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2 Agenda 01 Introduction 02 South African retail portfolio overview and trading update 03 Castellana Properties overview and trading update 04 Financial performance, debt and treasury 05 Strategic update 06 Prospects and guidance 07 Questions and answers 08 Appendices 2
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4 4 01 INTRODUCTION ANNUAL RESULTS 31 MARCH 2025 Profile Who we are High quality, low risk, specialist retail REIT operating in South Africa, Spain and Portugal Significant geographic diversification with c.65% of assets located in Spain and Portugal Operate with a clarity of vision, strategy and structure Simple and transparent corporate structure Focus on customer centricity and data driven decision making Strong operational focus with a core competence in active asset management Prudent financial management and strong capital markets expertise Entrepreneurial approach to deal-making with a proven track record across geographies Strong focus on governance and leadership Vukile listed on the JSE and NSX 99.6% held subsidiary Castellana Property Socimi listed on the BME growth * * Madrid Junior Board
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5 Why Vukile? ▪Specialists in the retail sector, with more than 1.2 million m2 of GLA across 53 retail properties in South Africa, Spain and Portugal ▪Supported by strong relationships with national & international tenants ▪With a focus on providing our customers a unique retail experience as the catalyst for creating shareholder value ▪Strategically constructed portfolio of handpicked properties ▪Dominant assets in catchment areas ▪Highly diversified portfolio in terms of regions, categories and tenants, offering high quality cash flows and a low level of portfolio risk ▪Attractive pipeline of opportunities to bolster growth ▪Driven by focus on customer needs ▪Conservative and prudent financial policy to ensure long-term sustainable growth ▪Active debt management supported by strong relationships with debt funders ▪Dynamic hedging policy to mitigate risk whilst optimising returns ▪Consistent capex & development policy to ensure sustainability and income growth ▪AA(ZA) credit rating in South Africa and an investment grade rating of BBB- in Spain, both with a positive outlook ▪Best-in-class internalised management structure ▪Unique and effective active management style, aiming to add long-term value as evidenced by recent development projects and choice of acquisitions and sales ▪Highly dynamic and efficient team, able to quickly adapt when it comes to decision making ▪Strong operational focus, integrating assets with local communities, anticipating customers’ needs and supporting tenants ▪Strong corporate governance with a highly experienced and independent Board of Directors ▪Integrity and transparency as core values ▪Committed to ESG principles throughout business processes ▪Independently acknowledged as an employer of choice with high ethical standards ▪Proactively spearheading new trends at its shopping centres ▪Internal innovation programme to embrace cutting-edge new trends ▪Placing the customer at the centre of our innovation with data analytics evaluating customer needs ▪ Embracing technology to adapt our shopping centres to emerging consumer needs ▪Management team aligned with stakeholders and incentivised to achieve FFO and NAV growth per share ▪Returns driven through healthy, sustainable and robust growth ▪Diversified net currency exposure ▪Stable NAV with meaningful upside potential over the next 5 years ▪High quality cash flows resulting in competitive dividend yield with conservative tax efficient pay- out ratio ▪Highly liquid stock consistently amongst the most highly liquid REIT shares traded on the JSE Specialists in retail High quality portfolio Robust financial metrics Active management Highest governance standards Innovation and customer centricity as part of our DNA Strong income & growth prospects Consistently and significantly outperforming the SAPY over a 10, 5, 3 and 1-year period Our investment case 01 INTRODUCTION ANNUAL RESULTS 31 MARCH 2025
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6 Exited our listed share exposure in: ▪Fairvest – sold remaining stake for c.R141 million and redeployed into accretive solar projects ▪Lar España - generating a capital gain of €82 million and an IRR in excess of 40% Lar España sale proceeds together with proceeds from R1 billion equity raise in February 2024 and a R1.5 billion capital raise in September 2024, allowed Vukile to: ▪Acquire three assets in Portugal for €176.5 million(i) at a yield of 9.2% ▪Acquire 50% of Alegro Sintra in Lisbon for €83.4 million(i) at a yield of 8.1% ▪Acquire the Bonaire shopping centre in Valencia, Spain for €305 million(i) yielding 7.2% ▪Grow the direct asset base of Castellana by c.60% to €1.660 billion ▪Post year-end acquired Forum Madeira for c.€63 million(i) at a yield of 9.5% All acquisitions have been fully funded and are accretive ensuring no cash drag, with no further equity funding required In April 2024 acquired 50% of Mall of Mthatha (previously known as BT Ngebs) for R400 million and invested a further R113 million to upgrade and refurbish the centre Increased solar capacity from 14,4MWp to 36MWp at a yield of 19% (i) Excluding transaction costs A transformative year for our business… 01 INTRODUCTION ANNUAL RESULTS 31 MARCH 2025
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7 . . . evolving into a more international business with growing exposure to hard currency earnings emanating from blue-chip tenants and well diversified across macro-economic drivers (i) Includes 50% of Alegra Sintra in Portugal 6.7% CASTELLANA SOUTH AFRICA Total property assets 65% 35% Property NOI Portfolio yield Debt 51% 49% EUR yield ZAR yield 56% of total debt No recourse to Vukile 44% of total debt R17.4 billion R1 448 million 8.7% R9.8 billion R32.9 billion R1 493 million R12.7 billion €1 374 million €68.5 million 6.4% €566 million €286.2 million (i) €7.8 million (i) 8.2% (i) €72.5 million In FY2026 we expect c.60% of property NOI to come from Castellana 01 INTRODUCTION ANNUAL RESULTS 31 MARCH 2025
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8 FY2025 has been a defining year, highlighting Vukile’s focused growth strategy in action LT V at 40.95% Group hedge ratio increased to 83.9% (from 58.5%) Interest cover ratio (ICR) increased to 2.9 times Significant available cash balances of R2.1 billion and undrawn debt facilities of R2.5 billion Portfolio occupancy of 98.4% Positive rental reversions of 17.3% 95% of retail space let to international and national tenants Like-for-like GRI growth of 5% and NOI growth of 6.4% Cost-to-income ratio decreased to 15.3% Annualised trading density growth of 5.2% Retail vacancies lowered to 1.7% Like-for-like retail NOI growth of 6.4% Total funds from operations (FFO) of 158.8 cents per share Final dividend of 76.5 cents per share (R953 million in total), up 6% on the prior year Market-leading performance continues across Spain and Portugal Conservatively managed balance sheet supported by a diversified funding base and strong liquidity Focused strategy once again delivers on guidance, with a 6% increase in dividend per share Growing positive momentum in the South African portfolio c.R2.3 billion raised from new share issuances Like-for-like retail portfolio value increased by 8.5% 36MWp solar installations now generating 27% of electricity in the portfolio Portfolio WALE of 8.6 years Like-for-like valuation increase of 3.6% Credit rating outlook for both Vukile and Castellana improved from stable to positive Significant corporate activity lays a strong foundation for continued growth Acquired and repositioned Mall of Mthatha Exit from Lar España generating a capital gain of c.€82million Acquisition of four shopping centres in Portugal for a combined value of c.€260 million at a blended yield of c.8.9% Acquired flagship Bonaire Shopping Centre in Valencia Spain for €305 million at a yield of c.7.2% Post year-end acquired Forum Madeira in Portugal for c.€63 million at a yield of c.9.5% Low risk debt expiry profile with only 1.6% of debt maturing in FY26 01 INTRODUCTION ANNUAL RESULTS 31 MARCH 2025
