 927 – Total 104 621 1 730 821 0% 13% 26% 10% 18% 33% Monthly 2027 2028 2029 2030 Beyond 2030 0% 10% 20% 8% 16% 26% 20% Monthly 2027 2028 2029 2030 Beyond 2030 Vacant Lease expiry profile by GLA (m²) Lease expiry profile by GMR (€) Property Value (€’m) Value (R’m) GLA (m²) Tenant GLA (m²) % GMR (€’m) GMR (R’m) % O3 Business Campus 117 2 180 56 834 Philips Polska 9 698 Malta Office Park 58 1 088 28 523 HCL 7 003 Symetris Business Park 34 640 19 264 Ecolab Services 5 255 NFZ 4 922 TTEC 4 497 GTF 4 166 City Space 3 463 Roche Polska 3 282 Duna Polska 2 733 Danish Crown 2 616 Total top 10 tenants 47 635 46% 1.0 18.9 58% Balance of portfolio 56 986 54% 0.7 13.5 42% Total portfolio 209 3 908 104 621 Total portfolio 104 621 100% 1.7 32.4 100% Poland | EPP Henderson JV properties & top 10 tenants of total portfolio POLAND – EPP OPERATING ACTIVITIES
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108Group annual results for the year ended 31 August 2026 GLA (m²) GMR (€) Monthly 3 220 57 735 2027 17 136 349 127 2028 6 116 223 934 2029 7 355 233 764 2030 16 370 415 904 Beyond 2030 29 133 749 136 Vacancy 1 688 – Total 81 018 2 029 600 3% 17% 11% 12% 20% 37% Monthly 2027 2028 2029 2030 Beyond 2030 4% 21% 8% 9% 20% 36% 2% Monthly 2027 2028 2029 2030 Beyond 2030 Vacant Lease expiry profile by GLA (m²) Lease expiry profile by GMR (€) Property Value (€’m) Value (R’m) GLA (m²) Tenant GLA (m²) % GMR (€’m) GMR (R’m) % Młociny 354 6 620 81 018 Inditex Group 6 187 Inter Cars 6 075 Primark 5 465 Modivo Group 4 126 Multikino 3 952 H&M 3 042 Van Graaf 2 744 Tk Maxx 2 078 Zdrofit 1 921 Carry 1 880 Total top 10 tenants 37 470 46% 0.6 12.0 32% Balance of portfolio 43 548 54% 1.4 26.0 68% Total portfolio 354 6 620 81 018 Total portfolio 81 018 100% 2.0 38.0 100% Poland | Galeria Młociny JV property & top 10 tenants of total portfolio POLAND – EPP OPERATING ACTIVITIES
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109Group annual results for the year ended 31 August 2026 Asset In-use part 1: Asset Performance1 In-use Part 2: Building Management2 EPP Core Galaxy Excellent Excellent Galeria Echo Kielce Very Good Very Good King Cross Marcelin Very Good Very Good Outlet Park Excellent Excellent Pasaż Grunwaldzki Very Good Very Good Horse Group JV M1 Bytom Excellent Excellent M1 Czeladź Excellent Excellent M1 Częstochowa Excellent Excellent M1 Kraków Excellent Excellent M1 Łódź Excellent Excellent M1 Poznań Excellent Excellent M1 Radom Excellent Excellent M1 Zabrze Excellent Excellent M1 Marki Excellent Excellent PP Tychy No certification3 No certification3 The BREEAM In-Use process assesses environment performance in two parts: 1. BREEAM In-Use Part 1: Asset Performance – measures the sustainability of the physical building | 2. BREEAM In-Use Part 2: Building Management – assesses the management practices in place to optimise the building’s sustainability 3. BREEAM certification not possible due to marginal size of common areas Asset In-use part 1: Asset Performance1 In-use Part 2: Building Management2 Community JV Astra Park Excellent Excellent Oxygen Excellent Excellent Centrum Echo Bełchatów No certification3 No certification3 Centrum Echo Przemyśl No certification3 No certification3 Galeria Tęcza Very Good Very Good Galeria Amber Very Good Very Good Galeria Olimpia Very Good Very Good Galeria Solna Excellent Excellent Galeria Sudecka Excellent Very Good Galeria Twierdza Zamość Excellent Very Good Galeria Veneda Very Good Excellent Wzorcownia Włocławek Very Good Excellent Zakopianka Shopping Centre Very Good Very Good Galeria Twierdza Kłodzko Very Good Very Good Park Rozwoju Outstanding Outstanding Henderson JV Malta Office Park Outstanding Excellent O3 Business Campus Outstanding Excellent Symetris Business Park Excellent Excellent Galeria Młociny JV Młociny Excellent Excellent 9% 59% 29% 3% 9% 53% 29% 9% BREEAM In-Use Part 1 BREEAM In-Use Part 2 Poland | EPP BREEAM certifications Excellent Very good No certification Outstanding Excellent Very good No certification Outstanding POLAND – EPP OPERATING ACTIVITIES
