Annual financial statement
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AFS ANNUAL FINANCIAL STATEMENTS for the year ended 31 August 2026
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to our group and company annual financial statements for the year ended 31 August 2026 Our AFS brings our strategy and progress to life, showing how we are delivering on our purpose of creating and managing spaces that transform lives . 1 Copyright and trademarks are owned by the Institute of Directors in South Africa NPC and all its rights are reserved Redefine is committed to reporting transparently to our broad range of stakeholders. Our reporting suite is available on our website www.redefine.co.za Our reporting suite applies and complies with the following frameworks Welcome We strategically manage a high-quality, diversified property asset platform valued at R102.1 billion, encompassing South African and Polish assets Our commitment to people and ESG is at the heart of what we do , shaping both what we do and how we do it At Redefine, we don’t wait for conditions to improve. We know that it takes resilience to move through uncertainty and conviction to move towards opportunity. Being brave in times of change is how we find our upside. Our FY26 theme, Find your Upside, is about drawing on the resilient foundation we have co-created with our stakeholders to pursue our growth path – a path defined by strength, confidence and progress. It reflects the discipline to seek out opportunity in every market, every asset and every relationship and the belief that value is created when we work together in pursuit of our purpose: to create and manage spaces that transform lives. Delivering on our growth targets relies on three commitments. We are reinforcing the real estate fundamentals that underpin our long-term success, building investor confidence through transparent communication and disciplined capital allocation, and accelerating technological adoption across every operation and team. Together, these commitments turn a strong foundation into long-term value as we do business, earn trust and innovate. We invite our stakeholders to find their upside with us. OUR THEME International Integrated Reporting Framework (Integrated Reporting Framework) The Companies Act, No 71 of 2008, as amended (Companies Act) JSE Limited (JSE) Listings Requirements King V Report on Corporate Governance TM for South Africa 2025 (King V TM)1 IFRS® Accounting Standards (IFRS Accounting Standards) Find our reports here ABOUT REDEFINE Redefine Properties Limited (Redefine, the group or the company) is a South African Real Estate Investment Trust (REIT). Our primary goal is to grow and improve cash flow to deliver quality earnings, which will underpin growth and sustained value creation for all stakeholders. Established in 1999 We are listed on the JSE Our ESG report provides a detailed account of our environmental and social goals and impacts. It also unpacks our enterprise-wide governance approach, which steers our sustainability efforts. It includes our remuneration report as well as our social, ethics and transformation committee report. ESG databook King V™ application register ISO 37000 Remuneration report Our CRR outlines our long-term approach to climate-related risk and opportunity management in line with the principles of the International Sustainability Standards Board (ISSB) IFRS S2: Climate-related disclosures. The notice of AGM provides supporting information for shareholders to participate in the AGM. Form of proxy AGM registration Our IR is our primary report to stakeholders, illustrating how the elements of our value- creation story are connected and interdependent. Integrated report (IR) Environmental, social and governance (ESG) report Climate risk report (CRR) Notice of annual general meeting (AGM) Our AFS provide a comprehensive overview of Redefine’s financial position, enabling stakeholders to understand our financial performance. Primary financial statements Property information Group annual financial statements (AFS) OUR REPORTING SUITE Find our reports here 1 / 98 INTRODUCTION SUPPLEMENTARY INFORMATIONGROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS
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Index Directors’ responsibilities and approval 6 CEO and CFO responsibility statement 6 Certificate by company secretary 6 Audit committee report 7 Directors’ report 11 Independent auditor’s report 12 Statements of financial position 15 Statements of profit or loss and other comprehensive income 15 Statements of changes in equity 16 Statements of cash flows 17 Notes to the financial statements 18 Feedback Your feedback is important to us. We welcome your input to enhance the quality of our reporting. Please visit www.redefine.co.za or email investorenquiries@redefine.co.za Shareholders’ diary and administration 98 Introduction Supplementary information SA REIT ratios 87 Property information 90 Shareholders’ analysis 97 Our integrated approach to business and value creation 4 Group and company annual financial statements 2 / 98 INTRODUCTION SUPPLEMENTARY INFORMATIONGROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS
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Our integrated approach to business and value creation 4 Introduction Blue Route Mall, Western Cape, South Africa 3 / 98 INTRODUCTION SUPPLEMENTARY INFORMATIONGROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS
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These areas are underpinned by the six capitals that we use or affect Financial capital Natural capital Manufactured capital Intellectual capital Social and relationship capital Human capital CREATING VALUE INTEGRATED THINKING is central to how we make strategic choices. It drives our value creation and informs our integrated reporting. What we do Property is our commodity and people are our business We are building and managing a quality, diversified property portfolio in South Africa and Poland. Our portfolio spans retail, office and industrial properties in South Africa, complemented by retail, office, retail logistics and self-storage property investments in Poland. We allocate capital towards the most attractive risk- adjusted opportunities while diversifying across sectors and geographies to manage risk. How we do it We’re not landlords. We’re people. Our people-centric approach enables us to create and sustain meaningful value for our stakeholders. ESG is at the heart of our value creation ESG is embedded in how we create long-term value, strengthen business resilience, and build sustainable stakeholder ecosystems. Our ESG approach informs strategic decision-making and day-to-day operations, reinforcing our values and priorities while supporting transparency and accountability. Our purpose to create and manage spaces in a way that transforms lives Our mission in this decade: to deliver the smartest and most sustainable spaces Our vision to be the BEST South African REIT Our integrated approach to business and value creation Our robust business model, clear strategy, and disciplined execution support the delivery of our purpose. Integrated thinking enables us to consider the interdependencies between our resources and stakeholders, strengthening decision-making, performance, and long-term value creation. We strive to be excellent We pursue innovation We embrace change We create lasting value We consider long-term impact We grow together We show integrity We are fair and consistent We are honest and caring We earn trust We show respect We place people at the heart of everything we do Our primary goal is to grow and improve cash flow in order to create sustained value for all our stakeholders Our BEST VALUES connect us and guide our behaviour We consider all material matters We apply a double materiality lens to identify matters that may affect our ability to create and preserve value over the short, medium and long term as well as our most significant impacts on society and the environment. Grouped into five themes, these matters inform our strategy and our approach to managing risks and pursuing opportunities. Our material themes 1 To us, creating value means meeting our stakeholder goals A source of sustained growth in total returns A reliable source of returns on debt funding Customers Provide differentiated and relevant space Provide a safe and enjoyable shopping experience Tenants Shoppers Grow and inspire people who create and manage spaces for positive impact Employees Property brokers Be our property brokers’ preferred business partner Suppliers Be a responsible and compliant business partner Communities Be a responsible community participant We assess our context Operating context Geopolitical, socioeconomic and broader trends influence the environment in which we create value. Stakeholder relationships Our engagement strategies help us understand what matters most to our key stakeholders and the value created through each relationship. Risks and opportunities We evaluate changes in our operating environment, stakeholder relationships and resource availability to identify the top strategic risks and opportunities that could affect our business model. Our core UN SDGs We create societal and environmental value through our commitment to the United Nations Sustainable Development Goals (UN SDGs). Relevant UN SDGs are identified throughout this report using icons alongside the related content. For more detail, refer to our ESG report. Stakeholder goals Providers of financial capital Investors Funders Nurturing and optimising our ecosystems We integrate our strategy into our business model Business model We measure and manage the impacts of our activities to support sustainable value creation and preservation while preventing value erosion. Embedding diversity, equity and inclusion Mobilising digital transformation Being a catalyst for good Being curious innovators Mission pathways Invest strategically Operate efficientlyOptimise capital Engage talent Grow reputation Strategic priorities Business strategy As an investor in a long-term asset class, our strategic choices have lasting implications. Our mission pathways embed integrated thinking into our strategy, while our strategic priorities guide execution and support sustained value creation over the short, medium and long term. 1 Impact of geopolitical and socioeconomic factors on the cost of capital and growth (GSF) | The evolving role of business in creating a prosperous and sustainable society (ERB) | Business model adaptability to the rapidly evolving context (BMA) | Heightened demands on governance and regulatory context (HGR) | Managing for sustained business growth (MBG) GSF 4 / 98 INTRODUCTION SUPPLEMENTARY INFORMATIONGROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS
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Directors’ responsibilities and approval 6 CEO and CFO responsibility statement 6 Certificate by company secretary 6 Audit committee report 7 Directors’ report 11 Independent auditor’s report 12 annual financial statements Group and company Mall of the South, Gauteng, South Africa Statements of financial position 15 Statements of profit or loss and other comprehensive income 15 Statements of changes in equity 16 Statements of cash flows 17 Notes to the financial statements 18 5 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Directors’ responsibilities and approval The directors are responsible for the preparation and fair presentation of the group and company annual financial statements of Redefine Properties Limited and its subsidiaries. These annual financial statements comprise the statements of financial position as at 31 August 2026, the statements of profit or loss and other comprehensive income, the statements of changes in equity, the statements of cash flows for the year ended 31 August 2026, and the notes to the financial statements (including a summary of material accounting policies and other explanatory notes) in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB), the South African Institute of Chartered Accountants (SAICA), Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Pronouncements as issued by the Financial Reporting Standards Council, the requirements of the Companies Act, and the JSE Listings Requirements. In addition, the directors are responsible for the preparation of the directors’ report. The directors are responsible for internal controls as they determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; for maintaining adequate accounting records and an effective system of risk management; and for the preparation of the supplementary information included in these annual financial statements. The directors are also responsible for maintaining appropriate controls over the website and ensuring its security. Where applicable, they are further accountable for establishing and overseeing the processes for the electronic distribution of annual reports and other financial information to shareholders and to the Companies and Intellectual Property Commission. The directors have assessed the ability of the group and company to continue as a going concern and have no reason to believe that the group and company will not be a going concern in the year ahead. The independent external auditor is responsible for reporting on whether the group and company annual financial statements are fairly presented, in all material respects, in accordance with the applicable financial reporting framework, and their report is presented on pages 12 to 14. APPROVAL OF GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS The group and company annual financial statements of Redefine Properties Limited, as identified in the first paragraph, were published on 2 November 2026 and were approved by the board of directors on 29 October 2026 and are signed on its behalf by: AJ König NG Nyawo Authorised director Authorised director 29 October 2026 29 October 2026 CEO and CFO responsibility statement Each of the directors, whose names are stated below, hereby confirm that: (a) the group and company annual financial statements, set out on pages 15 to 85, fairly present in all material respects the financial position, financial performance, and cash flows of the issuer in terms of IFRS Accounting Standards; (b) to the best of our knowledge and belief, no facts have been omitted or untrue statements made that would make the group and company annual financial statements false or misleading; (c) internal financial controls have been put in place to ensure that material information relating to the issuer and its consolidated subsidiaries has been provided to effectively prepare the annual financial statements of the issuer; (d) the internal financial controls are adequate and effective and can be relied upon in compiling the group and company annual financial statements, having fulfilled our role and function as executive directors with primary responsibility for implementation and execution of controls; (e) where we are not satisfied, we have disclosed to the audit committee and the auditors any deficiencies in the design and operational effectiveness of the internal financial controls and have remediated the deficiencies; and (f) we are not aware of any fraud involving directors. AJ König NG Nyawo Chief executive officer Chief financial officer 29 October 2026 29 October 2026 Certificate by company secretary In terms of section 88(2)(e) of the Companies Act, I declare that to the best of my knowledge, for the year ended 31 August 2026, Redefine Properties Limited has lodged with the Companies and Intellectual Property Commission all such returns as are required of a public company in terms of the Companies Act and that such returns are true, correct, and up to date. A Matwa Company secretary 29 October 2026 6 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Audit committee report The audit committee ( AC ) oversees the integrity of the company’s financial controls and integrated reporting and identifies and manages financial risks. This is crucial to help Redefine navigate uncertainty while staying focused on identifying and executing strategic opportunities. The AC also plays a crucial role in ensuring all stakeholders receive timely, relevant information, enabling them to make accurate assessments of the company’s performance and prospects. COMPOSITION AND MEETING PROCEDURES The AC confirms that it is satisfied it has fulfilled its responsibilities under its terms of reference and annual work plan. During the reporting period, the AC comprised independent non-executive directors. All appointed directors satisfied the requirements of section 94(4) of the Companies Act and King V™ recommendations. As a collective and given the group’s size and circumstances, the AC was adequately skilled, and all members possessed the appropriate financial and related qualifications, skills, financial expertise and experience required to discharge their responsibilities. The AC met on five occasions, with meetings scheduled in line with the group’s financial reporting cycle. The AC held one ad hoc meeting to review and recommend the IR to the board. The AC also met with the internal and external auditors separately and noted no areas of concern. Primary focus Financial capital Intellectual capital Optimise capital Operate efficiently 1 Appointed to the committee on 4 August 2026 2 Retired from the committee on 13 February 2026 Invitees STANDING INVITEES § CFO § Head of corporate finance § Head of operational finance § Representatives from PwC (external audit) § Representatives from BDO South Africa (internal audit) REGULAR INVITEES § CEO § COO Attendance Committee attendance was 100% Company secretary Anda Matwa MATTERS CONSIDERED § Reviewed the quarterly financial report, which includes financial performance, FY26 forecasts, tax governance, and the FY26 asset valuation report § Evaluated the external audit reporting in respect of the year ended 31 August 2026, which included confirmation of the independence of the external auditors and review of the suitability report prepared by PwC in accordance with the JSE Listings Requirements § Reviewed the effectiveness of the control environment for the year ended 31 August 2026 § Monitored the status of Redefine’s subsidiaries’ AFS § Considered the JSE’s proactive monitoring of financial statements report and responded to a pro-active monitoring letter from the JSE § Reviewed the quarterly internal audit progress report § Considered feedback from the external auditors and internal audit (without management) § Reviewed the effectiveness of the combined assurance approach and monitored progress against the plan § Reviewed the CEO and CFO responsibility statement § Monitored non-audit fees against the non-audit services policy § Considered key judgements and estimates included in the AFS § Monitored the progress of the group’s preparedness for IFRS 18, with an external provider engaged to assist in guiding its implementation and related interpretation MATTERS APPROVED § Reviewed and approved the quarterly CFO report to monitor financial performance, including the outlook for the distributable income per share (DIPS) metric, value drivers, and delivery of strategic priorities § Reviewed and approved the quarterly capital management report, including compliance with loan covenants and credit metrics § Reviewed the assumptions for the FY27 budget to be considered by the board § Reviewed the AC terms of reference to ensure alignment with King V™ and recommended them for board approval § Reviewed and recommended the interim and final results to the board § Approved FY26 external audit fees and reviewed the external auditor’s scope of work § Reviewed and recommended the FY26 AFS to the board for approval (Redefine standalone and group) § Reviewed and approved the internal audit plan, charter, and adequacy of the group’s internal control structure § Reviewed and approved combined assurance plan and implementation report § Reviewed and recommended the solvency and liquidity statement and going concern assessment to the board for approval § Reviewed and proposed the interim and final dividend to the board § Approved the quarterly combined assurance plan and implementation report § Reviewed and approved the effectiveness and expertise of the finance function and the CFO in accordance with the JSE Listings Requirements as well as the effectiveness of the internal audit function § Reviewed and recommended the REIT compliance disclosure § Recommended the reappointment of the external auditor to the board § Reviewed the effectiveness of the internal audit function § Approved the following policies: Ȼ The group tax policy Ȼ The non-audit services policy VALUE PRESERVATION IN FY27 The AC will continue to operate within its terms of reference and ensure that meetings address all regular matters reserved for its consideration. Additionally, the AC will focus on the following during FY27: § Monitoring implementation of IFRS 18 § Furthering the maturity of the combined assurance model § The impact of AI on the internal control environment § Evaluating the use of AI on internal and external audit effectiveness Composition of the AC during FY26 Diane Radley (Chairperson) Nadya Bhettay 1 Cora Fernandez Simon Fifield Lesego Sennelo 2 7 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Audit committee report continued KING V ™ PRINCIPLE 12 ASSURANCE The AC is satisfied that the group’s combined assurance model incorporates and optimises the assurance-related activities of line management, specialist functions, and assurance service providers so that, taken as a whole, these promote an effective internal control environment and safeguard the integrity of external reports issued by the organisation. The combined assurance framework and plan enable an effective, comprehensive approach to group-wide risk management and assurance activities. This approach provides assurance that safeguards the integrity of the information used for reporting and decision-making. Our coordinated approach to combined assurance (as outlined to the right) clearly defines the roles and responsibilities for identifying, managing and reporting risks. We appropriately oversee and respond to our strategic risks to assess potential assurance gaps for each risk. Each of the four lines of defence has a distinct role in assuring each risk. We report progress against the combined assurance plan, as well as any assurance gaps, to the AC . Alongside the risk management framework, the combined assurance model balances safeguarding our operations with enabling strategic growth. Ultimately, we seek to position risk and compliance as drivers of sustainable performance rather than reactive and compliance-driven. This dynamic model expands our understanding of risk, enabling us to evaluate the effects of current and potential risks and opportunities on our strategy in a forward- looking manner. The AC is satisfied that arrangements for combined assurance are effective and that the external auditor is independent and has delivered audit quality. The AC is satisfied that the CFO and the finance function are effective. Approach Independent external assuranceLine 4 Internal auditLine 3 Management oversightLine 1 Management of risk and complianceLine 2 Group risk profile Governance Assurance Strategy Capital Stakeholders Risks Opportunities Qualitative inputs Board of directors Executive committee Oversight and ultimate custodian Management oversight that supports the execution of the strategy Top-down strategic approachReporting and oversight Combined assurance targets and actual outcomes are reviewed quarterly and reassessed annually An integrated framework for governance, risk, control and assurance that supports strategic resilience and long-term value creation COMMITTEES AC Audit committee NOM Nomination and governance committee RCT Risk, compliance and technology committee SET Social, ethics and transformation committee REM Remuneration committee IC Investment committee Embeds risk and opportunity management across the business Operational risk committee Oversight and execution of various geographies Subsidiary boards Implements and executes across the business Management committee Prioritises and coordinates digital execution Digital hub Identify, manage and approve Delegated subcommittees of the board of directors ICAC RCT REM NOM SET Risk capacity Risk tolerance Risk appetite International financial controls Workshops Quantitative inputs Insurance EWRM data Operating margins Bottom-up approach 8 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Audit committee report continued Compliance risk management The risk, compliance and technology committee ( RCT ) oversaw compliance risk management processes to ensure they adhere to relevant legislation, regulations, and applicable policies and standards. The AC is satisfied that the funding and liquidity policy adequately manages medium- to long-term hedging risk. Internal financial controls The AC reviewed the internal audit reports of the internal financial control environment, noted matters arising from these audits, considered the appropriateness of management’s responses, and monitored progress on recommended actions. Internal financial controls reviews were performed for Redefine, EPP and ELI. Internal audit The AC approved the internal audit plan for FY26 proposed by internal audit in conjunction with management. The AC was comfortable that material risk areas were included and coverage of significant business processes was acceptable. The following reviews were performed during FY26 as per the internal audit plan: § Tenant and rental income review § Utilities management review § Treasury review § Cybersecurity: Social engineering review § Cybersecurity: Email security review § Enterprise risk management review § Governance review The AC is satisfied that the internal audit function was independent and had the necessary resources, standing and authority to discharge its duties. Furthermore, the AC confirmed that in executing the FY26 plan there were no impairments to the objectivity, independence and scope of the internal audit function, which remained effective in carrying out its duties. Internal audit confirmed that all identified control weaknesses have been reported and that the assessed controls are adequately designed to mitigate significant identified risks. No control weaknesses were rated as significant. Based on the work performed and the results obtained, controls assessed were adequately designed to mitigate the significant identified risks. All controls assessed were considered adequately designed (100%), of these controls 99% were operating effectively. In FY27, internal audit aims to use data analytics to provide deeper risk insights to enable a more targeted assurance plan. The audit plan will continue to focus on key and emerging risk areas, including cybersecurity and data governance, in line with evolving internal audit leading practices. Internal audit will also remain agile and responsive to changes in the organisation’s risk profile, working closely with management to adapt the audit plan where necessary to address emerging risks, strategic priorities and regulatory developments. The Towers, Western Cape, South Africa 9 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Audit committee report continued EXTERNAL AUDIT INDEPENDENCE, OBJECTIVITY AND EFFECTIVENESS DURING FY26 In October 2026, in accordance with paragraph 5.7(h) of the JSE Listings Requirements, the AC assessed the suitability of PwC for appointment as the company’s independent external auditors for FY27, with Jorge Goncalves as the designated individual auditor. The evaluation of the external auditor focused on: § Robustness of the audit process § Audit quality, including quality controls and indicators § Appropriateness of the audit partner and the dedicated team, including their skills, knowledge and character § Independence and objectivity § Formal reporting to the AC THE COMMITTEE § Approved, in consultation with management, the below audit fee and engagement terms for FY26: Audit and other assurance services (R’000) Non-audit services (R’000) Total (R’000) Non-audit fee as a percentage of audit and other assurance services (%) 2026 21 556 15 21 571 0.1 2025 21 857 15 21 872 0.1 § Reviewed and approved the above non-audit service fees in line with the non-audit service policy and ensured that same were within the limit and in line with the maximum threshold of up 25% of audit fees of the group auditors being PwC (SA) and PwC (Poland) § In FY26, R15 000 (FY25: R15 000) was spent on non-audit services with PwC, related to IFRS training attendance § Reviewed the external audit plan and related scope of work § Reviewed the quality of reporting to the AC , the level of challenge, and professional scepticism and understanding demonstrated by PwC of the business of the group § Reviewed the quality of the audit team, technical skills and experience, and the allocation of resources during the audit § Held regular meetings with the audit engagement partner and audit managers § Considered the effectiveness of the company’s policies and procedures in maintaining auditor independence § Confirmed that no reportable irregularities were identified and reported by PwC in terms of the Auditing Profession Act, No 26 of 2005 PwC § Provided the AC with confirmation that they operate in accordance with the ethical standards required of audit firms (section 290 of the International Ethics Standards Board for Accountants, Code of Ethics for Professional Accountants, and the Independent Regulatory Board for Auditors Code of Professional Conduct for Registered Auditors) § Confirmed the policies and procedures they have in place to maintain their independence § Confirmed that there were no relationships with the company arising from: Ȼ Personal financial interests Ȼ Family and personal relationships Ȼ Employment relationships Ȼ Business relationships § Confirmed that the non-audit services performed and billed during the period ended 31 August 2026 did not impair their independence or objectivity REGULATORS The Independent Regulatory Board for Auditors (IRBA) performed reviews of audits carried out by PwC. PwC has shared the reporting back from IRBA with the AC as part of their suitability reporting. § The quality of the audit partner and the team was confirmed, with no material issues raised in the feedback received § PwC demonstrated a good understanding of the group, and the AC was comfortable with PwC’s risk assessment and their response thereto § PwC’s reporting to the AC was clear, transparent and thorough and included explanations of the rationale behind conclusions as appropriate § The audit had been well-planned and delivered, and the AC was comfortable that key audit findings had been raised and addressed appropriately § The AC concluded that the materiality applied in the performance of the audit of the Group and Company was appropriate § It was confirmed that there had been an appropriate level of challenge and that PwC functioned in accordance with its mandate for the 2026 financial year § The AC , having considered all relevant matters, concluded that it is satisfied that auditor independence, objectivity and effectiveness were maintained during the financial year EVALUATION FOCUS KEY OUTPUTS INPUTS 10 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Directors’ report TO THE SHAREHOLDERS OF REDEFINE PROPERTIES LIMITED We have the pleasure of presenting the group and company annual financial statements of Redefine Properties Limited and its subsidiaries for the year ended 31 August 2026. CORPORATE OVERVIEW Redefine is a REIT listed in South Africa. It derives rental income from investments in retail, office, industrial and specialised properties and earns distributions from other property-related investments. Redefine is registered in South Africa, refer to page 98 for the registered address. NATURE OF THE BUSINESS The group is engaged in property investment and operates in South Africa and Poland. FINANCIAL RESULTS The profit for the current financial year is R7.3 billion (FY25: R4.2 billion) and R4.3 billion (FY25: R3.1 billion) for the group and company, respectively. ACCOUNTING FRAMEWORK AND COMPLIANCE The financial statements are prepared in terms of IFRS Accounting Standards and the requirements of the Companies Act. STATED CAPITAL The company’s authorised and issued stated capital comprises 10 000 000 000 (FY25: 10 000 000 000) and 7 202 600 656 (FY25: 7 202 600 656) ordinary shares of no par value. At 31 August 2026, there were 7 202 600 656 (FY25: 7 202 600 656) shares in issue, all of which are fully paid and qualify for the dividend approved on 29 October 2026. DIVIDEND DISTRIBUTIONS On 30 October 2025, the board of directors declared a final dividend of 25.42 cents for the six months ended 31 August 2025, which was paid on 24 November 2025. On 7 May 2026, the board of directors declared an interim dividend of 21.83 cents for the six months ended 28 February 2026, which was paid on 1 June 2026. Subsequent to year end, on 29 October 2026, the board of directors approved a final dividend of 27.23 cents per share for the year ended 31 August 2026. DIRECTORATE The directors of the group at the date of this report were: Independent non-executive directors § SM Pityana (Chairperson) § ASP Dambuza § C Boshard § CH Fernandez § D Radley § NB Langa-Royds 1 § NF Bhettay 2 § SP Fifield Executive directors § AJ König (CEO) § LC Kok (COO) § NG Nyawo (CFO) DIRECTORS’ EMOLUMENTS AND INTERESTS Refer to notes 52, 53 and 54 to the financial statements for disclosure regarding directors’ emoluments and interests SERVICE CONTRACTS Executive directors retire from their positions and from the board (as executive directors) at the age of 65. Although the normal retirement age is 65 years for executive directors, the group’s retirement policy makes provision to extend the working relationship beyond the normal retirement age. Executive directors are subject to three calendar months’ written notice under their existing employment contracts. SHAREHOLDERS’ ANALYSIS Refer to page 97 in the supplementary information to the group and company annual financial statements for disclosure regarding shareholders’ analysis. EVENTS AFTER THE REPORTING PERIOD Refer to note 55 to the financial statements for disclosure regarding events after the reporting period. GOING CONCERN Refer to note 56 to the financial statements for disclosure regarding going concern. SOLVENCY AND LIQUIDITY TEST The directors have performed the required solvency and liquidity tests required by the Companies Act and concluded that Redefine meets the solvency and liquidity requirements. 1 On 17 August 2026, the company announced that NB Langa-Royds will not seek re-election at the AGM expected to be held on 11 February 2027 and will retire from the board with effect from the day following the AGM. NB Langa-Royds remains a director of the company as at the date of approval of these annual financial statements 2 Appointed on 4 August 2026 11 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Independent auditor’s report To the shareholders of Redefine Properties Limited REPORT ON THE AUDIT OF THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS The IRBA Code is consistent with the corresponding sections of the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) . Our audit approach Our opinion In our opinion, the consolidated and separate financial statements present fairly, in all material respects, the consolidated and separate financial position of Redefine Properties Limited (the Company) and its subsidiaries (together the Group) as at 31 August 2026, and its consolidated and separate financial performance and its consolidated and separate cash flows for the year then ended in accordance with IFRS Accounting Standards and the requirements of the Companies Act of South Africa. What we have audited Redefine Properties Limited's consolidated and separate financial statements set out on pages 15 to 85 comprise: § the group and company statements of financial position as at 31 August 2026; § the group and company statements of profit or loss and other comprehensive income for the year then ended; § the group and company statements of changes in equity for the year then ended; § the group and company statements of cash flows for the year then ended; and § the notes to the financial statements, including material accounting policy information. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated and separate financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the Independent Regulatory Board for Auditors’ Code of Professional Conduct for Registered Auditors (IRBA Code), as applicable to audits of financial statements of public interest entities, and other independence requirements applicable to performing audits of financial statements in South Africa. We have fulfilled our other ethical responsibilities in accordance with the IRBA Code and in accordance with other ethical requirements applicable to performing audits in South Africa. Overview MATERIALITY GROUP SCOPING KEY AUDIT MATTERS MATERIALITY R581.0 million for the group financial statements and R522.3 million for the company financial statements, which represents 1% of group and company net asset value respectively. GROUP SCOPING The group consists of a holding company (Redefine Properties Limited), and 23 components. Full scope audits were performed on the Company and 3 components. Analytical procedures were performed over 4 components. No work was performed in respect of the remaining components due to their inconsequential contribution to the group. KEY AUDIT MATTERS Valuation of investment property assets As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the consolidated and separate financial statements. In particular, we considered where the directors made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud. In terms of the IRBA Rule on Enhanced Auditor Reporting for the Audit of Financial Statements of Public Interest Entities, published in Government Gazette Number 49309 dated 15 September 2023 (EAR Rule), we report final materiality and group audit scope below. Final materiality The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance whether the consolidated and separate financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated and separate financial statements. Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the final materiality for the consolidated and separate financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate on the consolidated and separate financial statements as a whole. CONSOLIDATED FINANCIAL STATEMENTS SEPARATE FINANCIAL STATEMENTS Final materiality R581.0 million R522.3 million How we determined it 1% of consolidated net assets 1% of net assets Rationale for the materiality benchmark applied We chose consolidated net asset value as the benchmark because, in our view, it is the key benchmark against which the performance of the Group is most commonly measured by users of the financial statements. Although the Group is profit orientated, its strategic focus is to deliver long- term shareholder returns through the acquisition and development of investment property. As a Real Estate Investment Trust (REIT), the users are likely to be more concerned with the net assets underlying the group, rather than its profitability. In addition, the loan to value ratio (value of loans compared to the value of assets) is a key metric for the Group and is of particular focus for investors. We chose 1% based on our professional judgement and after consideration of the range of quantitative materiality thresholds that we would typically apply when using consolidated net assets to compute materiality. We chose net asset value as the benchmark because, in our view, it is the key benchmark against which the performance of the Company is most commonly measured by users of the financial statements. Although the Company is profit orientated, its strategic focus is to deliver long- term shareholder returns through the acquisition and development of investment property. As a Real Estate Investment Trust (REIT), the users are likely to be more concerned with the net assets underlying the company, rather than its profitability. In addition, the loan to value ratio (value of loans compared to the value of assets) is a key metric for the Company and is of particular focus for investors. We chose 1% based on our professional judgement and after consideration of the range of quantitative materiality thresholds that we would typically apply when using net assets to compute materiality. 12 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Independent auditor’s report continued Group audit scope We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consolidated financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates. The Group consists of 24 components which have or have previously invested in office, retail, industrial and specialised properties in South Africa and Poland. Full scope audits were performed over Redefine Properties Limited and 3 of these components, namely Redefine Retail Proprietary Limited, The Pivotal Fund Proprietary Limited and EPP N.V.. Investment property was tested at a group level for all local (South African) property-owning components as a result of the centralised nature of the valuations process. Analytical procedures were performed over 4 components, namely Ptn 113 Weltevreden Proprietary Limited, Redefine Commercial Proprietary Limited, Self-storage Group and Redefine Europe. No work was performed over the remaining components as it was concluded that they are inconsequential to the group. In establishing the overall approach to the group audit, we determined the extent of the work that needed to be performed by us, as the group engagement team and by component auditors operating under our instruction, in order to issue our audit opinion on the consolidated financial statements of the Group. Where the work was performed by component auditors, we determined the level of our involvement necessary in the audit work at those components in order to be able to conclude whether sufficient appropriate audit evidence has been obtained to support our opinion on the consolidated financial statements. Further audit procedures were performed by us as the group engagement team on the consolidation process. The work performed by component auditors, together with these additional procedures performed at the group level, provided us with sufficient evidence to express an opinion on the Group's consolidated financial statements as a whole. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated and separate financial statements of the current period. These matters were addressed in the context of our audit of the consolidated and separate financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In terms of ISA 701 Communicating key audit matters in the independent auditor’s report /the EAR Rule (as applicable), we are required to report key audit matters and the outcome of audit procedures or key observations with respect to the key audit matters, and these are included below. KEY AUDIT MATTER HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER VALUATION OF INVESTMENT PROPERTY ASSETS (EXCLUDING PROPERTIES UNDER DEVELOPMENT AND RIGHT-OF-USE ASSETS This key audit matter is applicable to both the consolidated and separate financial statements. Refer to the following accounting policies and notes to the consolidated and separate financial statements: § Material Accounting Policy 4: Investment properties, § Material Accounting Policy 15: Fair value measurement, § Material Accounting Policy 26.1: Key estimates and assumptions: Valuation of investment properties, § Note 3.1: Investment property assets: Investment properties, § Note 3.4: Investment property assets: Straight-line rental income accrual; § Note 31.1: Changes in fair value: Changes in fair values of investment properties, and § Note 49.2.4: Fair value disclosures: Details of valuation techniques – Investment property The Group and Company’s investment properties comprise of properties in the office, retail, industrial, specialised sectors, located in South Africa and Poland, with a total carrying amount, of R86.7 billion and R46.2 billion and a related fair value gain of R2.5 billion and R1.2 billion for the Group and Company respectively for the year ended 31 August 2026. The investment properties are stated at their respective fair values based on external valuations performed by accredited valuers. It is the policy of the Group and Company to obtain external valuations for all investment properties at the end of each financial reporting period. At year-end the fair values of the investment properties were determined by accredited valuers using the discounted cash flow method of valuation. Judgement is applied in determining the unobservable inputs applied. Note 49.2.4 sets out these unobservable inputs. We considered the valuation of investment property assets to be a matter of most significance to our current year audit due to the following: § Inherent subjectivity of the key assumptions that underpin the valuations of investment property assets; and § The magnitude of the balance of the investment properties and related fair value adjustments in the context of the group and company statements of financial position and statements of profit or loss and other comprehensive income respectively. Our audit addressed this key audit matter as follows: We obtained an understanding of the approaches followed by management and the independent valuers for the valuation of the Group and Company’s local and offshore investment properties through discussions with both management and the independent valuers. We evaluated the competence, capabilities and objectivity of the external valuers with reference to their qualifications as well as through discussion with management and noted no aspects requiring further consideration. With regards to the local property portfolio we considered the following processes and controls in relation to the investment property valuations: § We compared prior year (31 August 2026) forecasted cash flows to actual cash flows realised during the year ended 31 August 2026, in order to assess management’s ability to accurately forecast property cash flows. § We tested controls in relation to the setting and approval of property budgets (‘property cash flows’) used in the valuations and obtained confirmation of board approval of the valuations obtained. This allowed us to conclude on the reliability of the base year cash flows used in the property valuations. We performed the following procedures on a risk-based sample of investment properties, in order to determine the acceptability of the valuation approach as well as the reasonableness of the inputs into the valuation: § Compared the valuation approach for each of the properties against the requirements of IFRS Accounting Standards; § Together with our internal valuation expertise we evaluated on a per property basis: Ȼ the significant unobservable inputs (the discount rate and exit capitalisation rate) against appropriate market information in order to assess whether it fell within a reasonable range for the respective market, sector, and property; and Ȼ we compared the forecasted cash flows used in the determination the fair value of the investment properties and investigated any differences identified outside of our acceptable range in order to assess the reasonableness of the assumptions applied. Where outliers were identified these were considered on a per property basis (such as, obtaining additional support to corroborate the assumption or re-performing the valuation) to conclude on the appropriateness thereof. We found management’s valuation to be reasonable. 