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9 South African retail portfolio overview and trading update ITUMELENG MOTHIBELI 9
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10 South African retail portfolio Key retail portfolio metrics Key facts Valuations Efficiency Tenant profile Performance Overview Portfolio value R16.7 billion Like-for-like increase in value 8.5% Like-for-like net income growth 6.4% Rent-to-sales ratio 6.0% National exposure 84% GLA 82% Rent Total number of assets 33 Average asset value R507 million Vacancies 1.7% Annualised trading density growth 5.2% 6.7% Total Retail Portfolio Township and Rural Portfolio Top 10 tenants 54% GLA 48% Rent GLA 770 425m² Value density R21 723 / m² Reversions +2.4% 85% Positive or flat Average annual trading density R36 270 / m² WALE 3.4 years GLA 2.8 years Rent Operational capex R150 million Average discount rate 13.2% Base rentals R179.34 / m² Net cost to property revenue 15.3% Tenant retention 91% PV installed 21.6MWp (FY24) +14.4MWp (FY25); 67% 27% of portfolio energy Average exit capitalisation rate 8.7% Contractual escalations 6.2% Rent collection rate 101% 02 SOUTH AFRICAN RETAIL PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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11 Retail portfolio composition Well positioned, diversified and defensive portfolio focused on township and rural value markets Township Rural Urban Value CentreCommuter Value R5.1 billion R4.3 billion R4.0 billion R2.3 billion R1.0 billion Number of properties 9 10 7 4 3 GLA 192 860m²192 961m²139 231m²140 604m²104 769m² Retail vacancy (i) 0.6% Fully let 2.6% 0.1% 2.7% Average base rental R 207/m² R 182/m² R 216/m² R 124/m² R 146/m² Average trading density R50 964/m²R38 231/m²R33 115/m²R24 507/m²R25 597/m² Rent-to-sales ratio 4.7% 5.8% 8.0% 5.9% 7.6% WALE (GLA) 2.8 years 4.0 years 3.7 years 3.4 years 3.2 years National tenant exposure 84% 87% 86% 87% 73% Top 10 tenant exposure 29% 29% 21% 10% 10% Tenant retention 92% 94% 88% 82% 92% (i) Excluding office vacancy, which adds an additional 1.9% to township, 0.6% to urban and 1.4% to commuter vacancies Western Cape Northern Cape Free State Limpopo Mpumalanga KwaZulu-Natal North West Eastern Cape 5 (6%) 1 (4%) 1 (6%) 1 (3%) 2 (7%) Gauteng 1 (4%) 2 (8%) 2 (7%) 1 (1%) 3 (10%)3 (12%) 2 (2%) 2 (9%) 1 (2%) 1 (3%) 1 (2%)4 (14%) Number of properties (% of Retail portfolio value) Township Rural Urban Value Centre Commuter 02 SOUTH AFRICAN RETAIL PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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12 results in strong portfolio trading density growth… and positive reversions on renewals… Strong turnover growth from key tenants… Key value drivers Well-curated tenant mix drives strong operations and affordable rentals 5.9% 6.4% 6.1% 6.0% 6.0% 6.0% 2020 2021 2022 2023 2024 Mar 25 Rent-to-sales ratio 30161 29308 31414 32941 35027 36270 2.9% 1.5% 6.2% 6.3% 2.4% 5.2% 2020 2021 2022 2023 2024 Mar 25 Trading Density Growth 0.0% 3.8% 5.4% 3.5% 7.1% 73% 61% 55% 68% 79% 74% 10% 13% 13% 13% 8% 11% 17% 26% 32% 19% 13% 15% 1.1% (3.3%) (2.4%) 2.3% 2.9% 2.4% 2020 2021 2022 2023 2024 MAR 25 Number of leases Positive reversions Flat reversions Negative reversions 2.9% 3.2% 2.6% 2.0% 1.9% 1.7% 2020 2021 2022 2023 2024 MAR 25 Vacancy - GLA 141.43 146.40 152.69 159.96 170.52 179.34 3.5% 4.3% 4.8% 6.6% 5.2% 2020 2021 2022 2023 2024 MAR 25 Av. Rental growth with strong demand for space… which drives key affordability in asking rentals and... drives consistent growth in top line 02 SOUTH AFRICAN RETAIL PORTFOLIO ANNUAL RESULTS 31 MARCH 2025 26% GLA Grocery & Food 39% GLA Fashion, Department & Home 31% GLA Rest 4% GLA Pharmacies, Health & Beauty
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13 Retail category performance Fashion Density 3.0% Turnover 5.0% Grocery/ supermarket Density 7.1% Turnover 5.0% Other Density 2.7% Turnover 9.9% Home furnishings/art/ antiques/décor Density 3.1% Turnover 2.3% Department stores Density 7.2% Turnover 5.8% Sports utilities/gyms/outdo or goods and wear Density 0.8% Turnover 4.1% Food Density 7.3% Turnover 10.0% Pharmacies Density 6.1% Turnover 6.4% Restaurants and coffee shops Density 0.3% Turnover 0.1% Bottle stores Density 7.9% Turnover 5.5% Cell phones Density 8.9% Turnover 12.3% Electronics Density 8.0% Turnover 12.5% Health and beauty Density 2.0% Turnover 7.3% Accessories Density (0.4%) Turnover (0.7%) Year-on-year turnover growth Average annual trading density growth Accelerating like-for-like trading density growth (+5.2%) with strong trade from July to March across all segments, further improving since H1 FY25 (+4.2%) The growth momentum was achieved across all major categories and tenants, with the top 10 tenants (53% of GLA) growing by +5.9% and the balance, including SMMEs, increasing by +1.7% The grocery category (21% of GLA), experienced a trading density growth of 7.1% (FY24 0.9%) The fashion category (23% of GLA), showed a trading density growth of 3.0% (FY24 0.9%), reflecting a recovery in consumer spending, in line with recent national retail sales figures We continue to see steady growth in the cell phones category of 8.9% (FY248.1%) 13 out of 14 categories showed growth in both turnover and trading densities Electronics (+8.0%), Bottle stores (+7.3%) and Food (+7.3%) delivered strong and sustained growth Strong category trade continues to drive top-line growth 02 SOUTH AFRICAN RETAIL PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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14 34.2% 18.8% 53.0% Non-discretionary Discretionary Total GLA breakdown – Top 10 tenants The case for increasing non-discretionary category exposure Non-discretionary spend tenants represent a significant amount of the total GLA occupied by the top 10 tenants, who together account for 53% of the overall GLA These tenants include essential retail categories such as groceries, pharmacies, low-end fashion and basic services to which we have increased exposure by 9100m² in FY25 Non-discretionary spend categories (+6.6%) consistently outperform discretionary spend categories (+3.8%), indicating continued consumer demand for essential goods Groceries (7.1%) and pharmacies (6.8%) show the highest non-discretionary trading density growth Fashion demonstrates stable growth across both segments (non-discretionary: 4.4%, discretionary: 2.8%), reflecting strong overall performance The higher trading density growth suggests stronger, more consistent performance from non-discretionary tenants Consumer focus on core spending supports resilient tenant mix 6.7% 4.0% 5.7% Non-discretionary Discretionary Total Average annual trading density growth – Top 10 tenants 02 SOUTH AFRICAN RETAIL PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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15 101% 98% 102%102% 100% 102% 97% 102%103% 99% 102% 103% 102% 103% 99% 103% 107% 103% 109% 102% 107% 109% 104% 108% 108% 107% Retail portfolio trading environment and footfall Portfolio continues to show growth in both footfall and sales All segments showed trading density growth with 9.0% in township, 4.3% in rural, 2.7% in urban, 4.5% in commuter and 3.2% in value centres Township and rural centres continue to outperform with growth in both year-on-year sales (+10.4% and +5.1% ) and footfall (+0.8 and +2.1%) Year-on-year portfolio sales increased by 5.5% and continue to grow across all major categories Portfolio footfall rose +1.0% year-on-year, driven by gains of +2.1% in township, +1.8% in commuter, and +0.8% in rural, while urban areas saw a -1.7% decline. Higher spend per head, aligned with broader industry trends observed in the past year ▪In the township category, Atlantis Shopping Centre and Daveyton Mall saw spend per head increase by +10.3% and +9.3%, respectively ▪In the rural portfolio, Thavhani Mall grew by +12.4% ▪In the urban category, Pine Crest experienced a +9.9% increase in spend per head Sustained customer loyalty, driven by our focus on consumer needs and strategic initiatives, has helped maintain consistent footfall Sales: 105.5% Footfall: 100.9% March 2024 March 2025 March 2024 March 2025 02 SOUTH AFRICAN RETAIL PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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16 Leasing activity Vacancies reduced to 1.7%, with continued vibrant leasing activity and strong support across all segments Environment of increased demand for space in investment grade dominant assets due to slowing new supply, leading to high retention, competitive rentals on new lets and strong reversions 82% of the 125 242m² renewed leases were concluded with national and mid-tier tenants with increased overall tenure Recent WALE on renewals is higher than the portfolio average (+3.7years vs +3.4years), which, in conjunction with the positive reversions, is an indication of strong support for the portfolio, and an overall improvement in sentiment from retailers. Optimisation of space through relocations, resizing, and renovations has resulted in a rental uplift of +20.5% across affected pockets. ▪The bulk of these enhancements were concentrated in Bloemfontein Plaza (5400m²), Mall of Mthatha (2 700m²), and Durban Workshop (1 755m²). ▪Our top 10 tenants renewed leases for c.37 600m² (30% of FY25 renewals) and expanded their footprint with c.2900m² (13% of FY25 new leases) Fashion (32%), home furnishings / décor (16%) and Sports Utilities / Gyms / Outdoor Goods & Wear (8%) contributed the most to leasing activity during the period +2.7% Rental growth on deals 146 945m² GLA signed R1.3 billion New rent signed 665 Leases signed 521 Renewals 144 New contracts 125 242m² Renewals 21 703m² New contracts R1.1 billion Renewals R0.2 billion New contracts R +2.4% Renewals +4.4% New contracts 02 SOUTH AFRICAN RETAIL PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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17 Driving retail performance through customer-centric marketing (i) Footfall and turnover growth figures are measured against the same calendar day in FY24 (ii) Footfall and turnover growth figures are measured against the same calendar month in FY24 Customer focus Footfall Total portfolio growth: 1.0% year-on-year 38 323 FY24: 29364 (i) 1 090 448 FY24: 860 241(ii) 48 886 FY24: 34 204 (i) +26% +27% +43% Turnover Total portfolio growth: 5.5% year-on-year R100.4m FY24: R89.5m (ii) R148.4m FY24: R131.1m (ii) R64.9 FY24: R58.9m (i) +12% +13% +10% Promotions 237 campaigns executed (FY24 189) Soweto Derby Dobsonville 30th Birthday Campaign Dance to the beat campaign Dobsonville Mall Dobsonville Mall Atlantis City Mall Understanding customer needs drives more relevant and impactful marketing leading to increased footfall and spend Shopper data trends guide timing, content, and delivery for better results Month-end and first-week activity drives approximately 65% of total monthly footfall, reflecting concentrated consumer spending patterns Weekends account for 43% of weekly footfall, with Saturdays being the busiest day, contributing approximately 17% of total weekly traffic Promotional efforts are strategically timed to coincide with these high-traffic periods, maximising reach and impact 17 02 SOUTH AFRICAN RETAIL PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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18 Cost category exposure Net cost to property revenue Stable retail portfolio excluding sales Driving operational efficiencies to manage costs Average annual escalation since 2013 ▪The cost-to-income ratio has shown consistent year-on-year improvement, decreasing from 16.8% in FY24 to 15.3% in FY25. ▪The addition of 14.4MWp in solar capacity has generated increased electricity savings by approximately 70% in FY25 ▪Utilisation of borehole water across the portfolio totalled 129,500kl, resulting in cost savings of c.R4.9 million ▪Diesel consumption has significantly declined, contributing to net savings of c.R6.2 million ▪The new soft services tender has led to a 6% reduction in overall costs ▪The cost-to-income ratio is projected to further decline to 13.0% in the next financial year, reflecting continued operational efficiencies and cost management. 27.1% 22.0% 20.4% 19.2% 16.6% 16.2% 16.6% 16.1% 18.6% 16.4% 16.9% 16.8% 15.3% (R15/m²) (R5/m²) R5/m² R15/m² R25/m² R35/m² FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 15% 7% 5%17%4%5%1%8%5%-12.4% Net expense ratio Electricity and municipal 46% Rates and taxes 18% Cleaning and security contracts 12% Property management 7% Wi-Fi, innovation and promotions 4% Maintenance and refurbishment 3% Amortised commission and tenant installation 2% Bad debt 1% Insurance 2% Sundry Expenses 7% Electricity, municipal, rates and taxes 64% of total expenses Continued focus on sustainable strategies to decrease costs Net expenses 02 SOUTH AFRICAN RETAIL PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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19 Energy and sustainability Solar capacity now generates 27% of the portfolio’s electricity As of FY25, Vukile has achieved a total installed solar PV capacity of 36.0MWp FY25 marks a milestone year, with 14.4 MWp of new solar PV capacity installed—the largest annual addition to date Solar PV currently contributes 5.0% of FY25 revenue and has contributed to a 5.9% uplift in the retail portfolio’s valuation, equating to approximately R1 billion in value Excluding the benefit of solar, the cost-to-income ratio would be 19.7%, compared to the current 15.3%, underscoring significant efficiency gains 10.6 MWp of new solar projects have been identified for FY26, with a projected year-one yield of 17.2% Heads of agreements have been initiated for two wheeling projects totalling 2MWp, further advancing Vukile’s solar energy strategy 02 SOUTH AFRICAN RETAIL PORTFOLIO ANNUAL RESULTS 31 MARCH 2025 0.2MWp 2.0MWp 4.8MWp 8.7MWp11.2MWp12.7MWp14.8MWp 21.6MWp 36.0MWp 769% 136% 80% 29% 13% 17% 46% 66% FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Exponential growth of Solar PV capacity % Growth YoY
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20 Value-add project: Bedworth Centre Repositioning of Pick n Pay Hyper premises and increasing tenant count by 47% 14 300m² GLA affected The centre has undergone a strategic redevelopment, including the replacement of the former Pick n Pay Hyper and a comprehensive upgrade of aesthetics, amenities, and security, significantly enhancing the overall shopping experience Leading national retailers, Shoprite and Boxer, anchor the centre, strengthening its position as a key retail destination in the region A total of 20 new brands have been introduced, broadening the centre’s retail offering across multiple categories, including, food and beverages, liquor, health and beauty, clothing, outdoor gear, banking services, homeware, electronics, furniture, bedding, general services, hardware, KFC drive-thru and a fully-equipped filling station Major national brands include: Pepkor Home.Tech.Sleep, Clicks, Outdoor Warehouse, UFO, OK Furniture, Volpes, and SARS The centre currently maintains a strong occupancy level of 91%, with active negotiations underway to reduce vacancies to below 5% by September 2025 National tenants represent 80% of the total tenant mix Retail trading performance continues to show positive momentum, with an annualised trading density of R24,022 / m² and a healthy rent-to-sales ratio of 6.9% Top performing categories (Annualised Trading Density): ▪Food: R56 048/m² ▪Pharmacies: R34 662/m² ▪Groceries / Supermarket: R33 954/m² R141 million Capex investment R 11.0% Yield 20 02 SOUTH AFRICAN RETAIL PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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21 Value-add project: Mall of Mthatha Highly accretive project reinforcing its regional dominance The redevelopment is nearing completion with almost 75% of the budgeted capex already spent and completion scheduled for September 2025 Vacancies have decreased from 16.9% at the time of purchase to 2.0% ahead of the re-launch in October 2025 New deals and renewals tracking significantly ahead of business case 10 251m² GLA affected R113 million Capex investment R 10.0% Yield New leases ▪ Dis-Chem 1 076m² ▪ Jam Clothing 449m² ▪ Steers 99m² New Leases signed and in Beneficial Occupation (BO): ▪ Grocery: Shoprite, Shoprite liquor ▪ Food and beverage: Spur, News Cafe Renewals ▪ PnP Clothing 417m² ▪ Pep Home 292m² ▪ Homechoice 220m² Final negotiations with potential tenants such as: ▪ Food speciality: Bluff meat, OBC, Roots Butchery ▪ Food: Nando’s, RoccoMama's, Pedro’s, Mugg & Bean ▪ Fashion: Power fashions, Palladium, Vialli 02 SOUTH AFRICAN RETAIL PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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22 15 417 16 720 1 020 171 27 85 6.6% 1.1% 0.2% 0.6% Value 31 Mar 24 Organic growth Effect of income profile adjustments Effect of Discount Rate, Exit Cap Rate and growth rate adjustments Effect of Risk Grade adjustments Value 31 Mar 25 R million Valuations: retail portfolio | 33 properties valued at R16.7 billion 8.5% increase with a conservative value density of R21 723/m² Township Rural Urban Value Centre Commuter Total Retail Portfolio Exposure 30% 26% 24% 14% 6% 100% Value R5.1 billion R4.3 billion R4.0 billion R2.3 billion R1.0 billion R16.7 billion Average value per property R564 million R429 million R576 million R578 million R334 million R507 million Value density R26 334/m² R22 254/m² R28 971/m² R16 526/m² R9 563/m² R21 723/m² Value movement R384 million R330 million R326 million R258 million R6 million R1303 million Yield 8.4% 9% 8.2% 8.5% 10.7% 8.6% Discount rate 13.2% 13.3% 13.1% 13.3% 13.8% 13.2% Exit capitalisation rate 8.6% 8.4% 8.5% 8.8% 10.3% 8.7% (i) Excluding properties sold during FY24 – Sandton Bryanston Ascot Offices was sold at a sales price of R16m Including properties acquired during FY25 – Mall of Mthatha acquired at R400m at a projected yield of 10.0% (i) 02 SOUTH AFRICAN RETAIL PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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24 Economic update: Spain Source: Caixa Bank, Arcano Research, INE, FUNCAS 03 CASTELLANA PROPERTIES ANNUAL RESULTS 31 MARCH 2025 Labour market remains strong ▪Unemployment dropped to 10.8% (lowest in over a decade). ▪Forecast to drop to 10% by 2026. ▪360,000 net new jobs forecasted to be created annually in 2025–2026.Labour market Economics & politics Strong economic growth ▪GDP grew by 3.2% in 2024. ▪Projected growth: 2.3% in 2025, 1.6% in 2026. ▪Growth drivers: household consumption, exports (especially services), and public spending. ▪Spain’s external accounts were robust, with a current account surplus near 3% of GDP and a financing capacity around 4% ▪Average inflation closed at 2.8% in 2024. Core inflation dropped to 2% in March 2025. CPI forecast: 2.3% for 2025. ▪ECB cut ratesseven times since June 2024: Deposit rate now at 2.0% and 12-month Euribor at 2.04%. ▪10-year bond yield of 3.4%. Tourism boom ▪Record revenue: €126 billion. ▪2024 Visitors: 94 million (+10.1% vs 2023). ▪Growth supported by seasonal and geographic diversification (surge in U.S. tourists).Tourism Rising disposable income. Increased by 8.7%. ▪5% rise in average salaries ▪Employment gains ▪Higher investment income ▪Expanded social benefits ▪Household savings rate that remained high at 13.6%Consumption
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25 Economic update: Portugal Source: Caixa Bank, Arcano Research, FUNCAS, Bankinter, INE, Banco de Portugal and Statistics Portugal Economic growth ▪GDP grew by 1.9% in 2024, exceeding government forecasts. ▪Growth driver: Household consumption played a key role in boosting economic performance throughout the year. ▪Growth projections: 2.3% in 2025, 2.1% in 2026. ▪Inflation is easing, with a projected rate of 2.3% in 2025 and 2% by 2026–2027, supported by a slowdown in service prices. In February 2025, inflation and core inflation both at 2.4%.Economics & politics Employment at historic highs ▪Expected to keep rising (at a slower pace). ▪Real wage growth: 1.6% in 2024, 1.3% in 2025 and 0.7% in 2026. ▪Unemployment stable just above 6%. Labour market Consumption Private Consumption grew by 3.2% in 2024 ▪Forecasted to grow by 2.8% in 2025 and 1.8% in following years. ▪Disposable income surged by 10.5% in 2024. ▪Household saving rate remains elevated due to high interest rates. Tourism Record year in 2024 ▪Over 80 million overnight stays. ▪31.6 million guests, mostly foreign. ▪+4% in overnight stays in 2024 vs 2023 ▪+5.2% in guests in 2024 vs 2023 03 CASTELLANA PROPERTIES ANNUAL RESULTS 31 MARCH 2025
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26 Castellana Propertiesportfolio Key portfolio metrics (i) Portfolio value including 50% of market value of Alegro Sintra. (ii) Including Alegro Sintra of which Castellana owns 50%. (iii) Like-for-like growth in direct portfolio valuations versus March 2024 based on external valuation by Colliers. (iv) Like-for-like average discount rate9.07%, (-15bps). Like-for-like average exit yield6.57% (+3bps). (v) Only passing rent operations. Excluding vacant units let. (vi) Bonaire included. Like-for-like occupancy is 98.6%. (vii) WALE (by Rent) is by expiry of lease excluding break options. (viii) Expenses included. Market average of 12.1% according to 2023 results published by European peers. 03 CASTELLANA PROPERTIES ANNUAL RESULTS 31 MARCH 2025 OCR 9.6%(viii) Normalised NOI Like-for-like growth +6.4% Average asset value €83 million Average discount rate 9.2% (-9 bps)(iv) Average exit yield rate 6.81% (+27 bps)(iv) Collection rate 98.4% Letting transactions signed during the year 286 Increase in reversions and new lettings 17.31%(v) Occupancy 98.4%(vi) Retail space let to international & national tenants 95% Income from top 10 tenants 29.8% WALE 8.6 years(vii) Normalised GRI Like-for-like growth +5.0% GAV €1 660 million(i) +38% Key facts Valuations Performance Overview Tenant profile GAV like-for-like growth +3.6% (iii) GLA 539 707m²(ii)
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27 ▪All assets continue to thrive, with Vallsur standing out noticeably. Having successfully completed Phase I, and with Phase II in progress, we are witnessing impressive footfall growth, with an increase of 8.6% during FY25. This positive trend underscores the growth potential of our investments. ▪Last year, our shopping centers in Iberia received nearly 90 million visits. During this fiscal year, we set a new record in Spain, exceeding 54 million visits . Bahía Sur leads the way with 8.35 million visits, closely followed by El Faro with 8.3 million visits. ▪Sales in our shopping centre segment increased by 3.7% compared to FY24, with an improvement of 6.5% in our retail parks. ▪All key categories in Castellana’s portfolio contributed positively during the period, with Homeware at +6.1%, Health & Beauty +5.1%, Food & Beverage +4.8%, Leisure & Entertainment +3.5% and Fashion +2.9% . This consistent growth across categories and assets reinforces the strength and resilience of our portfolio operations. (i) Although Bonaire was acquired in March, it was excluded from all data sets due to the flooding that occurred at the end of October. The centre reopened in mid-February and has been gradually recovering since then. (ii) Footfall data includes the following shopping centers: El Faro, Bahía Sur, Los Arcos, Vallsur, Habaneras, Puerta Europa, Granaita, 8ª Avenida, Rio Sul, LoureShopping and 100% of Alegro Sintra. There are no foot counters in the rest of the retail park assets. Granaita counts only cars, so we have estimated 2 people on average per car. Sales data includes all retail assets. Castellana portfolio +2.7% Sales Footfall (i)(ii) +3.6% +2.0% +5.5% +2.4% +4.3% Spain Portugal Outstanding performance across the portfolio, achieving nearly 90 million visits in 2024 Footfall and sales 03 CASTELLANA PROPERTIES ANNUAL RESULTS 31 MARCH 2025