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110Group annual results for the year ended 31 August 2026 POLAND – ELI OPERATING ACTIVITIES Poland logistics market Poland occupies a key position in the European logistics market, supported by its large consumer market, significant manufacturing base and strategic role within European supply chains 01 The Polish logistics market continued to expand during the first half of 2026, with total modern logistics stock reaching approximately 38 million m², representing annual growth of approximately 5% 02 Investment activity in logistics real estate maintained strong momentum, with transaction volumes reaching €781.8 million in H1 2026, representing an increase of nearly 13% year-on-year 03 Development activity continued to moderate, with 1.3 million m² under construction at the end of June 2026, down 11% year- on-year. At the same time, the average pre-let ratio increased to 61%, reflecting a more disciplined approach to speculative development 04 Occupier demand remained strong, driven particularly by 3PL operators and e-commerce, with total take-up increasing by 20% year-on-year and net take-up increasing by 56% during the first half of 2026 05 Availability of logistics space continued to tighten, particularly across core markets, with vacant stock declining by 16% year-on-year and the vacancy rate decreasing to 6.3%, 1.6 percentage points below the prior year 06 Prime headline rents remained broadly stable, with moderate upward pressure evident in prime logistics locations 07 Looking forward, declining availability, continued occupier demand and a constrained development pipeline are expected to support rental growth, particularly in the most sought-after logistics locations 08 Stock with GLA 38.0 million m² Gross demand 3.5 million m² Occupancy rate 93.7% New supply 1.2 million m² Space under construction 1.3 million m² Headline rental €3.6 to €6.8 per m² per month
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111Group annual results for the year ended 31 August 2026 GLA (m²) GMR (€) 2027 69 941 332 402 2028 34 354 171 566 2029 20 510 98 161 2030 120 387 560 907 Beyond 2030 260 222 1 369 224 Vacancy 7 873 - Total 513 287 2 532 260 13% 7% 4% 22% 54% 2027 2028 2029 2030 Beyond 2030 14% 7% 4% 24% 51% 2% 2027 2028 2029 2030 Beyond 2030 Vacancy Lease expiry profile by GLA (m²) Lease expiry profile by GMR (€) Property Value (€’m) Value (R’m) GLA (m²) Tenant GLA (m²) % GMR (€’000) GMR (R’000) % Lublin Logistics 88 1 650 85 018 Weber 78 734 Warsaw Logistics 77 1 438 72 286 Rohlig 48 201 Bielsko Logistics 76 1 418 71 478 Latex 32 641 Zabrze Logistics 1 69 1 285 78 734 PO Lighting 25 283 Ruda Logistics 50 929 56 219 DTW 24 951 Wrocław Logistics 38 712 35 942 Dywidag 23 578 Warsaw Błonie II Logistics 37 696 43 280 BorgWarner 20 022 Rzeszow Logistics 22 421 21 803 Stella Pack 16 897 Torun Logistics 17 324 16 586 NVH 16 235 Kraków Skawina II Logistics 16 291 15 726 Konimpex 16 213 Total top 10 properties 489 9 164 497 072 Total top 10 tenants 302 754 59% 1.4 26.9 58% Balance of portfolio 20 371 16 215 Balance of portfolio 210 533 41% 1.1 19.5 42% Total portfolio 509 9 535 513 287 Total portfolio 513 287 100% 2.5 46.4 100% 1 50% joint venture with Panattoni Poland | ELI JV top 10 properties and tenants of total portfolio POLAND – ELI OPERATING ACTIVITIES
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112Group annual results for the year ended 31 August 2026 FY26 (€’m) FY25 (€’m) FY26 (R’m) FY25 (R’m) Active assets1 22.2 19.7 431.4 391.6 Other assets2 (0.0) 0.0 (0.7) 0.3 Active joint ventures1 3.2 3.1 61.1 62.0 Other joint ventures2 (0.0) (0.0) (0.6) (0.8) Total NPI 25.4 22.8 491.2 453.1 NPI margin on active assets 100.7% 98.0% EBIT margin on active assets 89.4% 86.2% 1. Assets operational for the full period in FY26 and FY25 2. Includes assets completed within the last 24 months, assets under construction and land holdings 392 0 62 ( 1) 453 431 ( 1) 61 ( 1) 491 Active assets¹ Other assets² Active joint ventures¹ Other joint ventures² Total NPI Poland | ELI net operating income R’m FY25 FY26 POLAND – ELI OPERATING ACTIVITIES
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113Group annual results for the year ended 31 August 2026 Property Total GLA (m²) Fair value (€’m) Fair value (R’m) Bielsko-Biala phase III 24 255 Wroclaw City phase II 8 115 Total 32 370 4.9 91.8 160% joint venture with Panattoni Poland | ELI land holdings POLAND – ELI OPERATING ACTIVITIES
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114Group annual results for the year ended 31 August 2026 Asset BREEAM Certification New buildings Bielsko Logistics phase I Very good Bielsko Logistics phase II Good Ruda Logistics phase I Good Ruda Logistics phase II Very good Ruda Logistics phase III Excellent Zabrze Logistics Very good Zabrze Logistics (expansion) Excellent Warsaw Logistics phase I Good Warsaw Logistics phase II Very good Warsaw Błonie II Logistics Excellent Kraków Skawina II Logistics Very good Lublin Logistics phase I Good Lublin Logistics phase II Very good Lublin Logistics phase III Very good Torun Logistics Very good Wrocław Logistics (Standing assets) B1 Very good Wrocław Logistics (Standing assets) A1 Very good Wrocław Logistics phase I Very good Rzeszow Logistics Very good Bielsko Logistics phase I Very good 17% 54% 29% BREEAM Poland | ELI BREEAM certifications Excellent Very good Good POLAND – ELI OPERATING ACTIVITIES