13 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Independent auditor’s report continued Other information The directors are responsible for the other information. The other information comprises the information included in the document(s) titled "Redefine Properties Limited Annual Financial Statements for the year ended 31 August 2026", which include(s) the Directors' report, the Audit committee report and the Certificate by company secretary as required by the Companies Act of South Africa, which we obtained prior to the date of this auditor’s report, and the document(s) titled "Redefine Properties Limited Integrated Report for the year ended 31 August 2026", which is expected to be made available to us after that date. The other information does not include the consolidated or the separate financial statements and our auditor’s report thereon. Our opinion on the consolidated and separate financial statements does not cover the other information and we do not and will not express an audit opinion or any form of assurance conclusion thereon. In connection with our audit of the consolidated and separate financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated and separate financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the consolidated and separate financial statements The directors are responsible for the preparation and fair presentation of the consolidated and separate financial statements in accordance with IFRS Accounting Standards and the requirements of the Companies Act of South Africa, and for such internal control as the directors determine is necessary to enable the preparation of consolidated and separate financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated and separate financial statements, the directors are responsible for assessing the Group's and the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group and/or the Company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the consolidated and separate financial statements Our objectives are to obtain reasonable assurance about whether the consolidated and separate financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated and separate financial statements. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: § Identify and assess the risks of material misstatement of the consolidated and separate financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. § Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Company's internal control. § Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. § Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated and separate financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and/or Company to cease to continue as a going concern. § Evaluate the overall presentation, structure and content of the consolidated and separate financial statements, including the disclosures, and whether the consolidated and separate financial statements represent the underlying transactions and events in a manner that achieves fair presentation. § Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the consolidated and separate financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on other legal and regulatory requirements Audit tenure In terms of the IRBA Rule published in Government Gazette Number 39475 dated 4 December 2015, we report that PricewaterhouseCoopers Inc. has been the auditor of Redefine Properties Limited for 8 year(s). PricewaterhouseCoopers Inc. Director: J Goncalves Registered Auditor Johannesburg, South Africa 30 October 2026 14 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Statements of financial position as at 31 August 2026 Statements of profit or loss and other comprehensive income for the year ended 31 August 2026GROUP COMPANY Figures in R'000 Notes 2026 2025 2026 2025 ASSETS Investment property assets 3 87 757 792 86 896 694 46 439 121 34 311 387 Investment properties 3.1 84 823 553 84 160 037 44 822 597 33 056 649 Right-of-use assets 3.2 480 309 556 376 30 479 41 163 Properties under development 3.3 626 037 366 313 239 850 126 800 Straight-line rental income accrual 3.4 1 827 893 1 813 968 1 346 195 1 086 775 Listed securities 5 64 817 42 131 64 817 42 131 Investment in joint ventures 6 13 571 777 15 056 530 9 608 9 608 Derivative assets 20 315 572 54 046 297 091 42 106 Loans receivable 7 85 107 752 171 – 51 603 Other financial assets 8 114 688 131 138 – – Property, plant and equipment 9 215 110 198 737 92 635 88 284 Other monetary assets 11 59 342 61 000 – – Deferred taxation 22 14 321 48 463 – – Investment in subsidiaries 10.1 – – 23 007 611 25 686 124 Loans to subsidiaries 10.2.1 – – 16 901 581 25 719 502 Net investment in finance lease 40 038 – – – Non-current assets 102 238 564 103 240 910 86 812 464 85 950 745 Trade and other receivables 12 955 983 1 029 059 564 702 471 267 Loans receivable 7 22 959 26 351 – – Derivative assets 20 322 074 85 426 322 074 85 426 Taxation receivable 24.2 7 250 9 920 – – Other monetary assets 11 157 762 305 395 42 828 31 135 Cash and cash equivalents 13 2 218 824 1 562 576 1 858 738 1 082 217 Net investment in finance lease 275 – – – Current assets 3 685 127 3 018 727 2 788 342 1 670 045 Non-current assets held-for-sale 14 180 100 63 337 180 100 62 404 Total assets 106 103 791 106 322 974 89 780 906 87 683 194 EQUITY AND LIABILITIES Shareholders' interest 57 744 951 56 349 736 52 234 851 51 129 540 Stated capital 15 51 162 785 51 012 416 51 152 938 51 002 569 Accumulated profit/(losses) 2 842 282 (1 050 643) 792 107 (165 076) Other equity reserves 3 739 884 6 387 963 289 806 292 047 Non-controlling interests 17 356 697 325 250 – – Total equity 58 101 648 56 674 986 52 234 851 51 129 540 Interest-bearing borrowings 19 37 167 876 39 855 089 28 876 498 31 658 929 Derivative liabilities 20 2 409 120 358 – 47 393 Other financial liabilities 21 146 554 73 789 20 100 15 327 Deferred taxation 22 2 385 110 2 279 563 683 722 430 773 Lease liability 4 417 372 498 562 18 025 30 479 Non-current liabilities 40 119 321 42 827 361 29 598 345 32 182 901 Trade and other payables 23 2 547 206 2 418 333 1 562 159 1 154 466 Interest-bearing borrowings 19 5 201 585 3 962 538 5 110 624 2 839 679 Loans from subsidiaries 10.2.2 – – 1 206 896 29 194 Derivative liabilities 20 45 583 342 580 41 810 319 916 Other financial liabilities 21 13 767 16 813 13 767 16 813 Lease liability 4 64 780 71 807 12 454 10 685 Taxation payable 24.1 9 901 8 556 – – Current liabilities 7 882 822 6 820 627 7 947 710 4 370 753 Total liabilities 48 002 143 49 647 988 37 546 055 36 553 654 Total equity and liabilities 106 103 791 106 322 974 89 780 906 87 683 194 GROUP COMPANY Figures in R’000 Notes 2026 2025 2026 2025 Contractual rental income 25 11 283 157 11 059 361 5 537 467 4 526 679 Straight-line rental income/(expense) accrual 3.4 13 924 (51 999) 8 634 (67 144) Property portfolio revenue 11 297 081 11 007 362 5 546 101 4 459 535 Investment income 26 – – 2 280 317 2 859 967 Total revenue 11 297 081 11 007 362 7 826 418 7 319 502 Operating costs 27 (4 513 802) (4 482 570) (2 322 262) (1 991 127) Expected credit losses – trade receivables 26 008 51 661 27 179 51 145 Administration costs 28 (680 510) (645 272) (400 410) (371 678) Net operating profit 6 128 777 5 931 181 5 130 925 5 007 842 Other income 30 36 235 34 539 23 795 28 567 (Loss)/gain on disposal of assets (183) 16 726 247 608 366 128 Fair value adjustment – investment properties 31.1 2 452 119 1 980 689 1 214 668 624 721 Fair value adjustment – financial and other instruments 31.2 930 287 (237 530) 845 168 (283 852) Expected credit losses – loans receivable 41 1 741 (18 013) – – Expected credit losses – loans to subsidiaries 10.2.1 – – – 239 735 Impairments – investment in subsidiary 32 – – (1 046 111) (1 551) Equity-accounted income (net of taxation) 6.2 541 831 68 667 – – Profit before finance costs and taxation 10 090 807 7 776 259 6 416 053 5 981 590 Finance income 33 680 385 957 572 660 436 934 661 Finance costs 34 (3 607 848) (3 932 112) (3 131 484) (3 443 880) Foreign exchange gain/(loss) 35 503 440 (377 360) 376 472 (353 309) Profit before taxation 7 666 784 4 424 359 4 321 477 3 119 062 Taxation 36 (388 963) (252 676) (48 738) (50 737) Profit for the year 7 277 821 4 171 683 4 272 739 3 068 325 Other comprehensive income Items that may subsequently be reclassified to profit or loss: Exchange differences on translation of foreign operations – subsidiaries (1 190 431) 324 290 – – Exchange differences on translation of foreign operations – joint ventures (1 587 169) 777 339 – – Exchange differences on disposal of foreign operations (9 018) 1 011 – – Items that may not be subsequently reclassified to profit or loss: Revaluation of property, plant and equipment 2 856 12 791 9 708 9 340 Other comprehensive (loss)/income for the year (2 783 762) 1 115 431 9 708 9 340 Total comprehensive income Profit for the year 7 277 821 4 171 683 4 272 739 3 068 325 Other comprehensive (loss)/income for the year (2 783 762) 1 115 431 9 708 9 340 Total comprehensive income for the year 4 494 059 5 287 114 4 282 447 3 077 665 Profit for the year attributable to: 7 277 821 4 171 683 4 272 739 3 068 325 Redefine Properties Limited shareholders 7 227 566 4 128 434 4 272 739 3 068 325 Non-controlling interest 50 255 43 249 – – Total comprehensive income for the year attributable to: 4 494 059 5 287 114 4 282 447 3 077 665 Redefine Properties Limited shareholders 4 470 900 5 236 171 4 282 447 3 077 665 Non-controlling interest 23 159 50 943 – – Earnings per share (cents) Basic 37.1 103.60 59.45 – – Diluted 37.2 103.17 59.19 – – 15 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Statements of changes in equity for the year ended 31 August 2026 GROUP Figures in R’000 Stated capital Accumulated profit/(loss) Foreign currency translation reserve Share-based payment reserve Shareholders’ interest Non-controlling interest (NCI) Total equity Balance as at 31 August 2024 50 117 109 (2 266 074) 5 070 298 40 411 52 961 744 273 437 53 235 181 Total comprehensive income for the year – 4 141 225 1 094 946 – 5 236 171 50 943 5 287 114 Profit for the year – 4 128 434 – – 4 128 434 43 249 4 171 683 Other comprehensive income for the year – 12 791 1 094 946 – 1 107 737 7 694 1 115 431 Transactions with owners (contributions and distributions) 895 307 (2 940 089) – 11 407 (2 033 375) (3 210) (2 036 585) Share-based payment movement for the year – (9 015) – 11 407 2 392 – 2 392 Dividends – (2 931 074) – – (2 931 074) (3 210) (2 934 284) Issue of ordinary shares 895 307 – – – 895 307 – 895 307 Transactions with owners (changes in ownership interests) – 14 295 170 901 – 185 196 4 080 189 276 Change in ownership of subsidiary with NCI – 14 295 170 901 – 185 196 4 080 189 276 Balance as at 31 August 2025 51 012 416 (1 050 643) 6 336 145 51 818 56 349 736 325 250 56 674 986 Total comprehensive income for the year – 7 230 422 (2 759 522) – 4 470 900 23 159 4 494 059 Profit for the year – 7 227 566 – – 7 227 566 50 255 7 277 821 Other comprehensive income/(loss) for the year – 2 856 (2 759 522) – (2 756 666) (27 096) (2 783 762) Transactions with owners (contributions and distributions) 150 369 (3 325 264) – (2 241) (3 177 136) (5 425) (3 182 561) Share-based payment movement for the year – (27 778) – (2 241) (30 019) – (30 019) Dividends – (3 297 486) – – (3 297 486) (5 425) (3 302 911) Issue of ordinary shares 150 369 – – – 150 369 – 150 369 Transactions with owners (changes in ownership interests) – (12 233) 113 684 – 101 451 13 713 115 164 Change in ownership of subsidiary with NCI – (12 233) 113 684 – 101 451 13 713 115 164 Balance as at 31 August 2026 51 162 785 2 842 282 3 690 307 49 577 57 744 951 356 697 58 101 648 Notes 15 16 17 2026 2025 Dividend per share (cents) Interim 21.83 20.42 Final1 27.23 25.42 Total for the year 49.06 45.84 1 The final dividend is declared after the financial year end and is therefore a non-adjusting subsequent event (refer to note 55: Events after the reporting period) 16 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Statements of changes in equity continued for the year ended 31 August 2026 COMPANY Figures in R’000 Stated capital Accumulated profit/ (loss) Share-based payment reserve Total equity Balance as at 31 August 2024 50 107 262 (302 652) 280 640 50 085 250 Total comprehensive income for the year – 3 077 665 – 3 077 665 Profit for the year – 3 068 325 – 3 068 325 Other comprehensive income for the year – 9 340 – 9 340 Transactions with owners (contributions and distributions) 895 307 (2 940 089) 11 407 (2 033 375) Dividends – (2 931 074) – (2 931 074) Share-based payment movement for the year – (9 015) 11 407 2 392 Issue of ordinary shares 895 307 – – 895 307 Balance as at 31 August 2025 51 002 569 (165 076) 292 047 51 129 540 Total comprehensive income for the year – 4 282 447 – 4 282 447 Profit for the year – 4 272 739 – 4 272 739 Other comprehensive income for the year – 9 708 – 9 708 Transactions with owners (contributions and distributions) 150 369 (3 325 264) (2 241) (3 177 136) Dividends – (3 297 486) – (3 297 486) Share-based payment movement for the year – (27 778) (2 241) (30 019) Issue of ordinary shares 150 369 – – 150 369 Balance as at 31 August 2026 51 152 938 792 107 289 806 52 234 851 Notes 15 16 2026 2025 Dividend per share (cents) Interim 21.83 20.42 Final1 27.23 25.42 Total for the year 49.06 45.84 1 The final dividend is declared after the financial year end and is therefore a non-adjusting subsequent event (refer to note 55: Events after the reporting period) Statements of cash flows for the year ended 31 August 2026 GROUP COMPANY Figures in R’000 Notes 2026 2025 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Cash generated from operations 38 7 060 362 5 899 322 3 489 141 1 792 998 Finance income received 654 739 890 759 668 274 931 373 Finance costs paid (3 611 117) (3 411 865) (3 159 913) (3 040 785) Taxation paid 40 (96 636) (80 403) (1 565) (1 234) Dividends received from joint ventures 6.2 68 531 170 396 – – Net cash inflow/(outflow) from operating activities 4 075 879 3 468 209 995 937 (317 649) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition and development of investment properties 43 (1 912 779) (1 926 877) (928 729) (681 946) Acquisition of property, plant and equipment (35 115) (14 106) (4 764) (5 412) Additional investment in Self Storage Investments Sp. z o.o. 45.1 – – (137 722) (310 186) EPP share buyback from Redefine 45.1 – – 801 937 1 068 032 Return of capital from Redefine Europe – – 146 533 Other financial liabilities repaid – (69 167) – (18 639) Proceeds on disposal of investment properties and properties classified as held-for-sale 44 1 176 965 1 133 903 975 632 752 504 Proceeds on disposal of property, plant and equipment 133 – 133 – Proceeds from the disposal of joint venture 45.2 – 163 140 – – Return on equity from joint ventures 6.2 309 411 188 837 – – Loans to joint ventures – repaid 6.2 61 473 14 929 – – Loans receivable – repaid 41 639 530 351 483 41 741 144 867 Loans to subsidiaries – advanced by company – – (2 609 597) (4 581 200) Loans to subsidiaries – repaid by subsidiaries – – 4 936 570 6 912 733 Additions to net investment in finance lease (29 423) – – – Net cash inflow/(outflow) from investing activities 210 195 (157 858) 3 221 734 3 280 753 CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid (3 297 486) (2 931 074) (3 297 486) (2 931 074) Dividends paid to NCI (5 425) (3 210) – – Shares issued 15 150 369 895 307 150 369 895 307 Lease payments 4 (34 698) (42 315) (10 685) (13 106) Interest-bearing borrowings raised 42 10 085 455 4 852 944 3 578 403 4 826 327 Interest-bearing borrowings repaid 42 (10 436 578) (5 031 579) (3 902 972) (4 858 260) Loans from subsidiaries – repaid by company – – (331 634) (138 465) Loans from subsidiaries – advanced by subsidiaries – – 389 709 201 165 Equity contributed to Self Storage Investments Sp. z o.o. by its NCI 10 331 36 955 – – Acquisition of subsidiary shares from NCI – (30 000) – (338) Other financial liabilities advanced 81 471 – – – Other financial liabilities repaid (25 328) – (18 493) – Net cash outflow from financing activities (3 471 889) (2 252 972) (3 442 789) (2 018 444) Net increase in cash and cash equivalents 814 185 1 057 379 774 882 944 660 Cash and cash equivalents at the beginning of the year 1 562 576 530 502 1 082 217 137 557 Effect of foreign currency exchange fluctuations (157 937) (25 305) 1 639 – Cash and cash equivalents at the end of the year 2 218 824 1 562 576 1 858 738 1 082 217 17 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements for the year ended 31 August 2026 1. BASIS OF PREPARATION The group and company financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the IASB and the IFRS Interpretations Committee, SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Pronouncements as issued by the Financial Reporting Standards Council, the requirements of the Companies Act, and the JSE Listings Requirements. Ntobeko Nyawo, CA(SA), Redefine’s Chief financial officer, was responsible for supervising the preparation of these annual financial statements. The group annual financial statements include the financial statements of Redefine Properties Limited (Redefine or the company) and its subsidiary companies (together referred to as the group) and the share of profit or loss and other comprehensive income and share of net assets of the equity-accounted investments. The company financial statements refer to Redefine Properties Limited. The group and company annual financial statements have been prepared on a historical cost basis unless otherwise indicated. The presentation currency in the annual financial statements is the South African rand (R). All amounts have been rounded to the nearest thousand unless otherwise indicated. 2. BASIS OF CONSOLIDATION Consolidated financial statements are prepared by the parent company, Redefine Properties Limited, using uniform accounting policies for like transactions and other events in similar circumstances. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities in the group are eliminated on consolidation. 2.1 Subsidiaries Subsidiaries are entities over which the group exercises control. The consolidated financial statements incorporate the assets, liabilities, income, expenses and cash flows of the subsidiaries. Consolidation of subsidiaries commences from the date the investor obtains control and ceases on the date on which the investor loses control. An investor controls an investee when it is exposed, or has rights to, variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. When the group obtains control of a business, the business combination is accounted for using either the acquisition method or asset acquisition method with the application of the optional concentration test at the acquisition date (the date on which control is transferred to the group). Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, it is not remeasured, and settlement is accounted for within equity. Otherwise, the other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity instruments that the group incurs in a business combination, are expensed as incurred. Costs associated with the issue of debt or equity securities are recognised directly in equity. Changes in the group’s ownership interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. 2.2 Non-controlling interests The non-controlling interest (NCI) relates to the portion of equity ownership in a subsidiary not attributable to the parent company. NCIs are measured at their proportionate share of the acquiree’s identifiable net assets at the date of acquisition. When the proportion of the equity held by NCIs changes, the group adjusts the carrying amounts of the controlling and non-controlling interests to reflect the changes in their relative interests in the subsidiary. The group recognises directly in equity any difference between the amount by which the NCIs are adjusted and the fair value of the consideration paid or received and attributes it to the owners of the parent company. 2.3 Joint ventures A joint venture is an arrangement in which the group has joint control, whereby the group has rights to the net assets of the arrangement rather than rights to its assets and obligations for liabilities. Joint control is a contractually agreed sharing of control of an arrangement that requires unanimous consent by the contractual parties on decisions about the relevant activities. Joint ventures are accounted for using the equity method. In applying the equity method, the investment in the joint venture is measured at cost, which includes transaction costs, with the group’s share of post-acquisition earnings recognised in profit or loss and other comprehensive income in accordance with the group’s accounting policies, and is separately presented in the statement of profit or loss and other comprehensive income. The group’s share of the joint venture’s reserves is recognised in the statement of changes in equity per the relevant reserve category. At initial recognition, the principles for business combinations are applied, and any resulting notional goodwill arising on the acquisition is included in the carrying amount of the investment. Any gain on bargain purchase is included as income in the group’s share of the joint venture’s profit or loss in the period in which the investment is acquired. Unrealised profits on transactions with equity-accounted investees are eliminated to the extent of the investor’s interest in the investee. Balances such as receivables or payables and deposits or loans to or from equity-accounted investees are not eliminated. Dividend income from joint ventures reduces the carrying value of the investment. If a joint venture is loss-making, the carrying value is reduced until it is carried at Rnil. When additional investments are made while maintaining significant influence or joint control, the cost of the additional investment is added to the carrying value of the investee. The notional goodwill that arises from this additional acquisition is added to the carrying value of the investment. When the ownership interest in a joint venture is reduced without affecting the classification as a joint venture, the group reclassifies to profit or loss the proportionate gain or loss previously recognised in other comprehensive income relating to the reduction in ownership interest if that gain or loss would be required to be reclassified to profit or loss on the disposal of the related assets and liabilities. 2.3.1 Joint ventures (company) Investments in joint ventures are measured at cost less any accumulated impairment losses. The cost is the consideration transferred to obtain the equity interest or, if the investment was previously accounted for as an investment in terms of IFRS 9: Financial Instruments , the fair value of the investment, on the date of transfer to an equity-accounted investment. Directly attributable transaction costs are included in the carrying amount. MATERIAL ACCOUNTING POLICIES 18 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 2. BASIS OF CONSOLIDATION continued 2.4 Joint operations A joint operation is a joint arrangement whereby the parties have joint control of the arrangement and have rights to the assets and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement that exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. When the group transacts with its joint operation, any resulting profits or losses are recognised in the group’s financial statements only to the extent of its interests in the joint operation that are not attributable to the group. When a group entity undertakes its activities under joint operations, the group, as a joint operator, recognises in relation to its interest in a joint operation: § Its assets, including its share of any assets held jointly § Its liabilities, including its share of any liabilities incurred jointly § Its share of the revenue from the sale of the output by the joint operation § Its expenses, including its share of any expenses incurred jointly The group accounts for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the IFRS Accounting Standards applicable to the particular assets, liabilities, revenues and expenses. 3. FOREIGN CURRENCY TRANSLATION 3.1 Reporting foreign currency transactions The functional currency is the currency that best reflects the primary economic environment in which an entity operates. The functional currency of the group is the South African rand. Transactions in foreign currencies are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated into the functional currency of the group, using the exchange rates prevailing at that date. Non-monetary items carried at fair value, denominated in foreign currencies, are translated into the functional currency of the group at the exchange rate prevailing at the date the fair value was determined. Non-monetary items that are measured based on historical cost are translated by applying the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in profit or loss. 3.2 Translation to the presentation currency The assets and liabilities of foreign operations are translated to the group’s presentation currency, the South African rand, using the respective foreign exchange rates prevailing at the reporting date. Income and expenses of foreign operations are translated at the average exchange rates for the period. On consolidation, exchange differences arising from the translation of the net investment in foreign entities are recognised in the foreign currency translation reserve in other comprehensive income. On disposal or a decrease in the group’s effective interest in the foreign investment, all or a proportionate share of the exchange differences accumulated in equity are reclassified to profit or loss. If the group disposes of part of its interest in a subsidiary but retains control, the relevant proportion of the cumulative amounts is reattributed to NCI. 4. INVESTMENT PROPERTIES Investment properties, both freehold and leasehold, are held to earn rental income and/or for capital appreciation. The group applies the fair value model for investment properties. Freehold properties comprise land and buildings for which the group has ownership of both the land and the buildings. The buildings are leased to tenants under an operating lease. Leasehold properties comprise buildings developed on leased land for which rental payments are made to the lessor. Leasehold properties that are leased to tenants under operating leases are accounted for as investment properties. At initial recognition, investment properties are measured at cost, including transaction costs. Properties held under an operating lease are initially measured at cost. Subsequent to initial recognition, investment properties are measured at fair value. Gains and losses arising from changes in the fair value are included in profit or loss in the period in which they arise. Changes in fair value are excluded from the calculation of distributable income. Subsequent additions that will result in future economic benefits and the cost of which can be measured reliably are capitalised. A gain or loss arising on the disposal of investment property is recognised in profit or loss upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. A gain or loss is measured as the difference between the net disposal proceeds and the carrying amount. 5. TENANT INCENTIVES AND LEASE COMMISSIONS Tenant incentives and lease commissions are initially capitalised at cost and recognised as investment property. After initial recognition, the cost is amortised on a straight-line basis over the term of the lease. 6. PROPERTIES UNDER DEVELOPMENT Properties under development comprise the cost of land and costs incurred in the development thereof, and they are measured at fair value. The fair value is based on the internationally accepted preferred method of comparison involving the use of recent comparable transactions as a basis for the valuation. When the fair value cannot be reliably determined, the fair value is based on the costs incurred up to the date of the valuation. Investment property that requires development is transferred from investment properties to properties under development when development commences. On completion of the development, these properties become part of the investment property. 6.1 Borrowing costs Borrowing costs that are directly attributable to the development or acquisition of qualifying assets are capitalised to the cost of that asset. The capitalisation commences when expenditures are incurred for the asset, borrowing costs are incurred, and the group undertakes activities that are necessary to prepare the asset for its intended use or sale. Borrowing costs are capitalised until such time that the qualifying assets are substantially ready for their intended use. The capitalisation rate is arrived at by reference to the actual rate payable on borrowings for development purposes less any investment income on the temporary investment of those borrowings or, with regard to that part of the development cost financed out of general funds, to the weighted average borrowing cost. MATERIAL ACCOUNTING POLICIES continued 19 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 6. PROPERTIES UNDER DEVELOPMENT continued 6.1 Borrowing costs continued All other borrowing costs are recognised in profit or loss in the period in which they are incurred. Refer to accounting policy 22: Finance expense and income. 7. LEASES 7.1 Group/company as a lessee 7.1.1 Right-of-use assets The right-of-use (ROU) assets are initially recognised and measured at cost over the lease term. The cost includes: § The amount of the initial measurement of the lease liability § Any lease payments made at or before the commencement date (less any lease incentives received) § Any initial direct costs incurred by the group Subsequent to initial recognition, the group measures the ROU assets that meet the definition of investment property using the fair value model applied to its investment property accounting policy (refer to note 3: Investment property assets). ROU assets linked to owner-occupied buildings are measured by applying the revaluation model relevant to that specific class of property, plant and equipment as described in accounting policy 8 and tested for impairment as described in accounting policy 14. 7.1.2 Lease liability The lease liability is measured at the present value of future lease payments at the commencement date, expected to be paid over the lease term. The lease liability includes the net present value of the following lease payments: § Fixed payments (including in-substance fixed payments) less any lease incentives § Variable lease payments that depend on an index or rate, initially measured at the applicable index or rate at the lease commencement date § The exercise price of a purchase option if the group is reasonably certain to exercise that option or the penalty payable on the exercise of a termination option, unless the group is reasonably certain not to exercise the option § Any amounts expected to be payable under residual value guarantees The group’s variable lease payments are not dependent on an index or rate. As such, these lease payments are not included in the measurement of the lease liability. The group recognises the lease payments associated with short-term leases and leases for which the underlying asset is of low value as an expense on the accrual basis of accounting. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. Extension and termination options are included in a number of property leases across the group. These are used to maximise operational flexibility in terms of managing the investment properties used in the group’s leasing activities. The majority of extension and termination options held are exercisable only by the group and not by the respective lessors. The lease payments are discounted using the interest rate implicit in the lease if that rate can be readily determined. If that rate cannot be readily determined, the group uses the lessee’s incremental borrowing rate, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the ROU asset in a similar economic environment with similar terms, security and conditions. Subsequent to initial recognition, the group measures the lease liability as follows: § Increasing the carrying amount to reflect interest on the lease liability § Reducing the carrying amount to reflect the lease payments made § Remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments Where the group is exposed to potential future increases in variable lease payments based on an index or rate, these are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the ROU asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. 7.2 Group/company as a lessor Properties leased to third parties under operating leases are included in investment property in the statement of financial position. The group provides certain incentives for the lessee to enter into lease agreements. Initial periods of the lease term may be agreed to be rent- free or at a reduced rent. All incentives are recognised as an integral part of the net consideration agreed for the use of the leased asset, irrespective of the nature or form of the incentive or the timing of the payments, and amortised on a straight-line basis over the lease term. Rental income (net of any incentives given to lessees) is recognised on a straight-line basis over the lease term. Straight-lining adjustments do not affect distributable income. 8. PROPERTY, PLANT AND EQUIPMENT 8.1 Owner-occupied properties and hotel Owner-occupied properties and hotel are initially recognised at cost. After initial recognition, these properties are measured at fair value less accumulated depreciation using the revaluation model under IAS 16: Property, Plant and Equipment . The assets are depreciated on a straight-line basis to the residual value. Gains arising from changes in the fair values are recognised in other comprehensive income as a revaluation surplus in the period in which they arise. Any decrease in the carrying amount of an asset that offsets previous revaluation increases for the same asset is charged against the revaluation reserve to the extent that the reserve balance for that asset is sufficient. Any further decreases are recognised in profit or loss. Subsequent increases are recognised in profit or loss to the extent that they reverse a revaluation decrease of the same asset previously recognised in profit or loss in the same period. Owner-occupied ROU assets are computed in terms of accounting policy 7: Leases and are included in note 9: Property, plant and equipment. MATERIAL ACCOUNTING POLICIES continued 20 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 8. PROPERTY, PLANT AND EQUIPMENT continued 8.2 Ancillary assets Other ancillary non-current tangible assets are included in property, plant and equipment. These assets are measured using the cost model. Initially, ancillary assets are recognised at the purchase consideration including directly attributable costs. These assets are subsequently measured at cost less accumulated depreciation and accumulated impairment losses. The assets are depreciated on a straight-line basis to the residual value. These items are listed below together with their useful lives: § Leasehold improvements: 10 years § Computer equipment: five years § Furniture and fittings: three years § ROU assets: shorter of lease term and five years § Office equipment: three years § Motor vehicles: five years § Solar equipment: 15 years The depreciation method, useful lives and residual values are reviewed at each reporting date. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. 9. NON-CURRENT ASSETS HELD-FOR-SALE AND DISCONTINUED OPERATIONS 9.1 Non-current assets and liabilities classified as held-for-sale A non-current asset or a disposal group comprising assets and liabilities is classified as held-for-sale if it is expected that its carrying amount will be recovered principally through sale rather than through continuing use, it is available for immediate sale, and the sale is highly probable to occur within one year. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the asset or disposal group. Where the group is committed to a sale plan involving the loss of control of an asset or a subsidiary, it classifies all the assets and liabilities of that subsidiary as held-for-sale when the criteria set out above and detailed in IFRS 5: Non-current Assets Held-for-Sale and Discontinued Operations are met, regardless of whether the group will retain an NCI in its former subsidiary after the sale. Non-current assets and disposal groups held-for-sale are measured at the lower of their carrying amount and fair value less costs of disposal, with any impairment losses recognised in profit or loss. Any impairment loss on a disposal group is allocated first to goodwill and then to the remaining assets on a pro rata basis. However, certain items – such as financial assets within the scope of IFRS 9: Financial Instruments , deferred tax assets, and investment property measured at fair value – continue to be measured in accordance with the group’s accounting policies. Assets classified as held-for-sale are not depreciated or amortised, and any equity-accounted joint venture or a portion thereof is no longer equity-accounted. Non-current assets and liabilities classified as held-for-sale are presented separately from other assets and liabilities on the statement of financial position. Prior periods are not reclassified. 9.2 Discontinued operations A discontinued operation is a component of the group’s business of which the operations and cash flows can be clearly distinguished from the rest of the group and which: § Represents a separate major line of business or geographic area of operations; § Is part of a single coordinated plan to dispose of a separate major line of business or geographic area of operations; or § Is a subsidiary acquired exclusively with a view to resell Classification as a discontinued operation occurs at the earlier of disposal or the date on which the operation meets the criteria to be classified as held-for-sale. When an operation is classified as a discontinued operation, the comparative statement of profit or loss and other comprehensive income is represented as if the operation had been discontinued from the start of the comparative year. 10. INVESTMENT IN SUBSIDIARIES (COMPANY) Investment in subsidiaries is measured at cost less any accumulated impairment losses. The cost of the equity instruments acquired by the company in the underlying statutory entities is included in the carrying amount of the investment in subsidiaries. Directly attributable costs related to the acquisition are expensed as incurred. 11. LOANS TO AND FROM SUBSIDIARIES (COMPANY) 11.1 Loans to subsidiaries – intercompany loan receivable Loans to subsidiaries are measured at cost less any accumulated impairment. The cost is the fair value of the consideration receivable. The loans are subsequently measured at amortised cost using the effective interest method and are tested for impairment using the expected credit loss (ECL) model per IFRS 9: Financial Instruments . Loans to subsidiaries are classified as non-current as they do not have redemption dates relating to the maturity of the loans and management’s intention is not to have these settled within the next 12 months. 11.2 Loans from subsidiaries – intercompany loan payable Loans from subsidiaries are measured at cost. The cost is the fair value of the consideration payable. The loans are subsequently measured at amortised cost using the effective interest method per IFRS 9: Financial Instruments. Loans from subsidiaries are classified as current due to the inability to defer payments, and they are payable on demand. 12. FINANCIAL INSTRUMENTS – FINANCIAL ASSETS 12.1 Investment in debt instruments 12.1.1 Classification The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses are recorded in profit or loss. The group reclassifies debt investments when, and only when, its business model for managing those assets changes. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. The group classifies its financial assets in the following measurement categories: § Those to be measured at amortised cost § Those to be measured subsequently at fair value through profit or loss (FVTPL) MATERIAL ACCOUNTING POLICIES continued 21 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 12. FINANCIAL INSTRUMENTS – FINANCIAL ASSETS continued 12.1 Investment in debt instruments continued 12.1.2 Recognition and derecognition Regular way purchases and sales of financial assets are recognised on the trade date – the date on which the group commits to purchase the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership. 12.1.3 Measurement At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in profit or loss. The subsequent measurement of debt instruments depends on the group’s business model for managing the asset and the cash flow characteristics of the asset. There are two measurement categories into which the group classifies its debt instruments: § Amortised cost: Assets that are held for the collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost. Interest income from these financial assets is included in profit or loss using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss together with foreign exchange gains/(losses) § FVTPL: Assets that do not meet the criteria for amortised cost are measured at FVTPL. Movement in fair value of a debt investment that is subsequently measured at FVTPL is recognised in profit or loss and is presented in the statement of profit or loss in the period in which it arises 12.1.4 Impairment The group assesses impairment on a forward-looking basis. The ECLs associated with its debt instruments are carried at amortised cost. The methodology applied depends on whether there has been a significant increase in credit risk. To assess whether there is a significant increase in credit risk, Redefine compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forward-looking information. The following indicators are incorporated: § Internal credit rating § External credit rating (as far as available) § Actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the borrower’s ability to meet its obligations § Actual or expected significant changes in the operating results of the borrower § Significant increases in credit risk on other financial instruments of the same borrower § Significant changes in the value of the collateral supporting the obligation or in the quality of third-party guarantees or credit enhancements § Significant changes in the expected performance and behaviour of the borrower, including changes in the payment status of borrowers in the group and changes in the operating results of the borrower Debt investments and other instruments are considered to be low credit risk when they have a low risk of default and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term. Impairment losses are presented as a separate line item in the consolidated statement of profit or loss. 12.2 Long-term loans granted to joint ventures Long-term loans granted to joint ventures (disclosed under investments in joint ventures) are classified as financial assets at amortised cost as a result of business model assessment and the fact that the solely payment of principal and interest test is met. The loans are initially recognised at transaction price (the consideration given plus transaction costs directly attributable to granting the loan). 12.3 Loans and other receivables The group holds loans and other receivables with the objective to collect the contractual cash flows. Loans and other receivables are recognised initially at fair value and are subsequently measured at amortised cost using the effective interest method less ECL. The ECL associated with loans and other receivables carried at amortised cost is assessed on a forward-looking basis using the general model per IFRS 9: Financial Instruments . The group has leveraged existing parameters used to determine capital demands under the Basel guidance and internal risk management practices to calculate ECL. The group uses three categories (performing, underperforming and non-performing), which reflect the credit risk and how the loss provision is determined for each of those categories. An internal credit risk rating system is also used. 12.4 Trade receivables Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The group’s trade receivables are subject to the ECL model. The group applies the simplified approach permitted by IFRS 9: Financial Instruments , which requires expected lifetime losses to be recognised from initial recognition of the receivables. The expected loss rates are based on the payment profiles of trade receivables and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the tenants to settle the receivable. Such forward-looking information would include: § Changes in economic, regulatory, technological and environmental factors (such as industry outlook, gross domestic product, employment, and politics) § External market indicators Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the probability of insolvency or significant financial difficulties of the debtor. Impaired debts are derecognised when they are assessed as uncollectable. MATERIAL ACCOUNTING POLICIES continued 22 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 12. FINANCIAL INSTRUMENTS – FINANCIAL ASSETS continued 12.5 Investment in equity instruments At initial recognition, the group recognises equity instruments at fair value. After initial recognition, changes in fair value are recognised in profit and loss. Dividends from such investments continue to be recognised in profit or loss as investment income when the group’s right to receive payments is established. 12.6 Other financial assets Other financial assets comprise unlisted shares. The unlisted shares are initially recognised at fair value and subsequently measured and carried at FVTPL. 12.7 Other monetary assets Monetary assets primarily comprise cash held in bank accounts with restricted access. They are categorised as follows: § Tenant deposits: Money in restricted bank accounts that secures the refund of security deposits paid in by tenants. Restriction is imposed by the lender financing the property. The length of restriction depends on the length of the contract with tenants § Money to debt service accounts: Money in restricted bank accounts that secures the payments under some of the bank loan agreements. Restriction is imposed by the lender financing the property. The cash cannot be used for other purposes than settlement of the next payment of interest/capital § Money designated for capital expenditures: Money in bank accounts that secures the payments of capital expenditure commitments. Restriction is imposed by the lender financing the property. The cash cannot be used for other purposes than settlement of capital expenditure or determined in terms of the bank agreements § Value-added tax (VAT) and other monies in restricted bank accounts: VAT payment accounts (VAT tax reimbursement accounts) and other immaterial items. In terms of VAT reimbursement accounts, restrictions are imposed by the tax authorities of the group’s foreign subsidiaries. This relates to cash paid by suppliers related to the VAT element of the invoice settlement. Money in these bank accounts is restricted to VAT and other payments 12.8 Cash and cash equivalents Cash and cash equivalents include cash on hand; deposits held on call with financial institutions; and other short-term, highly liquid investments with original maturities of three months or shorter that are readily convertible into known amounts of cash and which are subject to an insignificant risk of change in values. 13. FINANCIAL INSTRUMENTS – FINANCIAL LIABILITIES The group recognises a financial liability when it first becomes a party to the contractual rights and obligations in the contract. All financial liabilities are initially recognised at fair value less (in the case of a financial liability that is not at FVTPL) transaction costs that are directly attributable to issuing the financial liability. Financial liabilities are measured at amortised cost unless the group opted to, or is required to, measure a liability at FVTPL. If a hybrid contract contains a host that is not a financial asset, the embedded derivative shall be separated from the host and accounted for as a derivative under IFRS 9: Financial Instruments . If, however, the group is unable to measure the embedded derivative separately, either at acquisition or at the end of a subsequent financial reporting period, it shall designate the entire hybrid contract as at FVTPL. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. 13.1 Loans and borrowings All loans and borrowings are initially recognised at fair value less directly attributable transaction costs. After initial recognition, interest- bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. However, interest-bearing borrowings comprising exchangeable bonds remain measured at fair value with subsequent changes in fair value recognised in profit or loss. 13.2 Trade and other payables Financial liabilities included in trade and other payables are recognised initially at fair value and subsequently at amortised cost. The fair value of a non-interest-bearing liability is its discounted repayment amount. If the due date of the liability is less than one year, discounting is omitted. 