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28 GLA signed Operating metrics & leasing activity 78 Renewals 198 leases €13.1 million 120 New contracts €4.2 million Renewals €8.9 million New contracts 46,202 m² 21.21% 16,298 m² Renewals 29,904 m² New contracts 9.71% Renewals (ii) 36.78% New contracts 55 Renewals 88 leases €3.8 million 33 New contracts €2.3 million Renewals €1.5 million New contracts 15,441 m² 9.50% 10,001 m² Renewals 5,440 m² New contracts 3.16% Renewals (ii) 24.56% New contracts (i) Taking into account operations with existing passing rent as renewals, relocations, replacements and resizing. Out of 286 leases signed, 163 include passing rent (107 renewals and 56new contracts). Passing rent is defined as leases signed when a unit passes from one contract to another with no more than 6 months of void period between them. (ii) Excludes CPI increases which are applied on indexation date. Leases signed New rent signed Av. Rent increase (i) Spain Portugal Castellana Portfolio 133 Renewals 286 leases €16.9 million 153 New contracts €6.5 million Renewals €10.4 million New contracts 61,643 m² 17.31% 26,299 m² Renewals 35,344 m² New contracts 7.23% Renewals (ii) 33.62% New contracts 03 CASTELLANA PROPERTIES ANNUAL RESULTS 31 MARCH 2025 Continued outstanding leasing activity with exceptional results across the portfolio
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29 Operating metrics & leasing activity Leading sector excellence by consistently delivering exceptional metrics (i) Excluding the area under development in Vallsur Repositioning Project, El Faro Hipercor Project and all storage space. Rent collection 98.4% 99.4% 98.5% 94.0% Occupancy (i) Spain Portugal 98.4% 98.4% Castellana Portfolio 29 03 CASTELLANA PROPERTIES ANNUAL RESULTS 31 MARCH 2025
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30 NOI like-for-like growth of 6.4% versus FY24 GRI bridge and breakdown FY25 reported GRI increase to €82 million, like-for-like growth of 5.0% 30 € million Shopping centres €115 million84% Retail parks €22 million16% 70.5 (0.5) 3.4 (1.4) 10.3 82.3 1.9 84.2 137 Reported GRI FY24 Asset divestment Like-for-like growth Ongoing respositioning projects Acquisitions Reported GRI FY25 50% GRI Alegro Sintra GRI FY25 Annualised potential stable GRI (ii) Like-for-like growth 5.0%(i) (i) Excluding Mejostilla Retail Park, a non-strategic asset sold in May 2024. (ii) GRI attributable to the 3-month FY25 period starting from the Alegro Sintra acquisition in December 2024. (iii) Annualised GRI based on a fully let portfolio, incorporating projects and acquisitions (annualised), 50% of Alegro Sintra and Forum Madeira added in post year-end. (iii) 03 CASTELLANA PROPERTIES ANNUAL RESULTS 31 MARCH 2025
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31 GAV bridge and breakdown 38% GAV growth: strategic reinvestment of Lar España proceeds drives landmark acquisitions in Portugal and Spain 03 CASTELLANA PROPERTIES ANNUAL RESULTS 31 MARCH 2025 Total GAV like-for-like increase FY25 3.6%(i) GAV 31 March 2024 Lar España Investment disposal 50% Alegro Sintra(ii) Asset divestment Asset acquisitions Capex investment Changes in fair value GAV 31 March 2025 1,201 (174) 92 (9) 497 28 1,66025 Forum Madeira € million Current GAV 74 1,734 (i) Excluding Mejostilla Retail Park, a non-strategic asset sold in May 2024 (ii) Portfolio value including 50% of market value of Alegro Sintra
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32 15 15 10 7 15 15 15 15 15 15 20 47 121.0% 100.0%99.4%99.5%99.4%97.2%100.3% 108.5%111.3%116.5%117.1%118.7% 192.0% 85% 100% 115% 130% 145% 160% 175% 190% 205% 0 20 40 60 80 100 120 140 160 Sep. 2019 Mar. 2020 Sep. 2020 Mar. 2021 Sep. 2021 Mar. 2022 Sep. 2022 Mar. 2023 Sep. 2023 Mar. 2024 Sep. 2024 Mar. 2025 Nº of Assets open and without highly restricted mobility NOI Stabilised (in millions EUR) NOI Stabilised (in millions EUR) new acquisitions NOI evolution Index (%) NOI evolution Index (%) with new acquisitions A significant expansion in both discount rates and exit yields observed during 2023 and 2024 valuations, offset the strong NOI performance seen year after year. The stabilised higher NOI bodes well for future valuation growth as we expect discount rates and exit yields to compress in a lower interest rate environment Valuations Source: Colliers (i) Stabilised NOI: Average NOI of Years 3-4-5 7.9%8.0%8.2%8.2%8.2%8.1%8.6%9.1%9.3%9.3%9.2%9.1% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% Sep. 2019 Mar. 2020 Sep. 2020 Mar. 2021 Sep. 2021 Mar. 2022 Sep. 2022 Mar. 2023 Sep. 2023 Mar. 2024 Sep. 2024 Mar. 2025 IRR (%) Weighted average by FV with new acquisitons LfL IRR (%) Weighted average by FV 9.18% 6.1%6.1%6.1%6.2%6.2%6.1%6.1%6.2%6.4%6.5%6.5%6.6% 5.9% 6.1% 6.2% 6.4% 6.5% 6.7% 6.8% 7.0% Sep. 2019 Mar. 2020 Sep. 2020 Mar. 2021 Sep. 2021 Mar. 2022 Sep. 2022 Mar. 2023 Sep. 2023 Mar. 2024 Sep. 2024 Mar. 2025 Exit Yield (%) Weighted average by FV with new acquisitions Exit Yield (%) Weighted average by FV 6.81% Stabilised NOI evolution Average cap rate evolution Average exit yield evolution FY25 - Transformative year in which our income stream grew by 58.8% COVID-19 Ukranian war & macro-economic challenges 03 CASTELLANA PROPERTIES ANNUAL RESULTS 31 MARCH 2025
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33 10.6K activations (from Jan 2025) 79 average per day 65.2% users Confirmed they would go home if they didn’t have this service Extending average stay To continue offering the best visitor experience, we have implemented a recharge mobile station for our club members Customer centricity Building a loyal fan base in our malls . . . (i) Spanish Shopping Centre data excluding Bonaire Shopping Centre (to belaunched in June 2025) Innovative AI system to push sales in our malls Exceptional results one year after restyling of the app(i) 89% Active users 31.4K tickets validated +5.3K users have registered tickets €1.3million sales generated +17% New app users 4.7 million Interactions in the app (+72.3%) Securing our position with the best digital tool in the Iberian retail sector 03 CASTELLANA PROPERTIES ANNUAL RESULTS 31 MARCH 2025
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34 Footfall on average to our centres +11% Customer centricity . . . while designing unique and memorable moments Events & animations In FY25 320 Collaboration with tenants in FY25 105 34 03 CASTELLANA PROPERTIES ANNUAL RESULTS 31 MARCH 2025
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35 Ongoing Goals Sustainability Castellana successfully continues with its ESG road map EPRA sBPR Castellana Properties awarded EPRA sBPR Gold (top award) for sustainability indicators, and EPRA BPR Gold for financial indicators, for third and fourth consecutive year, respectively. At corporate level 100% of Castellana Properties portfolio is currently certified GRESB Castellana Properties achieved 5 out of 5 stars (92 points) increasing from 3 to 5 stars in 2 years. GPTW Castellana Properties has obtained the GPTW certification for fourth year with a confidence rate by employees of 89%. Castellana Properties registers its footprint at MITERD calculated for scopes 1+2 and 3 (partially) according to ISO 14064 100% of Castellana Properties’ shopping centre portfolio is aligned with the EU Taxonomy for sustainable activities. Accessibility certification: 60% of the company's shopping centers are accessibility certified. Newly acquired assets will be certified in the coming years. The annual audit process was fulfilled by the energy and environmental management system (in line with ISO standards) Newly acquired assets will be included in the next update At asset level ▪Continuous implementation of the new ESG strategy from FY25 to FY27 ▪Continuation of our social value strategy across the portfolio ▪Implementation of an information security management system - ISO 27001 ▪Maintain the Gold Award in EPRA sBPR 2025 (FY25 reporting period) ▪Enhancing climate risk assessment through a more precise methodology CDP Castellana Properties received a C rating in its first year of reporting under the CDP certification. 03 CASTELLANA PROPERTIES ANNUAL RESULTS 31 MARCH 2025
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36 Value-add project: El Faro Hipercor The newly launched brands have delivered outstanding results, achieving an impressive increase in footfall of over 13% since their opening 36 1st floor Ground floor Transformation of a former hypermarket into a premium retail space, solidifying El Faro's status as a shoppingdestination. €2.6m Additional NOI generated 18,799m² GLA affected €22.4m Capex investment 12% Yield 73% 18% 9% Opened & trading Contracts signed Leases under negotiation 03 CASTELLANA PROPERTIES ANNUAL RESULTS 31 MARCH 2025
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37 Value-add project: Vallsur 1st Floor Repositioning Phase 1 -Completed 4,343m² GLA affected €8.1m Capex investment Phase I delivered an excellent performance, with footfall growing by an impressive 8.6% Innovative structure designed for the enjoyment of the little ones and accessible from the restaurant and leisure areas. * * The next feature is a spectacular, unique and innovative kids’ playground with colorful climbing tunnels and slides connecting floors 50% 4% 46% Opened & trading Contracts signed Leases under negotiation €16.7m Capex investment €1.0m Additional NOI generated 6% Yield Total project Phase 2 -Ongoing 6,421m² GLA affected €8.6m Capex investment Phase II shows a promising outlook after the successful opening of the first new stores, with project completion estimated for late 2025 * * * 03 CASTELLANA PROPERTIES ANNUAL RESULTS 31 MARCH 2025
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38 BOWLING CINEMA Through a complete exterior renovation, a new dining area, and the addition of a modern Fun Park with bowling facilities, the project will significantly improve the commercial mix of the shopping centre €1.2m Additional NOI generated 5,845m² GLA affected €25.5m Capex investment Value-add project: Los Arcos Phase II A value-creating project that redefines the visitor experience and strengthens the asset’s long-term performance 5% Yield 29% 34% 37% Contracts signed H.O.T. signed Leases under negotiation 1st floor Ground floor 2nd floor 03 CASTELLANA PROPERTIES ANNUAL RESULTS 31 MARCH 2025 Estimated completion date Q2 2026
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39 8 Avenida Loures Shopping Alegro Sintra Rio Sul Forum Madeira 3 1 8a Avenida Rio Sul Loures Shopping Alegro Sintra Forum Madeira Municipality Sao Joao da Madeira Seixal Loures Sintra Funchal District Porto Lisbon Lisbon Lisbon Madeira Opening Date 2007 2006 2005 2011 2005 Total GLA (m²) 21.170 23.534 29.399 42.274 21.472 Footfall 6.3 million 7.8 million 6.1 million 8.9 million 5.7 million Occupancy rate 97.9% 98.8% 97.1% 99.5% 97.4% Transaction date October 2024 December 2024 April 2025 Price €176.5 million €83.4 million €63.3 million 2 31 . Significant progress and impressive operational results ▪All assets trading in line with or above our expectations and forecasts. ▪Ongoing optimisation of the commercial mix (33 leases signed since October 2024) to drive NOI growth, footfall, increase dwell time, and boost sales performance. ▪Strategic renegotiation of undervalued leases to align with current market conditions and asset potential. ▪Evaluation of multiple value-add initiatives aimed at unlocking additional asset value and driving long-term growth, underway. 4 5 24 5 Strategic expansion into the Portuguese market supported by €323 million in dominant assets 03 CASTELLANA PROPERTIES ANNUAL RESULTS 31 MARCH 2025 Powerful entry into the Portuguese market
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40 Strong relationship between the buyer and seller resulted in transaction securing a guarantee of fully completed repair works and 18-month NOI guarantee from the seller. All major tenants have updated their stores to the latest concepts. Bonaire Municipality Aldaya District Valencia Opening Date 2000 Total GLA (m²) 57.004 Footfall 11.7 million Occupancy rate 97.4% Transaction date March 2025 Price €305 million Bonaire acquisition Since reopening in February 2025 after the floods, 95% of stores are fully operational - a strong sign of fast recovery. Footfall is steadily recovering, indicating a promising upward trend. Leading brands are showing strong interest in joining the shopping centre, and advanced negotiations are already underway with several of them; paving the way for exciting new additions. Recycling capital to acquire a top 10Shopping Centre in Spain 03 CASTELLANA PROPERTIES ANNUAL RESULTS 31 MARCH 2025
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42 Key drivers of the 3.0% growth in FFO per share and 6.0% increase in dividend per share include: Comparison of FY25 to FY24 31 March 2025 31 March 2024 Variance FFO (Rm) 1 977 1 704 16% FFO per share (cents) 158.8 154.2 3% Dividend (Rm) 1 631 1 337 22% Dividend per share (cents) 131.7 124.2 6% Shares in issue (i) 1 244 630 392 1 104 719 779 Pay-out ratio (ii) 83% 79% 6% increase in dividend per share and a 3% increase in FFO per share (i) New shares were issued in: July 2024 (37 million) (DRIP), September 2024 (88 million) and December 2024 (15 million) (DRIP) (ii) The pay-out ratio is determined as a % of FFO. In both FY24 and FY25, the dividend is calculated as 100% of South African taxable income to meet JSE Limited Listing Requirements. 04 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025 Gross rental income like-for-like growth of 5.0% in Spanish portfolio Acquisition of 4 property assets in Portugal in H2 of FY25 6.4% like-for-like NOI growth in SA retail portfolio
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43 131 66 ( 19) 58 ( 46) 18 ( 45) 29 119 ( 32) ( 6) FFO 31 March 2024 Growth in net property income Net interest Other income net of corporate costs Growth in net property income* Net interest* Other income net of corporate costs and special levies* Impact of change in FX rate from FY24 to FY25 Net FEC Income Growth in net property income Net interest Other income net of corporate costs FFO 31 March 2025 FFO bridge (Rm) Increase in FFO from strong operational performance and implementation of growth strategy 04 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025 * Translated at FY2024 average FX rate 1 977 1 704 South Africa Spain Portugal 43
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44 FY24 corporate costs Impact of FY24 clawback CSP: outperformance net of forfeiture Marketing and advertising ESG Salaries and other ESG Corporate advisory fees Salaries and other ESG Other FY25 corporate costs Corporate costs (Rm) South Africa Spain Portugal (i) In FY24, certain performance conditions were not met on the conditional share plan (CSP), resulting in a clawback (ii) Includes overheads and head office costs that benefit both Vukile and Castellana (iii) Innovation costs in Castellana decreased from the prior year, due to the capitalisation of some of these costs to projects in the current year (iv) Relates to aborted costs in respect of prospective property acquisitions (v) Corporate costs of newly established Portuguese entities 17.4 0.7 6.6% Increase 5.5 (8.9) (iii) 5.1 (iv) 16.1 409 21% Increase 9% Increase 12.5 FY25 variance analysis 47815.9 (v) (ii) 04 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025 2.9(i) 2 44