13.3 Derivatives The group does not apply hedge accounting in accordance with IFRS 9: Financial Instrument s. Derivative financial assets and liabilities are classified as financial assets or liabilities at FVTPL. Derivative financial assets and liabilities comprise mainly interest rate swaps, cross-currency swaps, and forward foreign exchange contracts for hedging purposes (economic hedge). Recognition of the derivative financial instruments takes place when the economic hedging contracts are entered into. They are measured initially and subsequently at fair value. Directly attributable transaction costs are recognised immediately in profit or loss. Gains or losses on derivatives are recognised in profit or loss in the changes in fair values of financial and other instruments line item. 14. IMPAIRMENT OF NON-FINANCIAL ASSETS The carrying value of non-financial assets (other than goodwill; intangible assets with an indefinite useful life; property, plant and equipment; and deferred tax assets) is reviewed for impairment at each reporting date to determine whether there is any indication of an impairment loss. If such an indication exists, the asset’s recoverable amount is estimated. Where it is not possible to estimate the recoverable amount of an individual asset, the recoverable amount is determined for the cash-generating unit (CGU) to which the asset belongs. The recoverable amount is determined as the higher of fair value less costs of disposal and value in use. In assessing the value in use, the estimated cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is recognised in profit or loss if the carrying amount of the asset or CGU exceeds its estimated recoverable amount. In the case of a CGU, an impairment is first allocated to goodwill and then to the other assets in the CGU on a pro rata basis. Impairment losses on goodwill are not reversed. For other assets, a reversal of an impairment loss is only recognised when there is an indication that the impairment no longer exists and the recoverable amount has increased due to changes in the estimates used to determine it. However, the recoverable amount cannot exceed the carrying amount that would have been determined had no impairment loss been recognised in prior periods. Any reversal of an impairment loss is recognised in profit or loss. MATERIAL ACCOUNTING POLICIES continued 23 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 15. FAIR VALUE MEASUREMENT Assets and liabilities that are recognised and subsequently measured at fair value are categorised into a hierarchy based on the inputs to the valuation techniques used to measure fair value. This reflects the significance of the inputs used in measuring fair value. The categorisation is based on the lowest level input that is significant in the fair value measurement in its entirety. The three levels of the hierarchy are as follows: § Level 1: Assets and liabilities measured at fair value are categorised as level 1 if the inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities, which the entity can access at the measurement date § Level 2: Assets and liabilities measured at fair value are categorised as level 2 if inputs are used that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices), other than the quoted prices used referred to under the level above § Level 3: Assets and liabilities measured at fair value are categorised as level 3 if inputs for the asset or liability are not based on observable market data (unobservable inputs) For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the group determines whether transfers have occurred between levels in the hierarchy by reassessing the categorisation (based on the lowest level input that is significant to the fair value measurement in its entirety) at the end of each reporting period. 16. TAXATION AND DEFERRED TAXATION Income tax expense comprises current and deferred taxation. Income tax expense is recognised in profit or loss, except to the extent that it relates to items recognised directly in equity or in other comprehensive income. Current tax is the estimated tax payable on taxable income after deducting the qualifying distribution for the year of assessment, using tax rates that have been enacted or substantially enacted by the reporting date, and includes adjustments for tax payable in respect of previous years. In entities that have REIT status, dividends declared are treated as a qualifying distribution in terms of section 25BB of the Income Tax Act, No 58 of 1962 (Income Tax Act). Withholding tax relating to foreign distributions received is recognised as part of the current tax expense. The distribution received is presented gross of withholding tax in the financial statements. Deferred income tax is provided for all temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. In principle, deferred tax liabilities are recognised for all taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises: § From the initial recognition of goodwill in a business combination § From the initial recognition of other assets and liabilities in a transaction that is not a business combination and affects neither accounting profit nor taxable income § From differences related to investments in subsidiaries and joint ventures to the extent that it is probable that they will not reverse in the foreseeable future and the group is able to control the reversal Deferred tax is not recognised on the fair value of investment properties and listed securities. These items will be realised through sale and, in accordance with the income tax requirements relating to REIT status, capital gains tax is not applicable. Deferred tax is not recognised for temporary differences that will form part of future qualifying distributions. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability settled. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities and they relate to income tax levied by the same authority on the same taxable entity or on different tax entities, but they intend to settle current tax assets and liabilities on a net basis or their tax assets and liabilities will be realised simultaneously. 17. STATED CAPITAL 17.1 Ordinary shares Ordinary shares are classified as equity. External costs directly attributable to the issue of new shares are shown as a deduction from equity. 17.2 Treasury shares Where a subsidiary company holds shares in its holding company, the consideration paid to acquire these shares is deducted from stated capital as treasury shares. When these shares are sold or reissued, any consideration received is included in stated capital. 18. DIVIDENDS PAID Dividends and other distributions to the holders of equity instruments, in their capacity as owners, are recognised directly in equity on the date of declaration. 19. REVENUE RECOGNITION Revenue includes contractual rental income, non-gross lettable area (non-GLA) income, tenant incentives, parking income, operating cost recovery, and other income. 19.1 Contractual rental income Contractual rental income (including leases from non-GLA income) from operating leases is recognised on a straight-line basis over the lease term in accordance with IFRS 16: Leases . 19.2 Operating cost recoveries Operating cost recoveries from lessees are accounted for as non-lease components in terms of IFRS 15: Revenue from Contracts with Customers . Recoveries are levied monthly in arrears as a result of the group recovering the costs of providing the tenant with services as determined by the lease agreement. 19.3 Tenant incentives When the group provides incentives to its tenants, the cost of the incentives is recognised over the lease term on a straight-line basis, as a reduction of rental income, in accordance with IFRS 16: Leases . 19.4 Lease commissions The group pays lease commissions to secure certain contracts. These lease commissions are assessed to be an incremental cost of obtaining a contract. For lease commissions paid in relation to revenue contracts, which are for a period greater than one year, the lease commission is capitalised as an other non-current asset and amortised over the period of the revenue contract to which it relates. MATERIAL ACCOUNTING POLICIES continued 24 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 19. REVENUE RECOGNITION continued 19.5 Other revenue Other revenue, which includes property and asset management income, parking income, and other income, is recognised in the accounting period in which control of the services is passed to the customer, which is when the service is rendered over time. For certain service contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously. 19.6 Investment income Investment income is recognised when the group and company’s right to the income is established. 19.7 Agent versus principal When the group acts as an agent, the commission rather than gross income is recorded as revenue. 20. OPERATING EXPENSES Property operating expenses comprise utility charges, assessment rates, net bad debts written off, cleaning, insurance, security, repairs and maintenance, letting commissions, property management expenses, and other expenses. 21. NET OPERATING PROFIT Net operating profit is before other income, gains or losses on disposal of assets, gain on bargain purchase, fair value adjustment of investment properties and financial and other instruments, ECL on loan receivables, ECL on loans to subsidiaries, impairments, net loss on settlement of loan receivables, and equity-accounted profit/(loss) (net of taxation). 22. FINANCE EXPENSE AND INCOME Finance expense is recognised using the effective interest method in the statement of profit or loss and other comprehensive income during the period it is incurred. Finance income is recognised using the effective interest rate method in the statement of profit or loss and other comprehensive income during the period it is earned. 23. EMPLOYEE BENEFITS 23.1 Short-term benefits Short-term employee benefits are benefits that will be settled within 12 months. The cost of the short-term employee benefits is recognised during the period in which the employees render the related service. Short-term employee benefits are measured on an undiscounted basis. The accrual for employee entitlements to salaries, bonuses and annual leave represents the amount that the group has a present legal or constructive obligation to pay as a result of the employees’ services provided up to the reporting date. 23.2 Defined contribution plans A defined contribution plan is a post-employment benefit plan under which the group pays fixed contributions to a separate entity. The group has no legal or constructive obligation to pay additional amounts if the fund does not hold sufficient assets to cover all benefits earned by employees for services rendered in the current and prior periods. The contributions are recognised as an employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available. 23.3 Other long-term employee benefits In terms of the long-term staff incentive scheme, a conditional right to a cash award is awarded to employees subject to performance and vesting conditions. The scheme is accounted for in terms of IAS 19: Employee Benefits as the group’s net obligation in respect of other long-term employee benefits is the amount of future benefits that employees have earned in return for their services to date. That benefit is discounted to determine its present value. Remeasurements are recognised in profit or loss in the period in which they arise. No actuarial valuations have been performed. 23.4 Share-based payments 23.4.1 Short-term and long-term restricted income scheme In terms of the restricted share scheme, a conditional right to shares is awarded to employees subject to performance and service conditions. The scheme is accounted for as an equity-settled share-based payment. The fair value of services received in return for the restricted shares has been determined as follows: the number of shares expected to vest multiplied by the share price at the date of award less discounted future anticipated distributions. The grant-date fair value of the scheme is recognised as an expense, with a corresponding increase in equity, over the vesting period. The amount recognised as an expense is adjusted for changes in management’s estimate of the number of shares expected to vest, such that the amount ultimately recognised is based on the number of awards that vest. 23.4.2 Matching share scheme In terms of the matching share scheme, participants are invited annually to utilise a predetermined percentage of their after-tax bonus to acquire Redefine Properties Limited shares. Participants holding shares at the third anniversary of the date of award will be awarded Redefine Properties Limited shares free of consideration based on a multiple of the original shares and linked to the group and individual’s performance. The scheme is accounted for as an equity-settled share-based payment. The fair value of services received in return for the matching shares has been determined as follows: the number of shares expected to vest multiplied by the share price at the date of award less discounted future anticipated distributions. The grant-date fair value of the scheme is recognised as an expense, with a corresponding increase in equity, over the vesting period. The amount recognised as an expense is adjusted for changes in management’s estimate of the number of shares expected to vest, such that the amount ultimately recognised is based on the number of awards that vest. 23.4.3 The Redefine Empowerment Trust The loan granted by the company to The Redefine Empowerment Trust has recourse to the shares of Redefine Properties Limited and no other assets. The issue of the shares on the loan account has been treated as an option grant that vested on the date when the loan was granted. The grant-date fair value of the options is recognised as an expense, with a corresponding increase in equity. The expense is recognised in full on the grant date, which is also the vesting date. 24. OPERATING SEGMENTS An operating segment is a component of the group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the group’s other components. The group identifies and presents operating segments based on information provided internally to the executive committee, the group’s chief operating decision-making (CODM) forum. MATERIAL ACCOUNTING POLICIES continued 25 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 24. OPERATING SEGMENTS continued An operating segment’s operating results are reviewed regularly by the group’s executive committee to make decisions about resources to be allocated to the segment and assess its performance for which distinct financial information is available. The group comprises the following segments: § Local portfolio: Ȼ Retail Ȼ Office Ȼ Industrial Ȼ Specialised Ȼ Head office § International portfolio: Ȼ EPP, which is primarily retail Ȼ Redefine Europe B.V. (Redefine Europe), which is primarily industrial Ȼ Self Storage Investments Sp. z o.o. and Stokado Sp. z o.o., collectively referred to as Self-Storage, which is primarily self-storage Ȼ Head office, comprising head office funding related to international investments and a non-controlling interest in Lango Real Estate (Lango) Operating profit or loss is the key measure on which the CODM focuses. Refer to note 2: Segmental report for the group’s segmental disclosure. 25. EARNINGS AND HEADLINE EARNINGS Earnings per share is calculated on the weighted average number of shares in issue, net of treasury shares, in respect of the year and is based on profit attributable to shareholders. Headline earnings per share is calculated in terms of the requirements set out in Circular 1/2023 issued by SAICA. DIPS is calculated for every six months, using the number of shares in issue at the interim reporting date and at the financial year-end reporting date. 26. KEY ESTIMATES AND ASSUMPTIONS The preparation of financial statements requires the use of accounting estimates, which, by definition, will seldom equal the actual results. Judgement also needs to be exercised in applying the group’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. 26.1 Valuation of investment properties The property portfolio is revalued at each reporting date. By obtaining independent valuations from accredited professionals, management believes that the risk associated with estimation uncertainty has been mitigated to the greatest extent possible. Refer to accounting policies 4 and 6, note 3: Investment property assets, and note 49: Fair value disclosures for further information. 26.2 Business combination versus asset acquisition The directors have assessed the properties acquired and concluded that those acquisitions are property acquisitions in terms of IAS 40: Investment Property and are therefore accounted for in terms of that standard. In the opinion of the directors, these properties do not constitute a business as defined in terms of IFRS 3: Business Combinations as there were no adequate processes identified within these properties to warrant classification as businesses. Per IFRS 3, a business is defined as an integrated set of activities and assets that are capable of being conducted and managed for the purpose of providing goods or services to customers, generating investment income (such as dividends or interest) or generating other income from ordinary activities. Per IFRS 3, a business comprises inputs and substantive processes applied to those inputs, which have the ability to create outputs. Property acquisitions are assessed to determine whether a process was acquired with the property, which would indicate that the acquisition is a business combination. The optional concentration test was not applied. IFRS 3 defines input as “an economic resource that creates, or has the ability to create, outputs when one or more processes are applied to it.” The property acquisition may include the building and/or land and tenants. These are considered to be the inputs. Tenants are considered to be an input as processes, such as billing and rental income collection, must be applied to create output. IFRS 3 defines a process as “any system, standard, protocol, convention, or rule that, when applied to an input, creates or has the ability to create outputs.” Redefine’s employees apply processes to the inputs to generate rental income. The processes include (but are not limited to) the letting of space, maintenance of buildings, billing of rent, and collection of rent. These property management and asset management processes are typically provided by Redefine’s employees. The property acquired would be included in one of Redefine’s operating segments, and strategic management processes and resource allocation would be managed at a portfolio level. Properties are rarely acquired together with the inputs in a single property acquisition. As a result, these property acquisitions would not constitute a business as defined. The acquisition of a portfolio of properties on a large scale may include the associated business processes. In practice, the statutory entity that owns the property portfolio would typically be acquired together with the business. This would then be accounted for in terms of IFRS 3 and not as a property acquisition in terms of IAS 40. 26.3 Impairment of interests in subsidiaries (company) The shares held in interests in subsidiaries are tested for impairment if indicators are present. Indicators of impairment include: § Diminishing dividend yields § Net asset value (NAV) of the subsidiary is lower than its carrying value § A dividend received exceeds the total comprehensive income of the subsidiary § The economic performance of the subsidiary will be worse than expected Management performs an impairment calculation by comparing the carrying amount of the investment to its recoverable amount. The recoverable amount is deemed to be the fair value less the cost of disposal, which approximates the value in use. The fair value is determined using the adjusted NAV method. 26.4 Loans advanced to subsidiaries (company) Intercompany loan receivables are tested for impairment using the general model per IFRS 9: Financial Instruments , as discussed in accounting policy 12: Financial instruments – financial assets. MATERIAL ACCOUNTING POLICIES continued 26 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 26. KEY ESTIMATES AND ASSUMPTIONS continued 26.5 Joint ventures 26.5.1 Impairment of joint ventures Investments in joint ventures are tested for impairment if impairment indicators are present. Indicators of impairment include: § Diminishing dividend yields § NAV of the company is lower than the market capitalisation § The carrying amount of the joint venture is higher than the carrying amount of the investees’ assets § A dividend received exceeds the total comprehensive income of the investee § Inability to settle obligations as they fall due and/or breaches of debt covenants Management performs an impairment calculation by comparing the carrying amount of the investment to its recoverable amount. The recoverable amount is the higher of the fair value less cost of disposal, represented by the closing share price, if applicable, and the value in use determined by discounting future cash flows. Refer to note 6: Investment in joint ventures for the indicators considered and the impairment tests performed, where applicable. 26.5.2 Classification of a joint venture with an unavoidable obligation The following outlines the accounting treatment applied to the investment in Horse Group S.a.r.l. (Horse Group). It addresses both the classification of instruments from the perspective of the investee (Horse Group) and the corresponding accounting implications for the investors, EPP, and Redefine Europe. The analysis considers the contractual terms of the shareholders’ agreements and applies relevant guidance from IAS 32: Financial Instruments – Presentation , IFRS 9: Financial Instruments , and IAS 28: Investments in Associates and Joint Ventures to determine the appropriate accounting treatment. Investee accounting – Horse Group In 2022, EPP incorporated Horse Group to house a portfolio of assets. EPP and Redefine Europe own, in aggregate, 50% of Horse Group (class A and class C shares, respectively), and Pacific Investment Management Company LLC (PIMCO) holds the remaining 50% of Horse Group (class B shares). The shareholders entered into contractual arrangements that require unanimous consent between EPP and PIMCO for decisions regarding Horse Group’s relevant activities, thereby establishing joint control. The shareholders’ agreements include exit clauses that impose a contractual obligation on Horse Group to redeem all issued shares upon shareholder exit. This obligation is unavoidable for Horse Group as the issuer of the shares. In accordance with IAS 32 paragraph 16(a)(i), an instrument qualifies as equity only if it does not contain a contractual obligation to deliver cash or another financial asset. Paragraph 19 further clarifies that if the issuer lacks an unconditional right to avoid delivering cash, the instrument must be classified as a financial liability. Given the terms of the shareholders’ agreements, the shares issued by Horse Group do not meet the definition of equity instruments. The mandatory redemption feature upon exit constitutes a contractual obligation to deliver cash, thereby requiring classification as financial liabilities under IFRS 9. As a result, Horse Group must classify all issued shares and equity instruments as financial liabilities in its financial statements. Consequently, the following disclosures are made: § The NAV of Horse Group is considered to be Rnil as total equity is recognised as a liability on the statement of financial position § The profit or loss before tax is presented as a change in net assets attributable to shareholders from operations before tax in the statement of profit or loss and other comprehensive income § The profit or loss for the year is recognised as a change in net assets attributable to shareholders from operations in the statement of profit or loss and other comprehensive income § The total comprehensive income or loss for the year is accounted for as a remeasurement of net assets attributable to shareholders in the statement of profit or loss and other comprehensive income, resulting in a reported loss of Rnil for Horse Group Investor accounting – EPP The accounting treatment of an instrument by the investor may differ from that of the investee. Specifically, the classification of an instrument as a liability by the investee does not automatically place it within the scope of IFRS 9 for the investor. MATERIAL ACCOUNTING POLICIES continued The investor must assess the nature of the instrument to determine the applicable accounting standard, either IFRS 9 or IAS 28. This assessment requires judgement and is based on the specific facts and circumstances. The investment should be accounted for as a joint venture under IAS 28, using the equity method, where the instrument provides the investor with voting rights, participation in the investee’s profits, and exposure to variable returns aligned with ordinary shareholder returns (i.e. a proportionate or subordinate claim on net assets). EPP and PIMCO have entered into a contractual arrangement that establishes joint control over Horse Group. Under this agreement, decisions relating to the entity’s relevant activities require unanimous consent from both parties. The shares held by EPP confer voting rights, enabling participation in Horse Group’s key decision-making processes. Additionally, these shares entitle EPP to receive distributions in proportion to its shareholding and to share equally in the residual net assets of Horse Group together with other shareholders. Based on the above, EPP has access to the variable returns associated with its ownership interests in Horse Group. Accordingly, their investments meet the criteria for joint venture classification and must continue to be accounted for using the equity method in accordance with IAS 28. In addition, the investor may apply the equity method under IAS 28 to account for shares that are puttable or redeemable at NAV or fair value. In such circumstances, the investor would recognise its interest in 100% of the investee’s net assets, which includes a liability representing the rights of other investors. This liability should be recognised and measured by the investee in accordance with IFRS, and its valuation must reflect the entitlement of those other investors to the investee’s cash flows. Furthermore, IFRS 9 does not apply to interests in associates and joint ventures that are equity accounted. Instruments that confer potential voting rights and substantively provide access to ownership returns are excluded from the scope of IFRS 9. 26.6 Deferred tax Deferred tax assets are recognised to the extent that it is probable that future taxable income will be available against which the unused tax losses can be utilised. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realised. 27 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 27. NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE REDEFINE GROUP AND COMPANY The standards and amendments below became effective during the current financial year and were adopted by the group. IFRS ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS EXECUTIVE SUMMARY IMPACT ON FINANCIAL STATEMENTS Amendments to IAS 21: Lack of exchangeability The amendment clarifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendment also requires the disclosure of information that enables users of financial statements to understand the impact of a currency not being exchangeable The amendment had no material impact on the group and company 28. STANDARDS THAT ARE ISSUED BUT NOT YET EFFECTIVE FOR THE REDEFINE GROUP AND COMPANY FOR THE 2026 FINANCIAL YEAR The table below summarises the standards, amendments and interpretations that have been issued but are not yet effective in the current financial year. IFRS ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS EFFECTIVE DATE EXECUTIVE SUMMARY IMPACT ON FINANCIAL STATEMENTS Amendment to IFRS 9 and IFRS 7: Classification and measurement of financial instruments Annual periods beginning on or after 1 January 2026/FY27 These amendments: § Clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system § Add further guidance for assessing whether a financial asset meets the solely payment of principal and interest criterion § Add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of ESG targets) § Make updates to the disclosures for equity instruments designated at fair value through other comprehensive income The amendments are not expected to materially impact the group and company Amendment to IFRS 9 and IFRS 7: Contracts referencing nature-dependent electricity Annual periods beginning on or after 1 January 2026/FY27 These amendments change the “own use” and hedge accounting requirements of IFRS 9 and include targeted disclosure requirements to IFRS 7. These amendments apply only to contracts that expose an entity to variability in the underlying amount of electricity because the source of its generation depends on uncontrollable natural conditions (such as the weather) The amendments are not expected to materially impact the group and company Annual improvements to IFRS: Volume 11 Annual periods beginning on or after 1 January 2026/FY27 Annual improvements are limited to changes that either clarify the wording in an accounting standard or correct relatively minor unintended consequences, oversights or conflicts between the requirements in the accounting standards. The 2024 amendments are to the following standards: § IFRS 1: First-time Adoption of International Financial Reporting Standards § IFRS 7: Financial Instruments: Disclosures and its accompanying guidance on implementing IFRS 7 § IFRS 9: Financial Instruments § IFRS 10: Consolidated Financial Statement s § IAS 7: Statement of Cash Flows The amendments are not expected to materially impact the group and company 28 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 28. STANDARDS THAT ARE ISSUED BUT NOT YET EFFECTIVE FOR THE REDEFINE GROUP AND COMPANY FOR THE 2026 FINANCIAL YEAR continued IFRS ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS EFFECTIVE DATE EXECUTIVE SUMMARY IMPACT ON FINANCIAL STATEMENTS IFRS 18: Presentation and Disclosure in Financial Statements Annual periods beginning on or after 1 January 2027/FY28 The new standard introduces revised requirements for the presentation and disclosure of financial statements, with a particular emphasis on enhancements to the statement of profit or loss. IFRS 18 introduces several key concepts, including: § The structure of the statement of profit or loss § Required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (that is, management-defined performance measures) § Enhanced principles on aggregation and disaggregation that apply to the primary financial statements and notes in general The group is evaluating the impact of IFRS 18, which will introduce material changes to the presentation and disclosure of financial information. A structured implementation programme is underway to ensure compliance and readiness for adoption from the effective date IFRS 19: Subsidiaries without Public Accountability Annual periods beginning on or after 1 January 2027/FY28 The new accounting standard specifies reduced disclosure requirements that a subsidiary may apply in lieu of the disclosure requirements in other IFRS Accounting Standards, provided that the eligibility criteria are met The standard is not expected to materially impact the group and company Amendment to IFRS 19: Subsidiaries without Public Accountability: Disclosures Annual periods beginning on or after 1 January 2027/FY28 The amendment reduces the disclosure requirements relating to standards and amendments issued subsequent to the publication of IFRS 19, specifically: § IFRS 18: Presentation and Disclosure in Financial Statements § Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements § Amendment to IAS 12: International Tax Reform – Pillar Two Model Rules § Amendment to IAS 21: Lack of Exchangeability § Amendment to IF RS 9 and IFRS 7: Classification and Measurement of Financial Instruments The amendment is not expected to materially impact the group and company Amendment to IAS 21: Translation to a Hyperinflationary Presentation Currency Annual periods beginning on or after 1 January 2027/FY28 These amendment specifies the translation procedures for an entity whose presentation currency is that of a hyperinflationary economy The amendment is not expected to materially impact the group and company Amendment to IAS 28: Investment to Associates and Joint Ventures Annual periods beginning on or after 1 January 2027/FY28 The amendment clarifies the scope of entities eligible to elect the fair value option for investments in associates and joint ventures The amendment is not expected to materially impact the group and company IFRS 20: Regulatory Assets and Regulatory Liabilities Annual periods beginning on or after 1 January 2029/FY30 IFRS 20 establishes a comprehensive framework for the recognition, measurement, presentation and disclosure of regulatory assets and liabilities arising from rate-regulated activities. The standard applies where an entity’s pricing is subject to regulatory oversight and results in enforceable rights and obligations to adjust future rates for timing differences between the delivery of goods or services and the recovery of consideration The standard is not expected to materially impact the group and company 29 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 2. SEGMENTAL REPORT GROUP 2026 South African portfolio International portfolio Figures in R'000 Retail Office Industrial Specialised Head office Total local Redefine Europe EPP Self-Storage Head office Total international Group total STATEMENT OF FINANCIAL POSITION Investment properties (including straight-line rental income accrual) 1 31 107 350 23 268 501 13 484 983 – – 67 860 834 – 17 744 694 1 045 918 – 18 790 612 86 651 446 Right-of-use assets 70 992 9 045 – – – 80 037 – 324 551 75 721 – 400 272 480 309 Properties under development – 79 200 257 100 – – 336 300 – – 289 737 – 289 737 626 037 Listed securities – – – – 64 817 64 817 – – – – – 64 817 Investment in joint ventures – – – – – – 5 100 109 8 471 668 – – 13 571 777 13 571 777 Loans receivable – – – – 22 959 22 959 85 107 – – – 85 107 108 066 Property, plant and equipment – 82 746 – 43 600 10 098 136 444 31 71 101 7 534 – 78 666 215 110 Non-current assets held-for-sale 26 700 153 400 – – – 180 100 – – – – – 180 100 Cash and cash equivalents – – – – 1 393 283 1 393 283 12 077 264 961 17 964 530 539 825 541 2 218 824 Other assets – – – – 904 951 904 951 2 125 365 033 56 844 658 352 1 082 354 1 987 305 Total assets 31 205 042 23 592 892 13 742 083 43 600 2 396 108 70 979 725 5 199 449 27 242 008 1 493 718 1 188 891 35 124 066 106 103 791 Interest-bearing borrowings – – – – 32 121 708 32 121 708 – 8 185 324 197 015 1 865 414 10 247 753 42 369 461 Deferred taxation – – – – 1 012 662 1 012 662 – 1 341 900 30 548 – 1 372 448 2 385 110 Trade and other payables – – – – 1 989 728 1 989 728 8 600 449 585 77 295 21 998 557 478 2 547 206 Derivative liabilities – – – – 4 043 4 043 – 6 181 – 37 768 43 949 47 992 Other liabilities 70 992 9 045 – – 33 867 113 904 – 484 687 53 783 – 538 470 652 374 Total liabilities 70 992 9 045 – – 35 162 008 35 242 045 8 600 10 467 677 358 641 1 925 180 12 760 098 48 002 143 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Contractual rental income 2 850 861 2 161 381 1 133 198 62 173 – 6 207 613 – 1 662 894 69 353 – 1 732 247 7 939 860 Operating costs recovery 1 391 055 834 462 434 207 (3 409) – 2 656 315 – 686 982 – – 686 982 3 343 297 Straight-line rental income/(expense) accrual 6 564 13 376 289 (6 305) – 13 924 – – – – – 13 924 Total revenue 4 248 480 3 009 219 1 567 694 52 459 – 8 877 852 – 2 349 876 69 353 – 2 419 229 11 297 081 Operating costs 2 (1 825 887) (1 203 524) (526 746) (10 109) – (3 566 266) – (926 317) (21 219) – (947 536) (4 513 802) Expected credit losses – trade receivables 2 427 4 412 16 348 454 – 23 641 – 2 345 22 – 2 367 26 008 Administration costs – – – – (399 494) (399 494) (17 554) (228 828) (32 535) (2 099) (281 016) (680 510) Net operating profit/(loss) 3 2 425 020 1 810 107 1 057 296 42 804 (399 494) 4 935 733 (17 554) 1 197 076 15 621 (2 099) 1 193 044 6 128 777 Other income 20 108 257 783 – 6 869 28 017 8 218 – – – 8 218 36 235 Loss on disposal of assets – – – – – – – (183) – – (183) (183) Changes in fair values of investment properties 892 106 524 766 398 596 (9 009) 1 806 459 – 477 106 168 554 – 645 660 2 452 119 Changes in fair values of financial and other instruments – – – – 190 549 190 549 – 95 459 194 644 085 739 738 930 287 Changes in expected credit losses – loans receivable – – – – 1 741 1 741 – – – – – 1 741 Equity-accounted profit (net of taxation) – – – – – – 149 203 392 628 – – 541 831 541 831 Profit/(loss) before finance costs and taxation 3 337 234 2 335 130 1 456 675 33 795 (200 335) 6 962 499 139 867 2 162 086 184 369 641 986 3 128 308 10 090 807 Finance income – – – – 640 890 640 890 33 617 4 771 30 1 077 39 495 680 385 Finance costs (7 767) (1 172) (60) – (2 764 349) (2 773 348) – (445 846) (20 734) (367 920) (834 500) (3 607 848) Foreign exchange (loss)/gain – – – – – – (14 413) 150 429 (30) 367 454 503 440 503 440 Profit/(loss) before taxation 3 329 467 2 333 958 1 456 615 33 795 (2 323 794) 4 830 041 159 071 1 871 440 163 635 642 597 2 836 743 7 666 784 Taxation – – – – (67 697) (67 697) – (306 870) (12 831) (1 565) (321 266) (388 963) Profit/(loss) for the year 3 329 467 2 333 958 1 456 615 33 795 (2 391 491) 4 762 344 159 071 1 564 570 150 804 641 032 2 515 477 7 277 821 Non-controlling interest (18 222) – – – – (18 222) – (327) (31 706) – (32 033) (50 255) Profit/(loss) for the year attributable to Redefine Properties Limited shareholders 3 311 245 2 333 958 1 456 615 33 795 (2 391 491) 4 744 122 159 071 1 564 243 119 098 641 032 2 483 444 7 227 566 1 Investment property additions for the year have been disaggregated by segment as follows: retail (R442.2 million), office (R287.2 million), industrial (R171.5 million), EPP (R60.4million), and Self-Storage (R15.2 million) 2 Included in other operating costs are utility charges and assessment rates, disaggregated by segment as follows: retail (R773.3 million and R464.4 million), office (R436.8 million and R288.1 million), industrial (R284.6 million and R124.7 million), specialised (R2.6 million and -R1.8 million), EPP (R276.8 million and R85.6 million), and Self-Storage (R0.9 million and R4.6 million) 3 Included in net operating profit are salaries and other related payroll costs, disaggregated by segment as follows: retail (R145.5 million), office (R64.6 million), industrial (R15.0 million), specialised (R1.2 million), local head office (R118.1 million), Redefine Europe (R15.3 million), EPP (R290.2 million), and Self-Storage (R20.7 million) 30 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 2. SEGMENTAL REPORT continued GROUP 2025 South African portfolio International portfolio Figures in R’000 Retail Office Industrial Specialised Head office Total local Redefine Europe EPP Self-Storage Head office Total international Group total STATEMENT OF FINANCIAL POSITION Investment properties (including straight-line rental income accrual) 1 29 810 519 22 962 133 13 103 802 431 300 – 66 307 754 – 18 988 263 677 988 – 19 666 251 85 974 005 Right-of-use assets 78 350 10 174 – – – 88 524 – 364 212 103 640 – 467 852 556 376 Properties under development – – 155 200 – – 155 200 – – 211 113 – 211 113 366 313 Listed securities – – – – 42 131 42 131 – – – – – 42 131 Investment in joint ventures – – – – – – 5 643 757 9 412 773 – – 15 056 530 15 056 530 Loans receivable – – – – 26 351 26 351 700 568 – – 51 603 752 171 778 522 Property, plant and equipment – 74 056 – 51 600 14 978 140 634 60 48 351 9 692 – 58 103 198 737 Non-current assets held-for-sale – 41 944 – 20 460 – 62 404 – – 933 – 933 63 337 Cash and cash equivalents – – – – 1 139 189 1 139 189 29 095 371 371 22 892 29 423 387 1 562 576 Other assets – – – – 816 432 816 432 2 692 523 256 107 519 274 548 908 015 1 724 447 Total assets 29 888 869 23 088 307 13 259 002 503 360 2 039 081 68 778 619 6 376 172 29 708 226 1 133 777 326 180 37 544 355 106 322 974 Interest-bearing borrowings – – – – 32 436 647 32 436 647 – 9 279 225 39 793 2 061 962 11 380 980 43 817 627 Deferred taxation – – – – 944 125 944 125 – 1 314 733 20 705 – 1 335 438 2 279 563 Trade and other payables – – – – 1 867 203 1 867 203 9 121 511 133 30 876 – 551 130 2 418 333 Derivative liabilities – – – – 81 804 81 804 – 95 628 – 285 506 381 134 462 938 Other liabilities 78 350 10 174 – – 32 140 120 664 – 466 241 82 622 – 548 863 669 527 Total liabilities 78 350 10 174 – – 35 361 919 35 450 443 9 121 11 666 960 173 996 2 347 468 14 197 545 49 647 988 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Contractual rental income 2 757 085 2 158 662 1 136 779 68 876 – 6 121 402 – 1 669 257 60 566 – 1 729 823 7 851 225 Operating costs recovery 1 324 127 812 007 396 626 6 581 – 2 539 341 – 668 795 – – 668 795 3 208 136 Straight-line rental income/(expense) accrual 2 572 (120 344) 69 360 (3 587) – (51 999) – – – – – (51 999) Total revenue 4 083 784 2 850 325 1 602 765 71 870 – 8 608 744 – 2 338 052 60 566 – 2 398 618 11 007 362 Operating costs 2 (1 804 615) (1 181 129) (525 441) (29 388) – (3 540 573) – (922 123) (19 874) – (941 997) (4 482 570) Expected credit losses – trade receivables 9 124 4 257 33 417 2 985 – 49 783 – 2 776 (898) – 1 878 51 661 Administration costs – – – – (368 337) (368 337) (16 551) (227 314) (28 462) (4 608) (276 935) (645 272) Net operating profit/(loss) 3 2 288 293 1 673 453 1 110 741 45 467 (368 337) 4 749 617 (16 551) 1 191 391 11 332 (4 608) 1 181 564 5 931 181 Other income 1 401 – – – 27 970 29 371 5 168 – – – 5 168 34 539 Gain on disposal of assets – – – – – – – 16 726 – – 16 726 16 726 Changes in fair values of investment properties 1 266 926 139 020 534 408 (9 087) – 1 931 267 – (39 709) 89 131 – 49 422 1 980 689 Changes in fair values of financial and other instruments – – – – (61 847) (61 847) 137 020 (74 000) – (238 703) (175 683) (237 530) Changes in expected credit losses – loans receivable – – – – – – – (18 013) – – (18 013) (18 013) Equity-accounted (loss)/income (net of taxation) – – – – (43) (43) (47 776) 116 486 – – 68 710 68 667 Profit/(loss) before finance costs and taxation 3 556 620 1 812 473 1 645 149 36 380 (402 257) 6 648 365 77 861 1 192 881 100 463 (243 311) 1 127 894 7 776 259 Finance income – – – – 880 449 880 449 63 033 4 052 269 9 769 77 123 957 572 Finance costs (9 401) (1 439) (378) – (2 928 823) (2 940 041) – (469 782) (12 678) (509 611) (992 071) (3 932 112) Foreign exchange losses – – – – – – – (23 983) (68) (353 309) (377 360) (377 360) Profit/(loss) before taxation 3 547 219 1 811 034 1 644 771 36 380 (2 450 631) 4 588 773 140 894 703 168 87 986 (1 096 462) (164 414) 4 424 359 Taxation – – – – (102 225) (102 225) – (140 077) (9 150) (1 224) (150 451) (252 676) Profit/(loss) for the year 3 547 219 1 811 034 1 644 771 36 380 (2 552 856) 4 486 548 140 894 563 091 78 836 (1 097 686) (314 865) 4 171 683 Non-controlling interest (24 625) – – – – (24 625) – (114) (18 510) – (18 624) (43 249) Profit/(loss) for the year attributable to Redefine Properties Limited shareholders 3 522 594 1 811 034 1 644 771 36 380 (2 552 856) 4 461 923 140 894 562 977 60 326 (1 097 686) (333 489) 4 128 434 1 Investment property additions for the year have been disaggregated by segment as follows: retail (R627.5 million), office (R413.2 million), industrial (R236.7 million), EPP (R65.5 million), and Self-Storage (R5.2 million) 2 Included in other operating costs are utility charges and assessment rates, disaggregated by segment as follows: retail (R771.8 million and R461.8 million), office (R411.9 million and R292.8 million), industrial (R265.3 million and R132.0 million), specialised (R3.3 million and R8.1 million), EPP (R248.5 million and R83.3 million), and Self-Storage (R0.7 million and R2.8 million) 3 Included in net operating profit/(loss) are salaries and other related payroll costs, disaggregated by segment as follows: retail (R135.4 million), office (R71.0 million), industrial (R14.1 million), specialised (R1.2 million), local head office (R91.8 million), Redefine Europe (R13.8 million), EPP (R305.9 million), and Self-Storage (R13.6 million) 31 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 3. INVESTMENT PROPERTY ASSETS GROUP COMPANY Figures in R’000 Notes 2026 2025 2026 2025 Investment properties 3.1 84 823 553 84 160 037 44 822 597 33 056 649 Right-of-use assets 3.2 480 309 556 376 30 479 41 163 Properties under development 3.3 626 037 366 313 239 850 126 800 Investment properties at fair value 85 929 899 85 082 726 45 092 926 33 224 612 Straight-line rental income accrual 3.4 1 827 893 1 813 968 1 346 195 1 086 775 Balance at the end of the year 87 757 792 86 896 694 46 439 121 34 311 387 GROUP 2026 Figures in R’000 Investment properties Right-of-use assets Properties under development Straight-line rental income accrual Total Movement for the year Balance at the beginning of the year 84 160 037 556 376 366 313 1 813 968 86 896 694 Additions at cost 977 147 – 660 549 – 1 637 696 Arising from subsequent expenditure 974 745 – – – 974 745 Development costs – – 641 414 – 641 414 Capitalised borrowing costs 2 402 – 19 135 – 21 537 Disposals at fair value and derecognition of leases (1 107 961) – – – (1 107 961) Change in fair value 2 465 800 (12 942) 14 165 – 2 467 023 Transfer from properties under development 558 481 – (558 481) – – Transfer to properties under development (172 500) – 172 500 – – Transfer to non-current assets held-for-sale (186 700) – – – (186 700) Transfer to property, plant and equipment (7 482) – – – (7 482) Tenant incentives and lease commissions 77 725 – (69) – 77 656 Costs capitalised 296 298 – 27 – 296 325 Amortisation (209 233) – (35) – (209 268) Scrapped (9 340) – (61) – (9 401) Changes to lease agreements – (13 662) – – (13 662) Straight-line rental income adjustment (13 924) – – 13 924 – Foreign exchange loss (1 915 020) (49 463) (28 940) – (1 993 423) Transfer to net investment in finance lease (12 050) – – – (12 050) Balance at the end of the year 84 823 553 480 309 626 037 1 827 893 87 757 792 Notes 3.1 3.2 3.3 3.4 GROUP 2025 Figures in R’000 Investment properties Right-of-use assets Properties under development Straight-line rental income accrual Total Movement for the year Balance at the beginning of the year 80 384 743 567 341 66 344 1 865 967 82 884 395 Additions at cost 1 365 676 6 870 335 891 – 1 708 437 Arising from acquisitions 290 697 – – – 290 697 Arising from new leases – 6 870 – – 6 870 Arising from subsequent expenditure 1 057 394 – – – 1 057 394 Development costs – – 332 960 – 332 960 Capitalised borrowing costs 17 585 – 2 931 – 20 516 Disposals at fair value and derecognition of leases (718 134) (28 053) – – (746 187) Change in fair value 1 968 953 (26 146) (3 562) – 1 939 245 Transfer from properties under development 173 984 – (173 984) – – Transfer to properties under development (133 280) – 133 280 – – Transfer from non-current assets held-for-sale 97 102 – – – 97 102 Transfer to non-current assets held-for-sale (62 404) – – – (62 404) Transfer from property, plant and equipment 6 371 – – – 6 371 Tenant incentives and lease commissions 55 106 – (40) – 55 066 Costs capitalised 243 069 – 117 – 243 186 Amortisation (185 509) – (66) – (185 575) Scrapped (2 454) – (91) – (2 545) Changes to lease agreements – 11 128 – – 11 128 Straight-line rental income adjustment 51 999 – – (51 999) – Foreign exchange gain 969 921 25 236 8 384 – 1 003 541 Balance at the end of the year 84 160 037 556 376 366 313 1 813 968 86 896 694 Notes 3.1 3.2 3.3 3.4 Borrowing costs were capitalised using the weighted average cost of debt of 8.5% (FY25: 8.9%). Borrowing costs capitalised to investment property relate to those costs incurred in respect of properties that are either undergoing development or partial redevelopment. The group’s first mortgage bonds have been registered over South African investment property (which includes investment property reclassified as held-for-sale) with a fair value of R49.9 billion (FY25: R49.3 billion) as security for secured interest-bearing borrowings of R21.7 billion (FY25: R21.8 billion) as well as international investment property with a fair value of R19.1 billion (FY25: R19.9 billion) as security for secured interest-bearing borrowings of R8.3 billion (FY25: R9.3 billion). Refer to note 49: Fair value disclosures for the valuation techniques applied and unobservable inputs used in determining the fair value of investment property and note 2: Segmental report for a breakdown by segment of investment property, contractual rental income, and property expenses. As at 31 August 2026, the group owns the title to all investment properties, except those owned by Talis Property Investments Proprietary Limited (Talis) and Pan African Development Proprietary Limited, as well as right-of-use assets and co-owned properties, as these are subject to lease or co-ownership arrangements. 32 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 3. INVESTMENT PROPERTY ASSETS continued COMPANY 2026 Figures in R’000 Investment properties Right-of-use assets Properties under development Straight-line rental income accrual Total Movement for the year Balance at the beginning of the year 33 056 649 41 163 126 800 1 086 775 34 311 387 Additions at cost 11 493 328 – 221 654 250 786 11 965 768 Arising from subsequent expenditure 564 108 – – – 564 108 Intercompany additions 10 927 416 – – 250 786 11 178 202 Development costs – – 205 926 – 205 926 Capitalised borrowing costs 1 804 – 15 728 – 17 532 Disposals at fair value and derecognition of leases (906 628) – – – (906 628) Change in fair value 1 219 928 (10 684) 14 164 – 1 223 408 Transfer from properties under development 279 600 – (279 600) – – Transfer to properties under development (156 900) – 156 900 – – Transfer to non-current assets held-for-sale (186 700) – – – (186 700) Tenant incentives and lease commissions 31 954 – (68) – 31 886 Costs capitalised 158 373 – 27 – 158 400 Amortisation (119 774) – (35) – (119 809) Scrapped (6 645) – (60) – (6 705) Straight-line rental income adjustment (8 634) – – 8 634 – Balance at the end of the year 44 822 597 30 479 239 850 1 346 195 46 439 121 Notes 3.1 3.2 3.3 3.4 COMPANY 2025 Figures in R’000 Investment properties Right-of-use assets Properties under development Straight-line rental income accrual Total Movement for the year Balance at the beginning of the year 32 599 361 75 452 – 1 153 919 33 828 732 Additions at cost 587 937 6 870 25 521 – 620 328 Arising from new leases – 6 870 – – 6 870 Arising from subsequent expenditure 578 093 – – – 578 093 Development costs – – 22 590 – 22 590 Capitalised borrowing costs 9 844 – 2 931 – 12 775 Disposals at fair value and derecognition of leases (605 976) (28 053) – – (634 029) Change in fair value 575 120 (13 106) (3 562) – 558 452 Transfer to properties under development (104 880) – 104 880 – – Transfer from non-current assets held-for-sale 18 201 – – – 18 201 Transfer to non-current assets held-for-sale (62 404) – – – (62 404) Transfer from property, plant and equipment 253 – – – 253 Tenant incentives and lease commissions: (18 107) – (39) – (18 146) Costs capitalised 80 301 – 117 – 80 418 Amortisation (93 367) – (66) – (93 433) Scrapped (5 041) – (90) – (5 131) Straight-line rental income adjustment 67 144 – – (67 144) – Balance at the end of the year 33 056 649 41 163 126 800 1 086 775 34 311 387 Notes 3.1 3.2 3.3 3.4 Borrowing costs were capitalised using the weighted average cost of debt of 8.5% (FY25: 8.9%). Borrowing costs capitalised to investment property relate to those costs incurred in respect of properties that are either undergoing development or partial redevelopment. The company’s first mortgage bonds have been registered over South African investment property (which includes investment property reclassified as held-for-sale) with a fair value of R32.9 billion (FY25: R22.7 billion) as security for secured interest-bearing borrowings of R21.7 billion (FY25: R21.8 billion). Refer to note 49: Fair value disclosures for the valuation techniques applied and unobservable inputs used in determining the fair value of investment property and note 2: Segmental report for a breakdown by segment of investment property, contractual rental income, and property expenses. As at 31 August 2026, the company owns the title to all investment properties, except those owned by Talis, as well as right-of-use assets and co-owned properties, as these are subject to lease or co-ownership arrangements. 33 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 4. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES GROUP COMPANY Figures in R’000 Notes 2026 2025 2026 2025 Right-of-use assets classified as investment property Balance at the beginning of the year 556 376 567 341 41 163 75 452 Recognition of new leases – 6 870 – 6 870 Change in fair value (12 942) (26 146) (10 684) (13 106) Derecognition on expiry of a lease or sale of property – (28 053) – (28 053) Changes to existing agreements 1 (13 662) 11 128 – – Foreign exchange (loss)/gain (49 463) 25 236 – – Balance at the end of the year 3.2 480 309 556 376 30 479 41 163 Right-of-use assets classified as property, plant and equipment Balance at the beginning of the year 39 917 48 475 – – Recognition of new leases 10 424 4 628 – – Depreciation (17 348) (16 625) – – Foreign exchange (loss)/gain (3 401) 3 439 – – Balance at the end of the year 9 29 592 39 917 – – Total right-of-use assets 509 901 596 293 30 479 41 163 Right-of-use assets and lease liability Lease liabilities Balance at the beginning of the year 570 369 586 913 41 164 75 453 Recognition of new leases 10 424 11 497 – 6 870 Changes to existing agreements 1 (13 662) 11 128 – – Finance costs 18 684 44 729 3 430 3 430 Lease payments (53 382) (87 044) (14 115) (16 536) Derecognition on expiry of a lease or sale of property – (28 053) – (28 053) Foreign exchange (loss)/gain (50 281) 31 199 – – Balance at the end of the year 482 152 570 369 30 479 41 164 Non-current 417 372 498 562 18 025 30 479 Current 64 780 71 807 12 454 10 685 Balance at the end of the year 482 152 570 369 30 479 41 164 1 Variable lease payments with annual increments dependent on the consumer price index were adjusted accordingly GROUP COMPANY Figures in R’000 2026 2025 2026 2025 The statement of profit or loss and other comprehensive income shows the following amounts relating to leases: Fair value loss on right-of-use assets (12 942) (26 146) (10 684) (13 106) Finance costs 18 684 44 729 3 430 3 430 Expense relating to low-value leases 952 1 526 952 1 526 Cash outflows incurred for leases (53 382) (87 044) (14 115) (16 536) Principal payment (34 698) (42 315) (10 685) (13 106) Finance costs payment (18 684) (44 729) (3 430) (3 430) Variable payments Some of the property leases in which the group and company are the lessee contain variable lease payment terms that are linked to rent collected from the leased properties. The lease payments are based on rental income collected for these properties and are as follows: Variable payments 5 606 6 707 5 606 6 707 The maturity analysis of the lease liability (contractual undiscounted cash flows) is as follows: Gross lease liabilities – minimum lease payments: Less than 12 months 67 688 75 870 14 806 14 115 Between one and two years 58 752 71 780 9 647 14 806 Between two and three years 50 182 63 344 4 567 9 647 Between three and four years 43 695 56 621 3 740 4 567 Between four and five years 40 620 47 602 1 345 3 740 Over five years 1 757 893 1 984 574 1 346 2 691 Total undiscounted cash flows 2 018 830 2 299 791 35 451 49 566 Less the impact of discounting (1 536 678) (1 729 422) (4 972) (8 402) Total lease liability 482 152 570 369 30 479 41 164 The group leases various offices, parking lots and land. Rental contracts are typically made for fixed periods but may have extension options as described below. During the current year, the group had the following leases, held as a lessee: § Land and buildings held under operating leases classified as investment property The lease payments are discounted using the lessee’s incremental borrowing rate, being the rate that the individual would have to pay to borrow the funds necessary to obtain an asset of similar value to the ROU asset in a similar economic environment with similar terms, security and conditions. The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the ROU asset. Some property leases contain variable payment terms. Variable payment terms are used for a variety of reasons, including minimising the fixed cost base for newly established stores. Variable lease payments that depend on sales are recognised in profit or loss in the period in which the condition that triggers those payments occurs. 34 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 4. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES continued Extension options are included in a number of leases across the group. These are used to maximise operational flexibility in terms of managing the assets used in the group’s operations. The majority of extension options held are exercisable by the group. ROU assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight- line basis. If the group is reasonably certain to exercise a purchase option, the ROU asset is depreciated over the underlying asset’s useful life. The group revalues its land and buildings that are presented within property, plant and equipment. The potential future undiscounted cash outflows for extension and termination options amount to R67.9 million as at 31 August 2026 (FY25: R62.8 million). 5. LISTED SECURITIES GROUP COMPANY Figures in R’000 Note 2026 2025 2026 2025 Delta Property Fund Limited 64 817 42 131 64 817 42 131 Balance at the end of the year 64 817 42 131 64 817 42 131 Movement for the year Balance at the beginning of the year 42 131 42 131 42 131 42 131 Change in fair value 31.2 22 686 – 22 686 – Balance at the end of the year 1 64 817 42 131 64 817 42 131 Details of listed securities Stock exchange % held Number of shares held Number of shares held Number of shares held Number of shares held Delta Property Fund Limited JSE (REIT) 22.7 162 043 079 162 043 079 162 043 079 162 043 079 1 Share price as at 31 August 2026: 40.0 cents (FY25: 26.0 cents) 5.1 Delta Property Fund Limited In 2018, Redefine disposed of its 22.7% interest in Delta Property Fund Limited (Delta) to a black economic empowerment (BEE), consortium. The acquisition was funded through a vendor loan provided by Redefine, bearing interest at the prime lending rate plus 2.0% for an initial period of five years, with an option to extend for a further three years. The capital repayment date was subsequently extended to 30 September 2026. As security for the vendor loan, the Delta shares acquired by the BEE consortium were ceded to Redefine. Redefine previously concluded that it retained substantially all the risks and rewards associated with ownership of the underlying Delta shares as a result of the vendor funding and security arrangements. Accordingly, the Delta shares held as collateral were recognised as a financial asset and classified as listed securities measured at fair value through profit or loss. While Redefine retained the economic exposure to the shares, legal ownership remained with the BEE consortium as at 31 August 2026. 6. INVESTMENT IN JOINT VENTURES 6.1 Group equity-accounted joint ventures GROUP Figures in R’000 Principal place of business Effective interest (%) 2026 2025 European Logistics Investment B.V. (ELI) 1 Poland 50.1 (FY25: 48.5) 4 163 574 4 609 481 EPP Community Properties JV B.V. (EPP Community) 2 Poland 46.9 (FY25: 48.2) 2 726 492 2 989 318 Rosehill Investments Sp. z o.o. (Galeria Młociny) Poland 70.0 (FY25: 70.0) 2 437 042 2 753 254 Henderson Park Private Equity Fund Holdings S.à.r.l (Henderson) Poland 30.0 (FY25: 30.0) 374 844 452 874 Horse Group S.à.r.l. (Horse Group) Poland 50.0 (FY25: 50.0) 3 869 825 4 251 603 Talis Property Investments Proprietary Limited (Talis) 3 South Africa 49.0 (FY25: 49.0) – – Balance at the end of the year 13 571 777 15 056 530 1 ELI shareholders entered into a side letter to the shareholders’ agreement, effective 1 September 2024, allocating ELI’s assets into separate portfolios for Redefine Europe B.V. (Redefine Europe) and Mirelf VII Co-Investment B.V. (Madison). During the year, properties were disposed within the portfolio, resulting in the cancellation of the shares in ELI and consequently increasing Redefine Europe’s effective interest from 48.5% to 50.1% 2 In line with the shareholders’ agreement, share redemptions have been concluded, resulting in a dilution of EPP’s interest to 46.9% as at FY26 3 The investment in Talis was in a net loss-making position, therefore the equity-accounted carrying value was limited to Rnil 35 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 6. INVESTMENT IN JOINT VENTURES continued 6.2 Movement for the year GROUP 2026 Figures in R’000 ELI EPP Community Galeria Młociny Henderson Horse Group Total Functional currency EUR PLN PLN PLN PLN Effective interest 50.1% 46.9% 70.0% 30.0% 50.0% Balance at the beginning of the year 4 609 481 2 989 318 2 753 254 452 874 4 251 603 15 056 530 Equity-accounted income/(loss) (net of taxation) 100 708 292 983 (19 387) (31 678) 199 205 541 831 Share of profit/(loss) 100 708 280 195 (19 387) (31 678) 241 635 571 473 Finance income from loans granted to equity-accounted investments – – – – 78 748 78 748 Earnings dilution due to change in shareholding – 12 788 – – – 12 788 Distribution adjustment – – – – (121 178) (121 178) Other comprehensive loss – (70 609) (38 402) (4 778) (47 263) (161 052) Cash received from equity-accounted investments (107 676) (201 735) – – (130 004) (439 415) Dividend income – – – – (68 531) (68 531) Loan repayment – – – – (61 473) (61 473) Return of equity (107 676) (201 735) – – – (309 411) Currency translation adjustment of foreign investments (438 939) (283 465) (258 423) (41 574) (403 716) (1 426 117) Balance at the end of the year 4 163 574 2 726 492 2 437 042 374 844 3 869 825 13 571 777 2025 Figures in R’000 ELI EPP Community Galeria Młociny Henderson Horse Group Power Park Olsztyn 1 Talis Total Functional currency EUR PLN PLN PLN PLN PLN ZAR Effective interest 48.5% 48.2% 70.0% 30.0% 50.0% 0.0% 49.0% Balance at the beginning of the year 4 501 095 2 796 096 2 728 002 462 573 4 090 808 170 315 43 14 748 932 Equity-accounted (loss)/profit (net of taxation) (97 539) 235 273 (118 908) (39 926) 85 671 4 139 (43) 68 667 Share of (loss)/profit (13 709) 222 966 (118 908) (39 926) 125 954 2 905 (43) 179 239 Finance income from loans granted to equity-accounted investments – – – – 82 725 1 234 – 83 959 Earnings dilution due to change in shareholding – 12 307 – – – – – 12 307 Impairment of goodwill 2 (83 830) – – – – – – (83 830) Distribution adjustment – – – – (123 008) – – (123 008) Other comprehensive income – 98 7 184 7 526 13 811 2 631 – 31 250 Cash received from equity-accounted investments (21 952) (188 837) – – (148 444) (14 929) – (374 162) Dividend income (21 952) – – – (148 444) – – (170 396) Loan repayment – – – – – (14 929) – (14 929) Return of equity – (188 837) – – – – – (188 837) Currency translation adjustment of foreign investments 227 877 146 688 136 976 22 701 209 757 2 090 – 746 089 Disposal of joint venture – – – – – (164 246) – (164 246) Balance at the end of the year 4 609 481 2 989 318 2 753 254 452 874 4 251 603 – – 15 056 530 1 In March 2025, the group disposed of its investment in Power Park Olsztyn 2 Impairment of goodwill relates to goodwill recognised in FY23 on the acquisition of an additional 2% interest in ELI following the exercise of a put option by Griffin Capital Partners Sp. z o.o. in FY23. This goodwill has been impaired in the current year as it was assessed not to be recoverable 36 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 6. INVESTMENT IN JOINT VENTURES continued 6.3 Company joint ventures held at cost COMPANY Figures in R’000 Principal place of business Effective interest (%) 2026 2025 Investment in joint ventures Talis South Africa 49.0 (FY25: 49.0) 9 608 9 608 Balance at the end of the year 9 608 9 608 Movement for the year Balance at the beginning of the year 9 608 9 608 Balance at the end of the year 9 608 9 608 Galeria Solna, Inowrocław, Poland 37 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 6. INVESTMENT IN JOINT VENTURES continued 6.4 Summarised financial information – 31 August 2026 Summarised financial information for each joint venture is presented below. This reflects financial information prepared by the respective entities in accordance with IFRS Accounting Standards. The results of equity-accounted investments that are foreign operations are translated from the respective functional currency to South African rand. GROUP 2026 Figures in R’000 ELI EPP Community Galeria Młociny Henderson Horse Group Talis Total Functional currency EUR PLN PLN PLN PLN ZAR Effective interest 50.1% 46.9% 70.0% 30.0% 50.0% 49.0% SUMMARISED STATEMENTS OF FINANCIAL POSITION Investment properties (including straight-line rental income accrual) 16 512 595 12 763 403 6 619 712 3 919 455 13 132 218 215 427 53 162 810 Right-of-use assets 113 884 200 470 – 156 033 26 942 – 497 329 Property, plant and equipment 24 – – – – – 24 Deferred taxation 12 010 559 – 5 428 7 203 – 25 200 Other non-current assets 1 372 661 152 147 124 534 13 196 90 279 – 1 752 817 Non-current assets 18 011 174 13 116 579 6 744 246 4 094 112 13 256 642 215 427 55 438 180 Cash and cash equivalents 492 302 137 357 51 587 17 855 233 603 11 887 944 591 Other monetary assets 184 040 57 024 71 362 136 444 180 198 – 629 068 Other current assets – 93 710 48 104 25 710 65 702 32 073 265 299 Current assets 676 342 288 091 171 053 180 009 479 503 43 960 1 838 958 Total assets 18 687 516 13 404 670 6 915 299 4 274 121 13 736 145 259 387 57 277 138 Interest-bearing borrowings 7 512 469 4 584 205 2 701 753 – 5 631 390 – 20 429 817 Loans from shareholders 654 893 – – – 280 006 – 934 899 Deferred taxation 1 078 847 806 817 658 178 34 412 728 383 – 3 306 637 Other non-current financial liabilities 150 261 432 – 139 071 24 578 – 425 231 Other non-current liabilities 246 686 72 818 26 798 75 751 80 323 96 523 598 899 Non-current liabilities 9 493 045 5 725 272 3 386 729 249 234 6 744 680 96 523 25 695 483 Interest-bearing borrowings 373 814 1 778 904 23 582 2 666 570 872 546 89 933 5 805 349 Net assets attributable to shareholders 1 – – – – 6 003 421 – 6 003 421 Trade and other payables 563 742 149 341 23 499 81 568 113 725 70 451 1 002 326 Other current liabilities 9 933 20 345 – 27 272 1 773 – 59 323 Current liabilities 947 489 1 948 590 47 081 2 775 410 6 991 465 160 384 12 870 419 Total liabilities 10 440 534 7 673 862 3 433 810 3 024 644 13 736 145 256 907 38 565 902 Net assets 8 246 982 5 730 808 3 481 489 1 249 477 – 2 480 18 711 236 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 NAV of Horse Group is Rnil. Accordingly, all profits for the year are attributable to the shareholders, resulting in a profit of Rnil for the year. Refer to accounting policy 26.5.2 for further details 38 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 6. INVESTMENT IN JOINT VENTURES continued 6.4 Summarised financial information – 31 August 2026 continued GROUP 2026 Figures in R’000 ELI EPP Community Galeria Młociny Henderson Horse Group Talis Total Functional currency EUR PLN PLN PLN PLN ZAR Effective interest 50.1% 46.9% 70.0% 30.0% 50.0% 49.0% SUMMARISED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Revenue 1 430 185 1 851 664 568 519 429 328 1 712 990 233 721 6 226 407 Operating costs including ECL (674 763) (766 097) (221 082) (193 252) (739 856) (180 189) (2 775 239) Administration costs (98 468) (86 388) (10 620) (15 160) (77 459) 53 804 (234 291) Changes in fair values of investment properties 8 302 (39 244) (357 642) (176 458) (33 147) (82 304) (680 493) Changes in fair values of financial and other instruments 132 288 79 662 60 769 – 57 832 – 330 551 Impairment of assets and other income (4 720) – – – – – (4 720) Equity-accounted loss (13 378) – – – – – (13 378) Finance income 98 064 3 041 2 993 1 548 22 331 1 513 129 490 Finance costs (482 713) (404 009) (152 038) (157 995) (404 310) (23 388) (1 624 453) Distributions to shareholders – – – – (172 096) – (172 096) Foreign exchange movements 5 283 137 709 62 695 14 974 93 841 – 314 502 Profit/(loss) before tax 400 080 776 338 (46 406) (97 015) 460 126 3 157 1 496 280 Taxation (109 542) (178 780) 18 708 (8 579) (148 954) – (427 147) Profit/(loss) for the year 290 538 597 558 (27 698) (105 594) 311 172 3 157 1 069 133 Other comprehensive loss – (150 583) (54 860) (15 926) (94 526) – (315 895) Remeasurement of net assets attributable to shareholders 1 – – – – (216 646) – (216 646) Total comprehensive income/(loss) 290 538 446 975 (82 558) (121 520) – 3 157 536 592 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 NAV of Horse Group is Rnil. Accordingly, all profits for the year are attributable to the shareholders, resulting in a profit of Rnil for the year. Refer to accounting policy 26.5.2 for further details 39 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 6. INVESTMENT IN JOINT VENTURES continued 6.4 Summarised financial information – 31 August 2025 GROUP 2025 Figures in R'000 ELI EPP Community Galeria Młociny Henderson Horse Group Power Park Olsztyn 1 Talis C4T1 Total Functional currency EUR PLN PLN PLN PLN PLN ZAR ZAR Effective interest 48.5% 48.2% 70.0% 30.0% 50.0% 0.0% 49.0% 0.0% SUMMARISED STATEMENTS OF FINANCIAL POSITION Investment properties (including straight-line rental income accrual) 17 949 701 13 994 193 7 677 344 4 434 148 15 257 098 657 255 296 473 – 60 266 212 Right-of-use assets 123 794 230 345 – 181 765 40 189 117 542 – – 693 635 Property, plant and equipment 18 – – – – – – 789 807 Deferred taxation 16 841 10 324 – 7 276 16 269 – – – 50 710 Other non-current assets 2 135 590 62 854 – 14 064 45 665 – – – 2 258 173 Non-current assets 20 225 944 14 297 716 7 677 344 4 637 253 15 359 221 774 797 296 473 789 63 269 537 Cash and cash equivalents 908 920 110 014 63 833 14 164 136 789 9 863 29 933 7 1 273 523 Other monetary assets 152 871 152 227 78 336 196 088 141 338 2 309 – – 723 169 Other current assets – 112 846 30 718 39 309 440 238 3 350 33 664 – 660 125 Current assets 1 061 791 375 087 172 887 249 561 718 365 15 522 63 597 7 2 656 817 Total assets 21 287 735 14 672 803 7 850 231 4 886 814 16 077 586 790 319 360 070 796 65 926 354 Interest-bearing borrowings 8 164 953 6 835 696 2 976 851 2 940 179 5 218 892 307 511 – 9 004 26 453 086 Loans from shareholders 1 637 910 – 51 603 – 1 675 379 75 560 – – 3 440 452 Deferred taxation 1 128 850 821 187 755 361 29 662 744 856 5 752 – – 3 485 668 Other non-current financial liabilities 109 021 198 991 – 174 676 36 802 111 211 – – 630 701 Other non-current liabilities 354 415 145 537 85 427 28 679 136 556 2 191 186 455 – 939 260 Non-current liabilities 11 395 149 8 001 411 3 869 242 3 173 196 7 812 485 502 225 186 455 9 004 34 949 167 Interest-bearing borrowings 38 554 351 977 25 643 68 666 2 265 320 3 775 84 345 – 2 838 280 Net assets attributable to shareholders 2 – – – – 5 893 636 – – – 5 893 636 Trade and other payables 429 868 176 254 22 126 104 227 103 604 9 942 89 945 13 935 979 Other current liabilities 13 725 26 271 – 31 143 2 541 8 612 – – 82 291 Current liabilities 482 147 554 502 47 769 204 036 8 265 101 22 329 174 290 13 9 750 186 Total liabilities 11 877 296 8 555 913 3 917 011 3 377 232 16 077 586 524 554 360 745 9 017 44 699 354 Net assets 9 410 439 6 116 890 3 933 220 1 509 582 – 265 765 (675) (8 221) 21 227 000 1 The summarised statements of financial position and the statements of profit or loss and other comprehensive income of Power Park Olsztyn and C4T reflect the balances immediately prior to the disposal of the investment in the joint venture 2 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 NAV of Horse Group is Rnil. Accordingly, all profits for the year are attributable to the shareholders, resulting in a profit of Rnil for the year. Refer to accounting policy 26.5.2 for further details 40 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 6. INVESTMENT IN JOINT VENTURES continued 6.4 Summarised financial information – 31 August 2025 continued GROUP 2025 Figures in R'000 ELI EPP Community Galeria Młociny Henderson Horse Group Power Park Olsztyn 1 Talis C4T1 Total Functional currency EUR PLN PLN PLN PLN PLN ZAR ZAR Effective interest 48.5% 48.2% 70.0% 30.0% 50.0% 0.0% 49.0% 0.0% SUMMARISED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Revenue 1 367 838 1 830 722 549 784 449 668 1 744 406 43 367 227 884 – 6 213 669 Operating costs including ECL (645 658) (750 628) (225 401) (182 418) (716 829) (15 319) (121 359) – (2 657 612) Administration costs (102 115) (87 144) (12 101) (17 774) (79 375) (2 084) (8) (261) (300 862) Changes in fair values of investment properties (306 197) 116 706 (306 882) (182 984) (99 543) – (79 110) – (858 010) Changes in fair values of financial and other instruments (2 032) (51 626) (15 224) – (80 859) – – – (149 741) Impairment of assets and other losses (74 533) – – – – – – – (74 533) Equity-accounted loss 6 105 – – – – – – – 6 105 Loss on disposal of assets (53 959) – – – – – – – (53 959) Finance income 137 297 1 875 584 701 21 638 – 3 201 – 165 296 Finance costs (529 885) (427 911) (169 408) (174 032) (428 395) (12 261) (31 373) – (1 773 265) Distributions to shareholders – – – – (281 674) – – – (281 674) Foreign exchange movements 151 186 (20 337) (12 853) (23 438) (30 181) (5 383) – – 58 994 Profit/(loss) before tax (51 953) 611 657 (191 501) (130 277) 49 188 8 320 (765) (261) 294 408 Taxation (61 523) (148 690) 21 634 (2 809) (78 954) (2 510) – – (272 852) Profit/(loss) for the year (113 476) 462 967 (169 867) (133 086) (29 766) 5 810 (765) (261) 21 556 Other comprehensive income – 204 10 263 25 088 27 623 5 263 – – 68 441 Remeasurement of net assets attributable to shareholders 2 – – – – 2 143 – – – 2 143 Total comprehensive (loss)/income (113 476) 463 171 (159 604) (107 998) – 11 073 (765) (261) 92 140 1 The summarised statements of financial position and the statements of profit or loss and other comprehensive income of Power Park Olsztyn and C4T reflect the balances immediately prior to the disposal of the investment in the joint venture 2 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 NAV of the Horse Group is Rnil. Accordingly, all profits for the year are attributable to the shareholders, resulting in a profit of Rnil for the year. Refer to accounting policy 26.5.2 for further details 41 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 6. INVESTMENT IN JOINT VENTURES continued 6.5 ELI ELI is an unlisted entity holding a portfolio of logistics assets located in Poland. In February 2020, Redefine Europe B.V. (Redefine Europe), MIRELF VII CO-INVESTMENT B.V. (Madison), and Griffin Capital Partners Sp. z o.o. (Griffin) entered into a joint venture partnership in ELI. Redefine Europe and Madison have contractually agreed to share control of ELI on decisions about the relevant activities through voting rights and unanimous consent. Both parties also have joint rights to the net assets of ELI. As at 31 August 2026, Redefine Europe held 50.1% of ELI, Madison held 45.0%, and Griffin held the remaining 4.9%. On 12 March 2025, the shareholders of ELI entered into a side letter to the existing shareholders’ agreement. Under this agreement, ELI’s assets were divided into two portfolios to the benefit of Redefine Europe and Madison, respectively, with retrospective effect from 1 September 2024. The Redefine Europe portfolio is allocated 97% to Redefine Europe and 3% to Griffin, representing the assets in which Redefine Europe has an economic interest. Each shareholder is economically entitled only to its interest in the respective portfolio. Cash distributions, including rental proceeds, disposals and refinancing gains, are made to the relevant shareholder group in accordance with these allocations. On 14 May 2025, Redefine Europe and Griffin entered into an amendment agreement under which the option for Griffin to put its 1.5% shareholding in ELI to Redefine Europe was extended. The option, originally exercisable within six months from 28 February 2025, may now be exercised within six months commencing 1 September 2028. The amended and restated side letter referred to above was subsequently signed on 26 August 2026. The terms governing distributions, as originally set out in the side letter of 12 March 2025, have been carried through into the amended and restated side letter unchanged, with each shareholder remaining economically entitled only to its interest in the respective portfolio in accordance with the same allocations. Redefine Europe and Madison continue to exercise joint control over ELI, with unanimous consent required for decisions relating to ELI’s relevant activities. Accordingly, the investment continues to be accounted for as a joint venture using the equity method. Management considered the macroeconomic outlook and key financial information of the investment in joint ventures to determine whether there were indicators of impairment. The carrying amount of the investment in ELI was slightly higher than Redefine Europe’s share of NAV. An impairment test was performed based on value in use, using a five-period discounted cash flow (DCF) model, discounted at 7.6%. The outcome confirmed no impairment was necessary. The discount rate would need to increase by more than 100% for an impairment loss to arise. ELI has a 31 August financial year end. The financial results up to 31 August 2026 have been accounted for using the equity method. 6.6 EPP Community In March 2022, EPP established EPP Community as a joint venture, introducing IGroup as a third-party equity partner. IGroup acquired a 46.1% shareholding, with EPP retaining 53.9%. The parties contractually agreed to joint control, requiring unanimous consent for decisions on relevant activities. Following the initial investment and in accordance with the shareholders’ agreement, several share redemptions were concluded with IGroup, resulting in a dilution of EPP’s interest to 48.2% as at the end of FY25. During the current financial year, a further redemption reduced EPP’s shareholding to 46.9%. On 22 April 2026, the shareholders of the EPP Community joint venture amended the shareholders’ agreement to extend it by a further five years to March 2032. The shareholders continue to exercise joint control over EPP Community with unanimous consent required for decisions relating to the joint venture’s activities. Management considered the macroeconomic outlook and key financial information of the investment in the joint ventures to determine whether there were indicators of impairment. The carrying amount of the investment in the joint venture was slightly more than EPP’s share of the NAV. As such, an assessment was performed to determine the recoverable amount of the investment. The recoverable amount was based on the value in use of the investment and was calculated using a five-year DCF model discounted at 6.6%. The outcome of the DCF confirmed that no impairment was necessary. The discount rate would need to increase by 5.7% to 12.3% for an impairment loss to be recognised. EPP Community has a 31 August financial year end. The financial results up to 31 August 2026 have been accounted for using the equity method. 6.7 Galeria Młociny In May 2017, EPP entered into an agreement to acquire a 70% equity interest in Rosehill Investments Sp. z o.o., the holding company of Galeria Młociny. Galeria Młociny holds 100% of Berea Sp. z o.o., which owns the Galeria Młociny Shopping Centre. Echo Investment S.A. was appointed as the developer and leasing manager of the shopping centre and acquired the remaining 30% equity in Galeria Młociny. EPP and Echo Investment S.A. each appointed two board members to the special purpose vehicle that owns the property, resulting in equal voting rights (50% each). The shareholders have contractually agreed to joint control of the venture, requiring unanimous consent from both parties for decisions relating to its relevant activities. Management considered the macroeconomic outlook and key financial information of the investment in Galeria Młociny to determine whether there were indicators of impairment. Although Galeria Młociny made a loss during the year, the loss is not substantial enough to indicate that the investment may not be recovered, as Redefine’s share of the NAV is more than the carrying amount of the investment in the joint venture. Galeria Młociny has a 31 August financial year end. The financial results up to 31 August 2026 have been accounted for using the equity method. 6.8 Henderson In June 2019, EPP entered into a sale agreement to dispose of a 70% interest in three of its office assets to Henderson, a pan-European real estate investment platform. EPP retained responsibility for asset and property management of the assets. As a result of the transaction, EPP lost control over the subsidiary and recognised its retained 30% interest at fair value on the date control was lost. Although EPP continues to manage the day-to-day operations, all key strategic, financial and operational decisions require unanimous consent from both EPP and Henderson. This contractual arrangement establishes joint control, and the investment is therefore classified as a joint venture. 42 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 6. INVESTMENT IN JOINT VENTURES continued 6.8 Henderson continued As at the financial year end, the joint venture was in breach of a debt covenant, resulting in the related borrowings being reclassified from non-current liabilities to current liabilities. As at the date of approval of these annual financial statements, negotiations with the lender regarding a waiver of the covenant breach remain ongoing. Management also considered the macroeconomic outlook and the financial performance of Henderson in assessing whether indicators of impairment existed. Although Henderson incurred a loss during the year, the loss was not of a magnitude that would indicate that the investment may not be recoverable. Having considered the above matters as part of the impairment assessment, management concluded that no impairment is required, as Redefine’s share of NAV is equal to the carrying amount of the investment, and NAV is considered an appropriate measure of its recoverable amount. Henderson has a 31 December financial year end. The financial results up to 31 August 2026 have been accounted for using the equity method. 6.9 Horse Group In 2022, EPP established Horse Group to hold a portfolio of assets. EPP and Redefine Europe collectively hold 50% of the equity (via class A and class C shares), while PIMCO holds the remaining 50% (via class B shares). Joint control has been contractually agreed, requiring unanimous consent from EPP and PIMCO for decisions on relevant activities. As such, the arrangement is classified as a joint venture. Horse Group’s distribution policy prioritises net free cash flow in the below order: 1. To PIMCO until it achieves an 8% annual return on invested funds 2. To Redefine Europe until it achieves a 5% annual return 3. To EPP until it achieves an 8% annual return 4. Thereafter, distributions are shared between EPP and PIMCO in proportion to their shareholdings Shareholders are subject to a four-year lock-in period, during which disposals are restricted unless a mutually agreed exit occurs. After this period, either EPP or PIMCO may initiate an exit, which, if not agreed, defaults to a full share sale. The non-initiating party may elect to acquire the initiating party’s shares at a value based on the underlying property portfolio and preferred return terms. The exit clauses included in the shareholders’ agreement impose a contractual obligation on Horse Group to redeem all issued shares upon shareholder exit. This obligation is unavoidable for Horse Group as the issuer of the shares. In the event of an exit or liquidation, net proceeds are distributed in the following order (considering all prior distributions): 1. To PIMCO until it achieves an 8% annual return 2. To Redefine Europe until it achieves a 5% annual return 3. To EPP until it achieves an 8% annual return 4. To PIMCO until it achieves a 14% internal rate of return plus €4 million 5. To Redefine Europe until it recovers its capital invested 6. To EPP until it achieves a 14% internal rate of return 7. Thereafter, remaining proceeds are shared between EPP and PIMCO pro rata to their shareholdings. Subsequent to the reporting date, the shareholding structure of Horse Group was reconstituted following the exit of PIMCO and the subscription by RMB Investments and Advisory Proprietary Limited (RMBIA) for newly issued class B shares. Following completion of the transaction, EPP, RMBIA and Redefine Europe held approximately 59.4%, 23.1% and 17.5% of the equity interests in Horse Group, respectively. In conjunction with the transaction, the shareholders entered into a revised shareholders’ agreement governing the ownership, governance and distribution arrangements of Horse Group. The transaction did not result in a change in the group’s assessment of control. Horse Group continues to be accounted for as a joint venture, as the shareholders retain joint control through the contractual arrangements set out in the revised shareholders’ agreement. Horse Group has a 31 August financial year end. The financial results up to 31 August 2026 have been accounted for using the equity method. An impairment test was performed on Horse Group as one impairment indicator was present, being that the NAV of the relevant underlying investment was below the carrying value of the investment. The carrying value of the investment is expected to be recovered through distributable profits of the investment. The current expectations of the group’s share of the distributable profits have been calculated using the variable returns under the waterfall as per the general distribution policy. The recoverable amount was based on the value in use of the investment and was calculated using a five- year DCF model discounted at 6.6%. The outcome of the DCF confirmed that no impairment was necessary. The discount rate would need to increase by 2.3% to 8.9% for an impairment loss to be recognised. 6.10 Talis In August 2023, Redefine entered into a joint agreement with Talis Property Fund Proprietary Limited (Talis Fund) over the rights to the net assets of Talis, a South African private property company. In terms of the arrangement, Talis Fund subscribed for 51% of the shares for R10.0 million, and Redefine subscribed for 49% of the shares for R9.6 million. Redefine and Talis Fund have contractually agreed to share the control of Talis on decisions about the relevant activities through voting rights and unanimous consent. The investment in Talis was in a net loss-making position; therefore, the equity-accounted carrying value was limited to Rnil. Talis has a 31 August financial year end. The financial results up to 31 August 2026 have been accounted for using the equity method. 6.11 Loans granted to equity-accounted investments As at 31 August 2026, the group has loans receivable from joint ventures, with the following balances: § Horse Group: Rnil (FY25: R874.3 million) The loan to Horse Group was advanced on arm’s-length terms, carried interest at 4.5% per annum, and had a contractual maturity date of 2029. On 20 August 2026, the group converted the loan granted to Horse Group, with a total outstanding balance of R764.4 million into equity. 43 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 7. LOANS RECEIVABLE GROUP COMPANY Figures in R’000 Note 2026 2025 2026 2025 Gross vendor loans 125 007 797 204 – 51 603 Expected credit loss 50.3.4 (16 941) (18 682) – – Balance at the end of the year 108 066 778 522 – 51 603 Non-current 85 107 752 171 – 51 603 Current 22 959 26 351 – – Balance at the end of the year 108 066 778 522 – 51 603 GROUP COMPANY Figures in R’000 Capital repayment date Interest rate (%) 2026 2025 2026 2025 Turnover Trading 191 Proprietary Limited (Turnover Trading) The loan is secured by a second covering sectional title mortgage bond, suretyship from the surety, and a cession of the borrower’s co-ownership voting rights. The facility repayment date was extended from 1 May 2026 to 30 December 2026. In terms of the amended facility agreement, the interest rate increased from 10.0% to 12.0% per annum with effect from 31 August 2026 30 December 2026 12.0 27 208 32 341 – – Berea Sp. z o.o. During the current year, the unsecured loan was fully settled prior to its contractual maturity date 1 March 2029 7.0 – 51 603 – 51 603 ELI The loan is unsecured. During the current year, repayments of R592.8 million were received, resulting in a significant reduction in the outstanding loan receivable balance 31 December 2027 8.0 97 799 713 260 – – Gross loans receivable 125 007 797 204 – 51 603 8. OTHER FINANCIAL ASSETS GROUP COMPANY Figures in R’000 2026 2025 2026 2025 At fair value through profit or loss 114 688 131 138 – – Lango Real Estate Limited 114 688 131 138 – – Balance at the end of the year 114 688 131 138 – – 44 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 9. PROPERTY, PLANT AND EQUIPMENT GROUP 2026 Figures in R’000 Note Leasehold improvements Computer equipment Furniture and fittings Owner occupied Hotel ROU assets Office equipment Motor vehicles Total Cost 32 193 29 415 40 810 53 093 42 108 95 756 2 062 659 296 096 Accumulated depreciation (28 932) (13 036) (2 569) (4 811) (5 969) (66 164) (910) (520) (122 911) Accumulated revaluation adjustment – – – 34 464 7 461 – – – 41 925 Balance at the end of the year 3 261 16 379 38 241 82 746 43 600 29 592 1 152 139 215 110 Movement for the year Balance at the beginning of the year 6 940 21 680 2 530 74 057 51 599 39 917 1 745 269 198 737 Additions at cost 2 093 2 162 30 369 346 – 10 424 – 145 45 539 Disposals at carrying amount – (133) – – – – – – (133) Transfer from investment property 3 – – 7 482 – – – – – 7 482 Revaluation adjustment – – – 9 708 (6 852) – – – 2 856 Depreciation (5 772) (6 094) (727) (1 365) (1 147) (17 348) (1 266) (196) (33 915) Foreign exchange (loss)/gain – (1 236) (1 413) – – (3 401) 673 (79) (5 456) Balance at the end of the year 3 261 16 379 38 241 82 746 43 600 29 592 1 152 139 215 110 2025 Figures in R’000 Note Leasehold improvements Computer equipment Furniture and fittings Owner occupied Hotel ROU asset Office equipment Motor vehicles Total Cost 30 101 31 550 3 784 52 746 42 108 88 896 2 623 646 252 454 Accumulated depreciation (23 161) (9 870) (1 254) (3 446) (4 821) (48 979) (878) (377) (92 786) Accumulated revaluation adjustment – – – 24 757 14 312 – – – 39 069 Balance at the end of the year 6 940 21 680 2 530 74 057 51 599 39 917 1 745 269 198 737 Movement for the year Balance at the beginning of the year 20 730 17 618 2 201 66 119 49 200 48 475 198 293 204 834 Additions at cost 808 8 033 3 044 – – 4 628 2 128 93 18 734 Disposals at carrying amount (3 855) (158) (1 215) – – – – – (5 228) Transfer to investment property 3 (6 118) – – (253) – – – – (6 371) Revaluation adjustment – – – 9 340 3 451 – – – 12 791 Depreciation (5 808) (3 119) (1 315) (1 149) (1 052) (16 625) (2 257) (134) (31 459) Foreign exchange gain/(loss) 1 183 (694) (185) – – 3 439 1 676 17 5 436 Balance at the end of the year 6 940 21 680 2 530 74 057 51 599 39 917 1 745 269 198 737 45 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 9. PROPERTY, PLANT AND EQUIPMENT continued COMPANY 2026 Figures in R’000 Leasehold improvements Computer equipment Furniture and fittings Owner occupied Office equipment Total Cost 32 193 13 802 2 666 53 093 2 062 103 816 Accumulated depreciation (28 932) (9 201) (1 791) (4 811) (910) (45 645) Accumulated revaluation adjustment – – – 34 464 – 34 464 Balance at the end of the year 3 261 4 601 875 82 746 1 152 92 635 Movement for the year Balance at the beginning of the year 6 940 5 253 819 74 057 1 215 88 284 Additions at cost 2 093 1 640 685 346 – 4 764 Intercompany additions – 7 20 – 456 483 Disposals at carrying amount – (133) – – – (133) Revaluation adjustment – – – 9 708 – 9 708 Depreciation (5 772) (2 166) (649) (1 365) (519) (10 471) Balance at the end of the year 3 261 4 601 875 82 746 1 152 92 635 2025 Figures in R’000 Note Leasehold improvements Computer equipment Furniture and fittings Owner occupied Office equipment Total Cost 30 101 13 944 1 961 52 746 1 715 100 467 Accumulated depreciation (23 161) (8 691) (1 142) (3 446) (500) (36 940) Accumulated revaluation adjustment – – – 24 757 – 24 757 Balance at the end of the year 6 940 5 253 819 74 057 1 215 88 284 Movement for the year Balance at the beginning of the year 15 795 6 017 1 933 66 119 135 89 999 Additions at cost 808 2 007 1 292 – 1 305 5 412 Transfer to investment property 3 – – – (253) – (253) Disposals at carrying amount (3 855) (158) (1 215) – – (5 228) Revaluation adjustment – – – 9 340 – 9 340 Depreciation (5 808) (2 613) (1 191) (1 149) (225) (10 986) Balance at the end of the year 6 940 5 253 819 74 057 1 215 88 284 46 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 10. INVESTMENTS IN SUBSIDIARIES AND INTERCOMPANY LOAN BALANCES COMPANY Figures in R’000 Notes 2026 2025 10.1 Investment in subsidiaries Gross carrying amount 52.3 24 655 593 33 680 911 Accumulated impairment 52.3 (1 647 983) (7 994 787) Net carrying amount at the end of the year 23 007 611 25 686 124 Gross carrying amount at the beginning of the year 33 680 911 34 076 891 Additions 135 633 305 586 Disposals (1 768 035) (701 566) Written off 1 (7 392 915) – Gross carrying amount at the end of the year 52.3 24 655 593 33 680 911 Accumulated impairment at the beginning of the year (7 994 787) (7 993 236) Impairments 32 (1 046 111) (1 551) Written off 1 7 392 915 – Accumulated impairment at the end of the year 52.3 (1 647 983) (7 994 787) Movement for the year Balance at the beginning of the year 25 686 124 26 083 655 Additions 135 633 305 586 Self Storage Investments Sp. z o.o. 135 633 305 586 Disposal of shares (1 768 035) (701 566) EPP N.V. (554 329) (701 566) Redefine Europe B.V. (146 533) – Annuity Properties Proprietary Limited (1 067 173) – Impairment of subsidiaries 32 (1 046 111) (1 551) Annuity Properties Proprietary Limited 2 38 482 – Fountainhead Properties Proprietary Limited – (1 542) The Pivotal Fund Proprietary Limited 3 (500 269) – Redefine Commercial Proprietary Limited 3 (584 324) – Redefine Global Proprietary Limited – (9) Balance at the end of the year 23 007 611 25 686 124 1 Fountainhead Properties Proprietary Limited, Madison Property Fund Managers Holdings Proprietary Limited, and Redefine Global Proprietary Limited were deregistered during the year, resulting in the derecognition and full write-off of the company’s investment in these subsidiaries 2 The investment was fully impaired during the year as part of the group’s legal entity reorganisation. Refer to note 52.4: Group reorganisation for further details 3 The carrying amount of the investment exceeded the NAV of the subsidiary, which was identified as an indicator of impairment. Accordingly, the investment was partially impaired during the year Investments in subsidiaries are assessed annually for indicators of impairment. Except for the investments impaired as disclosed above, no indicators of impairment were identified in relation to the remaining subsidiaries as at 31 August 2026. COMPANY Figures in R’000 Notes 2026 2025 10.2 Intercompany loan balances 10.2.1 Loans to subsidiaries – loans receivable Gross intercompany loans receivable 16 901 581 25 719 502 Expected credit loss 50.3.5 – – Net intercompany loans receivable 16 901 581 25 719 502 Reconciliation of gross intercompany loans receivable Balance at the beginning of the year 25 719 502 25 146 381 Movement for the year (8 817 921) 573 121 Advanced 1 6 345 577 4 527 869 Settled 1 (17 352 028) (6 850 143) Dividend income 2 229 000 2 804 961 Foreign exchange (loss)/gain (78 309) 20 889 Interest income 33 32 102 59 499 Other 5 737 10 046 Balance at the end of the year 16 901 581 25 719 502 Reconciliation of expected credit loss Balance at the beginning of the year – (239 735) Expected credit loss movement during the year – 239 735 Balance at the end of the year 50.3.5 – – 10.2.2 Loans from subsidiaries – loans payable Reconciliation of intercompany loans payable Balance at the beginning of the year (29 194) (27 371) Movement for the year (1 177 702) (1 823) Advanced 2 7 673 630 224 848 Settled 2 (8 902 608) (283 244) Dividend income 51 276 55 000 Other – 1 573 Balance at the end of the year (1 206 896) (29 194) 1 Refer to the statements of cash flows under investing activities on page 17 for the cash movement in the loan balance 2 Refer to the statements of cash flows under financing activities on page 17 for the cash movement in the loan balance 11. OTHER MONETARY ASSETS GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Tenant deposits 145 699 146 683 42 828 31 135 Held by bank to meet debt requirements 71 405 219 712 – – Debt service 33 303 154 517 – – Capital expenditure 19 976 30 601 – – Retained rent 430 26 663 – – VAT accounts 14 704 4 360 – – Other 2 992 3 571 – – Balance at the end of the year 217 104 366 395 42 828 31 135 Non-current assets 59 342 61 000 – – Current assets 157 762 305 395 42 828 31 135 Balance at the end of the year 217 104 366 395 42 828 31 135 A significant portion of the monetary assets are held with Erste Bank (formerly known as Santander Bank), amounting to R60.3 million (FY25: R214.6 million) with a Fitch credit rating of A (FY25: A-) and PKO Bank Polski amounting to R102.3 million (FY25: R90.6 million) with a Moody’s credit rating of A2 (FY25: A2). 