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45 NAV bridge (cents per share) 3.9% increase in NAV through sound capital allocation, disciplined deal-making and effective asset integration 21.55 2.58 0.94 0.12 (1.19) (0.81) (0.58) (0.22) 22.39 NAV at 31 March 2024 Net property income Change in fair value of investment property Other Dividend paid Net finance costs Issue of shares Foreign exchange differences NAV at 31 March 2025 Strengthening of ZAR exchange rate to the EUR from R20.37 to R19.82 Includes DRIPs amounting to R800.7 million and capital raise in September 2024 of R1.5 billion Final cash dividend for FY24 and interim dividend for FY25 0.28 increase related to Portugal portfolio 04 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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46 2 353 4 415 3 766 2 292 2 615 2 135 Balance at 31 March 2024 Listed investments Net increase in borrowings Issue of shares Acquisition of investment property (net of disposals and capex) Cash from operating activities Dividends paid Net finance costs Foreign exchange and other variances Balance at 31 March 2025 Cash flow bridge (Rm) Maintained strong cash balances after having deployed a net R10.8 billion in new assets Includes DRIPs amounting to R800.7 million and capital raise in September 2024 of R1.5 billion Dividends comfortably covered by operating activities ▪8a Avenida ▪Loureshopping ▪Rio Sul ▪50% of Alegro Sintra Includes acquisition of 6 properties across SA, Spain and Portugal ▪50% of Mall of Mthatha ▪Bonaire (10 809) (1 486) (910) (101) Exit from Fairvest and Lar España (including dividends) 04 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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47 Disposal of investment in LAR España Accrue 5,8cps pm to date of sale (€12,6 million) + Prior period under accrual (€5,3 million) Total €17.9 million (included in FFO in FY2025) 2 To remain tax neutral, required to distribute 50% of Spanish GAAP capital gain Castellana distributed €41 million in March 2025, being 50% of the Spanish GAAP capital gain 3 Acquire Bonaire Shopping Centre on 15 March 2025 for €305 million Redeploy proceeds from the sale of LAR + €126 million in-country debt 5Sold 24m shares at €8.30 resulting in €200 million proceeds 1 Disposal of 28.8% interest in LAR España on 27 December 2024 04 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025 If Vukile were to distribute the capital gain, it would be a permanent erosion of the company’s capital base. Therefore, Vukile will retain the capital gain, while still remaining tax neutral, so that Vukile’s pay-out ratio remains between 80% and 85%. 4 Shareholder loan of €41 million from Vukile to Castellana (to be converted to equity in FY26) 4
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48 Liquidity and expiry profile Fx risk management Debt capital markets Debt and balance sheet overview Key balance sheet metrics Group loan-to-value ratio 40.95% (FY24: 40.7%) Group debt maturity profile 3.9 years (FY24: 2.9) Bank debt facilities newly negotiated and/or extended R11.5 billion Group debt maturities in FY26 1.6% (R0.4 billion) Liquidity ratio 12.8 times (FY24: 6.4) Post FY25: FY26 retained FFO hedge €25 million at strike of R21.25/€ (premium R8.2 million) FY26 Castellana net forecast dividend hedge 97% Post FY25: 5-year dividend hedge 64% (€15.7 million of new FECs) Vukile SA EUR debt €155 million GCR Credit Rating AA(ZA) with outlook improved from stable to positive Castellana Fitch BBB- international investment-grade rating with outlook improved from stable to positive Unsecured debt to unencumbered asset ratio 27.0% (FY24: 19.8%) Unencumbered Assets R13.4 billion New sustainability- linked notes R900 million with Nedbank Interest rate risk management Group interest- bearing debt hedged 83.9% (FY24: 58.5%) Group hedge maturity profile 2.6 years (FY24: 2.3) Post FY25: Group debt hedged 98% (R3.1 billion of new Vukile ZAR IRS) Group interest cover ratio 2.9 times (FY24: 2.3) New Interest rate swaps (IRS) R2.55 billion and €24.45 million Group cost of debt 5.7% (FY24: 5.5%) Castellana debt funding Castellana debt maturity profile 4.7 years (FY24: 2.8) Castellana’s Aareal syndicated loans €244 million refinanced in September 2024 (more than12 months prior to maturity) Next Castellana debt maturity FY29 04 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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49 Group loan-to-value bridge Optimal capital allocation with efficient utilisation of the balance sheet at the right point in the cycle. Property valuations reduced L TV by 1.9% and will continue to support L TV reduction as a rate cutting cycle contributes to rising property valuations 40.7% 35.4% 40.95% +0.6% -0.3% -0.6% -3.7% -0.7% -0.6% +4.5% +0.6% -6.9% +8.6% -1.2% -0.05% LTV 31 March 2024 50% Mall of Mthatha Acquisition Disposals Sale of Fairvest Accelerated Bookbuild Property Revaluation (South Africa & Iberia) Net Movement LTV 30 September 2024 Acquisition of 3 Portugal Assets 50% Sintra Acquisition Sale of Lar España Bonaire Acquisition Property Revaluation (South Africa & Iberia) Net Movement LTV 31 March 2025 Disposal of Sandton Ascot Building (R16m) and Mejostilla Retail Park (€8.9m) May 24 Disposal of listed shares (R141m) May 24 R1.5bn cash raised Sep 24 Acquisition of shopping centre in South Africa (R400m) Apr 24 Oct 24 Acquisition of three shopping centres in Portugal (€176.5m) Dec 24 Disposal of listed shares (€200m) Dec 24 Acquisition of shopping centre in Portugal (€46.4m) H2 FY25 Debt, cash, currency movement and H1 FY25 interim dividend paid in December 2024 Mar 25 Acquisition of shopping centre in Spain (€305m) Debt, cash, currency movement and FY24 final dividend paid in July 2024 H1 FY25 04 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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50 Analysis of Group loan expiry profile Low risk expiry profile In February 2025, R495 million of unsecured corporate bonds were issued with 3½ and 6-year tenors, at margins of 1.15% and 1.375%, respectively (Vukile's lowest margins since launching our DMTN programme in 2012). 16% of group debt in corporate bonds, this equates to 37% of South African debt. Sufficient cash (R2.1 billion) and undrawn committed facilities (R2.5 billion) exceed all debt expiring (R0.4 billion) over the next 12 months (liquidity ratio of 12.8 times). Castellana debt maturity profile is 4.7 years, with a hedge profile of 3.1 years. Next refinance in Castellana is in FY29. 12.8% 2.7% 9.7% 2.7%1.0% 3.2% 3.3% 4.0% 2.0% 2.4% 0.6% 0.5% 0.4% 14.7% 28.0% 0.6% 11.4% 2026 2027 2028 2029 2030 2031 2032 and beyond Vukile bank debt expiry profile Rm 2 885 600 2 196 600 Vukile corporate bond expiry profile Rm 232 730 749 890 462 548 Castellana bank debt expiry profile Rm 129 105 96 3 313 6 312 123 2 582 Total 361 3 720 1 445 6 399 7 374 671 2 582 04 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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51 EUR / ZAR exchange rate: 1999-2025Vukile’s approach to foreign exchange rate risk and management Vukile has adopted a layered approach to hedging EUR dividend forecasts with FECs, targeting an average hedge ratio of 60% across a 5-year period (tiered 100% hedging in year one, 80% hedging in year two, etc) The intention with the dividend hedging strategy is to minimise adverse foreign exchange fluctuations and provide stable, predictable dividend streams for investors Historically, we have not hedged Castellana’s retained FFO earnings and instead we have only hedged the Castellana dividend Vukile’s approach to exchange rate risk and management of foreign exchange rate volatility is to ensure that Vukile’s FFO is positively exposed to a weaker Rand (a “Rand hedge”) Vukile’s NAV is also positively exposed to a weaker Rand EUR foreign exchange risk management 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 19992001200320052007200920112013201520172019202120232025 EURZAR Step EURZAR Limiting foreign exchange rate volatility from Rand strength We note that the Rand typically has periods of significant Rand weakness, followed