47 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 12. TRADE AND OTHER RECEIVABLES GROUP COMPANY Figures in R’000 Notes 2026 2025 2026 2025 Trade receivables 50.3.2 541 483 582 053 336 475 315 231 Less: Expected credit loss 50.3.2 (84 358) (112 238) (54 428) (62 119) Net trade receivables 50.3.2 457 125 469 815 282 047 253 112 Deposits 86 171 88 968 55 506 50 678 Prepayments 114 891 143 929 36 193 20 479 Rates clearances 71 451 18 796 72 217 13 871 VAT receivable 27 271 33 974 – – Other receivables 199 074 273 577 118 739 133 127 Balance at the end of the year 955 983 1 029 059 564 702 471 267 Refer to note 50.3.2: Financial risk management for the credit risk management disclosures. 13. CASH AND CASH EQUIVALENTS GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Unrestricted cash balances 2 218 824 1 562 576 1 858 738 1 082 217 14. NON-CURRENT ASSETS HELD-FOR-SALE GROUP COMPANY Figures in R’000 Notes 2026 2025 2026 2025 South African investment property 180 100 62 404 180 100 62 404 International investment property – 844 – – Foreign exchange gain – 89 – – Balance at the end of the year 180 100 63 337 180 100 62 404 Movement for the year Balance at the beginning of the year 63 337 522 142 62 404 164 760 Additions 141 2 752 141 845 Disposal of non-current assets held-for-sale 44 (69 004) (415 769) (69 004) (146 528) Transfer from investment property 3.1 186 700 62 404 186 700 62 404 Transfer to investment property – (97 102) – (18 201) Change in fair values (980) (10 555) (106) (876) Foreign exchange loss/(gain) (59) 56 – – Other (35) (591) (35) – Balance at the end of the year 180 100 63 337 180 100 62 404 In line with the group’s strategic objective to dispose of non-core assets, properties in the following sectors were reclassified as non-current assets held-for-sale: retail R26.7 million (FY25: Rnil), office R153.4 million (FY25: R41.9 million), specialised Rnil (FY25: R20.5 million), and international Rnil (FY25: R0.9 million). The investment properties classified as held-for-sale are properties that the board of directors decided will be recovered through sale rather than through continuing use, and the requirements of IFRS 5: Non-current Assets Held-for-Sale and Discontinued Operations have been met. 15. STATED CAPITAL GROUP COMPANY 2026 2025 2026 2025 Authorised number of shares 10 000 000 000 (FY25: 10 000 000 000) ordinary shares of no par value Issued number of shares 7 202 600 656 (FY25: 7 202 600 656) ordinary shares Movement for the year – number of shares issued (‘000) Number in issue at the beginning of the year per the share register 7 202 600 7 052 419 7 208 477 7 058 296 Dividend reinvestment plan – issued during the year – 150 181 – 150 181 Number of shares at the end of the year per the share register 7 202 600 7 202 600 7 208 477 7 208 477 Less: Treasury shares held by The Redefine Empowerment Trust (224 624) (254 530) (224 624) (254 530) Treasury shares at the beginning of the year (254 530) (300 000) (254 530) (300 000) Shares issued from treasury shares – issued during the year 29 906 45 470 29 906 45 470 Number of shares issued – used in calculating distribution per share 6 977 976 6 948 070 6 983 853 6 953 947 Movement for the year – issued stated capital (R’000) In issue at the beginning of the year 51 012 416 50 117 109 51 002 569 50 107 262 Dividend reinvestment plan – issued during the year – 668 305 – 668 305 Shares issued from treasury shares – issued during the year 150 369 227 002 150 369 227 002 Balance at the end of the year 51 162 785 51 012 416 51 152 938 51 002 569 The issued shares are fully paid. 16. SHARE-BASED PAYMENT RESERVE GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Long-term incentive plan 49 577 51 818 49 577 51 818 The Redefine Empowerment Trust – – 240 229 240 229 Balance at the end of the year 49 577 51 818 289 806 292 047 48 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 17. NON-CONTROLLING INTEREST GROUP Figures in R’000 Principal place of business NCI’s effective interest/ voting rights (%) 2026 2025 Stokado Sp. z o.o. (Stokado) Poland 14.6 (FY25: 16.9) 165 549 160 746 Pan African Development Proprietary Limited (PAD) South Africa 32.1 (FY25: 32.1) 107 947 95 150 Self Storage Investments Sp. z o.o. (SSI) Poland 7.0 (FY25: 7.0) 79 682 65 688 EPP N.V. (EPP) Poland 0.0 (FY25: 0.0) 3 519 3 666 Balance at the end of the year 356 697 325 250 17.1 Movement for the year GROUP 2026 Figures in R’000 Stokado PAD SSI EPP Total NCI's effective interest/voting rights 14.6% 32.1% 7.0% 0.0% Balance at the beginning of the year 160 746 95 150 65 688 3 666 325 250 Share of profit 22 742 18 222 8 964 327 50 255 Share of other comprehensive loss (19 195) – (7 462) (439) (27 096) Share of dividends – (5 425) – – (5 425) Change in ownership of subsidiary with NCI 1 256 – 12 492 (35) 13 713 Balance at the end of the year 165 549 107 947 79 682 3 519 356 697 2025 Figures in R’000 Stokado PAD SSI EPP TOTAL NCI’s effective interest/voting rights 16.9% 32.1% 7.0% 0.0% Balance at the beginning of the year 132 934 109 697 26 804 4 002 273 437 Share of profit 13 968 24 625 4 541 115 43 249 Share of other comprehensive income 7 535 – – 159 7 694 Share of dividends – (3 210) – – (3 210) Change in ownership of subsidiary with NCI 6 309 (35 962) 30 006 (610) (257) Other movement – – 4 337 – 4 337 Balance at the end of the year 160 746 95 150 65 688 3 666 325 250 17.1.1 Stokado On 27 July 2023, SSI acquired an initial 51% controlling interest in Stokado. Subsequent capital contributions by SSI since acquisition have increased its equity interest to 85.4% in FY26 (FY25: 83.1%). SSI maintains control over Stokado through its majority voting rights. 17.1.2 PAD In May 2024, Redefine Retail Proprietary Limited (Redefine Retail), a wholly owned subsidiary of Redefine, acquired a 50.9% equity interest in PAD, the owner of Pan Africa Mall. In FY25, Redefine Retail acquired an additional 17.0% interest, increasing its shareholding to 67.9%, which remained unchanged in FY26. Redefine Retail exercises control over PAD through its majority voting rights. 17.1.3 SSI Effective 9 November 2022, Redefine and Griffin jointly established SSI to invest in self-storage facilities in Poland. Redefine holds a 93% equity interest, while Griffin holds the remaining 7%. Subsequent capital contributions by both shareholders were made pro rata to their respective ownership interests, resulting in no change to the non-controlling interest. Redefine exercises control over SSI through its majority voting rights. 17.1.4 EPP Following the EPP reorganisation in March 2022, during which Redefine increased its shareholding from 44.5% to 87.5%, Redefine has continued to acquire shares from non-controlling shareholders in each subsequent financial year. As a result, the non-controlling interest reduced to 0.02% in FY24 and remained unchanged in FY26 (FY25: 0.02%). Redefine exercises control over EPP through its majority voting rights. 49 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 GROUP 2026 Figures in R’000 Stokado PAD SSI EPP TOTAL NCI’s effective interest/voting rights 14.6% 32.1% 7.0% 0.0% SUMMARISED STATEMENTS OF FINANCIAL POSITION Investment property 1 411 376 779 613 1 204 708 18 069 245 21 464 942 Investment in joint ventures – – – 8 471 668 8 471 668 Property, plant and equipment 7 534 – 6 431 71 101 85 066 Other non-current assets – – 131 998 131 998 Non-current assets 1 418 910 779 613 1 211 139 26 744 012 30 153 674 Current assets 74 342 18 743 66 648 497 996 657 729 Total assets 1 493 252 798 356 1 277 787 27 242 008 30 811 403 Interest-bearing borrowings 193 733 401 336 165 365 8 097 207 8 857 641 Other non-current liabilities 72 230 44 246 59 486 1 781 174 1 957 135 Non-current liabilities 265 963 445 582 224 851 9 878 381 10 814 777 Current liabilities 96 902 16 593 83 566 589 297 786 358 Total liabilities 362 865 462 175 308 417 10 467 677 11 601 135 Net assets 1 130 387 336 181 969 370 16 774 331 19 210 268 NCI's share of net assets Net assets attributable to NCI 165 522 107 947 67 856 3 519 344 844 Change in ownership adjustments – – 11 815 – 11 815 Total attributable to NCI 165 522 107 947 79 671 3 519 356 659 SUMMARISED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Revenue 69 352 101 024 59 197 2 349 876 2 579 449 Operating costs including ECL (20 920) (35 071) (18 132) (923 972) (998 095) Administration costs (27 868) (7 131) (28 454) (228 828) (292 281) Fair value adjustments 174 851 39 725 149 248 572 565 936 388 Finance income 30 622 26 4 771 5 449 Finance costs (20 734) (41 785) (17 698) (445 846) (526 063) Other (19 406) (617) (16 127) 236 004 199 854 Profit for the year 155 305 56 767 128 060 1 564 570 1 904 703 Other comprehensive loss (131 087) – (106 600) (2 049 158) (2 286 844) Total comprehensive income 24 218 56 767 21 460 (484 587) (382 142) NCI's share of profits Profit for the year attributable to NCI 22 742 18 222 8 964 327 50 255 Other comprehensive loss attributable to NCI (19 195) – (7 462) (439) (27 096) Total comprehensive income/(loss) attributable to NCI 3 547 18 222 1 502 (112) 23 159 Dividends – (5 425) – – (5 425) GROUP 2025 Figures in R’000 Stokado PAD SSI EPP TOTAL NCI’s effective interest/voting rights 16.9% 32.1% 7.0% 0.0% SUMMARISED STATEMENTS OF FINANCIAL POSITION Investment property 992 741 730 989 825 159 19 352 475 21 901 364 Investment in joint ventures – – – 9 412 773 9 412 773 Property, plant and equipment 9 692 – 8 056 48 351 66 099 Other non-current assets – – – 121 403 121 403 Non-current assets 1 002 433 730 989 833 215 28 935 002 31 501 639 Current assets 131 533 10 550 117 157 773 224 1 032 464 Total assets 1 133 966 741 539 950 372 29 708 226 32 534 103 Interest-bearing borrowings 31 009 390 387 25 775 8 164 714 8 611 885 Other non-current liabilities 87 655 41 551 70 886 1 802 032 2 002 124 Non-current liabilities 118 664 431 938 96 661 9 966 746 10 614 009 Current liabilities 63 054 13 287 54 246 1 700 214 1 830 801 Total liabilities 181 718 445 225 150 907 11 666 960 12 444 810 Net assets 952 248 296 314 799 465 18 041 266 20 089 293 NCI’s share of net assets Net assets attributable to NCI 160 746 95 150 65 688 3 666 325 250 SUMMARISED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Revenue 60 566 84 426 50 342 2 338 052 2 533 386 Operating costs including ECL (20 830) (32 555) (17 314) (919 347) (990 046) Administration costs (24 152) (6 386) (24 327) (227 314) (282 179) Fair value adjustments 89 131 70 490 74 085 (113 709) 119 997 Finance income 269 871 224 4 052 5 416 Finance costs (12 674) (42 218) (10 538) (469 782) (535 212) Other (9 564) (370) (7 604) (48 861) (66 399) Profit for the year 82 746 74 258 64 868 563 091 784 963 Other comprehensive income 44 637 – – 782 524 827 161 Total comprehensive income 127 383 74 258 64 868 1 345 615 1 612 124 NCI’s share of profits Profit for the year attributable to NCI 13 968 24 625 4 541 115 43 249 Other comprehensive profit attributable to NCI 7 535 – – 159 7 694 Total comprehensive income attributable to NCI 21 503 24 625 4 541 274 50 943 Dividends – (3 210) – – (3 210) 17. NON-CONTROLLING INTEREST continued 17.2 Summarised financial information for each subsidiary that has NCI is presented below, which reflects the financial information prepared by the respective entities in accordance with IFRS Accounting Standards 50 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 18. SHARE-BASED PAYMENTS The board has resolved that the company settle long-term incentive awards made by buying shares in the market; thus no shares were issued to settle any long-term incentive obligation. 18.2 Long-term incentive plan (deferred bonus award) – former plan The group operated the deferred bonus component of the LTIP, which granted employees a conditional right to receive shares in Redefine at no cost, subject to the achievement of specific performance conditions. As participants received shares in settlement of their awards, a share-based payment expense was recognised. The value of the deferred bonus award was determined as a percentage of the short-term incentive (STI), based on performance in the preceding financial year. The conditional share rights vested over a three-year period, with vesting occurring at the end of each year following the award. As performance was assessed upfront, the deferral was subject only to continued employment during the vesting period. The fair value of services received in exchange for the conditional share awards was calculated by multiplying the number of shares expected to vest by the share price at the award date, adjusted for discounted anticipated future distributions. The executive directors and other employees listed below participated in the former deferred bonuses component of the LTIP and were not entitled to voting rights or distributions prior to the vesting of the shares. 2026 2025 Shares expected to vest 2 053 737 3 986 928 Vesting period 1-2 years 1-3 years Average discounted price per share 1 3.25 3.21 IFRS 2: Share-based Payments expense recognised in administration expenses (R'000) 3 508 6 272 Weighted average share price at date of vesting 5.92 4.52 1 The future anticipated distributions were discounted by a distribution yield of between 8.88% and 11.70% The number of shares allotted in terms of the award scheme were: 2026 2025 Granted Forfeited Vested 2026 IFRS 2 charge R’000 Value of shares granted R’000 AJ König 1 337 857 – – (657 057) 680 800 1 263 – LC Kok 954 595 – – (465 119) 489 476 902 – NG Nyawo 876 323 – – (420 267) 456 056 842 – Other employees 818 153 – (88 435) (302 313) 427 405 501 – Total for the year 3 986 928 – (88 435) (1 844 756) 2 053 737 3 508 – 2025 2024 Granted Forfeited Vested 2025 IFRS 2 charge R’000 Value of shares granted R’000 AJ König 1 194 618 727 299 – (584 060) 1 337 857 2 212 2 760 LC Kok 855 755 516 380 – (417 540) 954 595 1 579 1 959 NG Nyawo 706 227 488 452 – (318 356) 876 323 1 442 1 853 Other employees 685 972 392 199 (88 489) (171 529) 818 153 1 039 1 488 Total for the year 3 442 572 2 124 330 (88 489) (1 491 485) 3 986 928 6 272 8 060 18.1 Long-term incentive plan The long-term incentive plan (LTIP) grants employees a conditional right to receive Redefine shares at no cost, subject to the achievement of specific performance and service conditions. As the awards are settled in shares, a share-based payment expense has been recognised. Eligible participants are full-time employees graded from Paterson level F-upper to D-upper, which includes executive and senior management. The fair value of services received in exchange for conditional share awards is calculated by multiplying the number of shares expected to vest by the share price at the award date and then subtracting the discounted value of anticipated future distributions. The executive directors listed below participate in the LTIP. Their performance awards are subject to a two-year post- vesting holding period, and they are not entitled to voting rights or distributions prior to the vesting of the shares. 2026 2025 Shares expected to vest 1 9 343 806 9 736 276 Vesting period 3 years 3 years Average discounted price per share 2 3.16 2.80 IFRS 2: Share-based Payments expense recognised in administration expenses (R’000) 12 547 9 090 Weighted average share price at date of vesting 5.99 4.52 1 This was determined by taking into account the performance of the group to date and forecasts to the end of the performance period against the performance targets set at the time of the award 2 The future anticipated distributions were discounted by a distribution yield of between 7.32% and 11.70% The number of shares allotted in terms of the award scheme are: 2026 2025 Granted Forfeited Vested 2026 IFRS 2 charge R’000 Value of shares granted R’000 AJ König 3 740 504 832 875 – (1 023 893) 3 549 486 5 049 4 348 LC Kok 2 999 985 572 713 – (704 063) 2 868 635 3 813 2 990 NG Nyawo 2 995 787 535 136 – (605 238) 2 925 685 3 685 2 793 Total for the year 9 736 276 1 940 724 – (2 333 194) 9 343 806 12 547 10 131 2025 2024 Granted Forfeited Vested 2025 IFRS 2 charge R’000 Value of shares granted R’000 AJ König 3 559 095 1 051 185 – (869 776) 3 740 504 3 563 3 640 LC Kok 2 875 242 722 830 – (598 087) 2 999 985 2 791 2 503 NG Nyawo 2 834 521 675 403 – (514 137) 2 995 787 2 736 2 339 Total for the year 9 268 858 2 449 418 – (1 982 000) 9 736 276 9 090 8 482 51 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 18. SHARE-BASED PAYMENTS continued 18.3 Long-term incentive plan (deferred bonus award) – current plan During FY26, the group implemented a deferred bonus award under the LTIP, under which shares are acquired in the open market and transferred to participating employees upon allocation. Employees acquire the associated shareholder rights, including voting and dividend rights, from the date of transfer. The shares are subject to vesting conditions and, where these conditions are not fulfilled, the shares are forfeited and revert to the group. The number of shares awarded is determined as a percentage of the participant’s STI, based on performance achieved in the preceding financial year. The awards vest in three equal tranches at the end of each year following the grant date over a three-year vesting period. As performance conditions are assessed prior to the grant date, shares are acquired upfront on grant date. Following the grant date, vesting is subject only to continued employment throughout the vesting period. The fair value of the services received in exchange for the conditional share awards is measured by reference to the number of shares expected to vest and the market price of the shares on grant date. The executive directors and other employees listed below participate in the LTIP. Participants are entitled to voting rights and distributions on the underlying shares throughout the vesting period. 2026 2025 Shares expected to vest 1 794 455 – Vesting period 1-3 years – Average discounted price per share 5.84 – IFRS 2: Share-based Payments expense recognised in administration expenses (R'000) 4 804 – Weighted average share price at date of vesting – – The number of shares allotted in terms of the award scheme are: 2026 2025 Granted Forfeited Vested 2026 IFRS 2 charge R’000 Value of shares granted R’000 AJ König – 571 953 – – 571 953 1 531 3 340 LC Kok – 363 827 – – 363 827 974 2 125 NG Nyawo – 373 057 – – 373 057 999 2 179 Other employees – 485 618 – – 485 618 1 300 2 836 Total for the year – 1 794 455 – – 1 794 455 4 804 10 480 18.4 Long-term incentive plan (performance awards) The performance awards under the LTIP grant employees a conditional right to receive shares in Redefine at no cost, subject to the achievement of specific performance conditions. As the awards are settled in shares, a share-based payment expense has been recognised. Under the LTIP, eligible employees are granted conditional share awards that vest subject to the achievement of performance conditions and continued employment over the vesting period. Participation is limited to full-time employees within Paterson grades F-upper to D-upper, comprising executive and senior management. The fair value of services received in exchange for these conditional share awards is calculated by multiplying the number of shares expected to vest by the share price at the award date, adjusted for anticipated future distributions. The participants of the awards are not entitled to any voting rights or distributions prior to the vesting of shares. The number of shares allotted in terms of the award scheme are: 2026 2025 Total LTIP (performance option) 16 260 357 16 855 619 Vesting period 3 years 3 years Shares expected to vest 1 16 260 357 16 855 619 Average discounted price per share 2 3.36 2.97 IFRS 2: Share-based Payments expense (R’000) recognised in: 20 904 10 474 Operating costs (R’000) 7 429 10 474 Administration expenses (R’000) 13 475 – Fair value of shares granted (R’000) 18 746 14 972 1 This was determined by taking into account the performance of the group to date and forecasts to the end of the performance period against the targets set at the time of the award 2 The future anticipated distributions were discounted by a distribution yield of between 7.32% and 11.70% 2026 2025 Balance at the beginning of the year 16 855 619 15 513 835 Granted 3 591 149 4 323 635 Forfeited – (586 010) Vested (4 186 411) (2 395 841) Balance at the end of the year 16 260 357 16 855 619 52 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 18. SHARE-BASED PAYMENTS continued 18.5 The Redefine Empowerment Trust In 2015, The Redefine Empowerment Trust (the trust) subscribed for 300 million Redefine shares at R10.18 per share, funded by a loan from Redefine amounting to R3.0 billion. The trust was established to support the group’s broad-based black economic empowerment objectives by using the dividends from the shares owned to fund education, entrepreneurship and community upliftment initiatives. The trust is independently managed and designed to operate in perpetuity. Following shareholder approval, the restructure of the trust became effective in October 2023. The key terms of the restructure are: § The original loan was reduced to 95% of the market value of the Redefine shares immediately prior to the first business day after fulfilment of all suspensive conditions § Interest on the restructured loan accrues at the lower of: Ȼ South African prime rate plus 25 basis points, or Ȼ 90% of the after-tax dividends received on the shares § The restructured loan is repayable over a nine-year period, ending in 2031 § The shares held by the trust will remain encumbered to Redefine until the loan has been fully repaid and will be treated as treasury shares in Redefine On 31 August 2025, the trust achieved the third capital repayment hurdle in accordance with the loan agreement. As a result, the trust was required to dispose of a sufficient number of shares to settle 15% of its loan with Redefine, amounting to R150.4 million. In September 2025, 29 906 278 shares were sold at a price of R5.04 per share, resulting in a reduction of Redefine’s treasury shares to 224 623 731. On 31 August 2026, the trust satisfied the fourth capital repayment hurdle, triggering a further disposal of shares to settle 12.5% of the outstanding loan, equivalent to R111.5 million. In September 2026, 18 766 921 shares were sold at R5.94 per share, resulting in a non-adjusting event that is not recognised in the financial statements. Following this transaction, Redefine’s treasury shares will decrease to 205 856 810 in the 2027 financial year. COMPANY Number of encumbered shares held by The Redefine Empowerment Trust 2026 2025 Balance at the beginning of the year 254 530 009 300 000 000 Movement (29 906 278) (45 469 991) Balance at the end of the year 224 623 731 254 530 009 Refer to note 15: Stated capital for the movement in the treasury shares and note 16: Share-based payment reserve for the share option relating the encumbered shares held by the trust. 19. INTEREST-BEARING BORROWINGS GROUP COMPANY Figures in R’000 Notes 2026 2025 2026 2025 Loans – held at amortised cost 19.1 17 527 163 18 950 383 9 149 456 9 665 150 Secured 17 479 019 18 950 383 9 149 456 9 665 150 Unsecured 48 144 – – – Bonds – held at amortised cost 19.2 24 288 000 24 286 000 24 288 000 24 286 000 Secured 12 555 856 12 160 856 12 555 856 12 160 856 Unsecured 11 732 144 12 125 144 11 732 144 12 125 144 Capitalised fees (93 415) (92 936) (36 590) (51 026) Total interest-bearing borrowings 41 721 748 43 143 447 33 400 866 33 900 124 Interest accrual on interest-bearing borrowings 647 713 674 180 586 256 598 484 Balance at the end of the year 42 369 461 43 817 627 33 987 122 34 498 608 Non-current Loans – held at amortised cost 16 201 357 16 638 718 7 853 591 8 403 410 Bonds – held at amortised cost 21 044 877 23 288 000 21 044 877 23 288 000 Capitalised fees (78 358) (71 628) (21 970) (32 481) Balance at the end of the year 37 167 876 39 855 089 28 876 498 31 658 929 Current Loans – held at amortised cost 1 325 806 2 311 665 1 295 864 1 261 740 Bonds – held at amortised cost 3 243 123 998 000 3 243 123 998 000 Capitalised fees (15 057) (21 307) (14 619) (18 545) Interest accrual on interest-bearing borrowings 647 713 674 180 586 256 598 484 Balance at the end of the year 5 201 585 3 962 538 5 110 624 2 839 679 Average cost of debt and hedging The average cost of rand-denominated funding was 8.5% (FY25: 8.9%). At year end, 80% (FY25: 85.9%) of local borrowings were hedged against interest rate fluctuations, with an average hedge maturity of 1.2 years (FY25: 0.8 years). Including foreign currency debt and associated derivatives, the average cost of total group borrowings was 6.9% (FY25: 7.0%), with 79.0% (FY25: 83.2%) of exposure hedged for an average period of 1.7 years (FY25: 0.9 years). Secured borrowings Group interest-bearing borrowings have been secured by mortgage loans over investment property to the value of R69.0 billion (FY25: R69.2 billion). Company interest-bearing borrowings have been secured by mortgage loans over investment property to the value of R32.9 billion (FY25: R22.7 billion). Undrawn facilities Total group and company undrawn facilities at year end amounted to R5.1 billion (FY25: R5.1 billion). 53 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 19. INTEREST-BEARING BORROWINGS continued Debt covenants Financial covenant compliance is reported to lenders within 90 days of each reporting period, and no covenant breaches have occurred to date. The strictest covenant requirements are an LTV ratio of 50% and an interest cover ratio (ICR) of 2.0x. As at year end, the LTV ratio was 38.8% (FY25: 41.2%) and the ICR was 2.3x (FY25: 2.2x). Rate reform – JIBAR to ZARONIA The South African Reserve Bank has designated the South African Rand Overnight Index Average (ZARONIA) as the successor rate to the Johannesburg Interbank Average Rate (JIBAR) and has announced that JIBAR will cease on 31 December 2026. The group continues to assess and implement the transition of its JIBAR-linked funding arrangements, debt capital market instruments, and derivative contracts to ZARONIA, including the cross-currency interest rate swaps disclosed in note 20.1 and the rand-denominated interest rate swaps disclosed in note 20.2. Management does not currently expect the transition to have a material adverse impact on the group’s financial position, financial performance, or risk management activities. 19.1 Loans GROUP COMPANY Facility end date Interest rate (%) 2026 2025 2026 2025 VARIABLE RATE LOANS – SOUTH AFRICAN RAND Secured ZAR loans 7 301 403 7 624 403 7 301 403 7 624 403 31 August 2026 1 3m JIBAR +1.79 – 100 000 – 100 000 22 May 2027 3m JIBAR +1.35 500 000 500 000 500 000 500 000 14 December 2027 3m JIBAR +1.40 1 000 000 1 000 000 1 000 000 1 000 000 31 March 2028 3m JIBAR +1.39 1 019 453 1 019 453 1 019 453 1 019 453 14 December 2028 3m JIBAR +1.50 700 000 700 000 700 000 700 000 31 March 2029 3m JIBAR +1.45 1 511 452 1 511 452 1 511 452 1 511 452 22 May 2029 3m JIBAR +1.55 500 000 500 000 500 000 500 000 31 August 2029 3m JIBAR +2.23 150 000 150 000 150 000 150 000 31 March 2030 3m JIBAR +1.53 700 000 700 000 700 000 700 000 2 May 2031 1 3m JIBAR +1.65 – 223 000 – 223 000 4 April 2032 3m JIBAR +1.85 610 249 610 249 610 249 610 249 4 April 2033 3m JIBAR +1.88 610 249 610 249 610 249 610 249 Total variable rate loans – South Africa 7 301 403 7 624 403 7 301 403 7 624 403 1 Early settled during FY26 GROUP COMPANY Facility end date Interest rate (%) 2026 2025 2026 2025 VARIABLE RATE LOANS – FOREIGN CURRENCY Secured EUR loans 9 972 250 11 101 109 1 848 053 1 863 494 31 August 2026 3m EURIBOR 2 +2.63 – 984 487 – 984 487 7 March 2027 1 3m EURIBOR +2.75 – 769 389 – – 22 May 2027 3m EURIBOR +1.95 795 865 879 006 795 865 879 006 9 September 2027 1 3m EURIBOR +2.51 – 5 281 103 – – 30 June 2028 1 3m EURIBOR +2.66 – 888 107 – – 31 July 2028 1 3m EURIBOR +2.19 – 2 299 017 – – 31 July 2028 3m EURIBOR +2.40 1 029 859 – – – 31 July 2028 3m EURIBOR +2.40 617 915 – – – 31 July 2028 3m EURIBOR +2.40 411 943 – – – 31 October 2029 3m EURIBOR +1.98 1 052 188 – 1 052 188 – 31 January 2031 3m EURIBOR +2.00 793 254 – – – 31 January 2031 3m EURIBOR +2.00 793 254 – – – 31 January 2031 3m EURIBOR +2.00 971 573 – – – 31 January 2031 3m EURIBOR +2.00 627 560 – – – 31 January 2031 3m EURIBOR +2.00 627 560 – – – 31 January 2031 3m EURIBOR +2.00 768 632 – – – 31 January 2031 3m EURIBOR +2.00 261 733 – – – 31 January 2031 3m EURIBOR +2.00 213 696 – – – 31 January 2031 3m EURIBOR +2.00 213 696 – – – 31 January 2031 3m EURIBOR +2.00 301 384 – – – 31 January 2031 3m EURIBOR +2.00 246 069 – – – 31 January 2031 3m EURIBOR +2.00 246 069 – – – Secured PLN loans 205 366 47 618 – – 31 March 2028 1m WIBOR 3 +2.10 1 257 2 306 – – 25 April 2028 1m WIBOR +2.00 892 1 604 – – 25 April 2028 1m WIBOR +2.10 1 196 2 155 – – 30 June 2028 1m WIBOR +3.40 – 73 – – 30 June 2028 1m WIBOR +3.40 – 4 903 – – 30 June 2028 1m WIBOR +3.40 – 117 – – 28 December 2029 1m WIBOR +1.80 4 114 6 016 – – 30 September 2030 1m WIBOR +3.40 23 370 642 – – 30 September 2030 1m WIBOR +3.40 44 875 28 136 – – 30 September 2030 1m WIBOR +3.40 64 810 1 666 – – 30 September 2030 3m WIBOR +3.00 64 852 – Unsecured PLN loans 48 144 – – – 31 July 2041 1m WIBOR +2.40 48 144 – – – Secured USD loans – 177 253 – 177 253 30 September 2026 1 SOFR4 +2.70 – 177 253 – 177 253 Total variable rate loans – foreign currency 10 225 760 11 325 980 1 848 053 2 040 747 Total variable rate loans 17 527 163 18 950 383 9 149 456 9 665 150 1 Early settled during FY26 2 Euro Interbank Offered Rate 3 Warsaw Interbank Offered Rate 4 Secured Overnight Financing Rate 54 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 19. INTEREST-BEARING BORROWINGS continued 19.2 Variable rate bonds – South Africa GROUP COMPANY Bond code Original bond tenure Capital repayment date Interest rate (%) 2026 2025 2026 2025 Unsecured listed bonds 10 007 000 11 850 000 10 007 000 11 850 000 RDFG01 Three-year 21 September 2025 3m JIBAR +1.55 – 144 000 – 144 000 RDFB18 Seven-year 11 February 2026 3m JIBAR +1.75 – 382 000 – 382 000 RDFB21 Seven-year 22 March 2026 3m JIBAR +1.80 – 170 000 – 170 000 RDFG07 Three-year 24 August 2026 3m JIBAR +1.44 – 247 000 – 247 000 RDFG10 1 Three-year 29 November 2026 3m JIBAR +1.40 – 850 000 – 850 000 RDFB30 Three-year 4 April 2027 3m JIBAR +1.35 533 000 533 000 533 000 533 000 RDFB31 Three-year 23 May 2027 3m JIBAR +1.30 260 000 260 000 260 000 260 000 RDFB34 Three-year 22 August 2027 3m JIBAR +1.27 415 000 415 000 415 000 415 000 RDFG02 Five-year 21 September 2027 3m JIBAR +1.68 514 000 514 000 514 000 514 000 RDFB37 Three-year 4 November 2027 3m JIBAR +1.25 500 000 500 000 500 000 500 000 RDFG11 1 Four-year 29 November 2027 3m JIBAR +1.45 – 800 000 – 800 000 RDFB40 Three-year 17 February 2028 3m JIBAR +1.19 300 000 300 000 300 000 300 000 RDFG08 Five-year 24 August 2028 3m JIBAR +1.60 332 000 332 000 332 000 332 000 RDFG12 Five-year 30 November 2028 3m JIBAR +1.49 800 000 800 000 800 000 800 000 RDFB28 Five-year 14 March 2029 3m JIBAR +1.49 377 000 377 000 377 000 377 000 RDFB43 Three-year 16 March 2029 3m JIBAR +0.98 236 000 – 236 000 – RDFG13 Five-year 16 May 2029 3m JIBAR +1.49 500 000 500 000 500 000 500 000 RDFB32 Five-year 23 May 2029 3m JIBAR +1.49 200 000 200 000 200 000 200 000 RDFB35 Five-year 22 August 2029 3m JIBAR +1.45 135 000 135 000 135 000 135 000 RDFG03 Seven-year 21 September 2029 3m JIBAR +2.00 342 000 342 000 342 000 342 000 RDFB38 Five-year 28 November 2029 3m JIBAR +1.45 500 000 500 000 500 000 500 000 RDFB41 Five-year 17 February 2030 3m JIBAR +1.40 500 000 500 000 500 000 500 000 RDFG09 Seven-year 24 August 2030 3m JIBAR +1.70 425 000 425 000 425 000 425 000 RDFB29 Seven-year 14 March 2031 3m JIBAR +1.65 404 000 404 000 404 000 404 000 RDFB44 Five-year 16 March 2031 3m JIBAR +1.18 514 000 – 514 000 – RDFB33 Seven-year 23 May 2031 3m JIBAR +1.65 519 000 519 000 519 000 519 000 RDFB36 Seven-year 22 August 2031 3m JIBAR +1.65 350 000 350 000 350 000 350 000 RDFB39 Seven-year 28 November 2031 3m JIBAR +1.63 281 000 281 000 281 000 281 000 RDFB42 Seven-year 3 March 2032 3m JIBAR +1.60 570 000 570 000 570 000 570 000 RDFG04 Ten-year 21 September 2032 3m JIBAR +2.30 500 000 500 000 500 000 500 000 Secured unlisted bonds 12 555 856 12 160 856 12 555 856 12 160 856 RDF34U Three-year 2 September 2025 3m JIBAR +1.63 – 55 000 – 55 000 RDF45U 1 Three-year 2 December 2026 3m JIBAR +1.40 – 250 000 – 250 000 RDF50U Three-year 2 June 2027 3m JIBAR +1.50 2 035 123 2 035 123 2 035 123 2 035 123 RDF35U Five-year 2 September 2027 3m JIBAR +1.93 60 340 60 340 60 340 60 340 RDF43U 1 Four-year 2 December 2027 3m JIBAR +1.35 – 600 000 – 600 000 RDF46U 1 Four-year 2 December 2027 3m JIBAR +1.45 – 300 000 – 300 000 RDF51U Five-year 2 June 2029 3m JIBAR +1.65 4 070 518 4 170 518 4 070 518 4 170 518 RDF53U Four-year 31 October 2029 3m JIBAR +1.26 1 150 000 – 1 150 000 – RDF56U Four-year 31 October 2029 3m JIBAR +1.26 250 000 – 250 000 – RDF44U 1 Six-year 2 December 2029 3m JIBAR +1.45 – 600 000 – 600 000 RDF47U 1 Six-year 2 December 2029 3m JIBAR +1.55 – 400 000 – 400 000 RDF48U 1 Six-year 2 December 2029 3m JIBAR +1.55 – 700 000 – 700 000 RDF52U Six-year 2 June 2030 3m JIBAR +1.72 1 889 875 1 989 875 1 889 875 1 989 875 RDF49U 1 Seven-year 2 December 2030 3m JIBAR +1.60 – 1 000 000 – 1 000 000 RDF54U Six-year 31 October 2031 3m JIBAR +1.37 1 700 000 – 1 700 000 – RDF55U Seven-year 31 October 2032 3m JIBAR +1.42 1 000 000 – 1 000 000 – RDF58U Seven-year 21 August 2033 3m ZARONIA +1.30 400 000 – 400 000 – Unsecured unlisted bonds 1 725 144 275 144 1 725 144 275 144 RDF51U Five-year 2 June 2029 3m JIBAR +1.65 375 144 275 144 375 144 275 144 RDF52U Six-year 2 June 2030 3m JIBAR +1.72 100 000 – 100 000 – RDF57U Seven-year 13 April 2033 3m JIBAR +1.35 1 250 000 – 1 250 000 – Total variable rate bonds – South Africa 24 288 000 24 286 000 24 288 000 24 286 000 1 Early settled during FY26 20. DERIVATIVE ASSETS/(LIABILITIES) GROUP COMPANY Figures in R’000 Notes 2026 2025 2026 2025 Cross-currency interest rate swaps 20.1 378 787 (241 146) 378 787 (241 146) Interest rate swaps 20.2 83 758 (165 250) 71 459 (81 561) Forward exchange contracts 20.3 127 109 82 930 127 109 82 930 Balance at the end of the year 589 654 (323 466) 577 355 (239 777) Non-current assets 315 572 54 046 297 091 42 106 Current assets 322 074 85 426 322 074 85 426 Non-current liabilities (2 409) (120 358) – (47 393) Current liabilities (45 583) (342 580) (41 810) (319 916) Balance at the end of the year 589 654 (323 466) 577 355 (239 777) A significant portion of the foreign currency exposure on income has been economically hedged. Refer to note 50: Financial risk management for further detail. Redefine has entered into a number of cross-currency interest rate swaps, which are used to transform rand borrowings into synthetic foreign currency borrowings. This is achieved by swapping interest during the derivative contract and exchanging the currency principal amounts at maturity on a net basis settled in rand. This is used to fund Redefine’s foreign investments with an interest rate relative to the investment’s local funding environment. 20.1 Cross-currency interest rate swaps GROUP COMPANY Maturity Nominal value (’000) EUR rate (%) Nominal value (’000) Interest rate (%) 2026 2025 2026 2025 Secured cross-currency interest rate swaps 311 654 (169 820) 311 654 (169 820) 9 December 2025 EUR30 000 3.90 ZAR 575 850 3m JIBAR +1.75 – (37 066) – (37 066) 28 February 2026 EUR65 000 3.94 ZAR 1 251 900 3m JIBAR +1.75 – (93 048) – (93 048) 7 April 2026 EUR35 000 4.57 ZAR 707 735 3m JIBAR +1.70 – (15 646) – (15 646) 15 June 2026 EUR32 500 4.97 ZAR 648 375 3m JIBAR +1.70 – (26 579) – (26 579) 8 April 2027 EUR40 000 3.82 ZAR 833 500 3m JIBAR +1.75 95 794 10 446 95 794 10 446 30 August 2027 EUR41 100 3.72 ZAR 842 961 3m JIBAR +1.75 82 954 (7 927) 82 954 (7 927) 28 February 2028 EUR65 000 4.09 ZAR 1 218 425 3m JIBAR +1.75 14 997 – 14 997 – 3 March 2028 EUR30 000 4.00 ZAR 563 640 3m JIBAR +1.75 15 207 – 15 207 – 10 April 2028 EUR65 000 4.79 ZAR 1 271 920 3m JIBAR +1.75 70 010 – 70 010 – 2 September 2028 EUR65 000 4.82 ZAR 1 246 700 3m ZARONIA +1.75 32 692 – 32 692 – Unsecured cross-currency swaps 67 133 (71 326) 67 133 (71 326) 17 October 2025 EUR45 000 5.07 ZAR 892 823 3m JIBAR +1.75 – (35 841) – (35 841) 7 April 2026 EUR62 500 3.88 ZAR 1 248 719 3m JIBAR +1.75 – (35 485) – (35 485) 8 December 2027 EUR45 000 4.01 ZAR 890 325 3m JIBAR +1.75 67 133 – 67 133 – Total cross-currency interest rate swaps 378 787 (241 146) 378 787 (241 146) 55 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 20. DERIVATIVE ASSETS/(LIABILITIES) continued 20.2 Interest rate swaps GROUP COMPANY Maturity Nominal value (’000) Rate (%) 2026 2025 2026 2025 Secured interest rate swaps – ZAR 71 459 (79 977) 71 459 (79 977) 1 September 2025 ZAR 500 000 6.88 – 554 – 554 1 September 2025 ZAR 500 000 6.87 – 566 – 566 5 September 2025 ZAR 700 000 6.57 – 1 330 – 1 330 3 November 2025 ZAR 300 000 8.08 – (765) – (765) 15 November 2025 ZAR 250 000 7.89 – (554) – (554) 1 December 2025 ZAR 500 000 7.85 – (1 515) – (1 515) 1 December 2025 ZAR 500 000 7.80 – (1 552) – (1 552) 28 February 2026 ZAR 500 000 8.09 – (2 814) – (2 814) 6 March 2026 ZAR 500 000 8.01 – (3 447) – (3 447) 7 March 2026 ZAR 500 000 8.01 – (3 469) – (3 469) 8 April 2026 ZAR 500 000 7.26 – (857) – (857) 9 April 2026 ZAR 500 000 7.25 – (838) – (838) 5 May 2026 ZAR 500 000 7.15 – (831) – (831) 20 June 2026 ZAR 500 000 7.86 – (4 269) – (4 269) 17 July 2026 ZAR 500 000 7.66 – (3 465) – (3 465) 18 July 2026 ZAR 500 000 7.63 – (3 352) – (3 352) 20 July 2026 ZAR 500 000 7.63 – (3 367) – (3 367) 20 July 2026 ZAR 250 000 8.20 – (3 150) – (3 150) 22 July 2026 ZAR 500 000 7.04 – (516) – (516) 26 July 2026 ZAR 500 000 7.56 – (3 106) – (3 106) 27 July 2026 ZAR 500 000 7.62 – (3 410) – (3 410) 30 July 2026 ZAR 500 000 7.53 – (3 020) – (3 020) 5 August 2026 ZAR 500 000 6.88 – (79) – (79) 29 August 2026 ZAR 500 000 7.25 – (1 983) – (1 983) 6 September 2026 ZAR 500 000 7.16 (209) (1 376) (209) (1 376) 13 September 2026 ZAR 500 000 7.18 (229) (1 522) (229) (1 522) 2 December 2026 ZAR 500 000 7.30 (761) (2 974) (761) (2 974) 4 December 2026 ZAR 500 000 7.26 (639) (2 681) (639) (2 681) 12 December 2026 ZAR 500 000 7.17 (350) (2 099) (350) (2 099) 13 December 2026 ZAR 500 000 7.17 (342) (2 092) (342) (2 092) 15 March 2027 ZAR 400 000 7.49 (1 074) (4 314) (1 074) (4 314) 8 April 2027 ZAR 500 000 7.21 (133) (3 299) (133) (3 299) 9 April 2027 ZAR 500 000 7.20 (55) (3 181) (55) (3 181) 18 June 2027 ZAR 500 000 7.08 810 (2 548) 810 (2 548) 25 June 2027 ZAR 500 000 6.99 1 249 (1 774) 1 249 (1 774) 7 July 2027 ZAR 500 000 6.97 1 335 (1 673) 1 335 (1 673) 16 July 2027 ZAR 500 000 7.04 1 257 (2 303) 1 257 (2 303) 7 August 2027 ZAR 500 000 6.75 2 803 (20) 2 803 (20) 9 September 2027 ZAR 500 000 6.69 3 661 – 3 661 – 3 October 2027 ZAR 500 000 6.65 4 101 – 4 101 – 10 October 2027 ZAR 500 000 6.65 4 149 – 4 149 – 21 October 2027 ZAR 500 000 6.65 4 930 – 4 930 – 10 November 2027 ZAR 500 000 6.60 4 573 – 4 573 – 11 November 2027 ZAR 500 000 6.59 4 649 – 4 649 – 19 November 2027 ZAR 500 000 6.53 5 064 – 5 064 – 9 December 2027 ZAR 500 000 6.55 5 589 – 5 589 – 17 January 2028 ZAR 500 000 6.38 7 131 – 7 131 – 31 January 2028 ZAR 500 000 6.29 7 790 – 7 790 – GROUP COMPANY Maturity Nominal value (’000) Rate (%) 2026 2025 2026 2025 17 April 2028 ZAR 500 000 7.16 1 840 – 1 840 – 18 April 2028 ZAR 500 000 7.17 1 699 – 1 699 – 20 April 2028 ZAR 500 000 7.04 2 933 – 2 933 – 21 April 2028 ZAR 500 000 7.10 2 360 – 2 360 – 8 May 2028 ZAR 500 000 7.11 2 517 (4 212) 2 517 (4 212) 2 June 2028 ZAR 500 000 7.26 (151) – (151) – 2 June 2028 ZAR 500 000 7.18 644 – 644 – 2 June 2028 ZAR 500 000 7.19 524 – 524 – 2 June 2028 ZAR 500 000 7.12 1 239 – 1 239 – 15 June 2028 ZAR 500 000 7.16 520 – 520 – 15 June 2028 ZAR 500 000 7.17 425 – 425 – 26 June 2028 ZAR 500 000 7.15 717 – 717 – 13 July 2028 ZAR 500 000 7.14 893 – 893 – Unsecured interest rate swaps – ZAR – (1 584) – (1 584) 1 September 2025 ZAR 500 000 6.82 – 629 – 629 19 February 2026 ZAR 500 000 6.86 – 216 – 216 21 August 2026 ZAR 500 000 7.35 – (2 429) – (2 429) Total interest rate swaps – South Africa 71 459 (81 561) 71 459 (81 561) 56 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 20. DERIVATIVE ASSETS/(LIABILITIES) continued 20.2 Interest rate swaps continued GROUP COMPANY Maturity Nominal value (’000) Rate (%) 2026 2025 2026 2025 Secured interest rate swaps – EUR (3 591) (83 689) – – 30 June 2026 1 EUR 16 103 3.28 – (11 320) – – 30 June 2026 1 EUR 16 103 3.28 – (11 343) – – 5 March 2027 1 EUR 18 600 0.83 – 6 235 – – 5 March 2027 1 EUR 18 600 0.93 – 5 705 – – 9 September 2027 1 EUR 27 615 2.27 – (3 582) – – 9 September 2027 1 EUR 34 301 2.27 – (4 496) – – 9 September 2027 1 EUR 48 543 2.27 – (6 270) – – 9 September 2027 1 EUR 23 454 2.27 – (3 041) – – 9 September 2027 1 EUR 29 133 2.27 – (3 748) – – 9 September 2027 1 EUR 41 228 2.27 – (5 323) – – 31 July 2028 EUR 24 932 3.00 (1 080) (13 953) – – 31 July 2028 EUR 19 114 3.00 (825) (10 696) – – 31 July 2028 EUR 19 114 3.00 (825) (10 696) – – 31 July 2028 EUR 19 945 3.00 (861) (11 161) – – Secured interest rate swaps – PLN 185 – – – 30 September 2030 PLN 8 000 4.20 185 – – – Secured collar – EUR 15 705 – – – 31 January 2031 EUR 26 810 2.00-3.00 1 169 – – – 31 January 2031 EUR 26 810 2.00-3.00 1 351 – – – 31 January 2031 EUR 32 837 2.00-3.00 1 958 – – – 31 January 2031 EUR 33 889 2.00-3.00 1 205 – – – 31 January 2031 EUR 33 889 2.00-3.00 1 430 – – – 31 January 2031 EUR 41 506 2.00-3.00 2 264 – – – 31 January 2031 EUR 10 512 2.00-3.00 (385) – – – 31 January 2031 EUR 10 512 2.00-3.00 (331) – – – 31 January 2031 EUR 12 875 2.00-3.00 (327) – – – 31 January 2031 EUR 9 129 2.00-3.00 2 230 – – – 31 January 2031 EUR 9 129 2.00-3.00 2 328 – – – 31 January 2031 EUR 11 181 2.00-3.00 2 813 – – – Total interest rate swaps – international 12 299 (83 689) – – Total interest rate swaps 83 758 (165 250) 71 459 (81 561) 1 Early settled during FY26 20.3 Foreign exchange contracts GROUP COMPANY Maturity Nominal value (’000) Rate (%) 2026 2025 2026 2025 Secured foreign exchange contracts – EUR 26 530 34 874 26 530 34 874 25 February 2026 EUR 2 000 20.92 – (467) – (467) 25 February 2026 EUR 2 000 20.94 – (433) – (433) 27 August 2026 EUR 5 000 24.77 – 14 478 – 14 478 27 August 2026 EUR 5 000 23.61 – 9 059 – 9 059 27 August 2026 EUR 2 500 23.37 – 3 961 – 3 961 27 August 2026 EUR 2 000 21.50 – (333) – (333) 31 August 2026 EUR 2 000 21.43 – (457) – (457) 24 February 2027 EUR 2 000 21.93 5 462 (449) 5 462 (449) 24 February 2027 EUR 2 000 22.06 5 698 (227) 5 698 (227) 6 April 2027 (EUR 40 000) 19.67 (17 823) – (17 823) – 25 August 2027 EUR 5 000 23.75 21 142 4 775 21 142 4 775 27 August 2027 EUR 2 000 22.47 5 513 (419) 5 513 (419) 27 August 2027 EUR 2 000 22.66 5 863 (90) 5 863 (90) 25 August 2027 (EUR 41 100) 20.00 (18 850) – (18 850) – 25 August 2028 EUR 5 000 25.11 19 525 5 476 19 525 5 476 Unsecured foreign exchange contracts – EUR 100 579 48 056 100 579 48 056 25 February 2026 EUR 2 000 21.85 – 1 263 – 1 263 27 August 2026 EUR 2 000 22.37 – 1 243 – 1 243 28 August 2026 EUR 5 000 25.47 – 17 635 – 17 635 1 September 2026 (EUR 32 578) 18.72 (557) – (557) – 1 September 2026 (EUR 32 578) 18.75 (536) – (536) – 24 February 2027 EUR 2 000 22.92 7 339 1 281 7 339 1 281 23 August 2027 EUR 5 000 24.29 22 228 6 823 22 228 6 823 23 August 2027 EUR 5 000 23.96 20 679 5 366 20 679 5 366 27 August 2027 EUR 2 000 23.53 7 449 1 372 7 449 1 372 23 August 2028 EUR 5 000 25.59 22 666 7 178 22 666 7 178 23 August 2028 EUR 5 000 25.28 21 311 5 895 21 311 5 895 Total foreign exchange contracts 127 109 82 930 127 109 82 930 1 Early settled during FY26 Positive nominal values represent foreign exchange contracts under which the group will deliver euro and receive rand at the contracted exchange rate. Negative nominal amounts represent foreign exchange contracts under which the group will deliver rand and receive euro at the contracted exchange rate. 57 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 21. OTHER FINANCIAL LIABILITIES GROUP COMPANY Figures in R’000 Note 2026 2025 2026 2025 Staff incentive schemes – cash awards 21.1 67 390 76 452 33 867 32 140 Loan from Henderson 13 274 14 150 – – Loan from Galeria Młociny 1 79 657 – – – Balance at the end of the year 160 321 90 602 33 867 32 140 Non-current Staff incentive schemes – cash awards 53 623 59 639 20 100 15 327 Loan from Henderson 13 274 14 150 – – Loan from Galeria Młociny 1 79 657 – – – Balance at the end of the year 146 554 73 789 20 100 15 327 Current Staff incentive schemes – cash awards 13 767 16 813 13 767 16 813 Balance at the end of the year 13 767 16 813 13 767 16 813 1 During the year, Galeria Młociny advanced R81 470 000 (FY25: Rnil) to the group 21.1 Cash awards In terms of the staff incentive scheme, a conditional right to a cash award is awarded to certain employees subject to performance and vesting conditions. These cash awards give employees a right to receive a cash bonus against the achievement of specific performance conditions. As it is anticipated that the participants will receive a cash settlement of their awards, an IAS 19: Employee Benefits expense has been recognised. GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Balance at the beginning of the year 76 452 67 091 32 140 31 564 Current service costs (9 062) 9 361 1 727 576 Balance at the end of the year 67 390 76 452 33 867 32 140 22. DEFERRED TAXATION GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Deferred taxation asset (14 321) (48 463) – – Deferred taxation liability 2 385 110 2 279 563 683 722 430 773 Net deferred tax liability at the end of the year 2 370 789 2 231 100 683 722 430 773 Capital allowances 1 012 661 944 125 683 722 430 773 Fair value gain on investment properties 1 448 582 1 376 855 – – Assessed loss recognised (1 230) (51 404) – – Bank loans valuations (52 810) 20 195 – – Other (36 414) (58 672) – – Balance at the end of the year 2 370 789 2 231 100 683 722 430 773 Movement for the year Balance at the beginning of the year 2 231 100 2 001 223 430 773 381 269 Assessed loss recognised 47 062 2 233 – – Capital allowances 79 195 101 293 53 794 49 504 Capital allowances arising from acquisitions – – 205 776 – Derecognition of deferred tax liability on disposal of movable assets (10 659) – (6 621) – Tax amortisation of investment properties (70 145) (34 617) – – Fair value gain of investment properties 300 570 99 323 – – Bank loans valuations (74 613) 6 594 – – Foreign exchange translation reserve (148 528) 65 842 – – Other 16 807 (10 790) – – Balance at the end of the year 2 370 789 2 231 100 683 722 430 773 A deferred taxation asset is recognised for assessed losses to the extent that it is probable that taxable profit will be available against which the assessed losses can be utilised. 22.1 Local In South Africa, capital gains taxation is not applicable on the sale of investment property and shares in a REIT or property company, in terms of section 25BB of the Income Tax Act applicable to REITs. Consequently, no deferred taxation was raised on the fair value adjustments recognised in respect of investment property. Allowances relating to immovable property can no longer be claimed, and if a REIT sells immovable property, the allowances claimed in previous years will be recouped. A deferred taxation liability was raised in this respect. Section 25BB of the Income Tax Act allows for the deduction of the qualifying distributions paid to the shareholders, but the deduction is limited to the taxable income. To the extent that no taxation will be payable in future as a result of the qualifying distribution, no deferred taxation was raised on items such as the straight-line rental income accrual. 58 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 22. DEFERRED TAXATION continued 22.2 International The deferred tax liability arises from the difference between the fair value (book value) and the tax base of investment properties held by EPP and Self-Storage. This liability is recognised on the basis that, upon disposal, if the fair value of the investment properties exceeds their tax base, a corporate income tax of 19% (applicable in Poland) will become payable. 23. TRADE AND OTHER PAYABLES GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Trade payables 178 754 137 321 52 955 25 027 Accrued expenses 747 607 724 469 393 335 273 343 Tenant deposits 466 104 458 730 285 565 210 878 Rental received in advance from tenants 171 137 212 592 127 023 94 480 Municipal expenses 436 523 465 491 311 470 266 843 VAT payable 193 907 105 374 145 710 41 071 Sundry creditors 353 174 314 356 246 101 242 824 Balance at the end of the year 2 547 206 2 418 333 1 562 159 1 154 466 24. TAXATION PAYABLE/RECEIVABLE GROUP COMPANY Figures in R’000 2026 2025 2026 2025 24.1 Taxation payable International income tax payable 9 901 8 556 – – Balance at the end of the year 9 901 8 556 – – 24.2 Taxation receivable International income tax receivable 7 250 9 920 – – Balance at the end of the year 7 250 9 920 – – 25. CONTRACTUAL RENTAL INCOME GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Revenue from contracts with tenants 10 603 896 10 378 834 5 383 528 4 402 987 Contractual rental income 6 826 365 6 723 691 3 504 167 2 927 241 Non-GLA income 189 887 177 894 55 061 39 847 Tenant incentives (158 870) (132 806) (98 101) (73 505) Tenant parking income 403 217 401 919 292 074 229 169 Operating costs recovery 3 343 297 3 208 136 1 630 327 1 280 235 Other revenue 679 261 680 527 153 939 123 692 Customer parking income 139 812 118 496 28 994 14 484 Property and asset management income 386 126 406 788 23 327 15 753 Other income 153 323 155 243 101 618 93 455 Total for the year 11 283 157 11 059 361 5 537 467 4 526 679 26. INVESTMENT INCOME GROUP COMPANY Figures in R’000 Note 2026 2025 2026 2025 Investment income from subsidiaries 52.3 – – 2 280 317 2 859 967 Total for the year – – 2 280 317 2 859 967 27. OPERATING COSTS GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Utility charges (1 774 963) (1 701 514) (954 892) (774 689) Assessment rates (965 639) (980 750) (520 273) (432 177) Net bad debts written off (57 705) (83 757) (42 020) (70 585) Cleaning (170 964) (166 119) (57 614) (46 612) Insurance (61 003) (66 579) (31 538) (29 463) Security (266 285) (254 133) (142 970) (117 701) Repairs and maintenance (188 401) (214 080) (94 052) (86 983) Letting commissions (60 171) (56 793) (28 033) (25 060) Property management expenses (65 257) (39 573) (43 303) (39 573) Staff costs (425 349) (418 209) (260 837) (246 497) Marketing 1 (92 441) (98 858) (10 144) (8 528) Rent1 (79 824) (77 183) (36 690) (30 050) Sectional title levies 1 (33 228) (36 543) (21 730) (25 223) Other expenses 1,2 (272 572) (288 479) (78 166) (57 986) Total for the year (4 513 802) (4 482 570) (2 322 262) (1 991 127) 1 Other expenses has been disaggregated to disclose material line items separately. Other expenses in FY25 prior to the disaggregation were R501 063 000 for the group and R121 787 000 for the company 2 Includes leasehold land expense of R32 484 000 (FY25: R39 150 000) for the group and R14 115 000 (FY25: R17 766 000) for the company 59 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 28. ADMINISTRATION COSTS GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Staff costs (435 021) (371 333) (218 928) (175 840) IT costs (46 975) (48 513) (43 325) (45 933) Marketing (51 982) (37 264) (44 595) (36 518) Transaction costs (5 420) (24 380) (4 800) (17 367) Other administrative costs (141 112) (163 782) (88 762) (96 020) Total for the year (680 510) (645 272) (400 410) (371 678) 29. NET OPERATING PROFIT GROUP COMPANY Figures in R’000 Notes 2026 2025 2026 2025 Net operating income includes the following charges: Depreciation 9 (33 915) (31 459) (10 471) (10 986) External auditor’s remuneration 1 (21 571) (21 872) (15 418) (15 985) Statutory fees (18 310) (18 779) (15 083) (15 173) Non-audit fees: assurance (3 246) (3 078) (320) (797) Non-audit fees: non-assurance (15) (15) (15) (15) Internal audit fees (3 583) (3 563) (3 583) (3 563) Staff costs (860 370) (798 671) (479 765) (432 294) Salaries and other related payroll costs (670 553) (646 821) (340 312) (308 687) Directors’ emoluments 53 (77 322) (54 994) (77 322) (54 994) Defined contribution fund (26 942) (26 303) (26 942) (26 303) Share-based payment expenses (85 553) (70 553) (35 189) (42 310) Gross property management fees (29 550) (31 390) (10 043) (10 861) Valuation fees paid to third parties (9 522) (10 111) (9 242) (8 102) 1 Statutory fees comprise fees incurred for services performed by the external auditor in accordance with applicable legislative and regulatory requirements. Non-audit assurance fees relate to assurance engagements performed outside the scope of the statutory audit. Non-audit non-assurance fees comprise advisory, training and other consulting services that do not involve the provision of assurance 30. OTHER INCOME GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Fee income 185 1 091 185 494 Sundry income 15 202 13 189 8 111 7 814 Insurance and other income (net proceeds) 20 848 20 259 15 499 20 259 Total for the year 36 235 34 539 23 795 28 567 31. CHANGES IN FAIR VALUE GROUP COMPANY Figures in R’000 Notes 2026 2025 2026 2025 31.1 Changes in fair values of investment properties Investment property 3 2 467 023 1 939 245 1 223 408 558 452 Straight line income adjustment 3 (13 924) 51 999 (8 634) 67 144 Non-current assets held-for-sale 14 (980) (10 555) (106) (876) Total for the year 2 452 119 1 980 689 1 214 668 624 721 Realised (44 418) (11 841) (53 808) 7 227 Unrealised 2 496 537 1 992 530 1 268 476 617 494 Total for the year 2 452 119 1 980 689 1 214 668 624 721 31.2 Changes in fair values of financial and other instruments Listed securities 22 686 – 22 686 – Derivatives 911 134 (364 483) 815 481 (290 484) Unlisted securities (16 450) (16 697) – – Other financial instruments 12 917 143 650 7 001 6 632 Total for the year 930 287 (237 530) 845 168 (283 852) 31.3 Total changes in fair value Investment properties 2 452 119 1 980 689 1 214 668 624 721 Financial and other instruments 930 287 (237 530) 845 168 (283 852) Total for the year 3 382 406 1 743 159 2 059 836 340 868 32. IMPAIRMENTS GROUP COMPANY Figures in R’000 Note 2026 2025 2026 2025 Investment in subsidiaries 10.1 – – (1 046 111) (1 551) Total for the year – – (1 046 111) (1 551) 60 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 33. FINANCE INCOME GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Bank interest income 74 825 72 907 69 499 66 855 Cross-currency interest rate swaps 553 640 793 342 553 640 793 342 Vendor loans 37 372 76 131 865 9 696 Interest on loans to subsidiaries – – 32 102 59 499 Other 14 548 15 192 4 330 5 269 Total for the year 680 385 957 572 660 436 934 661 34. FINANCE COSTS GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Interest-bearing borrowings (3 127 322) (3 535 372) (2 735 301) (3 066 998) Fees1 (33 563) (74 820) (45 682) (49 528) Cross-currency interest rate swaps (263 734) (384 169) (263 734) (384 169) Interest rate swaps (89 553) 88 736 (57 562) 62 817 Interest on leasehold land (18 684) (22 166) (3 430) (4 660) Other (74 992) (4 321) (25 775) (1 342) Total for the year (3 607 848) (3 932 112) (3 131 484) (3 443 880) 1 Included in total fees is breakage fees amounting to Rnil (FY25: R4 362 000) for the group and to Rnil (FY25: R4 362 000) for the company 35. FOREIGN EXCHANGE GAINS/LOSSES GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Unrealised losses (9 017) (78 218) – (54 673) Unrealised gains 180 446 1 011 115 839 – Realised gains/(losses) on capital transactions 192 973 (373 101) 123 447 (372 550) Realised gains on foreign currency translation reserve reclassification 139 038 72 948 137 186 73 914 Total for the year 503 440 (377 360) 376 472 (353 309) 36. TAXATION GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Normal – current income tax (99 624) (85 349) – – Withholding tax (1 120) (2 254) (1 565) (1 234) Deferred tax – current (288 219) (164 141) (47 173) (49 503) Securities transfer tax – (932) – – Total income tax expense (388 963) (252 676) (48 738) (50 737) Reconciliation between applicable taxation rate and effective taxation rate SA normal taxation rate applied to profit before taxation (27% corporate taxation rate) (2 070 032) (1 194 577) (1 166 799) (842 147) Effect of income that is exempt from taxation: Fair value adjustment on investment properties 662 072 520 746 327 960 150 546 Fair value adjustment of financial instruments – listed securities 6 125 – 6 125 – Fair value adjustment on financial instruments – unlisted securities (4 389) (4 508) – – Accounting profit on sale asset – 4 516 – 98 855 Accounting profit on EPP share buyback (49) – 66 854 – Dividend income (6 261) (7 020) (6 261) (7 020) Effect of items not included in profit before taxation but which are subject to taxation: Capitalised interest 5 815 5 539 5 815 5 539 Equity-accounted earnings 146 294 18 540 – – Impairments 470 (4 864) (282 450) 64 310 Temporary differences that will be included in future distributions 290 452 75 229 215 218 (67 742) Prior year over/(under) provision 4 130 (14 491) – – Prior year assessed loss utilised (15 175) – – – Qualifying distribution 708 503 439 587 764 977 533 588 Current year assessed loss not recognised 6 408 (45 211) – – Foreign withholding taxes (1 120) (2 254) (1 565) (1 234) Foreign tax (including effect of tax rates in foreign jurisdiction) (91 242) (14 372) – – Unrealised exchange gain – 7 806 – 7 824 Derecognition of deferred tax liability on disposal movable assets 10 659 – 6 621 – Other (41 623) (37 342) 14 765 6 744 Taxation per the statement of profit or loss and other comprehensive income (388 963) (252 676) (48 738) (50 737) Certain companies in the group have unutilised tax losses that cumulatively amount to R63.9 million (FY25: R113.7 million) for which deferred tax assets have not been recognised as recovery of these losses is remote. 61 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 37. EARNINGS AND HEADLINE EARNINGS GROUP Figures in R’000 2026 2025 Reconciliation of basic earnings to headline earnings Profit for the year attributable to Redefine shareholders (basic earnings) 7 227 566 4 128 434 Adjustment to basic earnings (Loss)/gain on disposal of assets (net of NCI) 183 (16 723) Disposal of assets 183 (16 726) NCI – 3 Change in fair value of properties (net of NCI) (2 427 466) (1 951 828) Change in fair value of properties (2 452 119) (1 980 689) NCI 24 653 28 861 Insurance proceeds received (net of NCI) (20 848) (20 259) Adjustment of measurements included in equity-accounted earnings of joint ventures (net of tax) 301 978 412 825 Adjustment included in joint ventures 376 795 513 489 Tax adjustment (74 817) (100 664) Reclassification of currency differences on disposal of foreign operations 9 018 (1 011) Headline earnings attributable to Redefine shareholders 5 090 431 2 551 438 Diluted earnings Basic earnings 7 227 566 4 128 434 Potential dilutive effect of share incentive schemes – – Diluted earnings attributable to Redefine shareholders 7 227 566 4 128 434 Diluted headline earnings Headline earnings attributable to Redefine shareholders 5 090 431 2 551 438 Potential dilutive effect of share incentive schemes – – Diluted headline earnings attributable to Redefine shareholders 5 090 431 2 551 438 Number of shares Actual number of shares in issue (‘000) 1 6 977 976 6 948 070 Weighted average number of shares in issue (‘000) 1 6 976 302 6 944 407 Diluted weighted average number of shares in issue (‘000) 7 005 773 6 974 986 Weighted average number of shares in issue (‘000) 1 6 976 302 6 944 407 Potential dilutive effect of share incentive schemes (‘000) 29 471 30 579 1 Group net of 224 623 731 (FY25: 254 530 009) treasury shares GROUP Figures in R’000 2026 2025 37.1 Basic earnings per share Basic earnings 7 227 566 4 128 434 Weighted average number of shares in issue (‘000) 1 6 976 302 6 944 407 Basic earnings per share (cents) 103.60 59.45 37.2 Diluted earnings per share Diluted earnings 7 227 566 4 128 434 Diluted weighted average number of shares in issue (‘000) 7 005 773 6 974 986 Diluted earnings per share (cents) 2 103.17 59.19 37.3 Headline earnings per share Headline earnings 5 090 431 2 551 438 Weighted average number of shares in issue (‘000) 1 6 976 302 6 944 407 Headline earnings per share (cents) 72.97 36.74 37.4 Diluted headline earnings per share (cents) 2 Diluted earnings 5 090 431 2 551 438 Diluted weighted average number of shares in issue (‘000) 7 005 773 6 974 986 Diluted headline earnings per share (cents) 2 72.66 36.58 1 Group net of 224 623 731 (FY25: 254 530 009) treasury shares 2 Diluted earnings per share and diluted headline earnings per share are calculated considering the potential dilution that could occur if all staff incentive shares vested 62 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 38. CASH GENERATED FROM OPERATIONS GROUP COMPANY Figures in R’000 Note 2026 2025 2026 2025 Profit before taxation 7 666 784 4 424 359 4 321 477 3 119 062 Adjusted for: Non-cash flow items 39 (4 200 049) (1 114 786) (3 799 380) (3 253 538) Finance income (680 385) (957 572) (660 436) (934 661) Finance costs 3 607 848 3 932 112 3 131 484 3 443 880 Operating income before working capital changes 6 394 198 6 284 113 2 993 145 2 374 743 Working capital changes 437 366 (108 079) 267 198 (305 034) Decrease/(increase) in trade and other receivables 184 286 11 080 (117 177) 51 322 Increase/(decrease) in trade and other payables 253 080 (119 159) 384 375 (356 356) Settlement of derivative instrument 228 798 (276 712) 228 798 (276 711) Cash generated from operations 7 060 362 5 899 322 3 489 141 1 792 998 39. NON-CASH FLOW ITEMS GROUP COMPANY Figures in R’000 Notes 2026 2025 2026 2025 Depreciation 9 33 915 31 459 10 471 10 986 Changes in expected credit losses – loans receivable 41 (1 741) 18 013 – – Changes in expected credit losses – loans to subsidiaries – – – (239 735) Impairments 32 – – 1 046 111 1 551 Changes in fair value 31.3 (3 382 406) (1 743 159) (2 059 836) (340 868) Investment income from subsidiaries 26 – – (2 280 317) (2 859 967) Straight-line lease accrual 3 (13 924) 51 999 (8 634) 67 144 Loss/(gain) on disposal of Power Park Olsztyn and EPP share buyback – 1 106 (247 608) (366 129) Foreign exchange gain/(loss) 35 (503 440) 377 360 (376 472) 353 309 Equity-accounted income 6.2 (541 831) (68 667) – – Equity-settled share-based payments (9 799) 28 291 (9 799) 21 607 Lease commissions and amortised tenant incentive 219 177 188 812 126 704 98 564 Total non-cash flow items (4 200 049) (1 114 786) (3 799 380) (3 253 538) 40. TAXATION (PAID)/RECEIVED GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Taxation receivable at the beginning of the year 1 364 8 457 – – Charged to profit or loss (100 744) (87 603) (1 565) (1 234) Foreign exchange differences 93 107 – – Total taxation paid 96 636 80 403 1 565 1 234 Taxation (payable)/receivable at the end of the year (2 651) 1 364 – – 41. RECONCILIATION OF LOANS RECEIVABLE GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Balance at the beginning of the year 778 522 1 035 889 51 603 190 112 Loans receivable repaid in cash (639 530) (351 483) (41 741) (144 867) Berea Sp. z o.o. (41 741) (144 867) (41 741) (144 867) ELI (592 789) (181 711) – – EPP – (19 905) – – Turnover Trading (5 000) (5 000) – – Accrued interest 25 646 66 813 (7 838) 3 288 Expected credit losses 1 741 (18 013) – – Foreign currency translation differences (58 313) 45 316 (2 024) 3 070 Balance at the end of the year 108 066 778 522 – 51 603 63 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 42. RECONCILIATION OF INTEREST-BEARING BORROWINGS GROUP COMPANY Figures in R’000 Note 2026 2025 2026 2025 Balance at the beginning of the year 43 817 627 42 729 131 34 498 608 33 799 366 Proceeds from interest-bearing borrowings raised 10 085 455 4 852 944 3 578 403 4 826 327 Prepayments (10 392) (9 852) (8 700) (9 630) Interest accrual adjustment 18 733 35 318 24 371 35 096 Repayment of interest-bearing borrowings (10 436 578) (5 031 579) (3 902 972) (4 858 260) Foreign exchange (loss)/gain (202 589) 107 224 (202 588) 107 225 Foreign currency translation differences (902 795) 460 261 – – Interest accrual on interest-bearing borrowings – 674 180 – 598 484 Balance at the end of the year 19 42 369 461 43 817 627 33 987 122 34 498 608 43. ACQUISITION AND DEVELOPMENT OF INVESTMENT PROPERTIES GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Investment property additions (974 886) (1 350 843) (564 249) (578 938) Tenant installations (296 479) (243 074) (158 554) (80 418) Properties under development acquisitions (641 414) (332 960) (205 926) (22 590) Cash outflows from acquisition and development of investment properties (1 912 779) (1 926 877) (928 729) (681 946) 44. PROCEEDS ON DISPOSAL OF INVESTMENT PROPERTIES AND NON-CURRENT ASSETS AND LIABILITIES HELD-FOR-SALE GROUP COMPANY Figures in R’000 Note 2026 2025 2026 2025 Investment properties at fair value 1 107 961 718 134 906 628 605 976 Non-current assets and liabilities held-for-sale 14 69 004 415 769 69 004 146 528 Cash inflows from disposal of investment properties and non-current assets and liabilities held-for-sale 1 176 965 1 133 903 975 632 752 504 45. ACQUISITION AND DISPOSAL OF INVESTMENTS IN JOINT VENTURES AND SUBSIDIARIES GROUP COMPANY Figures in R’000 Note 2026 2025 2026 2025 45.1 Subsidiaries Balance at the beginning of the year – – 25 686 124 26 083 655 Cash investment in Self Storage Investments Sp. z o.o. – – 137 722 310 186 Non-cash investment in Self Storage Investments Sp. z o.o. – – (2 089) (4 600) EPP share buyback from Redefine – in cash – – (801 937) (1 068 032) Profit on disposal of EPP shares – – 247 608 366 128 Cash disposal of Redefine Europe – – (146 533) – Disposal of shares in Annuity Properties Proprietary Limited – – (1 067 173) – Impairment of subsidiaries – – (1 046 111) (1 551) Acquisition of subsidiary shares from NCI – – – 338 Balance at the end of the year 10.1 – – 23 007 611 25 686 124 45.2 Joint ventures Proceeds on disposal of Power Park Olsztyn – 163 140 – – Net cash flows arising from acquisition and disposal of investment in joint ventures – 163 140 – – 64 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 46. COMMITMENTS GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Capital commitments Property acquisitions 44 255 – – – Properties under development 623 922 673 253 353 525 391 770 Capital improvements on investment properties 1 380 084 364 400 233 285 174 088 Total capital commitments 1 048 261 1 037 653 586 810 565 858 Lease liability commitments Commitments due in respect of leases entered into by the group and company on leasehold property: Due within one year 67 688 75 870 14 806 14 115 Due within two to five years 193 249 239 347 19 300 32 760 Due beyond five years 1 757 893 1 984 574 1 345 2 691 Total lease liability commitments 2 018 830 2 299 791 35 451 49 566 Operating expense commitments Contractual commitments are in respect of general maintenance of lifts, escalators and air-conditioning installations: Due within one year 469 509 352 892 330 022 177 900 Due within two to five years 517 243 433 237 370 493 210 278 Due beyond five years 3 443 512 2 323 413 Total operating liability commitments 990 195 786 641 702 838 388 591 1 Approved and committed Other commitments At the date of the report, Redefine provided commitment to various utility suppliers amounting to R68.3 million (2025: R76.6 million). 47. MINIMUM LEASE PAYMENTS RECEIVABLE The group and company lease retail, office, industrial and specialised properties under operating leases. On average, the leases run for a period of three to five years. Contractual amounts (comprising contractual rental income, excluding the straight-line rental income adjustments, and operating expense recoveries) due in terms of signed operating lease agreements: GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Less than 12 months 6 811 912 7 051 506 3 994 748 2 958 108 Between one and two years 5 723 376 6 001 422 3 491 308 2 540 720 Between two and three years 4 512 715 4 787 168 2 781 823 2 091 736 Between three and four years 3 380 853 3 582 279 2 174 202 1 612 126 Between four and five years 2 356 489 2 577 740 1 611 360 1 237 318 Over five years 5 926 719 7 084 752 3 683 269 3 158 057 Total minimum lease payments receivable 28 712 064 31 084 867 17 736 710 13 598 065 48. FINANCIAL INSTRUMENT CATEGORIES GROUP 2026 2025 Figures in R’000 At amortised cost At fair value through profit or loss Total At amortised cost At fair value through profit or loss Total Financial assets Listed securities – 64 817 64 817 – 42 131 42 131 Derivative assets – 637 646 637 646 – 139 472 139 472 Loans receivable 108 066 – 108 066 778 522 – 778 522 Other financial assets – 114 688 114 688 – 131 138 131 138 Trade and other receivables 1 813 821 – 813 821 851 156 – 851 156 Other monetary assets 217 104 – 217 104 366 395 – 366 395 Cash and cash equivalents 2 218 824 – 2 218 824 1 562 576 – 1 562 576 Balance at the end of the year 3 357 815 817 151 4 174 966 3 558 649 312 741 3 871 390 Financial liabilities Interest-bearing borrowings 42 369 461 – 42 369 461 43 817 627 – 43 817 627 Derivative liabilities – 47 992 47 992 – 462 938 462 938 Other financial liabilities 160 321 – 160 321 90 602 – 90 602 Trade and other payables 2 2 182 162 – 2 182 162 2 100 367 – 2 100 367 Balance at the end of the year 44 711 944 47 992 44 759 936 46 008 596 462 938 46 471 534 1 Prepayments and VAT receivable are not financial assets and therefore have been excluded from trade and other receivables 2 Rental received in advance and VAT payable are not financial liabilities and therefore have been excluded from trade and other payables For all financial instruments at amortised cost, the amortised cost at year end reasonably approximates the fair value. 65 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 48. FINANCIAL INSTRUMENT CATEGORIES continued COMPANY 2026 2025 Figures in R’000 At amortised cost At fair value through profit or loss Total At amortised cost At fair value through profit or loss Total Financial assets Listed securities – 64 817 64 817 – 42 131 42 131 Derivative assets – 619 165 619 165 – 127 532 127 532 Loans receivable – – – 51 603 – 51 603 Other monetary assets 42 828 – 42 828 31 135 – 31 135 Loans to subsidiaries 16 901 581 – 16 901 581 25 719 502 – 25 719 502 Trade and other receivables 1 528 509 – 528 509 450 788 – 450 788 Cash and cash equivalents 1 858 738 – 1 858 738 1 082 217 – 1 082 217 Balance at the end of the year 19 331 656 683 982 20 015 638 27 335 245 169 663 27 504 908 Financial liabilities Interest-bearing borrowings 33 987 122 – 33 987 122 34 498 608 – 34 498 608 Derivative liabilities – 41 810 41 810 – 367 309 367 309 Other financial liabilities 33 867 – 33 867 32 140 – 32 140 Trade and other payables 2 1 289 426 – 1 289 426 1 018 915 – 1 018 915 Loans from subsidiaries 1 206 896 – 1 206 896 29 194 – 29 194 Balance at the end of the year 36 517 311 41 810 36 559 121 35 578 857 367 309 35 946 166 1 Prepayments and VAT receivable are not financial assets and therefore have been excluded from trade and other receivables 2 Rental received in advance and VAT payable are not financial liabilities and therefore have been excluded from trade and other payables For all financial instruments at amortised cost, the amortised cost at year end reasonably approximates the fair value. 49. FAIR VALUE DISCLOSURES IFRS 13: Fair Value Measurement requires an entity to disclose, for each class of financial instruments and investment property measured at fair value, the level in the fair value hierarchy into which the fair value measurements are categorised in their entirety. The fair value hierarchy reflects the significance of the inputs used in making fair value measurements. The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety shall be determined on the basis of the lowest level of input that is significant to the fair value measurement in its entirety. 49.1 Fair value hierarchy The fair value hierarchy has the following levels: § Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities § Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) § Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs) There have been no significant changes in valuation techniques during the year. There have been no transfers between level 1, level 2 and level 3 during the year under review. The following table analyses the group’s assets and liabilities that are recognised and subsequently measured at fair value: GROUP 2026 Figures in R’000 Notes Level 1 Level 2 Level 3 Fair value Assets Investment property assets 3 – – 87 757 792 87 757 792 Non-current assets held-for-sale 14 – – 180 100 180 100 Listed securities 5 64 817 – – 64 817 Derivative assets 20 – 637 646 – 637 646 Other financial assets 8 – – 114 688 114 688 Balance at the end of the year 64 817 637 646 88 052 580 88 755 043 Liabilities Derivative liabilities 20 – 47 992 – 47 992 Balance at the end of the year – 47 992 – 47 992 2025 Figures in R’000 Notes Level 1 Level 2 Level 3 Fair value Assets Investment property assets 3 – – 86 896 694 86 896 694 Non-current assets held-for-sale 14 – – 63 337 63 337 Listed securities 5 42 131 – – 42 131 Derivative assets 20 – 139 472 – 139 472 Other financial assets 8 – – 131 138 131 138 Balance at the end of the year 42 131 139 472 87 091 169 87 272 772 Liabilities Derivative liabilities 20 – 462 938 – 462 938 Balance at the end of the year – 462 938 – 462 938 66 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 49. FAIR VALUE DISCLOSURES continued 49.1 Fair value hierarchy continued Level 3 reconciliation GROUP 2026 Figures in R’000 Notes Balance at the beginning of the year Additions Disposals Recognised in profit or loss for the year Balance at the end of the year Investment properties 1 3 85 974 005 1 831 926 (1 486 693) 332 208 86 651 446 Properties under development 3 366 313 833 076 (558 481) (14 871) 626 037 Right-of-use asset 3 556 376 – (13 662) (62 405) 480 309 Non-current assets held-for-sale 14 63 337 186 995 (69 004) (1 228) 180 100 Other financial assets 8 131 138 – – (16 450) 114 688 Balance at the end of the year 87 091 169 2 851 997 (2 127 840) 237 254 88 052 580 2025 Figures in R’000 Notes Balance at the beginning of the year Additions Disposals Recognised in profit or loss for the year Balance at the end of the year Investment properties 1 3 82 250 710 1 886 202 (913 818) 2 750 911 85 974 005 Properties under development 3 66 344 469 288 (173 984) 4 665 366 313 Right-of-use asset 3 567 341 17 998 (28 053) (910) 556 376 Non-current assets held-for-sale 14 522 142 65 161 (512 871) (11 096) 63 337 Other financial assets 8 147 835 – – (16 697) 131 138 Other financial liabilities 21 (191 909) – 48 259 143 650 – Balance at the end of the year 83 362 463 2 438 650 (1 580 467) 2 870 523 87 091 169 1 Includes straight-line rental income accrual COMPANY 2026 Figures in R’000 Notes Level 1 Level 2 Level 3 Fair value Assets Investment properties 1 3 – – 46 439 121 46 439 121 Non-current assets held-for-sale 14 – – 180 100 180 100 Listed securities 5 64 817 – – 64 817 Derivative assets 20 – 619 165 – 619 165 Balance at the end of the year 64 817 619 165 46 619 221 47 303 203 Liabilities Derivative liabilities 20 – 41 810 – 41 810 Balance at the end of the year – 41 810 – 41 810 2025 Figures in R’000 Notes Level 1 Level 2 Level 3 Fair value Assets Investment properties 1 3 – – 34 311 387 34 311 387 Non-current assets held-for-sale 14 – – 62 404 62 404 Listed securities 5 42 131 – – 42 131 Derivative assets 20 – 127 532 – 127 532 Balance at the end of the year 42 131 127 532 34 373 791 34 543 454 Liabilities Derivative liabilities 20 – 367 309 – 367 309 Balance at the end of the year – 367 309 – 367 309 1 Includes straight-line rental income accrual 67 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 49. FAIR VALUE DISCLOSURES continued 49.1 Fair value hierarchy continued Level 3 reconciliation continued COMPANY 2026 Figures in R’000 Notes Balance at the beginning of the year Additions Disposals Recognised in profit or loss for the year Balance at the end of the year Investment properties 1 3 34 143 424 12 182 087 (1 250 228) 1 093 509 46 168 792 Properties under development 3 126 800 (57 919) 156 900 14 069 239 850 Right-of-use asset 3 41 163 – – (10 684) 30 479 Non-current assets held-for-sale 14 62 404 186 995 (69 004) (295) 180 100 Balance at the end of the year 34 373 791 12 311 163 (1 162 332) 1 096 599 46 619 221 2025 Figures in R’000 Notes Balance at the beginning of the year Additions Disposals Recognised in profit or loss for the year Balance at the end of the year Investment properties 1 3 33 753 280 686 692 (773 260) 476 712 34 143 424 Properties under development 3 – 130 518 – (3 718) 126 800 Right-of-use asset 3 75 452 6 870 (28 053) (13 106) 41 163 Non-current assets held-for-sale 14 164 760 63 249 (164 729) (876) 62 404 Other financial liabilities 21 (6 632) – – 6 632 – Balance at the end of the year 33 986 860 887 329 (966 042) 465 644 34 373 791 1 Includes straight-line rental income accrual 49.2 Details of valuation techniques The valuation techniques used in measuring fair values at 31 August 2026 for financial instruments and investment property measured at fair value in the statement of financial position, as well as the significant unobservable inputs used, are disclosed below. There have been no significant changes in valuation techniques since 31 August 2025. Valuations were completed using the following methods of valuation: 49.2.1 Derivative assets and liabilities 49.2.1.1 Foreign exchange options The fair value is determined using quoted forward exchange rates at the reporting date and present value calculations based on high credit quality yield curves in the respective currencies. 49.2.1.2 Interest rate swaps The fair value is calculated as the present value of the estimated future cash flows. Estimates of the future floating- rate cash flows are based on quoted swap rates, futures prices, and interbank borrowing rates. Estimated cash flows are discounted using a yield curve constructed from similar sources, which reflects the relevant benchmark interbank rate used by market participants for this purpose when pricing interest rate swaps. The fair value estimate is subject to a credit risk adjustment that reflects the credit risk of the group and of the counterparty. This is calculated based on credit spreads derived from current credit default swap or bond prices. 49.2.1.3 Cross-currency interest rate swaps The fair value is calculated by discounting the future cash flows using the swap curve of the respective currencies at the dates when the cash flows will take place. 49.2.2 Listed securities The fair value is determined based on the closing market price on the relevant exchange. 49.2.3 Other financial assets 49.2.3.1 Unlisted securities The adjusted NAV method is used to determine the fair value, i.e. the value is measured based on the fair value of the investee’s assets and liabilities. 68 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 49. FAIR VALUE DISCLOSURES continued 49.2 Details of valuation techniques continued 49.2.4 Investment property 49.2.4.1 Undeveloped land Zoned – bulk rates Bulk rates are determined for land that has been zoned. Unzoned – comparable sales method Undeveloped land is valued in terms of the internationally accepted preferred method of comparison, involving the use of recent comparable transactions as a basis for the valuation. 49.2.4.2 Properties under development – comparable sales method and costs incurred Properties under development comprise the cost of land and costs incurred in the development thereof, and they are measured at fair value. The fair value is based on the internationally accepted preferred method of comparison involving the use of recent comparable transactions as a basis for the valuation. When the fair value cannot be reliably determined, the fair value is based on the costs incurred up to the date of the valuation. 49.2.4.3 Properties classified as held-for-sale – contract sales price The fair value of these properties is determined based on the contract selling price with the buyer. 49.2.4.4 Investment property – discounted cash flow method The group applies a robust and consistently applied valuation framework in determining the fair value of its property portfolio, with biannual valuations performed by a panel of independent external valuers appointed by the group. The valuation process incorporates a structured internal review and oversight framework to ensure that prevailing market conditions, asset-specific risk factors, and underlying property performance are appropriately reflected in the valuations. The results of the valuations are reviewed by the relevant governance forums, with final approval provided by the investment committee, a subcommittee of the board of directors. The valuations were effective as at 31 August 2026, with the value of the investment properties at the reporting date disclosed in note 3: Investment property assets. Fair value measurements are based on market-observable inputs and assumptions, with income-producing properties primarily valued using the DCF method and alternative valuation techniques applied where appropriate. Under the DCF method, the fair value of each property is determined by discounting forecast future cash flows over a five-year period, together with a residual value at the end of the forecast period. The residual value is calculated by capitalising the forecast net income for the 12-month period immediately following the final year of the cash flow projection using an appropriate exit capitalisation rate. The capitalisation rate reflects factors such as the property’s location, physical condition, lease profile, tenant covenant strength, prevailing market conditions, and the risks inherent in the asset. The discount rate is derived from the capitalisation rate, adjusted for anticipated property-specific growth, including forecast market-related rental escalations. Both the capitalisation and discount rates are assessed for reasonableness with reference to recent comparable market transactions and industry surveys published by MSCI/South African Property Owners Association. The independent valuers are as follows: COMPANY VALUER QUALIFICATIONS OF THE VALUER VALUERS FOR INVESTMENT PROPERTIES LOCATED IN SOUTH AFRICA 1 Broll J Karg BCom, MRICS, RICS, professional valuer Eris Property Group C Everatt BSc (Hons) Estate Management, MRICS, MIV (SA), professional valuer Intengo Valuers and Property Consultants S Khumalo Advanced NDip (Prop Val), SACPVP, professional valuer, Knight Frank A Arbee NDip (Prop Val), professional valuer Premium Valuation Services Y Vahed MPRE, SACPVP, SAIV, professional valuer Real Insight T Behrens NDip (Prop Val), professional valuer Spectrum Valuation and Asset Solutions P O’Connell NDip (Prop Val), MRICS, professional valuer Sterling Valuation Specialists A Smith BSc, MIV (SA), professional valuer VALUER FOR INVESTMENT PROPERTIES LOCATED IN POLAND – EPP Savills K Szafrańska MRICS, RICS K Sabatowska-Gomułka MRICS, RICS H Nowotnik MRICS, RICS T Stoczyński MRICS, RICS VALUER FOR INVESTMENT PROPERTIES LOCATED IN POLAND – SELF-STORAGE BNP Paribas Real Estate Poland A Bielecki MRICS, licensed valuer I Grzyb-Szyszko Licensed valuer M Musiał Licensed valuer 1 Properties located in South Africa are valued by valuers registered in terms of section 19 of the Property Valuers Profession Act, No 47 of 2000 69 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 COMPANY Unobservable inputs across sectors (% unless otherwise stated) 2026 2025 Office sector Discount rate 11.00 -16.00 12.00-15.25 Exit capitalisation rate 8.00-12.00 8.00-12.00 Bulk rate R3 500 p/m² R3 500 p/m² Expected market rental growth 2.50-6.50 1.00-7.50 Expected expense growth 6.00-7.00 6.00-7.00 Occupancy rate 86.68 83.72 Vacancy periods 2-8 months 0-8 months Retail sector Discount rate 11.50-15.50 12.25-15.50 Exit capitalisation rate 7.50-12.00 7.50-12.00 Bulk rate R900-R1 915 p/m² R900-R4 000 p/m² Expected market rental growth 4.00-5.50 1.00-5.50 Expected expense growth 6.00-6.50 6.00-7.00 Occupancy rate 95.46 92.00 Vacancy periods 0-10 months 0-8 months Industrial sector Discount rate 11.50-15.50 12.00-15.00 Exit capitalisation rate 7.75-11.50 7.75-11.50 Bulk rate R200-R950/m² R200-R900/m² Expected market rental growth 4.00-5.50 1.00-5.50 Expected expense growth 4.90-6.50 6.00-6.50 Occupancy rate 97.36 98.65 Vacancy periods 0-12 months 0-12 months Specialised sector 1 Discount rate – 13.25 13.50 Exit capitalisation rate – 9.00-9.75 Expected market rental growth – 1.00-5.00 Expected expense growth – 6.00-6.50 Occupancy rate – 100.00 Vacancy periods – 0-5 months 1 During the current year, all properties within the specialised portfolio were disposed of. Consequently, no external property valuations were performed in respect of this portfolio 49. FAIR VALUE DISCLOSURES continued 49.2 Details of valuation techniques continued 49.2.4 Investment property continued GROUP Unobservable inputs across sectors (% unless otherwise stated) 2026 2025 Office sector Discount rate 11.00-16.00 11.25-16.00 Exit capitalisation rate 8.00-12.00 8.00-12.00 Bulk rate R3 500-R4 500 p/m² R3 500-R4 500 p/m² Expected market rental growth 2.50-6.50 2.50-7.00 Expected expense growth 6.00-6.50 6.00-7.00 Occupancy rate 87.10 85.66 Vacancy periods 2-8 months 0-8 months Retail sector Discount rate 11.50-15.50 11.50-15.50 Exit capitalisation rate 7.00-12.00 7.00-12.00 Bulk rate R900-R4 000 p/m² R900-R4 000 p/m² Expected market rental growth 4.00-5.50 3.50-5.50 Expected expense growth 6.00-6.50 6.00-6.50 Occupancy rate 95.59 94.18 Vacancy periods 2-12 months 2-8 months Industrial sector Discount rate 11.50-15.50 12.00-15.50 Exit capitalisation rate 7.75-11.50 7.75-11.50 Bulk rate R200-R950 p/m² R200-R900 p/m² Expected market rental growth 4.00-5.50 4.00-5.50 Expected expense growth 4.90-6.50 6.00 -7.00 Occupancy rate 97.39 98.68 Vacancy periods 0-12 months 0-12 months Specialised sector 1 Discount rate – 13.50 Exit capitalisation rate – 9.00 Expected market rental growth – 5.00 Expected expense growth – 6.50 Occupancy rate – 100.00 Vacancy periods – 5 months International sector – EPP 2 Discount rate 7.90-9.00 7.90-9.00 Exit capitalisation rate 6.35-7.55 6.25-7.55 Expected market rental growth 2.01-2.83 1.95-2.03 Expected expense growth 2.20-2.90 2.40-3.90 Occupancy rate 98.34 98.70 Vacancy periods 1-12 months 1-12 months International sector – Self-Storage Discount rate 9.75-13.55 9.95-13.25 Exit capitalisation rate 7.25-10.80 7.35-10.85 Average five-year indexation of costs 2.50 2.70 Current occupancy rate 28.00-91.00 13.50-90.00 Stabilised occupancy rate 65.00-90.00 82.00-90.00 Lease-up rate per annum 15-1 100m 2 15-1 100m 2 1 During the current year, all properties within the specialised portfolio were disposed of. Consequently, no external property valuations were performed in respect of this portfolio 2 Relates to directly held retail properties in EPP 70 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 49. FAIR VALUE DISCLOSURES continued 49.2 Details of valuation techniques continued 49.2.4 Investment property continued 49.2.4.5 Sensitivity of fair values to changes in unobservable inputs The valuation of investment properties is sensitive to changes in inputs used in determining fair value. The table below illustrates the sensitivity in fair value to changes in the unobservable inputs shown below. GROUP 2026 Valuation Change in exit capitalisation rate Change in discount rate Sector Valuation Weighted average exit rate Weighted average discount rate Decrease 50bps Increase 50bps Decrease 50bps Increase 50bps R’000 % % R’000 % R’000 % R’000 % R’000 % Retail 31 083 150 7.96 12.21 1 384 975 4.46 (1 220 875) (3.93) 584 106 1.88 (570 677) (1.84) Office 23 132 102 8.82 12.62 895 274 3.87 (802 869) (3.47) 421 169 1.82 (414 146) (1.79) Industrial 12 697 284 8.95 13.01 456 491 3.60 (421 169) (3.32) 218 084 1.72 (226 852) (1.79) Specialised 1 43 600 9.75 13.25 1 900 4.36 (1 600) (3.67) 700 1.61 (600) (1.38) EPP2 17 741 202 6.71 8.32 1 045 539 5.89 (899 563) (5.07) 354 992 2.00 (345 725) (1.95) Self-Storage 1 045 918 7.71 10.26 76 890 7.20 (66 955) (6.27) 23 456 2.20 (21 944) (2.05) Total3 85 743 256 3 861 069 (3 413 031) 1 602 507 (1 579 944) 2025 Valuation Change in exit capitalisation rate Change in discount rate Sector Valuation Weighted average exit rate Weighted average discount rate Decrease 50bps Increase 50bps Decrease 50bps Increase 50bps R’000 % % R’000 % R’000 % R’000 % R’000 % Retail 29 786 319 8.03 12.33 1 311 979 4.40 (1 184 415) (3.98) 548 307 1.84 (563 697) (1.89) Office 22 816 789 8.85 12.72 897 306 3.93 (790 144) (3.46) 421 344 1.85 (409 445) (1.79) Industrial 12 237 702 8.97 13.15 429 229 3.51 (407 609) (3.33) 205 470 1.68 (224 986) (1.84) Specialised 482 900 8.62 12.79 17 581 3.64 (15 845) (3.28) 8 359 1.73 (8 260) (1.71) EPP2 18 965 853 6.61 8.26 1 148 946 6.06 (986 129) (5.20) 382 344 2.02 (372 345) (1.96) Self-Storage 699 320 7.92 10.53 34 014 4.88 (29 640) (4.26) 16 181 2.32 (13 946) (2.00) Total3 84 988 883 3 839 055 (3 413 782) 1 582 005 (1 592 679) 1 All properties classified as investment properties within the specialised sector were disposed of during the current year, with the sole remaining property classified as property, plant and equipment 2 Relates to directly held retail properties in EPP 3 Excludes ROU assets, non-current assets held-for-sale, properties under development, and land. Includes buildings classified as property, plant and equipment 71 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 49. FAIR VALUE DISCLOSURES continued 49.2 Details of valuation techniques continued 49.2.4 Investment property continued COMPANY 2026 Valuation Change in exit capitalisation rate Change in discount rate Sector Valuation Weighted average exit rate Weighted average discount rate Decrease 50bps Increase 50bps Decrease 50bps Increase 50bps R’000 % % R’000 % R’000 % R’000 % R’000 % Retail 14 298 500 8.29 12.46 603 704 4.22 (535 396) (3.74) 266 411 1.86 (261 308) (1.83) Office 19 026 852 8.83 12.50 732 460 3.85 (654 098) (3.44) 347 839 1.83 (338 840) (1.78) Industrial 12 365 434 8.97 13.03 442 436 3.58 (408 705) (3.31) 211 953 1.71 (220 805) (1.79) Specialised 1 – – – – – – – – – – – Total1 45 690 786 1 778 600 (1 598 199) 826 203 (820 953) 2025 Valuation Change in exit capitalisation rate Change in discount rate Sector Valuation Weighted average exit rate Weighted average discount rate Decrease 50bps Increase 50bps Decrease 50bps Increase 50bps R’000 % % R’000 % R’000 % R’000 % R’000 % Retail 8 997 900 8.48 12.81 358 089 3.98 (345 060) (3.83) 154 093 1.71 (179 289) (1.99) Office 12 561 989 9.02 12.91 488 506 3.89 (428 373) (3.41) 233 641 1.86 (226 175) (1.80) Industrial 11 616 202 8.99 13.17 408 760 3.52 (389 423) (3.35) 196 152 1.69 (215 856) (1.86) Specialised 431 300 8.49 12.73 15 823 3.67 (14 208) (3.29) 7 458 1.73 (7 327) (1.70) Total2 33 607 391 1 271 178 (1 177 064) 591 344 (628 647) 1 During the current year, all properties within the specialised portfolio were disposed of 2 Excludes ROU assets, non-current assets held-for-sale, and land. Includes buildings classified as property, plant and equipment 72 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 50. FINANCIAL RISK MANAGEMENT The group’s financial risk management objective is to manage capital and financial risk exposure so that the group continues as a going concern, minimises adverse effects of financial risks on returns, and remains flexible to explore emerging opportunities in the market. The group adheres to a risk management policy that is aligned with the REIT industry practice that prohibits the company from entering into any derivative transactions that are not in the normal course of business. The group has exposure to the following risks from its use of financial instruments: § Liquidity risk § Market risk § Credit risk While risk management is the ultimate responsibility of the board of directors, the board has delegated this responsibility to the risk committee, which is responsible for developing and monitoring the group’s risk management policies. The group’s risk management policies are established to ensure: § Improved risk management and control § The efficient allocation of capital to maximise returns § The maintenance of acceptable levels of risk within the group as a whole § Efficient liquidity management and control of funding The audit and risk committees review management’s compliance with the group’s risk policies and procedures and assess the adequacy of the risk management framework. The committees report regularly to the board of directors. 50.1 Liquidity risk Liquidity risk is the risk that the group will not be able to meet its financial obligations as they fall due in the normal course of business. The group ensures that it has adequate funds available and seeks to borrow for longer terms at commercially viable cost of debt levels. Redefine employs robust forward-looking liquidity management principles through the use of cash flow forecasting and scenario planning. The sale of assets where all suspensive conditions have been met is factored in when reviewing cash flow requirements. Refer to note 14: Non-current assets held-for-sale. The maturity profile of financial liabilities is closely reviewed, and the decision to settle or refinance is made well in advance. Cash reserves are also monitored regularly, with excess cash being utilised to reduce outstanding revolving credit balances, thereby increasing available undrawn facilities. Total group and company undrawn facilities at year end amounted to R5.1 billion (FY25: R5.1 billion) and R5.1 billion (FY25: R5.1 billion), respectively. A maturity analysis of financial liabilities is set out in the table below: GROUP Figures in R’000 Less than one year One to two years Two to five years More than five years Total 2026 Interest-bearing borrowings 8 272 245 8 419 946 28 745 649 7 531 305 52 969 145 Derivative liabilities 26 174 21 147 671 – 47 992 Other financial liabilities 13 767 61 913 84 641 – 160 321 Trade and other payables 2 182 162 – – – 2 182 162 Total financial liabilities 10 494 348 8 503 006 28 830 961 7 531 305 55 359 620 2025 Interest-bearing borrowings 6 169 679 9 447 950 34 789 979 4 197 853 54 605 461 Derivative liabilities 319 916 43 207 99 815 – 462 938 Other financial liabilities 16 813 32 661 41 128 – 90 602 Trade and other payables 2 100 367 – – – 2 100 367 Total financial liabilities 8 606 775 9 538 153 34 916 587 4 197 853 57 259 368 COMPANY Figures in R’000 Less than one year One to two years Two to five years More than five years Total 2026 Interest-bearing borrowings 7 812 079 5 965 891 21 767 084 7 476 219 43 021 273 Derivative liabilities 22 402 19 408 – – 41 810 Other financial liabilities 13 767 15 116 4 984 – 33 867 Trade and other payables 1 289 426 – – – 1 289 426 Loans from subsidiaries 1 206 896 – – – 1 206 896 Total financial liabilities 10 344 570 6 000 415 21 772 068 7 476 219 45 593 272 2025 Interest-bearing borrowings 5 671 865 8 274 393 26 164 757 4 167 200 44 278 215 Derivative liabilities 319 916 43 207 4 186 – 367 309 Other financial liabilities 16 813 10 597 4 730 – 32 140 Trade and other payables 1 018 915 – – – 1 018 915 Loans from subsidiaries 29 194 – – – 29 194 Total financial liabilities 7 056 703 8 328 197 26 173 673 4 167 200 45 725 773 73 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 50. FINANCIAL RISK MANAGEMENT continued 50.2 Market risk GROUP COMPANY Figures in R’000 2026 2025 2026 2025 50.2.1 Interest rate risk 1 The group and company are exposed to interest rate risk through their variable rate cash balances, receivables, payables, and interest-bearing borrowings. The group and company reduce their exposure to changes in interest rates by fixing interest rates in respect of their local borrowings. This is achieved by entering into swap agreements to receive variable and pay fixed interest rates. The following percentage of local and international borrowings has been fixed: 79.0% 83.2% 80.0% 85.9% An increase of 1% in interest rates on the effective floating interest rate liabilities for the year would have increased the interest expense, therefore the profit and equity would decrease by: (101 360) (81 169) (44 738) (65 493) WIBOR (2 190) (476) – – JIBAR (63 219) (45 085) (63 219) (45 085) EURIBOR (35 951) (33 835) 18 481 (18 635) SOFR – (1 773) – (1 773) 50.2.2 Equity price risk 1 The group and company are exposed to equity securities price risk in respect of listed and unlisted securities held. Fluctuations in equity prices do not affect distributions paid to shareholders. Equity price risk is managed through monthly reviews of security prices. If equity security prices increased by 5%, the increase in profit and equity would have been: Listed and unlisted securities 8 975 8 663 3 241 2 107 50.2.3 Currency risk 1 The group and company are exposed to currency risk through foreign interest-bearing borrowings, cross-currency interest rate swaps, and foreign property assets. These interest-bearing borrowings are used to invest in foreign property assets, while the cross-currency swaps are used to hedge the associated foreign currency risk and interest rate risk. The group and company manage their currency risk through natural hedges by investing offshore through foreign-denominated loans and entering into derivatives that include cross-currency interest rate swaps and forward exchange contracts. Below are the closing and average exchanges rates applied during the financial year: Closing rates EUR 18.73 20.68 18.73 20.68 PLN 4.32 4.86 4.32 4.86 USD 16.16 17.73 16.16 17.73 Average rates EUR 19.40 19.90 19.40 19.90 PLN 4.56 4.67 4.56 4.67 USD 16.67 18.09 16.67 18.09 It is estimated that a R1.00 increase in the relevant spot exchange rate would decrease the group and company expected profit before taxation by: Interest expense EUR (24 006) (25 106) (4 344) (4 091) PLN (3 806) (817) – – USD – (691) – (691) Interest-bearing borrowings It is estimated that a R1.00 increase in the relevant spot exchange rate would increase interest-bearing borrowings, with a corresponding increase in the statement of profit or loss and other comprehensive income: EUR (532 529) (536 739) (98 688) (90 100) PLN (58 688) (9 800) – – USD – (10 000) – (10 000) 1 The sensitivity analyses have been prepared using the assumptions and risk variables considered relevant to each category of market risk. The sensitivities reflect the effect of reasonably possible changes in the applicable risk variables at the reporting date, with all other assumptions remaining unchanged. Equivalent movements in the opposite direction would result in a corresponding opposite impact on profit or loss and/or equity 50.3 Credit risk management Credit risk is the probability of a financial loss to the group due to a counterparty’s inability to adhere to the contractual obligations resulting in a default. The group has no significant concentration of credit risk as exposure is spread over various counterparties. Potential areas of credit risk comprise mainly cash and cash equivalents, trade and other receivables, and loans receivable. The group and company’s maximum exposure to credit risk by class of financial asset other than derivatives is as follows: GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Cash and cash equivalents 2 218 824 1 562 576 1 858 738 1 082 217 Other monetary assets 217 104 366 395 42 828 31 135 Gross trade receivables 541 483 582 053 336 475 315 231 Other receivables 356 696 381 341 246 462 197 676 Gross loans receivable 125 007 797 204 – 51 603 Gross loans to subsidiaries – – 16 901 581 25 719 502 Derivative assets 637 646 139 472 619 165 127 532 Total 4 096 760 3 829 041 20 005 249 27 524 896 50.3.1 Cash and cash equivalents and other monetary assets Redefine’s credit risk exposure and concentration are closely monitored. A significant portion of the group’s balances are held with The Standard Bank of South Africa Limited, amounting to R1 340 million (FY25: R1 051.3 million) with a Moody’s credit rating of Ba2 (FY25: Ba2); HSBC Bank plc, amounting to R97.3 million (FY25: R50.3 million) with a Moody’s credit rating of A1 (FY25: A1); and PKO Bank Polski, amounting to R80.2 million (FY25: R153.2 million) with a Moody’s credit rating of A2 (FY25: A2). The fair value of cash and cash equivalents and other monetary assets as at 31 August 2026 and 31 August 2025 approximates the carrying value. While cash and cash equivalents and other monetary assets are also subject to the impairment requirements of IFRS 9, the identified impairment loss was immaterial, taking into account the good rating of banks holding these deposits. 74 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 50. FINANCIAL RISK MANAGEMENT continued 50.3 Credit risk management continued 50.3.2 Trade receivables GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Gross trade receivables 541 483 582 053 336 475 315 231 Less: Expected credit losses (84 358) (112 238) (54 428) (62 119) Net trade receivables 457 125 469 815 282 047 253 112 The fair value of trade receivables as at 31 August 2026 and 31 August 2025 approximates the carrying value Trade receivables – expected credit losses applying the simplified model The group measures trade receivables at amortised cost and recognises lifetime ECLs in accordance with the IFRS 9 simplified approach. Trade receivables are generally short term in nature, with lease payments typically due in advance and balances becoming overdue when contractual payment terms are not met. Receivables that are more than 30 days past due are considered to have experienced a significant increase in credit risk and are therefore subject to an ECL assessment. Trade receivables are grouped into three primary portfolios: § South African portfolio § International portfolio – EPP § International portfolio – Self-Storage The grouping is based on their geographic location, customer profile, underlying revenue stream, and credit risk characteristics. Given the differing risk characteristics of these portfolios, separate ECL rates are determined for each portfolio using historical credit loss experience, adjusted where appropriate for current conditions and forward- looking information. In determining ECL rates, the group considers portfolio-specific factors, including ageing profiles, historical recovery trends, customer behaviour, market practices, and the effectiveness of collection and recovery processes. Where supported by historical evidence, different ageing buckets, default indicators, and provisioning thresholds are applied. Receivables are written off when there is no reasonable expectation of recovery. In the current year, non-performing trade receivables amounting to the below were written off: § Group: R72.8 million (FY25: R88.0 million) § Company: R56.2 million (FY25: R72.5 million) § Group South Africa: R70.2 million (FY25: R84.5 million) § Group international: R2.6 million (FY25: R3.5 million) South African portfolio ECL rates are determined using historical credit loss experience, adjusted where appropriate for current and forward-looking economic information. ECL rates for performing trade receivables are based on tenants’ payment profiles and historical loss experience observed over the 36 months preceding the reporting date. The financial performance and creditworthiness of tenants in arrears are monitored on an ongoing basis, and appropriate collection procedures are undertaken to recover outstanding amounts. Where necessary, payment arrangements may be agreed with tenants. Receivables outstanding for more than 90 days after the original due date are considered to be in default, following the exhaustion of reasonable collection efforts, and legal recovery actions may be initiated. Recoverability is assessed on a case-by-case basis, taking into account the specific circumstances of each tenant. Based on historical collection experience, management applies a 100% ECL allowance to trade receivables in the South African portfolio that are more than 90 days past due, as these balances are considered credit impaired. § Group – South Africa (refer to note 50.3.2.1) The overall weighted average loss rate decreased from 18.5% in FY25 to 15.0% in FY26, primarily due to an improvement in the ageing profile and recoverability of the receivables portfolio. Receivables aged more than 91 days decreased from R86.1 million to R62.1 million during the year, reducing the proportion of balances subject to a 100% loss rate. This was supported by improved collection outcomes and cash recoveries on previously overdue balances, although the balance remains fully provided for. § Company – South Africa (refer to note 50.3.2.3) The receivables portfolio remains concentrated in the current bucket, which comprises 79.4% of total gross receivables (FY25: 74.6%), reflecting an improvement in collections and debtor ageing during the year. Receivables in the over-90-day bucket decreased to R46.9 million (FY25: R58.5 million), reducing its proportion of total gross receivables to 13.9% (FY25: 18.6%). This improvement is indicative of stronger collections performance and a reduction in long-outstanding balances, although the balance remains fully provided for. As a result, the overall ECL coverage ratio improved to 16.2% (FY25: 19.7%), supported by the increased proportion of current receivables and lower exposure to aged debtors. 75 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 50. FINANCIAL RISK MANAGEMENT continued 50.3 Credit risk management continued 50.3.2 Trade receivables continued Trade receivables – expected credit losses applying the simplified model continued Group – international (refer to note 50.3.2.2) Of the total international gross receivables balance of R71.5 million (FY25: R73.0 million), R67.8 million (FY25: R69.6 million) relates to EPP, with the remaining R3.7 million (FY25: R3.4 million) relating to the Self-Storage portfolio. EPP represents 94.8% (FY25: 95.3%) of the total international gross receivables balance. § International portfolio – EPP The ECL rates applied to each ageing category are determined by an external adviser using historical loss data and, where relevant, adjusted for forward-looking information. EPP also performs individual assessments for selected counterparties where specific credit risk indicators exist, including financial distress, liquidation or bankruptcy risk, disputed balances, or amounts not covered by guarantees or other forms of collateral. Trade receivables are assessed separately based on the nature of the underlying revenue stream and are categorised into: Ȼ Retail receivables, comprising amounts due from retail tenants, which represent the majority of EPP’s trade receivables balance Ȼ Other receivables, comprising amounts due from commercial tenants, asset management services, and other related services, which constitute the remainder of the trade receivables balance For retail receivables, ECL rates are determined using ageing categories and historical collection trends specific to the Polish retail market. While IFRS 9 includes a rebuttable presumption that default occurs when a financial asset is more than 90 days past due, EPP applies additional ageing buckets of 91 to 180 days and over 181 days past due, with separate ECL rates calculated for each category. Historical experience indicates that a significant proportion of retail receivables in the 91-to-180-day ageing bucket are subsequently recovered. This reflects a common characteristic of the Polish retail market, where tenants often settle overdue balances before the termination of their lease agreements by EPP. Accordingly, although balances in the 91-to-180-day ageing bucket are considered to have elevated credit risk, they are not regarded as fully uncollectible and are therefore not subject to a 100% ECL allowance. These historical collection patterns are reflected in the ECL rates applied to each ageing category. Retail receivables that are more than 180 days past due are considered credit-impaired and are fully provided for through the recognition of a 100% ECL allowance. For other receivables, trade receivables are grouped into ageing buckets, and provision rates are determined using a provision matrix based on historical credit loss experience, adjusted where appropriate for current and forward-looking information. The overall ECL rate decreased from 23% in FY25 to 18% in FY26, primarily due to an improvement in the ageing profile of the portfolio, including a reduction in receivables aged more than 91 days from R17.1 million to R12.1 million. While the loss rates applied to the older ageing categories increased, reflecting a more conservative assessment of recoverability, improved collection outcomes and a lower proportion of long-outstanding balances resulted in a lower overall impairment rate. § International portfolio – Self-Storage The trade receivables primarily comprise amounts due from Self-Storage customers. Trade receivables are monitored on an ongoing basis by Self-Storage’s debt collection team, which assesses recoverability based on the specific facts and circumstances of each case. Historical collection patterns indicate that receivables outstanding for more than 60 days have a significantly increased risk of non-recovery. Accordingly, trade receivables that are more than 60 days past due are fully provided for through the recognition of a 100% ECL allowance. As part of Self-Storage’s credit risk management practices, customer contracts are generally terminated once balances become more than 60 days overdue. Notwithstanding the above, receivables are not written off where there remains a reasonable expectation of recovery, as determined by Self-Storage’s debt collection team. Recovery actions, including legal proceedings, are considered based on the specific circumstances of each case and the value of the outstanding balance. Trade receivables ageing profile and expected credit losses GROUP 2026 Figures in R’000 Current 30-60 days 61-90 days Over 90 days Total 50.3.2.1 Group – South Africa Gross carrying amount 372 306 23 803 11 728 62 136 469 973 Weighted average loss rate 2.0% 2.0% 2.0% 100.0% 15.0% Less: expected credit loss 7 498 479 236 62 136 70 349 Net carrying amount 364 808 23 324 11 492 – 399 624 50.3.2.2 Group – international Gross carrying amount 29 519 27 322 786 13 883 71 510 Weighted average loss rate 0.2% 1.7% 32.4% 95.3% 19.6% Less: expected credit loss 49 473 255 13 232 14 009 Net carrying amount 29 470 26 849 531 651 57 501 2025 Restated 1 Figures in R’000 Current 30-60 days 61-90 days Over 90 days Total 50.3.2.1 Group – South Africa Gross carrying amount 382 136 21 896 18 990 86 062 509 084 Weighted average loss rate 1.7% 3.0% 3.7% 100.0% 18.5% Less: expected credit loss 6 574 651 702 86 062 93 989 Net carrying amount 375 562 21 245 18 288 – 415 095 50.3.2.2 Group – international Gross carrying amount 1 26 654 26 136 683 19 495 72 969 Weighted average loss rate 1 0.7% 4.4% 22.8% 86.0% 25.0% Less: expected credit loss 178 1 148 156 16 767 18 249 Net carrying amount 26 476 24 988 527 2 728 54 720 1 During the current period, the international trade receivables ageing analysis was reassessed based on the underlying ageing characteristics of the portfolio. This resulted in certain receivable balances being reallocated between ageing categories and a consequential refinement of the weighted average loss rates applied to those categories. Following the reassessment: – The gross carrying amount classified as current increased from R9.2 million to R26.7 million, the 30-to-60-day bucket increased from R25.5 million to R26.1 million, while the over-90-day bucket decreased from R37.6 million to R19.5 million – The weighted average loss rates applied to these buckets were correspondingly updated from 1.9% to 0.7% for current balances, from 4.5% to 4.4% for balances aged 30 to 60 days, from 22.9% to 22.8% for balances aged 61 to 90 days, and from 44.6% to 86.0% for balances aged over 90 days The restatement had no impact on the total gross carrying amount of trade receivables of R73.0 million, the total ECL allowance of R18.2 million, the overall weighted average loss rate of 25.0%, or the net carrying amount of R54.7 million 76 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 50. FINANCIAL RISK MANAGEMENT continued 50.3 Credit risk management continued 50.3.2 Trade receivables continued 50.3.2.3 Company – South Africa COMPANY 2026 Figures in R’000 Current 30-60 days 61-90 days Over 90 days Total Gross carrying amount 267 058 16 522 6 009 46 886 336 475 Weighted average loss rate 2.6% 1.9% 2.4% 100.0% 16.2% Less: expected credit loss 6 956 430 156 46 886 54 428 Net carrying amount 260 102 16 092 5 853 – 282 047 2025 Figures in R’000 Current 30-60 days 61-90 days Over 90 days Total Gross carrying amount 235 230 12 939 8 543 58 519 315 231 Weighted average loss rate 1.1% 4.6% 5.8% 100.0% 19.7% Less: expected credit loss 2 508 593 499 58 519 62 119 Net carrying amount 232 722 12 346 8 044 – 253 111 50.3.3 Other receivables 50.3.3.1 Expected credit losses applying the general model Other receivables primarily comprise deposits held with Nedbank (Moody’s credit rating Ba2 (FY25: Ba2)). While other receivables are also subject to the impairment requirements of IFRS 9: Financial Instruments , the identified impairment loss was immaterial. 50.3.4 Loans receivable 50.3.4.1 Expected credit losses applying the general model Loans receivable comprise funding for vendor loans to purchase or develop property issued to third parties. Prior to the granting of loans to customers, management performs creditworthiness checks to establish eligibility. Generally, for vendor loans, the property is pledged as collateral against the loan. The group assesses on a forward-looking basis the ECL associated with its loans receivable carried at amortised cost. The group uses three main parameters to measure ECL on loans receivable carried at amortised cost. These are the probability of default (PD), loss given default (LGD), and exposure at default (EAD) (i.e. PD x LGD x EAD = ECL). The group uses three categories for loans, which reflect its credit risk and how the ECL is determined for each category. A summary of the assumptions underpinning the group’s ECL model is as follows: CATEGORY DEFINITION OF CATEGORY BASIS FOR RECOGNITION OF EXPECTED CREDIT LOSS PROVISION Performing Loans for which credit risk is in line with original expectations 12-month ECLs. Where the expected lifetime of an asset is less than 12 months, expected losses are measured at its expected lifetime (stage 1) Underperforming Loans for which a significant increase in credit risk has occurred compared to original expectations; a significant increase in credit risk is presumed if interest and/or principal/payments are 30 days past due Lifetime expected losses (stage 2) Non-performing (credit impaired) Interest and/or principal repayments are 60 days past due, and it becomes probable the borrower will enter bankruptcy Lifetime expected losses (stage 3) Write-off Interest and/or principal repayments are 120 days past due and there is no reasonable expectation of recovery Asset is written off 77 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 50. FINANCIAL RISK MANAGEMENT continued 50.3 Credit risk management continued 50.3.4 Loans receivable continued Over the term of the loans, the group accounts for its credit risk by appropriately providing for ECL on a timely basis. In calculating the ECL, the group considers available historic and forward-looking information: GROUP Gross carrying amount R’000 Expected credit loss rate % Expected credit loss R’000 Net carrying amount R’000 2026 Stage 1 Performing 1 97 799 11.2 10 951 86 848 Stage 2 Underperforming 2 27 208 22.0 5 990 21 218 Stage 3 Non-performing – – – – Total 125 007 13.6 16 941 108 066 2025 Stage 1 Performing 1 764 863 1.7 12 692 752 171 Stage 2 Underperforming 2 32 341 18.5 5 990 26 351 Stage 3 Non-performing – – – – Total 797 204 2.3 18 682 778 522 COMPANY Gross carrying amount R’000 Expected credit loss rate % Expected credit loss R’000 Net carrying amount R’000 2026 Stage 1 Performing 3 – – – – Stage 2 Underperforming – – – – Stage 3 Non-performing – – – – Total – – – – 2025 Stage 1 Performing 3 51 603 – – 51 603 Stage 2 Underperforming – – – – Stage 3 Non-performing – – – – Total 51 603 – – 51 603 1 The gross carrying amount of the performing ELI loan decreased significantly from R764.9 million in FY25 to R97.8 million in FY26 following a substantial capital repayment during the year. As a result of the lower outstanding exposure, the expected ECL decreased from R12.7 million to R11.0 million. Although the ECL loss rate increased from 1.7% to 11.2%, this increase does not reflect a deterioration in credit quality. Rather, management retained a prudent level of provision despite the significant reduction in the underlying exposure, resulting in a higher ECL percentage when expressed relative to the reduced outstanding balance 2 The gross carrying amount of the underperforming Turnover Trading loan decreased from R32.3 million in FY25 to R27.2 million in FY26 following partial capital repayments during the year. The ECL provision remained unchanged at R6.0 million, reflecting management’s continued cautious assessment of the recoverability of the exposure. As the ECL amount remained relatively stable while the outstanding balance decreased, the ECL loss rate increased from 18.5% to 22.0% 3 The decrease in the gross carrying amount from R51.6 million to Rnil relates to the full settlement of the Berea Sp. z o.o. loan during the year, prior to its contractual maturity date. No ECL provision was recognised in either period as full recovery was expected and subsequently realised 50.3.5 Loan to subsidiaries 50.3.5.1 Expected credit losses applying the general model The company provides funding to its subsidiaries via intercompany loans. In calculating the ECL, the company considers historical loss rates for each category of borrower and adjusts forward-looking macroeconomic data. The company provides for credit losses as follows: COMPANY Figures in R’000 2026 2025 Category Counterparty type Location Gross carrying amount Gross carrying amount Performing Investment holding subsidiary South Africa 16 805 260 25 006 303 Performing Investment holding subsidiary Europe 96 321 713 199 Underperforming Investment holding subsidiary South Africa – – Total 16 901 581 25 719 502 There were no underperforming intercompany loans receivable at 31 August 2026 (FY25: Rnil). Accordingly, no specific ECL assessment was required in respect of underperforming intercompany loan balances. 51. CAPITAL MANAGEMENT In terms of the Memorandum of Incorporation, Redefine has limited borrowings to 100% of property assets. However, to protect Redefine’s exposure, the board aims to limit borrowings to 40% of property assets over the long term. The group and company property assets comprise investment properties (excluding ROU assets), owner-occupied properties, non-current assets held-for-sale, listed securities, loans receivable, other financial assets, and investments in associate and joint ventures. GROUP COMPANY Figures in R’000 2026 2025 2026 2025 Property assets 101 483 590 102 537 632 87 239 429 85 915 652 Interest-bearing borrowings 1 40 150 637 41 580 871 33 335 278 32 847 101 Fair value of cash-settled hedges (378 787) 241 147 (378 787) 241 147 Loan to value (%) 39.2 40.8 37.8 38.5 1 Net of cash on hand The board’s policy is to maintain a strong capital base, comprising its shareholders’ interest so as to maintain investor, creditor and market confidence and sustain the future development of the business. It is the group’s stated purpose to deliver long-term sustainable growth in dividends per share. The board of directors monitors the level of dividends to shareholders and ensures compliance with the Income Tax Act and JSE Listings Requirements. There were no changes in the group’s approach to capital management during the year. Neither the company nor any of its subsidiaries is subject to externally imposed capital requirements. 78 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 52. RELATED-PARTY TRANSACTIONS 52.1 Related parties Related parties are defined as those entities with which the group transacted during the year and in which the following relationship(s) exist: EFFECTIVE INTEREST/ VOTING RIGHTS (%) 1 Entities and directors Principal place of business 2026 2025 Riverside Office Park Trust South Africa 100.0 100.0 Self Storage Investments Sp. z o.o. Poland 93.0 93.0 Sunninghill Retail Trust 3 South Africa – 100.0 Stokado Sp. z o.o. Poland 85.4 80.6 Stokado Szczecin Sp. z o.o. Poland 50.0 50.0 Stokado Services Sp. z o.o. 4 Poland 100.0 100.0 Stokado BUAR Sp. z o.o. Poland 100.0 100.0 Stokado PHW Sp. z o.o. Poland 100.0 100.0 Topbox LandBank Poland Sp. z o.o. Poland 100.0 100.0 Topbox 2 Sp. z o.o. Poland 100.0 100.0 The Pivotal Fund Proprietary Limited South Africa 100.0 100.0 The Redefine Empowerment Trust South Africa 100.0 100.0 Valley View Office Trust 3 South Africa – 100.0 Wonderboom Junction Retail Trust South Africa 100.0 100.0 Joint ventures European Logistics Investment B.V. The Netherlands 50.1 48.5 EPP Community Properties JV B.V. The Netherlands 46.9 48.5 Rosehill Investments Sp. z o.o. Poland 70.0 70.0 Henderson Park Private Equity Fund Poland 30.0 30.0 Horse Group S.à.r.l. Luxembourg 50.0 50.0 Talis Property Investments Proprietary Limited South Africa 49.0 49.0 Directors 5 AJ König ASP Dambuza C Boshard CH Fernandez D Radley LC Kok LJ Sennelo 6 NB Langa-Royds 7 NF Bhettay 8 NG Nyawo SM Pityana SP Fifield Shareholders holding 20% or more of Redefine shares Government Employees Pension Fund South Africa 21.1 21.9 1 Effective interest/voting rights shown at a Redefine Properties Limited level 2 Formerly known as ApexHi Properties Proprietary Limited 3 Deregistered during the 2026 financial year 4 Formerly known as TopBox Development Sp. z o.o. 5 Directors represent key management personnel 6 Retired on 13 February 2026 7 On 17 August 2026, the company announced that Ms Langa-Royds will not seek re-election at the AGM expected to be held on 11 February 2027 and will retire from the board with effect from the day following the AGM. Ms Langa-Royds remains a director of the company as at the date of approval of these annual financial statements 8 Appointed on 4 August 2026 EFFECTIVE INTEREST/ VOTING RIGHTS (%) 1 Entities and directors Principal place of business 2026 2025 Alice Lane Trust South Africa 100.0 100.0 Annuity Properties Proprietary Limited South Africa 100.0 100.0 Any Name 621 Proprietary Limited South Africa 100.0 100.0 Apexhi Properties Proprietary Limited 2 South Africa 100.0 100.0 Apexhi Manco Trust South Africa 100.0 100.0 Ballywoods Trust 3 South Africa – 100.0 Black River Park Investments Proprietary Limited South Africa 100.0 100.0 Centurion Lifestyle Trust South Africa 100.0 100.0 Fountainhead Properties Proprietary Limited 3 South Africa – 100.0 EPP Facility Management Sp. z o.o. Poland 100.0 100.0 EPP Finance B.V. The Netherlands 100.0 100.0 EPP Finance Poland Sp. z o.o. Poland 100.0 100.0 EPP GP B.V. The Netherlands 100.0 100.0 EPP Retail – Galeria Echo Sp. z o.o. Poland 100.0 100.0 EPP Retail – Galaxy Sp. z o.o. Poland 100.0 100.0 EPP Retail – Pasaż Grunwaldzki Sp. z o.o. Poland 100.0 100.0 EPP Retail – Outlet Park Sp. z o.o. Poland 100.0 100.0 EPP Retail – Marcelin Sp. z o.o. Poland 100.0 100.0 EPP Property Management Sp. z o.o. Poland 100.0 100.0 EPP PV Projects Sp. z o.o. Poland 100.0 100.0 EPP N.V. The Netherlands 100.0 100.0 EPP Sp. z o.o. Poland 100.0 100.0 Greenstone Motor City Trust South Africa 100.0 100.0 Hazeldean Retail Trust South Africa 100.0 100.0 Madison Property Fund Managers Holdings Proprietary Limited 3 South Africa – 100.0 Madison Property Fund Managers Proprietary Limited South Africa 100.0 100.0 Mall of the South Proprietary Limited South Africa 100.0 100.0 Observatory Business Park Proprietary Limited South Africa 100.0 100.0 Pan African Development Proprietary Limited South Africa 67.9 67.9 Pivotal CCF Proprietary Limited South Africa 100.0 100.0 Pivotal Global Proprietary Limited 3 South Africa – 100.0 Pivotman Proprietary Limited South Africa 100.0 100.0 Ptn 113 Weltevreden Proprietary Limited South Africa 100.0 100.0 Redefine Commercial Proprietary Limited South Africa 100.0 100.0 Redefine Europe B.V. Netherlands 100.0 100.0 Redefine Global Proprietary Limited 3 South Africa – 100.0 Redefine Retail Proprietary Limited South Africa 100.0 100.0 79 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 52. RELATED-PARTY TRANSACTIONS continued 52.2 Group related-party transactions GROUP 2026 2025 Figures in R’000 Equity-accounted investments Gross loans receivable/ (payable) Directors’ emoluments Income/ (expenses) and other Interest income/ (expense) Equity-accounted investments Gross loans receivable/ (payable) Directors’ emoluments Income/ (expenses) and other Interest income/ (expense) Joint ventures 13 571 777 4 868 – 135 269 32 146 15 056 530 699 110 – 128 286 62 533 ELI 4 163 574 97 799 – – 33 617 4 609 481 713 260 – – 63 033 EPP Community 2 726 492 – – – – 2 989 318 – – – – Galeria Młociny 2 437 042 (79 657) – – (1 008) 2 753 254 – – – – Henderson 374 844 (13 274) – – (463) 452 874 (14 150) – – (500) Horse Group 3 869 825 – – – – 4 251 603 – – – – Talis – – – 135 269 – – – – 128 286 – Other related parties – – – – 865 – 51 603 – – 9 696 Berea Sp. z o.o. – – – – 865 – 51 603 – – 9 696 Directors – – 77 322 – – – – 54 994 – – AJ König – – 28 530 – – – – 18 903 – – ASP Dambuza – – 1 077 – – – – 1 038 – – C Boshard – – 1 009 – – – – 488 – – CH Fernandez – – 1 237 – – – – 995 – – D Radley – – 1 390 – – – – 1 316 – – LC Kok – – 20 046 – – – – 14 068 – – LJ Sennelo 1 – – 590 – – – – 1 131 – – NB Langa-Royds 2 – – 1 092 – – – – 1 043 – – NF Bhettay 3 – – 270 – – – – – – – NG Nyawo – – 18 803 – – – – 12 894 – – SM Pityana – – 2 040 – – – – 1 949 – – SP Fifield 4 – – 1 238 – – – – 1 169 – – Total 13 571 777 4 868 77 322 135 269 33 011 15 056 530 750 713 54 994 128 286 72 229 Notes 6.1 7 and 21 53 6.1 7 and 21 53 1 Retired on 13 February 2026 2 On 17 August 2026, the company announced that NB Langa-Royds will not seek re-election at the AGM expected to be held on 11 February 2027 and will retire from the board with effect from the day following the AGM. NB Langa-Royds remains a director of the company as at the date of approval of these annual financial statements 3 Appointed on 4 August 2026 4 In July 2025, Live Rosebank Proprietary Limited acquired Rosebank Corner from Redefine for R80 million. The property had a fair value of R91.5 million at the date the sale was concluded. As at 31 August 2026, transfer of the property remained pending due to the rezoning process not yet being finalised. SP Fifield is the sole director of the acquiring company 80 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 52. RELATED-PARTY TRANSACTIONS continued 52.3 Company related-party transactions COMPANY 2026 2025 Figures in R’000 Investment at carrying value Accumulated impairment on investments Share purchase/ issue/ (disposed) Gross loans receivable/ (payable) Total ECL on loans receivable Directors’ emoluments Income/ (expenses) and other Interest income/ (expense) Dividend income Investment at carrying value Accumulated impairment on investments Share purchase/ issue/ (disposed) Gross loans receivable/ (payable) Total ECL on loans receivable Directors’ emoluments Income/ (expenses) and other Interest income/ (expense) Dividend income Joint ventures 9 608 – – – – – 124 465 – – 9 608 – – – – – 116 965 – – Talis 9 608 – – – – – 124 465 – – 9 608 – – – – – 116 965 – – Subsidiaries 24 655 593 (1 647 983) (1 632 402) 16 901 565 – – (1 046 111) 32 102 2 280 317 33 680 912 (7 994 787) (395 980) 25 690 590 – – (1 551) 59 499 2 859 967 Annuity Properties Proprietary Limited 240 340 (240 340) (1 067 173) (17) – – 38 482 – 51 276 1 307 514 (278 822) – (28 866) – – – – 55 000 EPP N.V. 10 194 786 – (554 329) – – – – – – 10 749 115 – (701 566) – – – – – – Fountainhead Properties Proprietary Limited – – – – – – – – – 1 676 (1 676) – – – – (1 541) – – Madison Property Fund Managers Holdings Proprietary Limited – – – – – – – – 41 – – – (41) – – – – – Madison Property Fund Managers Proprietary Limited – – – – – – – – – 80 399 (80 399) – – – – – – – Mall of the South Proprietary Limited – – – 1 – – – – 120 100 – – – 1 863 642 – – – – 155 000 Redefine Commercial Proprietary Limited 2 529 873 (744 124) – 2 733 289 – – (584 324) – 370 581 2 529 873 (159 800) – 2 704 756 – – – – 358 000 Redefine Europe B.V. 4 272 777 (163 249) (146 533) 96 321 – – – 32 102 – 4 419 310 (163 249) – 713 199 – – – 59 499 – Redefine Global Proprietary Limited – – – – – – – – – 7 310 841 (7 310 841) – – – – (10) – 6 Redefine Retail Proprietary Limited 1 429 001 – – 13 244 584 – – – – 1 183 000 1 429 001 – – 12 963 673 – – – – 1 212 000 Self Storage Investments Sp. z o.o. 781 618 – 135 633 – – – – – – 645 985 – 305 586 – – – – – – The Pivotal Fund Proprietary Limited 5 207 198 (500 269) – 827 387 – – (500 269) – 555 319 5 207 198 – – 7 474 227 – – – – 1 079 961 Indirect subsidiaries – – – (1 206 880) – – – – – – – – (282) – – – – – Any Name 621 Proprietary Limited – – – (1 206 483) – – – – – – – – (287) – – – – – Black River Park Investments Proprietary Limited – – – (378) – – – – – – – – – – – – – – Pivotal CCF Proprietary Limited – – – – – – – – – – – – 3 – – – – – Ptn 113 Weltevreden Proprietary Limited – – – (18) – – – – – – – – 2 – – – – – Other related parties – – – – – – – 865 – – – – 51 603 – – – 9 696 – Berea Sp. z o.o. – – – – – – – 865 – – – – 51 603 – – – 9 696 – Directors – – – – – 77 322 – – – – – – – – 54 994 – – – AJ König – – – – – 28 530 – – – – – – – – 18 903 – – – ASP Dambuza – – – – – 1 077 – – – – – – – – 1 038 – – – C Boshard – – – – – 1 009 – – – – – – – – 488 – – – CH Fernandez – – – – – 1 237 – – – – – – – – 995 – – – D Radley – – – – – 1 390 – – – – – – – – 1 316 – – – LC Kok – – – – – 20 046 – – – – – – – – 14 068 – – – LJ Sennelo 1 – – – – – 590 – – – – – – – – 1 131 – – – NB Langa-Royds 2 – – – – – 1 092 – – – – – – – – 1 043 – – – NF Bhettay 3 – – – – – 270 – – – – – – – – – – – – NG Nyawo – – – – – 18 803 – – – – – – – – 12 894 – – – SM Pityana – – – – – 2 040 – – – – – – – – 1 949 – – – SP Fifield 4 – – – – – 1 238 – – – – – – – – 1 169 – – – 24 665 201 (1 647 983) (1 632 402) 15 694 685 – 77 322 (921 646) 32 967 2 280 317 33 690 520 (7 994 787) (395 980) 25 741 911 – 54 994 115 414 69 195 2 859 967 Notes 6.3 and 10.1 10.1 10.1 7 and 10.2 10.2.1 53 26 6.3 and 10.1 10.1 10.1 7 and 10.2 10.2.1 53 26 1 Retired on 13 February 2026 2 On 17 August 2026, the company announced that NB Langa-Royds will not seek re-election at the AGM expected to be held on 11 February 2027 and will retire from the board with effect from the day following the AGM. NB Langa-Royds remains a director of the company as at the date of approval of these annual financial statements 3 Appointed on 4 August 2026 4 In July 2025, Live Rosebank Proprietary Limited acquired Rosebank Corner from Redefine for R80 million. The property had a fair value of R91.5 million at the date the sale was concluded. As at 31 August 2026, transfer of the property remained pending due to the rezoning process not yet being finalised. SP Fifield is the sole director of the acquiring company 81 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 52. RELATED-PARTY TRANSACTIONS continued 52.4 Group reorganisation During the year, the group implemented an internal legal entity reorganisation as part of its ongoing group simplification strategy aimed at streamlining the legal structure and reducing the number of entities undertaking substantially similar activities. 52.4.1 Directly held subsidiaries The assets, liabilities and operations of Mall of the South Proprietary Limited (MOTS) and Annuity Properties Proprietary Limited (Annuity), both wholly owned subsidiaries directly held by Redefine, were transferred to Redefine. The consideration for the transfer of the assets, liabilities and operations was equal to the NAV of the respective subsidiaries at the effective date of the reorganisation. The consideration was settled through the intercompany loan account with Redefine and was subsequently distributed to Redefine as part of the reorganisation process. Following the transfer, the NAV of the entities was reduced to Rnil. Consequently, the entities commenced the deregistration process, and the carrying amounts of the related investments in subsidiaries were written down to Rnil. The table below summarises the assets and liabilities transferred to Redefine as part of the group reorganisation. Figures in R’000 MOTS Annuity Effective date 1 December 2025 1 April 2026 ASSETS Immovable property 2 011 287 1 019 927 Loan to parent company – 121 333 Trade and other receivables 19 075 11 037 Sundry assets 3 668 – Total assets 2 034 030 1 152 297 LIABILITIES Deferred tax 35 141 9 060 Trade and other payables 33 391 23 389 Loan from parent company 1 828 210 – Bank overdraft 17 188 1 399 Total liabilities 1 913 930 33 847 Net asset value 120 100 1 118 450 52.4.2 Indirectly held subsidiaries The group also undertook the reorganisation of Black River Proprietary Limited (Black River), Pivotal CCF Proprietary Limited (Pivotal CCF), and PTN 113 Proprietary Limited (PTN 113), which are indirectly held subsidiaries of Redefine. As part of the reorganisation, the assets, liabilities and operations of these entities were transferred to Redefine. The consideration for the transfer of the assets, liabilities and operations was equal to the NAV of the respective subsidiaries at the effective date of the reorganisation. The consideration was settled through intercompany loan accounts via the relevant intermediate holding companies and was subsequently distributed through the same ownership structure to Redefine as part of the reorganisation process. Following the transfer, the NAV of the entities was reduced to Rnil. Consequently, the entities commenced the deregistration process, and the carrying amounts of the related investments in subsidiaries were written down to Rnil. The table below summarises the assets and liabilities transferred to Redefine as part of the group reorganisation. Figures in R’000 Black River Pivotal CCF PTN 113 Effective date 1 December 2025 1 December 2025 1 April 2026 ASSETS Immovable property 1 313 992 1 123 168 2 617 883 Fixed assets 481 – – Loan to parent company 29 869 – – Trade and other receivables 5 514 9 933 20 521 Deposits – 1 478 4 399 Sundry assets 1 098 – – Total assets 1 350 954 1 134 579 2 642 803 LIABILITIES Deferred tax 11 035 41 278 109 263 Trade and other payables 18 806 43 247 44 217 Loan from parent company 1 206 186 518 867 937 669 Bank overdraft 1 337 4 355 3 130 Total liabilities 1 237 364 607 747 1 094 279 Net asset value 113 590 526 832 1 548 524 82 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 52. RELATED-PARTY TRANSACTIONS continued 52.4 Group reorganisation continued 52.4.3 Sale of investment properties As part of the group’s reorganisation and legal entity simplification initiative, Pivotal Fund Proprietary Limited (Pivotal Fund), a wholly owned subsidiary of Redefine, transferred the investment properties listed below, together with the associated assets and liabilities, to Redefine. The properties and related assets and liabilities were transferred at their respective fair values, with the resulting consideration being accounted for through the intercompany loan account with Redefine. The table below summarises the assets and liabilities transferred to Redefine as part of the group reorganisation. Figures in R’000 Alice Lane Bree Street Effective date 1 December 2025 1 April 2026 ASSETS Immoveable property 2 969 503 122 442 Trade and other receivables 12 561 774 Deposits 973 Loan to parent company 25 – Total assets 2 983 062 123 216 LIABILITIES Trade and other payables 34 634 1 143 Loan from parent company 482 168 5 734 Bank overdraft 5 057 204 Total liabilities 521 859 7 082 Net asset value 2 461 203 116 134 53. DIRECTORS’ EMOLUMENTS 53.1 Executive directors Executive directors receive remuneration comprising short-term incentives, long-term incentives, post-employment benefits, and other employee benefits. The amounts disclosed reflect remuneration earned during the financial year and recognised in profit or loss. Short-term Long-term Post- employment TotalFigures in R’000 Salary and allowances Bonuses and performance- related payments Other benefits and payments Share schemes Retirement benefits 2026 AJ König 6 327 9 344 316 11 565 978 28 530 LC Kok 4 599 6 175 490 8 031 751 20 046 NG Nyawo 4 599 6 331 410 7 025 438 18 803 Total 15 525 21 850 1 216 26 621 2 167 67 379 2025 AJ König 6 063 8 967 299 2 640 934 18 903 LC Kok 4 388 6 614 462 1 887 717 14 068 NG Nyawo 4 394 6 256 387 1 439 418 12 894 Total 14 845 21 837 1 148 5 966 2 069 45 865 53.1.1 Service contracts Executive directors retire from their positions and from the board (as executive directors) at the age of 65. Although the normal retirement age is 65 years for executive directors, the group’s retirement policy makes provision to extend the working relationship beyond the normal retirement age. Executive directors are subject to three calendar months’ written notice under their existing employment contracts. 83 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 53. DIRECTORS’ EMOLUMENTS continued 53.2 Non-executive directors Figures in R’000 2026 2025 The fees for non-executive directors for the 2026 calendar year were tabled and approved at the group’s AGM held on 12 February 2026 Independent non-executive chairperson 1 524 1 458 Non-executive director 556 533 Audit committee chairperson 416 387 Audit committee member 222 193 Risk, compliance and technology committee chairperson 288 276 Risk, compliance and technology committee member 150 143 Remuneration committee chairperson 288 276 Remuneration committee member 150 143 Nomination and governance committee chairperson 218 209 Nomination and governance committee member 117 109 Social, ethics and transformation committee chairperson 264 264 Social, ethics and transformation committee member 144 138 Investment committee chairperson 328 314 Investment committee member 170 163 Fees paid to non-executive directors for the year ended 31 August 2026 ASP Dambuza 1 077 1 038 C Boshard 1 009 488 CH Fernandez 1 237 995 D Radley 1 390 1 316 LJ Sennelo 1 590 1 131 NB Langa-Royds 2 1 092 1 043 NF Bhettay 3 270 – SP Fifield 1 238 1 169 SM Pityana 2 040 1 949 Total 9 943 9 129 1 Retired on 13 February 2026 2 On 17 August 2026, the company announced that NB Langa-Royds will not seek re-election at the AGM expected to be held on 11 February 2027 and will retire from the board with effect from the day following the AGM. NB Langa-Royds remains a director of the company as at the date of approval of these annual financial statements 3 Appointed on 4 August 2026 54. DIRECTORS’ INTERESTS The interests of the directors in the shares of Redefine Properties Limited were as follows: Beneficial Non- beneficial TotalNumber of shares Direct/ indirect Associate 2026 AJ König 19 016 208 – 19 016 208 D Radley 480 700 – 480 700 LC Kok 8 699 925 – 8 699 925 NG Nyawo 1 915 345 – 1 915 345 SP Fifield 80 569 – 80 569 Total 30 192 747 – 30 192 747 2025 AJ König 17 511 627 – 17 511 627 D Radley 480 700 – 480 700 LC Kok 7 453 756 – 7 453 756 NG Nyawo 1 824 363 – 1 824 363 SP Fifield 80 569 – 80 569 Total 27 351 015 – 27 351 015 There have been no changes in the directors’ interests between the financial year end and the date of approval of these financial statements. Furthermore, the shares are not pledged as security for any financial obligations. 84 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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Notes to the financial statements continued for the year ended 31 August 2026 55. EVENTS AFTER THE REPORTING PERIOD 55.1 Dividend declaration after the reporting date In line with IAS 10: Events after the Reporting Period , on 29 October 2026, the board of directors declared a final dividend of 27.23 cents per share for the year ended 31 August 2026, resulting in a non-adjusting event that is not recognised in these financial statements. 55.2 The Redefine Empowerment Trust On 31 August 2026, the trust satisfied the fourth capital repayment hurdle, triggering a further disposal of shares to settle 12.5% of the outstanding loan, equivalent to R111.5 million. In September 2026, 18 766 921 shares were sold at R5.94 per share, resulting in a non-adjusting event that is not recognised in the financial statements. Following this transaction, Redefine’s treasury shares will decrease to 205 856 810 in the 2027 financial year. 55.3 Horse Group In October 2026, the shareholding structure of Horse Group was reconstituted following the exit of PIMCO and the subscription by RMB Investments and Advisory Proprietary Limited (RMBIA) for newly issued class B shares. Following completion of the transaction, EPP, RMBIA and Redefine Europe held approximately 59.4%, 23.1% and 17.5% of the equity interests in Horse Group, respectively. In conjunction with the transaction, the shareholders entered into a revised shareholders’ agreement governing the ownership, governance and distribution arrangements of Horse Group. The transaction did not result in a change in the group’s assessment of control. Horse Group continues to be accounted for as a joint venture, as the shareholders retain joint control through the contractual arrangements set out in the revised shareholders’ agreement. 55.4 Transfer of legal ownership of Delta shares Subsequent to year end, the vendor loan secured by the Delta shares was not repaid on its contractual maturity date of 30 September 2026, and no further extension arrangements were concluded. Accordingly, Redefine exercised its rights under the security arrangements in relation to the pledged Delta shares. At the date of publication of these annual financial statements, the transfer of legal ownership remained in progress. As the group had previously concluded that it retained substantially all the risks and rewards associated with the shares, the enforcement of the security arrangements does not result in a substantive change in the group’s economic exposure to the investment. This event has been assessed as a non-adjusting event for the year ended 31 August 2026, as the borrower’s default and the subsequent enforcement of the security arrangements occurred after the reporting date. 56. GOING CONCERN The directors have assessed the group and the company’s ability to continue as a going concern. The assessment includes solvency and liquidity tests which included, inter alia , a forecast of debt covenants such as the LTV ratio and ICR. As at 31 August 2026, the group had a positive NAV. Despite current liabilities exceeding current assets, the group and company have a stable liquidity position with unutilised committed access facilities of R5.1 billion (FY25: R5.1 billion) for the group and R5.1 billion (FY25: R5.1 billion) for the company. A liquidity assessment is performed, which incorporates expected cash flows over the next 12 months, including operational cash flows, anticipated proceeds from unconditional disposals, and planned funding and development activities. 56.1 Access to liquidity Against a backdrop of heightened global geopolitical tensions and ongoing uncertainty, with associated volatility in capital markets and continued pressure on the South African macroeconomic environment, property counter share prices have remained relatively stable. While shares still trade at discounts to NAV, equity capital has become less costly and less dilutive than in prior years. The debt capital market continues to have high levels of liquidity, while banks continue to have a healthy appetite to refinance debt on more attractive terms. In this context, Redefine continues to actively review and optimise its funding profile to preserve a resilient debt maturity profile by proactively monitoring opportunities in the market, ensuring that the group is well-positioned to access liquidity and pursue refinancing opportunities at attractive pricing points, notwithstanding ongoing local and global market uncertainty. 56.2 Financial covenants Financial covenant compliance is reported to lenders within 90 days of each reporting period. There have been no covenant breaches to date. Covenant projections are monitored proactively and indicate that, for the financial years ending 31 August 2027 and 2028, the corporate LTV ratio will remain below the covenant threshold of 50%, while ICR is expected to remain above its minimum covenant requirement of 2.0x. 56.3 Going concern conclusion The directors have therefore concluded that the group and the company has adequate resources to continue operating for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the consolidated and separate, or group and company, financial statements. 85 / 98 INTRODUCTION GROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION
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SA REIT ratios 87 Property information 90 Shareholders’ analysis 97 information Supplementary Silver Stream Business Park, Gauteng, South Africa 86 / 98 INTRODUCTION SUPPLEMENTARY INFORMATIONGROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS
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SA REIT ratios for the year ended 31 August 2026 The SA REIT ratios have been prepared in accordance with the SA REIT Best Practice Recommendations (BPR) and are the responsibility of the directors of Redefine. These ratios are non-IFRS performance measures prescribed by the BPR to provide stakeholders with a consistent and comparable measure of the recurring operating performance of SA REITs. The ratios have been derived from information extracted from the group's audited consolidated annual financial statements and underlying accounting records. The SA REIT Association issued the Third Edition of the SA REIT BPR, which is effective for reporting periods commencing on or after 1 January 2026. While the revised BPR is applicable to Redefine from its FY27 financial year, the group elected to early adopt the revised methodology in FY26. To enhance comparability between reporting periods, comparative information has been recalculated using the revised methodology. The recalculation of comparative information had no impact on the group's IFRS-reported earnings, NAV, cash flows, and dividends declared or paid. Figures in R'000 Notes 2026 Recalculated 2025 SA REIT FUNDS FROM OPERATIONS (SA REIT FFO) PER SHARE Profit or loss per IFRS Accounting Standards statement of comprehensive income attributable to the parent SOCI1 7 227 566 4 128 434 Adjusted for: Accounting/specific adjustments (2 191 933) (1 842 666) Fair value adjustments to: (2 471 272) (2 107 642) – Investment property 31.1 (2 452 119) (1 980 689) – Debt and equity instruments held at fair value through profit or loss (19 153) (126 953) o Changes in fair values of financial and other instruments 31.2 (930 287) 237 530 o Derivatives 31.2 911 134 (364 483) Depreciation and amortisation of intangible assets 1 365 1 149 – Owner occupied 9 1 365 1 149 Asset impairment (excluding goodwill) and reversals of impairment (1 741) 18 013 – Expected credit losses – loans receivable SOCI (1 741) 18 013 Gains or losses on the modification of financial instruments 2 34 – 4 362 Deferred tax movement recognised in profit or loss 288 219 164 141 – Deferred tax movement 36 288 219 164 141 Straight-line operating lease adjustment SOCI (13 924) 51 999 Costs of capital nature expensed 5 420 25 312 – Capital transaction cost expenses 28 5 420 24 380 – Securities transfer tax 36 – 932 Adjustments arising from investing activities 183 (16 726) Gains or losses on disposal of 183 (16 726) – Investment property and property, plant and equipment SOCI 183 (16 726) Foreign exchange and hedging items (1 275 536) 814 791 Fair value adjustments on derivative financial instruments employed solely for hedging purposes 31.2 (911 134) 364 483 Reclassified foreign currency translation reserve upon disposal of a foreign operation 35 9 017 (1 011) Foreign exchange gains or losses relating to capital items – realised and unrealised (373 419) 451 319 – Unrealised losses 35 (180 446) 78 218 – Realised capital losses 35 (192 973) 373 101 Figures in R'000 Notes 2026 Recalculated 2025 Other adjustments 186 209 592 194 Adjustments made for equity-accounted entities 138 655 530 800 – Equity-accounted profit/(loss) (net of taxation) SOCI (541 831) (68 667) – Cash received from equity-accounted investments 680 486 599 467 o ELI total distributions 218 134 151 331 Cash received from joint ventures 6.2 – 21 952 Shareholder interest income 52 (33 617) (63 033) Shareholder loan repayment 3 251 751 191 870 Forex adjustment – 542 o EPP Community total distributions 201 693 188 799 Cash received from joint ventures 6.2 201 735 188 837 Attributable to NCI (42) (38) o Galeria Młociny total distributions 130 673 95 987 Shareholder loan repayment 4 130 701 96 007 Attributable to NCI (28) (20) o Horse Group total distributions 129 986 148 424 Cash received from joint ventures 6.2 130 004 148 444 Attributable to NCI (18) (20) o Power Park Olsztyn total distributions – 14 926 Cash received from joint ventures 6.2 – 14 929 Attributable to NCI – (3) NCI in respect of the above adjustments 46 467 38 942 – Profit attributable to NCI SOCI 50 255 43 249 – Distributable loss to NCI (3 788) (4 307) Antecedent earnings adjustment 5 1 087 22 452 SA REIT FFO 3 946 489 3 676 026 Number of shares outstanding at the end of the year (net of treasury shares) ('000) 15 6 977 976 6 948 070 SA REIT FFO per share (cents) 56.56 52.91 DISTRIBUTABLE INCOME SA REIT FFO 3 946 489 3 676 026 Company-specific adjustments (33 501) (36 191) Depreciation 1 147 1 052 – Hotel 9 1 147 1 052 Capital insurance income 37 (20 848) (20 259) Leasehold interest and expense (13 800) (16 984) – Expenses of leasehold land 27 (32 484) (39 150) – Interest expense of leasehold land 34 18 684 22 166 Distributable income 3 912 988 3 639 836 Number of shares outstanding at the end of the year (net of treasury shares) ('000) 15 6 977 976 6 948 070 Distributable income per share (cents) 56.08 52.39 DIVIDEND DECLARED Distributable income 3 912 988 3 639 836 Distribution payout ratio 87.5% 87.5% Dividend declared 3 423 865 3 184 857 Number of shares outstanding at the end of the year (net of treasury shares) ('000) 15 6 977 976 6 948 070 Dividend per share (cents) 49.06 45.84 Interim 21.83 20.42 Final 27.23 25.42 1 Statement of profit or loss and other comprehensive income (SOCI) 2 Relates to breakage fees, refer to note 34: Finance costs for further details 3 Of the total loan repayments of R592.8 million (FY25: R181.7 million) disclosed in note 41: Reconciliation of loans receivable, R251.8 million (FY25: R181.7 million) represents operational cash flows received from ELI, settled through the shareholder loan during the year. The remaining R10.2 million from FY25 was received subsequent to year end in October 2025 4 Distributions were effected through funding advanced by Galeria Młociny amounting to R81.4 million (FY25: Rnil), as disclosed in note 21: Other financial liabilities. Additional distributions of R41.7 million were realised through repayments of the loan receivable from Berea Sp. z o.o., a wholly owned subsidiary of Galeria Młociny, as disclosed in note 41: Reconciliation of loans receivable. In FY25, distributions were realised through operational cash flows received via loan repayments, with R96.0 million of the total loan repayments disclosed in note 41: Reconciliation of loans receivable 5 For SA REIT FFO purposes, an adjustment is made to address dilution from shares issued during the year. Refer to note 15: Stated capital 87 / 98 INTRODUCTION SUPPLEMENTARY INFORMATIONGROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS
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SA REIT ratios continued for the year ended 31 August 2026 Figures in R'000 Notes 2026 Recalculated 2025 SA REIT NET ASSET VALUE (NAV) Reported NAV attributable to the parent SOFP1 57 744 951 56 349 736 Adjustments: Deferred tax 2 367 664 2 228 796 – Net deferred tax 22 2 370 789 2 231 100 – Attributable to NCI (3 125) (2 304) SA REIT NAV 60 112 615 58 578 532 Dilutive number of shares in issue (‘000) 7 007 447 6 978 649 Number of shares in issue at year end (net of treasury shares) (‘000) 15 6 977 976 6 948 070 Effect of dilutive instruments (options, convertibles and equity interests) (‘000) 37 29 471 30 579 SA REIT NAV per share 8.58 8.39 SA REIT COST-TO-INCOME RATIO The SA REIT cost-to-income ratio is calculated on a net basis in accordance with the Third Edition of the SA REIT BPR. Operating cost recoveries from tenants, including utility recoveries, are offset against the related property operating expenses rather than being included in revenue. Comparative information has been recalculated on a consistent basis to enhance comparability. Under the previous methodology, the ratio was calculated on a gross basis, with operating cost recoveries included in revenue. Figures in R'000 Notes 2026 Recalculated 2025 SA REIT TOTAL COST-TO-INCOME RATIO Total costs Operating costs (net of operating recoveries) 1 144 497 1 222 773 – Operating expenses per IFRS Accounting Standards statement of comprehensive income SOCI 4 513 802 4 482 570 – Expected credit losses – trade receivables SOCI (26 008) (51 661) – Exclude: Operating recoveries 25 (3 343 297) (3 208 136) Administrative expenses per IFRS Accounting Standards statement of comprehensive income SOCI 680 510 645 272 Exclude: Depreciation expense in relation to property, plant and equipment of an administrative nature 9 (33 915) (31 459) – Property operating depreciation (26 906) (24 806) – Administrative depreciation (7 009) (6 652) Company-specific adjustment – Depreciation 9 33 915 31 459 Total costs net of recoveries 1 825 007 1 868 045 Contractual rental income Contractual rental income per IFRS Accounting Standards statement of comprehensive income (excluding straight-line adjustments) SOCI 11 283 157 11 059 361 Exclude: Operating recoveries 25 (3 343 297) (3 208 136) Contractual rental income excluding recoveries 7 939 860 7 851 225 SA REIT net cost-to-income ratio 23.0% 23.8% Figures in R'000 Notes 2026 Recalculated 2025 SA REIT NET PROPERTY COST-TO-INCOME RATIO Operating costs (net of operating recoveries) 1 144 497 1 222 773 Exclude: Property operating depreciation (26 906) (24 806) Company-specific adjustment – Depreciation 26 906 24 806 Property costs net of recoveries 1 144 497 1 222 773 Contractual rental income excluding recoveries 7 939 860 7 851 225 SA REIT administrative cost-to-income ratio 14.4% 15.6% SA REIT ADMINISTRATIVE COST-TO-INCOME RATIO Administrative costs per IFRS Accounting Standards statement of comprehensive income SOCI 680 510 645 272 Exclude: Administrative depreciation (7 009) (6 652) Company-specific adjustment – Depreciation 7 009 6 652 Administration costs 680 510 645 272 Contractual rental income excluding recoveries 7 939 860 7 851 225 SA REIT administrative cost-to-income ratio 8.6% 8.2% SA REIT GROSS LETTABLE AREA (GLA) VACANCY RATE GLA of vacant space 256 303 296 500 2 GLA of total property portfolio 3 987 456 4 063 983 2 SA REIT GLA vacancy rate 6.4% 7.3%2 1 Statement of financial position (SOFP) 2 The FY25 vacancy rate excluded the Talis property portfolio. Consequently, the GLA of vacant space has been adjusted from 293 271m² to 296 570m², the GLA of the total property portfolio from 3 658 479m² to 4 063 983m², and the vacancy rate from 8.0% to 7.3% 88 / 98 INTRODUCTION SUPPLEMENTARY INFORMATIONGROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS
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SA REIT ratios continued for the year ended 31 August 2026 2026 Cost of debt ZAR % USD % EUR % PLN % Variable interest rate borrowings Floating reference rate plus weighted average margin 8.5 – 4.7 6.8 Fixed interest rate borrowings Weighted average fixed rate – – – – Pre-adjusted weighted average cost of debt 8.5 – 4.7 6.8 Adjustments Impact of interest rate derivatives – – – 0.1 Impact of cross-currency interest rate swaps – – (0.2) – Amortised transaction costs imputed into the effective interest rate – – 0.1 0.4 All-in weighted average cost of debt 8.5 – 4.6 7.3 2025 ZAR % USD % EUR % PLN % Variable interest rate borrowings Floating reference rate plus weighted average margin 8.6 7.1 4.5 8.0 Fixed interest rate borrowings Weighted average fixed rate – – – – Pre-adjusted weighted average cost of debt 8.6 7.1 4.5 8.0 Adjustments Impact of interest rate derivatives 0.2 – 0.2 – Impact of cross-currency interest rate swaps 0.1 – (0.2) – Amortised transaction costs imputed into the effective interest rate – – – – All-in weighted average cost of debt 8.9 7.1 4.5 8.0 Figures in R’000 Notes 2026 Recalculated 1 2025 SA REIT LOAN-TO-VALUE (SA REIT LTV) Gross debt 19 42 369 461 43 817 627 Less: Cash and cash equivalents 13 (2 218 824) (1 562 576) Add: Derivative financial instruments 20 (589 654) 323 466 Net debt 39 560 983 42 578 517 Total assets – per IFRS Accounting Standards statement of financial position SOFP 106 103 791 106 322 974 Less: Cash and cash equivalents 13 (2 218 824) (1 562 576) Less: Derivative financial assets (637 646) (139 472) – Non-current derivative assets 20 (315 572) (54 046) – Current derivative assets 20 (322 074) (85 426) Less: Trade and other receivables (including other monetary assets) (1 173 087) (1 395 454) – Trade and other receivables 12 (955 983) (1 029 059) – Other monetary assets 11 (217 104) (366 395) Carrying amount of property-related assets 102 074 234 103 225 472 SA REIT LTV 38.8% 41.2% SA REIT INTEREST COVER RATIO Contractual rental income (excluding the straight-line lease accrual) SOCI 11 283 157 11 059 361 Add: Other income SOCI 36 235 34 539 Add: Cash dividends received from property investments SOCF2 68 531 170 396 Less: Administration costs SOCI (680 510) (645 272) Less: Operating costs SOCI (4 513 802) (4 482 570) Less/(add): Movement in expected credit losses on trade receivables SOCI 26 008 51 661 Company specific adjustments Add: Cash received from equity-accounted investments FFO3 680 486 599 467 Less: Cash dividends received from property investments SOCF (68 531) (170 396) ICR EBITDA 4 6 831 574 6 617 186 Interest expense SOCI 3 607 848 3 932 112 Less: Interest income SOCI (680 385) (957 572) Net interest 2 927 463 2 974 540 SA REIT interest cover ratio 2.33 2.22 1 In the current financial period, interest accrual has been included in interest-bearing borrowings, whereas it was excluded in the FY25 period. Consequently, gross debt was adjusted from R43 143 447 000 to R43 817 627 000, net debt from R41 904 337 000 to R42 578 517 000, and SA REIT LTV from 40.6% to 41.2% 2 Statement of cash flows (SOCF) 3 SA REIT FFO workings on page 87 (FFO) 4 Earnings before interest, taxes, depreciation and amortisation 89 / 98 INTRODUCTION SUPPLEMENTARY INFORMATIONGROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS
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Property information for the year ended 31 August 2026 The group’s property portfolio is categorised into sectors based on the primary use of the underlying properties, taking into account asset characteristics, tenant profiles, lease structures, and the markets in which the properties operate. The group’s operating sectors comprise retail, office, industrial and specialised properties in South Africa, together with retail and self-storage properties located in Poland. The sector classification is applied consistently across the portfolio and reflects the distinct operational, leasing and investment characteristics of each property type, thereby facilitating meaningful analysis and comparison of the group’s property performance. Sector Definition Retail Property designed and occupied for the sale of goods and services directly to consumers. This includes shopping centres, regional malls, convenience centres, neighbourhood centres, high street retail, motor dealerships, and standalone retail premises Office Property primarily used to accommodate administrative, professional, business, government, financial, consulting, legal, medical or corporate activities. This includes single-tenant and multitenant office buildings ranging from Prime Grade through to C Grade office space Industrial Property primarily used by or for wholesale retail and hardware merchants, manufacturing, warehousing, logistics, distribution, including e-retail, assembly, storage, manufacturing facilities, and multitenant industrial parks. Offices ancillary to the industrial use form part of the industrial property Specialised Property developed for a specific operational purpose where value is closely linked to the business use and is not readily interchangeable with conventional retail, office or industrial property. Typical examples include hotels, hospitals, healthcare facilities, educational facilities, data centres, laboratories, petrol filling stations, self-storage facilities, convention centres, entertainment venues, airports, and other purpose-built assets EPP retail Retail property located in Poland, designed and occupied for the sale of goods and services directly to consumers. This includes shopping centres, regional malls, convenience centres, neighbourhood centres, high street retail, motor dealerships, and standalone retail premises. These properties relate exclusively to retail properties directly owned by EPP Self-storage Properties located in Poland and operated under the Stokado brand comprise purpose-built self-storage facilities that provide secure, rentable storage units to both individual and business customers on flexible lease terms. Revenue is primarily generated from direct-let storage rentals across a range of unit sizes, supplemented by ancillary income streams such as insurance products, the sale of packing materials, and other value-added services SECTORAL PROFILE BY VALUE South Africa International TotalFigures in R’000 Retail Office Industrial Specialised EPP retail1 Self- storage Total2 31 107 350 23 268 501 13 484 983 – 17 741 202 1 045 918 86 647 954 Investment properties 31 107 350 22 288 301 13 338 083 – 17 741 202 1 045 918 85 520 854 Talis property portfolio – 980 200 146 900 – – – 1 127 100 Right-of-use assets of assets 3 70 992 9 045 – – 324 551 75 721 480 309 Properties under development 4 – 79 200 257 100 – – 289 737 626 037 Non-current assets held-for-sale 5 26 700 153 400 – – – – 180 100 Property, plant and equipment 6 – 82 746 – 43 600 – – 126 346 Total 31 205 042 23 592 892 13 742 083 43 600 18 065 753 1 411 376 88 060 746 1 Relates to directly held retail properties of EPP 2 The balance comprises investment property assets of R84.8 billion and a straight-line rental income accrual of R1.8 billion. Refer to notes 3.1 and 3.4: Investment property assets on page 32 3 Refer to note 3.2: Investment property assets on page 32 4 Refer to note 3.3: Investment property assets on page 32 5 Refer to note 14: Non-current assets held-for-sale 6 The balance comprises owner-occupied properties of R82.7 million and hotel property of R43.6 million. Refer to note 9: Property, plant and equipment on page 45 SECTORAL PROFILE Sector Weighted average gross monthly rental (GMR) R'000 Value R’000 Gross lettable area (GLA) m² Vacancy m² Vacancy % Number of properties South Africa Retail 251 828 31 205 042 1 171 281 58 237 5.0 52 Office 179 260 23 592 892 1 083 532 139 752 12.9 91 Industrial 101 245 13 742 084 1 482 563 56 650 3.8 83 Specialised – 43 600 – – – 1 532 333 68 583 618 3 737 376 254 639 6.8 227 International EPP retail 134 349 18 065 754 250 080 1 664 0.7 5 134 349 18 065 754 250 080 1 664 0.7 5 Total 666 682 86 649 372 3 987 456 256 303 6.4 232 Sector GMR Value R’000 Net lettable area (NLA) m² Vacancy m² Vacancy % Number of properties International Self-storage 2 5 094 1 411 376 34 320 10 054 29.3 19 Total 5 094 1 411 376 34 320 10 054 29.3 19 2 For Self-storage properties, NLA represents the total lettable area of the self-storage units 90 / 98 INTRODUCTION SUPPLEMENTARY INFORMATIONGROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS
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Property information continued for the year ended 31 August 2026 GEOGRAPHICAL PROFILE GLA GMR Number of propertiesLocation m² % R’000 % South Africa Gauteng 2 669 416 71.4 380 360 71.5 160 Western Cape 528 541 14.2 90 587 17.0 35 KwaZulu-Natal 235 544 6.3 28 034 5.3 12 Other 303 875 8.1 33 351 6.2 20 Total 3 737 376 100 532 333 100 227 International EPP retail – Poland 250 080 100 134 349 100 5 Total 250 080 100 134 349 100 5 Total 3 987 456 100 666 682 100 232 NLA GMR Number of propertiesLocation m² % R’000 % International Self-storage – Poland 34 320 100 5 094 100 19 Total 34 320 100 5 094 100 19 TENANT PROFILE The group categorises tenants into risk categories based on their creditworthiness, financial strength, scale of operations, trading history, and overall lease covenant. These categories are used to assess the quality and sustainability of the group’s rental income stream and are applied consistently across the portfolio. The tenant profile provides an indication of the relative credit risk of the group’s tenant base and assists in evaluating tenant concentration and income security SOUTH AFRICA AND EPP RETAIL Risk category Risk level Description Classification criteria Grade A Low risk 0% to 10% default risk National and government entities (with no exclusions), long-term tenants that have been in occupation for more than 12 months, tenants whose accounts have never been handed over, and tenants whose accounts have not been in arrears by more than one month’s billing for a period exceeding 60 days Grade B Medium risk 10% to 80% default risk Tenants whose accounts are more than one month, but less than two months’ total billing in arrears for a period exceeding 60 days, and tenants with less than one year of occupancy whose outstanding balance is not more than one month’s billing for a period exceeding 60 days Grade C Higher risk 80% to 100% default risk Tenants whose accounts have been handed over, previously handed over, or accounts that are more than two months’ total billing in arrears after a period of 60 days 91 / 98 INTRODUCTION SUPPLEMENTARY INFORMATIONGROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS
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Property information continued for the year ended 31 August 2026 Sector Grade GLA m² GLA % Number of tenants Retail A Grade 916 147 82.3 1 771 B Grade 150 935 13.6 516 C Grade 45 962 4.1 372 Total 1 113 044 100 2 659 Office A Grade 750 027 79.5 742 B Grade 160 606 16.9 365 C Grade 33 146 3.6 129 Total 943 780 100 1 236 Industrial A Grade 1 246 287 87.4 162 B Grade 156 216 10.9 81 C Grade 23 411 1.7 39 Total 1 425 913 100 282 Specialised A Grade – – – B Grade – – – C Grade – – – Total – – – EPP retail A Grade 173 280 70.6 372 B Grade 61 115 24.9 302 C Grade 10 917 4.5 62 Total 245 312 100 736 BUILDING GRADING The group assesses the quality of its properties using the South African Property Owners Association and the MSCI South Africa Property Index grading framework. Building grades provide an indication of the quality, specification, location and amenities. Office South Africa Building grade Definition GLA m² Grading by GLA % Prime Grade Top quality, modern space. Prime buildings are often considered iconic and a flagship in their market. Essential features include high security (both manned and electronic), the latest generation of building services, ample parking and a prestigious lobby finish. High ceiling heights, flexible floorplates and column spacing. To be considered Prime Grade, an office should be 4 Star Green Star rated or, in the absence of a formal rating, include equivalent environmental initiatives that could include zoned lighting, energy-efficient building services and systems, water-efficient fixtures, rainwater harvesting, water-wise landscaping, and low VOC interior finishes 410 487 37.9 A Grade High-quality properties providing good access and which are professionally managed with continued above average maintenance. High-quality modern finishes, air conditioning, adequate on-site parking. Clearly articulated entrance, lobby with clear circulation. High ceiling heights, flexible floorplates likely 489 859 45.2 B Grade Generally older buildings, but accommodation and finishes are close to modern standards because of refurbishments and renovation from time to time. Air conditioning and on-site parking or bays dedicated to the building are essential. Minimum ceiling height, less flexible floorplates. Modest landscaping with minimal exterior space 183 186 16.9 C Grade Buildings typically in fair condition but with older style finishes, services and building systems. Purely functional space with infrastructure generally limited. May or may not be air-conditioned or have on-site parking. Minimal or no lobby, landscaping or exterior space. Unarticulated entrance – – Total 1 083 532 100 Other building grading There is currently no widely recognised industry standard for grading the retail, industrial, specialised and self-storage properties within the group’s portfolio. Accordingly, building grade disclosures are not presented for these property sectors. 92 / 98 INTRODUCTION SUPPLEMENTARY INFORMATIONGROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS
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Property information continued for the year ended 31 August 2026 AVERAGE YIELD AND LEASE ESCALATION South Africa International Total % Retail % Office % Industrial % Specialised % EPP retail % Self- storage % Average annualised property yield 7.8 7.7 7.7 n/a 7.9 3.4 7.7 Weighted average portfolio escalation 1 5.8 6.9 6.4 n/a 2.0 8.9 n/a 1 The international rate represents the weighted average contractual rental indexation applicable to leases in force at the reporting date DETAILED PROPERTY SCHEDULE – SOUTH AFRICA Retail – investment properties Multi/single tenanted Property Province GLA m² GMR R GMR R/m² Vacancy m² Multi 291 Helen Joseph Street Gauteng 15 842 1 661 433 143.52 4 266 Multi 66 Smal Street Gauteng 1 677 664 761 396.40 – Multi Acornhoek Shopping Centre Other 5 427 762 396 140.48 – Multi Benmore Centre Gauteng 21 153 5 946 569 281.84 54 Multi Blue Route Mall Western Cape 56 886 14 786 954 259.94 – Multi Botshabelo Shopping Centre Other 15 046 2 036 084 145.89 1 090 Multi Bryanston Carvenience Gauteng 3 776 855 250 226.50 – Single Buco Gauteng 19 521 – – – Multi CCMA House Rustenburg Other 6 327 248 904 84.06 3 366 Multi Centurion Lifestyle Centre Gauteng 60 619 11 776 022 196.17 590 Multi Centurion Mall Gauteng 113 165 30 747 627 282.32 4 254 Multi Centurion Mall Offices Gauteng 11 708 1 106 548 104.18 1 087 Multi Chris Hani Crossing (50% share) Gauteng 20 838 4 868 088 235.00 123 Multi Cradlestone Mall (50% share) Gauteng 39 926 5 863 990 162.78 3 901 Multi Cross Place Gauteng 5 039 1 910 350 412.34 406 Multi East Rand Mall (50% share) Gauteng 34 504 10 590 920 316.36 1 027 Single Festival Square Gauteng 11 041 – – – Multi Finpark Gauteng 2 919 109 001 88.84 1 692 Multi Gateway Corner Gauteng 11 774 1 769 503 176.90 1 771 Multi Golden Walk Gauteng 44 302 13 365 423 303.75 301 Multi Goldfields Mall Other 36 989 10 068 653 279.21 928 Multi Greenstone Junction Gauteng 5 923 1 033 334 174.46 - Multi Hillcrest Boulevard Gauteng 8 457 2 210 440 269.24 247 Multi Horizon Shopping Centre Gauteng 19 695 3 709 401 209.78 2 013 No tenants JD Dwarsloop (25% share) Other 1 147 – – 1 147 Multi Kenilworth Centre Western Cape 52 901 14 021 779 265.10 9 Multi Kine Centre Gauteng 2 746 893 788 332.76 60 Multi Kwena Square Gauteng 9 943 2 191 624 223.93 156 Multi Kyalami Corner Gauteng 25 796 6 305 951 246.90 256 Multi Mall of the South Gauteng 68 292 16 720 735 248.94 1 123 Multi Maponya Mall (51% share) Gauteng 34 597 8 996 936 282.43 2 742 Multi Matlosana Mall Other 62 213 9 437 821 162.42 4 105 Multi Monument Commercial Centre Gauteng 15 216 1 073 674 92.60 3 621 Multi Nedbank Mall Gauteng 1 363 568 407 450.76 102 Multi Nunnerleys Gauteng 708 243 886 344.47 – Multi Oakfields Shopping Centre Gauteng 11 394 2 438 413 214.01 – Multi Pan Africa Shopping Centre Gauteng 25 620 7 070 857 278.05 190 Multi Park Meadows Gauteng 27 682 4 185 821 159.44 1 429 Multi Post House Gauteng 2 708 456 431 168.55 – Multi Posthouse Link Gauteng 4 038 554 442 186.24 1 061 Multi Sammy Marks Square Gauteng 35 237 7 853 119 228.45 861 Multi Schreiner Chambers Gauteng 662 292 074 441.20 – Multi Small Street Mall Gauteng 119 80 852 679.42 – Multi Southcoast Mall KwaZulu-Natal 34 037 7 658 141 225.98 148 Multi Stoneridge Centre Gauteng 65 207 10 764 457 169.62 1 743 Multi Tamlea – Arundel Gauteng 685 322 622 470.98 – Multi The Boulders Shopping Centre Gauteng 43 281 7 475 382 207.17 7 197 Multi The Mall @ Scottsville KwaZulu-Natal 14 392 2 712 021 218.17 1 961 Multi Wilgespruit Gauteng 12 800 2 943 369 229.95 – Multi Wonderboom Junction Gauteng 41 290 8 078 474 199.77 851 No tenants Wonderboom Junction Phase 2 Gauteng – – – – Total 1 166 628 55 878 Single tenanted retail properties weighted average rental rate of R65.03/m² Lease expiry profile by GLA (%) Lease expiry profile by GMR (%) Retail Retail Office Office 0 10 20 30 40 50 60 VacancyBeyond 20302030202920282027Monthly 0 10 20 30 40 50 60 Beyond 20302030202920282027Monthly Industrial Industrial EPP retail EPP retail 93 / 98 INTRODUCTION SUPPLEMENTARY INFORMATIONGROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS
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Property information continued for the year ended 31 August 2026 Retail – non-current assets held-for-sale Multi/single tenanted Property Province GLA m² GMR R GMR R/m² Vacancy m² Multi 277 Helen Joseph Street Gauteng 4 653 407 353 177.57 2 359 Total 4 653 2 359 Office – investment properties Multi/single tenanted Property Province GLA m² GMR R GMR R/m² Vacancy m² Multi 1006 On the Lake Gauteng 6 715 20 192 96.61 6 506 Multi 115 West Street Gauteng 36 546 8 085 595 221.24 – Multi 150 Rivonia Road Gauteng 2 420 133 401 181.74 1 686 Multi 155 West Street Gauteng 25 575 4 790 509 187.31 – Multi 2 Fricker Road Gauteng 4 133 733 183 177.40 – Multi 2 Pybus Road Gauteng 11 729 3 499 007 298.32 – Multi 29 Scott Street Gauteng 7 866 464 055 127.56 4 228 No tenants 4 Keyes Avenue Gauteng – – – – Multi 66 Peter Place Gauteng 3 875 391 926 108.99 279 Multi 82 Maude Gauteng 8 788 1 280 042 145.66 – Multi 90 Grayston Drive Gauteng 18 426 1 792 636 126.05 4 204 Multi 90 Rivonia Road Gauteng 37 216 7 555 204 214.94 2 065 Multi Accord House KwaZulu-Natal 3 245 618 611 190.64 – Multi Alice Lane Gauteng 70 854 22 981 574 334.25 2 098 Multi AMR Office Park Gauteng 9 965 937 957 105.44 1 069 Multi Ballyoaks Office Park Gauteng 23 797 3 628 607 168.92 2 316 Multi Black River Office Park Western Cape 51 901 8 698 966 180.81 3 790 No tenants Boulevard Annex-CPT Western Cape – – – – Multi Boulevard Office Park A Western Cape 6 836 1 353 482 197.99 – Multi Boulevard Office Park B&C Western Cape 6 332 1 321 933 216.85 236 Single Boulevard Office Park D Western Cape 195 – – – Multi Boulevard Office Park F&G Western Cape 16 293 3 372 527 206.99 – Multi Bree Street Western Cape 8 841 2 542 872 287.62 – Multi Bryanston Place Gauteng 8 775 1 164 378 141.46 544 Multi Cedarwood House Gauteng 5 968 772 939 129.51 – No tenants Centurion Junction (25% share) Gauteng – – – – Multi CIB Insurance Gauteng 7 620 784 453 108.19 369 Multi Clearwater Office Park Gauteng 16 973 1 897 353 123.51 1 611 Multi Commerce Square Gauteng 15 936 2 052 702 186.66 4 939 Multi Constantia Kloof 3 Gauteng 15 905 1 071 534 107.57 5 944 Multi Convention Tower Western Cape 16 975 2 877 880 171.88 231 Multi Eagle Park Western Cape 6 656 845 424 127.02 – Multi Essex Gardens KwaZulu-Natal 8 225 1 411 989 203.99 1 303 Office – investment properties Multi/single tenanted Property Province GLA m² GMR R GMR R/m² Vacancy m² No tenants Galleria (90% share) Gauteng – – – – Multi GIB Gauteng 2 417 353 882 146.41 – Single GM Hatfield (24% share) Gauteng 740 – – – Multi Hampton Office Park Gauteng 18 800 2 662 235 143.23 213 Multi Heron Place Western Cape 4 341 517 896 119.30 – Multi Hertford Office Park (33.33% share) Gauteng 19 528 3 940 787 211.76 918 Multi Hill on Empire (50% share) Gauteng 15 416 2 240 301 187.43 3 463 Multi Hillcrest Office Park Gauteng 21 160 3 589 516 173.87 515 Multi Hyde Park Manor Gauteng 3 960 412 284 118.40 478 Multi Kernick House Gauteng 3 090 – – 2 167 Single Knowledge Park II Western Cape 6 971 – – – Multi Knowledge Park III Western Cape 3 128 484 752 166.81 222 Multi Lakeview Office Park (66.67% share) Gauteng 14 815 363 812 136.72 12 154 Multi Loftus (50% share) Gauteng 13 900 2 917 538 231.42 1 293 Single Magnolia Close Gauteng 10 292 – – 4 292 Multi Monte Circle Office Park (17.55% share) Gauteng 5 371 1 138 585 217.54 137 No tenants Monte Place (22.5% share) Gauteng – – – – Multi Observatory Business Park Western Cape 17 032 3 421 328 203.87 250 Multi Oxford House Gauteng 2 626 248 817 135.74 793 Multi Park ONE Western Cape 6 512 1 255 369 192.78 – Single Peugeot Hatfield (24% share) Gauteng 305 – – – Multi Riverside Office Park Gauteng 23 804 4 118 258 173.01 – Multi Rosebank Link Gauteng 20 186 6 297 524 311.97 – Multi Rosebank Towers (42.5% share) Gauteng 11 384 3 067 817 288.76 760 Multi Sagewood House Gauteng 6 283 246 175 96.05 3 720 Multi Sandhurst Office Park Gauteng 7 746 733 729 143.00 2 615 Multi Sedgwick House Gauteng 1 718 243 317 141.63 – Multi Silver Point Office Park Gauteng 3 979 539 249 165.67 724 Multi Silver Stream Building 3 (50% share) Gauteng 2 118 310 019 146.37 – Multi Silver Stream Business Park Gauteng 15 237 2 723 325 183.78 419 Multi Stoneridge Office Park Gauteng 16 370 2 625 753 160.40 – Single Stonewedge Gauteng 6 158 – – – Multi Thabakgolo Other 13 178 1 703 961 133.09 375 Multi The Avenues Gauteng 5 651 245 791 92.96 3 007 Multi The Interchange Gauteng 17 917 1 914 279 121.03 2 100 Multi The Old Match Factory Western Cape 10 450 1 426 205 136.48 – Multi The Towers Western Cape 58 465 11 428 603 198.57 910 Multi Thornhill Office Park Gauteng 19 899 2 955 071 162.67 1 733 Multi Wanderers Office Park Gauteng 12 131 1 607 204 146.91 1 191 Multi Warich Close Office Park Gauteng 3 321 406 824 134.89 305 Multi Wedgefield Gauteng 3 274 471 092 143.89 – Multi Wembley 1 Western Cape 10 663 2 236 243 209.72 – Single Wembley 2 Western Cape 18 941 – – – Multi Wembley 3 Western Cape 4 763 965 727 202.76 – Total 928 621 88 172 Single tenanted office properties weighted average rental rate of R182.25/m² DETAILED PROPERTY SCHEDULE – SOUTH AFRICA continued 94 / 98 INTRODUCTION SUPPLEMENTARY INFORMATIONGROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS
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Property information continued for the year ended 31 August 2026 Office – non-current assets held-for-sale Multi/single tenanted Property Province GLA m² GMR R GMR R/m² Vacancy m² Multi Grayston Ridge Office Park Gauteng 9 943 603 718 136.59 5 523 Multi Rosebank Corner Gauteng 8 848 327 881 150.75 6 673 Total 18 791 12 196 Office – properties under development Multi/single tenanted Property Province GLA m² GMR R GMR R/m² Vacancy m² No Tenants 3 Sturdee Avenue Gauteng 3 207 – – 3 207 No Tenants 5 Sturdee Avenue Gauteng 3 071 – – 3 071 Total 6 278 6 278 Office – property, plant and equipment Multi/single tenanted Property Province GLA m² GMR R GMR R/m² Vacancy m² Multi 155 West Street Gauteng – – – – Total – – Industrial – investment properties Multi/single tenanted Property Province GLA m² GMR R GMR R/m² Vacancy m² Single 1 Avalon Road Gauteng 9 381 – – – Multi 1 Springbok Road Gauteng 15 708 1 217 521 77.51 – Single 10 Rubicon Boulevard – Mass Mart Western Cape 52 601 – – – Multi 106 16 th Road Gauteng 9 696 854 295 88.11 – Single 11 Galaxy Avenue Gauteng 6 344 – – – Single 1156 Leader Avenue Gauteng 5 965 – – – Single 12 Friesland Road Gauteng 24 253 – – – Single 13 Greenstone Place Drive Gauteng 4 127 – – – Single 14 Piet Rautenbach Street Gauteng 15 548 – – – Multi 159 Northumberland Avenue Gauteng 9 573 501 173 59.56 1 158 Single 16th Road Gauteng 2 893 – – – Single 17 Winnipeg Road Gauteng 22 160 – – – Single 179 Broadwalk Street Gauteng 10 804 – – – Multi 18 Halifax Road KwaZulu-Natal 14 693 1 165 527 79.33 – Multi 190 Barbara Road Gauteng 14 584 1 144 708 78.49 – Single 2 Ayrshire Avenue Gauteng 5 439 – – – Single 2 Hendrik van Eck Road Other 6 813 – – – Single 2 Lake Road Gauteng 12 015 – – – Single 2 Merlin Rose Drive Gauteng 6 748 – – – Single 233 Barbara Road Gauteng 102 631 – – – Multi 239 Wadeville Road Gauteng 20 145 471 592 23.41 – Single 26 Greenstone Place Road Gauteng 6 083 – – – Single 29 Rubicon Boulevard – GEA (50.1% share) Western Cape 4 161 – – – Industrial – investment properties Multi/single tenanted Property Province GLA m² GMR R GMR R/m² Vacancy m² Multi 29 Rubicon Boulevard - Mini Park (50.1% share) Western Cape 2 451 257 406 105.02 – Single 29 Rubicon Boulevard – Montague (50.1% share) Western Cape 2 264 – – – Single 29 Springbok Road Gauteng 20 067 – – – Single 2A Rail Road Gauteng 9 148 – – – Single 4 Tiber Road – Herholdts (50.1% share) Western Cape 2 876 – – – Single 4 Tiber Road – Planet Fitness (50.1% share) Western Cape 1 741 – – – Multi 4 Vanderbijl Street Other 6 516 340 253 52.22 – Single 5 Newton Street Gauteng 3 039 – – – Single 54 Mimetes Road Gauteng 7 567 – – – Single 55 Tiber Road – Brights (50.1% share) Western Cape 4 008 – – – Single 62 Umlambo Street Coega Other 38 515 – – – Single 70 Saturn Crescent Gauteng 2 158 – – – Multi 77 & 78 Plane Road Gauteng 8 686 584 358 69.56 285 Single 8 Jansen Road Gauteng 25 740 – – – No tenants 9 Old Pretoria Road Gauteng 10 893 – – 10 893 Multi 96 Cavaleros Drive SG (50% share) Gauteng 24 911 1 252 441 60.72 4 285 Multi Atlantic Hills (55% share) Western Cape 7 433 784 465 105.54 – Multi Cato Ridge DC KwaZulu-Natal 50 630 1 646 706 44.68 13 775 Single City Deep 45 & 46 Gauteng 11 210 – – – Multi Creation Other 28 722 1 104 324 38.45 – Multi CTX Business Park Western Cape 18 461 1 930 481 104.57 – Multi ERPM Gauteng 40 375 2 404 161 59.55 – Multi Golf Air Park II Western Cape 12 807 1 325 403 103.49 – Single Greenstone Place Road Gauteng 9 083 – – – Single Hirt & Carter Cornubia KwaZulu-Natal 47 718 – – – Single Macsteel Cape Town Western Cape 38 340 – – – Single Macsteel Coil Processing Wadeville Gauteng 52 886 – – – Single Macsteel Hudson Road KwaZulu-Natal 2 346 – – – Single Macsteel Lilianton Boksburg Gauteng 83 347 – – – Single Macsteel Roofing Harvey Gauteng 14 133 – – – Single Macsteel Roofing Wadeville Gauteng 23 729 – – – Single Macsteel Special Steels Dunswart Gauteng 19 334 – – – Single Macsteel Special Steels Meyerton Gauteng 11 693 – – – Single Macsteel Trading Bloemfontein Other 4 947 – – – Single Macsteel Trading Durban KwaZulu-Natal 21 540 – – – Single Macsteel Trading Germiston South Gauteng 56 495 – – – Single Macsteel Trading Klerksdorp Other 15 263 – – – Single Macsteel Trading Nelspruit Other 5 262 – – – Single Macsteel Trading Welkom Other 5 550 – – – Single Macsteel VRN Klerksdorp Other 2 370 – – – Single Macsteel VRN Pinetown KwaZulu-Natal 7 517 – – – Single Macsteel VRN Richards Bay KwaZulu-Natal 4 117 – – – Single Macsteel VRN Roodekop Gauteng 57 645 – – – Single Macsteel VRN Rustenburg Other 4 724 – – – Single Macsteel VRN Witbank Other 8 899 – – – Multi Midway Park Gauteng 14 177 511 119 84.44 8 124 Multi Mifa Industrial Park Gauteng 34 359 2 716 935 79.97 383 Single Nasrec Road – Aeroton Gauteng 24 363 – – – No tenants S&J Industrial (90% share) Gauteng – – – – Single S&J Industrial Isuzu (90% share) Gauteng 20 107 – – – Multi S&J Industrial Stampmill (90% share) Gauteng 16 238 1 432 499 88.22 – Multi Serenade Road Gauteng 9 003 391 210 43.45 – Single Skyhawk Park Western Cape 16 316 – – – Multi Supreme Industrial Park Gauteng 29 074 1 736 357 62.38 1 238 Multi Ushukela Industrial Park KwaZulu-Natal 27 084 2 681 915 99.02 – Single Waltloo DC Gauteng 25 735 – – – Total 1 435 977 40 141 Single tenanted Industrial properties weighted average rental rate of R74.06/m² DETAILED PROPERTY SCHEDULE – SOUTH AFRICA continued 95 / 98 INTRODUCTION SUPPLEMENTARY INFORMATIONGROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS
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Industrial – properties under development Multi/single tenanted Property Province GLA m² GMR R GMR R/m² Vacancy m² No tenants ERF 179205 Western Cape – – – – No tenants Erf 25701C (Ptn 3) (50.1% share) Western Cape – – – – Multi Nine @ S&J (90% share) Gauteng 20 231 8 553 2.15 16 257 No tenants S&J Industrial – Erf 270 Calisto (90% share) Gauteng – – – – Total 20 231 16 257 Specialised – property, plant and equipment Multi/single tenanted Property Province GLA m² GMR R GMR R/m² Vacancy m² No tenants Loftus Park Hotel (25% share) Gauteng – – – – Total – – Talis – office properties Multi/single tenanted Property Province GLA m² GMR R GMR R/m² Vacancy m² Single 240 & 260 Justice Mohamed Street (Talis) Gauteng 12 726 – – – Multi 300 Middel Street (Talis) Gauteng 11 077 683 703 130.58 5 841 Single 61 Jorrisen Street (Talis) Gauteng 19 123 – – – Multi Curator (Talis) Gauteng 8 643 732 833 102.31 1 480 No tenants Delpen Building (Talis) Gauteng 5 795 – – 5 795 Single Emanzeni (Talis) Gauteng 11 302 – – – Multi Mineralia Building (Talis) Gauteng 13 116 1 280 702 135.42 3 659 Multi Nedbank Centre Nelspruit (Talis) Other 15 005 1 421 539 136.78 4 612 Multi West End Shopping Centre (Talis) Other 20 962 905 786 98.00 11 719 Single Wheat Board (Talis) Gauteng 12 093 – – – Total 129 842 33 106 Single tenanted Talis properties weighted average rental rate of R134.17/m² Talis – industrial properties Multi/single tenanted Property Province GLA m² GMR R GMR R/m² Vacancy m² Multi 12 Piet Rautenbach Street (Talis) Gauteng 26 355 1 833 341 70.23 252 Total 26 355 252 DETAILED PROPERTY SCHEDULE – INTERNATIONAL EPP retail – investment properties Multi/single tenanted Property Province GLA m² GMR R GMR R/m² Vacancy m² Multi Galaxy Szczecin 56 667 40 539 358 718.21 222 Multi Galeria Echo Kielce Kielce 71 526 33 670 550 475.63 734 Multi King Cross Marcelin Poznań 45 342 16 566 170 365.36 – Multi Outlet Park Szczecin 28 142 14 971 035 531.98 – Multi Pasaż Grunwaldzki Wrocław 48 403 28 602 154 599.69 708 Total 250 080 1 664 Self-storage – investment properties Multi/single tenanted Property Province NLA m² GMR R GMR R/m² Vacancy m² Multi Bielany Wrocławskie, Szwedzka Lower Silesia 2 046 321 974 169.55 147 Multi Bydgoszcz, Filmowa Bydgoszcz-Torun 2 241 459 754 217.58 128 Multi Chorzów_Kaliny Upper Silesia 618 59 564 129.77 159 Multi Dąbrowa Górnicza Upper Silesia 912 58 743 137.89 486 Multi Gliwice, Sikorskiego Upper Silesia 1 128 98 760 116.74 282 Multi Kraków Nowohucka Krakow 2 390 127 667 131.75 1 421 Multi Kraków Sosnowiecka Krakow 2 916 229 978 169.35 1 558 Multi Legnica, Toruńska Lower Silesia 981 133 374 156.27 127 Multi Mokronos Dolny, Parkowa Lower Silesia 488 48 838 164.99 192 Multi Piekary Śląskie Upper Silesia 804 74 428 134.83 252 Multi Poznań, Bukowska Poznań 877 163 248 211.05 104 Multi Poznań, Druskienicka Poznań 953 299 965 343.80 81 Multi Warsaw Lazurowa Warsaw 3 240 185 158 169.56 2 148 Multi Warszawa Modlinska Warsaw 4 327 1 155 274 346.67 994 Multi Wrocław, Długosza Lower Silesia 1 375 377 542 296.11 100 Multi Wrocław, Krzywoustego Lower Silesia 2 806 323 577 149.04 635 Multi Wrocław, Opolska Lower Silesia 4 613 774 665 198.53 711 Multi Zabrze, Zamkowa Upper Silesia 672 56 492 174.36 348 Multi Zielona Góra, Chemiczna Lower Silesia 933 144 989 192.80 181 Total 34 320 10 054 Self-storage – properties under development Multi/single tenanted Property Province NLA m² GMR R GMR R/m² Vacancy m² Multi Warsaw Radzymińska Warsaw 5 458 – – – Multi Wrocław Awicenny Lower Silesia 5 187 – – – Total 10 645 – Property information continued for the year ended 31 August 2026 DETAILED PROPERTY SCHEDULE – SOUTH AFRICA continued 96 / 98 INTRODUCTION SUPPLEMENTARY INFORMATIONGROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS
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Shareholders’ analysis for the year ended 31 August 2026 Shareholder spread Number of shareholdings % of total shareholdings Number of shares % of issued capital 1 to 1 000 shares 14 519 50.77 2 213 727 0.03 1 001 to 10 000 shares 6 721 23.50 29 818 947 0.41 10 001 to 100 000 shares 5 623 19.66 179 019 165 2.49 100 001 to 1 000 000 shares 1 198 4.19 374 774 949 5.20 1 000 001 shares and over 534 1.87 6 616 773 868 91.87 Total 28 595 100.00 7 202 600 656 100.00 Distribution of shareholders Number of shareholdings % of total shareholdings Number of shares % of issued capital Assurance companies 15 0.05 81 217 428 1.13 Close corporations 157 0.55 14 445 014 0.20 Collective investment schemes 509 1.78 2 397 210 636 33.28 Custodians 62 0.22 583 407 852 8.10 Empowerment 2 0.01 224 635 839 3.12 Foundations and charitable funds 124 0.43 59 105 016 0.82 Hedge funds 3 0.01 3 039 381 0.04 Insurance companies 226 0.79 110 429 528 1.53 Investment companies 90 0.31 33 319 576 0.46 Medical aid funds 29 0.10 48 368 721 0.67 Organs of state 9 0.03 1 649 557 311 22.90 Other companies 92 0.32 9 895 123 0.14 Own holdings 1 0.00 7 198 428 0.10 Private companies 522 1.83 118 346 663 1.64 Public companies 16 0.06 115 268 031 1.60 Retail shareholders 24 484 85.62 285 780 450 3.97 Retirement benefit funds 315 1.10 1 030 584 764 14.31 Scrip lending 18 0.06 63 742 100 0.88 Stockbrokers and nominees 28 0.10 190 706 099 2.65 Trusts 1 893 6.62 176 342 696 2.45 Total 28 595 100.00 7 202 600 656 100.00 Shareholder type Number of shareholdings % of total shareholdings Number of shares % of issued capital Public shareholders 28 586 99.97 6 945 989 723 96.44 Non-public shareholders 9 0.03 256 610 933 3.56 Directors and prescribed officers 7 0.03 30 192 747 0.42 Empowerment 1 0.00 224 623 731 3.12 Own holdings 1 1 0.00 1 794 455 0.02 Total 28 595 100.00 7 202 600 656 100.00 1 Own holdings represent the unvested portion of awards granted under the Redefine employee long-term incentive share plan Beneficial shareholders holding 3% or more Number of shares % of issued capital Government Employees Pension Fund 1 516 594 558 21.06 Eskom Pension and Provident Fund 294 651 957 4.09 The Redefine Empowerment Trust 224 623 731 3.12 Fund managers holding 3% or more Number of shares % of issued capital Public Investment Corporation (SOC) Limited 1 336 432 385 18.55 Ninety One SA Proprietary Limited 491 307 201 6.82 Meago Asset Managers Proprietary Limited 360 371 915 5.00 Sesfikile Capital Proprietary Limited 355 101 862 4.93 Vanguard Capital Management, LLC 268 896 467 3.73 Old Mutual Investment Group (South Africa) Proprietary Limited 238 616 806 3.31 Catalyst Fund Managers Proprietary Limited 233 202 552 3.24 Shares in issue 2026 2025 Total number of shares in issue 7 202 600 656 7 202 600 656 Shares in issue (net of treasury shares) 6 977 976 925 6 948 070 647 Market capitalisation 2026 2025 Market capitalisation at 31 August R44 440 046 047 R36 445 159 319 Number of shareholders 28 595 28 974 Share price 2026 2025 Opening price 1 September R5.06 R4.76 Closing price 31 August R6.17 R5.06 Closing high for the year R6.93 R5.13 Closing low for the year R4.90 R3.87 Trading volumes 2026 2025 Volume traded during the year 3 391 924 057 3 565 653 766 Ratio of volume traded to shares issued 47.09% 49.51% Rand value traded during the year R20 587 714 667 R16 438 487 397 97 / 98 INTRODUCTION SUPPLEMENTARY INFORMATIONGROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS
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Go digital Follow our LinkedIn and Instagram pages ADMINISTRATION REDEFINE PROPERTIES LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1999/018591/06) JSE share code: RDF ISIN: ZAE000190252 (Approved as a REIT by the JSE) The group and company annual financial statements of Redefine Properties Limited were approved by the board of directors on 29 October 2026 and were published on 2 November 2026. REGISTERED OFFICE AND BUSINESS ADDRESS 155 West, 4 th Floor, 155 West Street, Sandown, Sandton, Johannesburg 2196, South Africa PostNet Suite 264, Private Bag X31, Saxonwold 2132, South Africa Telephone +27 11 283 0000 www.redefine.co.za INDEPENDENT AUDITORS PricewaterhouseCoopers Inc 4 Lisbon Lane, Waterfall City, Jukskei View, Johannesburg 2090 Telephone +27 11 797 4000 COMPANY SECRETARY Anda Matwa Telephone +27 11 283 0000 Email cosec@redefine.co.za SHAREHOLDERS’ DIARY AGM 11 February 2027 Half-year end 28 February 2027 Financial year end 31 August 2027 Interim financial results publication 10 May 2027 Annual financial results publication 1 November 2027 TRANSFER SECRETARIES Computershare Investor Services Proprietary Limited Rosebank Towers, Office Level 2, 15 Biermann Avenue, Rosebank 2196 Telephone +27 11 370 5000 SPONSOR Java Capital 6th Floor, 1 Park Lane, Wierda Valley, Sandton 2196 Telephone +27 83 809 3445 INVESTOR RELATIONS Should you wish to be placed on the mailing list to receive email updates, please send an email to investorenquiries@redefine.co.za 90 Rivonia Road, Gauteng, South Africa 98 / 98 INTRODUCTION SUPPLEMENTARY INFORMATIONGROUP AND COMPANY ANNUAL FINANCIAL STATEMENTS
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www.redefine.co.za