by a stabilising range-bound period, but at higher levels to previous stable periods (forming “higher steps”) Significant Rand weakness in April 2025 (reaching levels as high as R22/€), presented a unique opportunity to reduce exchange rate risk associated with Castellana’s FY26 retained FFO, while still allowing us to benefit from further Rand weakness €25 million of Castellana’s retained FY26 FFO was hedged at a strike rate of R21.25/€ (costing a premium of R8.2 million) This hedge protects against Rand strength, while still aligning with Vukile’s strategy to be a “Rand hedge”, because the hedge still allows Vukile to share in the benefit of further Rand weakness beyond the strike rate of R21.25/€ Hedging Castellana’s retained FFO would only be considered in periods of significant Rand weakness, to optimally manage exchange rate risk Providing predictable income streams for investors through active hedging 04 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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52 Post FY25, €15.7 million of FECs were entered into: 31 March 2025 EUR foreign exchange dividend hedging FY26 FY27 FY28 FY29 FY30 Fixed EUR / ZAR rate 22.5256 23.2141 23.7044 24.1445 24.6097 % Hedge Target 100% 80% 60% 40% 20% % Net EUR dividend hedged 97% 80% 60% 40% 20% Over 12 months Over 3 years Over 5 years Average % Net EUR dividend hedged 97% 79% 55% FY26 FY27 FY28 FY29 FY30 Fixed EUR / ZAR rate 22.5256 23.1875 23.7840 24.4480 25.4784 % Net EUR dividend hedged 97% 90% 70% 50% 30% Over 12 months Over 3 years Over 5 years Average % Net EUR dividend hedged 97% 86% 64% 04 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025 10% ZAR weakening to EUR from 19.82 to 21.80 +R1 807 million increase in NAV +R51 million increase in FY26 FFO The balance sheet and FFO growth remain positively exposed to a weaker Rand; based on 31 March 2025 figures… Increased hedging of future dividends to take advantage of a weaker ZAR exchange rate
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54 Castellana delivered €837 million in transactions in FY25 December 2024 Sale of 28.8% Stake in Lar España for €200 million October 2024 Acquisition: portfolio of three assets in Portugal for €176.5 million December 2024 Acquisition: 50% of Alegro Sintra for €83.4 million March 2025 Acquisition: Bonaire Shopping Centre for €305 million April 2025 Acquisition: Forum Madeira for €63.3 million March 2024 March 2025 May 2025 €1.201 billion Properties Fair value (i) May 2024 Sale of Mejostilla Retail Park for €8.9 million (i) Taking into account property valuations (ii) Including Forum Madeira acquisition closed on 30th April 2025 (FY26) ▪Strategic entry into Portugal with the acquisition of 5 Shopping Centers for c.€323 million. ▪Successful exit from Lar España at a significant profit and recycling net proceeds €628m Acquisitions €209m Disposals €837m Transacted(ii) 1 2 3 4 5 6 €1.734 billion(ii) +44%€1.660 billion +38% 05 STRATEGIC UPDATE ANNUAL RESULTS 31 MARCH 2025 Active rotation of assets
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55 Seizing the moment: Buying assets at better yields than the market through successful, opportunistic dealmaking Pricing not reflective of improving market conditions and strong operational performance Sources: Castellana Properties, Savills & Cushman & Wakefield 2% 3% 4% 5% 6% 7% 8% 9% 10% Jan 24 Feb 24 Mar 24 Apr 24 May 24 Jun 24 Jul 24Aug 24 Sep 24 Oct 24 Nov 24 Dec 24 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25Aug 25 Sep 25 Oct 25 Nov 25 Dec 25 Net yield (%) Interest rates ECB Prime shopping centre yields Project Trio (i) 9.2% Alegro Sintra 8.1% Bonaire 7.2% Forum Madeira 9.5% Alcalá Magna 7% Salera 7.7% Islazul 8.5% Moraleja Green 7.25% Espai Girones 7% Alegro Montijo 7.7% Nosso Shopping 8.25% Asset 1 6.7-6.9% Asset 2 6.5-6.75% Lowering cost of debt suggesting further yield compression Expected deals in the Spanish market ▪Banks willing to lend at better margins and terms to the right sponsors and asset managers. ▪Market pricing had not yet factored in favorable interest rate environment and improving retail real estate metrics. ▪Forced sellers facing redemptions, senior debt refinancings and corporate restructurings. ▪Despite yield expansion, improvement in NOI has allowed Sellers to exit at decent pricing levels versus their historic entry prices. ▪All deals were sourced on an off-market basis, leveraging off Castellana’s reputation and track record. Improving access to senior finance in the face of lower interest rates Willing sellers and reliable buyers 05 STRATEGIC UPDATE ANNUAL RESULTS 31 MARCH 2025 Castellana Properties Acquisitions Relevant Retail Spanish Transactions Relevant Retail Portuguese Transactions Market YieldsTrend (i) Project Trio Assets include: 8a Avenida, Loure Shopping and RioSul
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56 Achieved greater scale in Iberia, cementing our position as a market leader and further securing our strong negotiating position relative to key tenants Improved the overall portfolio yield growing the direct asset base by c.60% all at higher margins on cost of funding ▪Acquired a portfolio in Portugal at a blended yield of 8.9% against a cost of funding of 4.5%(i) ▪Acquired Bonaire shopping centre at a yield of 7.2% against a cost of funding of 4.6%(i) Secured a pipeline of future value add opportunities which are core to our strategy and talks to our established and demonstrable core competencies and track record ▪All assets have value-add opportunities ▪Part of the bedding down process is to fully analyse the opportunities and then cost and prioritise their order of execution ▪We expect all to be value accretive Provides our next growth curve which should ensure real growth from our Iberian business over the short- and medium- to long-term Proactively took advantage of a golden window of opportunity to secure a future stream of growing earnings 56(i) All-in costs 05 STRATEGIC UPDATE ANNUAL RESULTS 31 MARCH 2025
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57 Our strategy is to set ourselves apart as a consumer-focused retail real estate business 57 Our consumer-led model is what creates value for all our stakeholders Exceeding our shoppers’ needs ▪Understanding our SHOPPERS' and COMMUNITIES’ needs ▪Assists us to not only meet, but exceed expectations through the experiences we create in our centres ▪This increases customer loyalty and the time and money people spend at our centres SHOPPERS Contributing to stronger tenant performance ▪Growing customer support strengthens TENANT performance at our centres ▪Enhancing tenant performance boosts demand for space and position at our centres ▪Elevating demand improves rental growth and performance at our centres TENANTS Increased value for investors and all other stakeholders ▪Increasing rentals grows income streams ▪Growing income streams support higher returns, more positive impact and greater value creation for our INVESTORS, FUNDERS and all other stakeholders INVESTORS A clear and consistent strategy relevant to any market we operate in 05 STRATEGIC UPDATE ANNUAL RESULTS 31 MARCH 2025
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58 ▪Staying true to our retail specialisation model, ▪Evaluate potential geographies to enter. ▪Leveraging off our strong track record of dealmaking to add value we are always open to evaluating corporate opportunities as an effective way of growing our business and adding value to stakeholders ▪The nature of transformational dealmaking is a synthesis of both long- term planning and being agile enough to take advantage of opportunistic deals Strategy in action ▪Strong track record of adding value to existing assets through expansions and upgrades. ▪New acquisitions provide strong pipeline of value accretion through value-added projects ▪Stay focused on looking for deals that are financially and strategically accretive in our core markets of South Africa, Spain and Portugal ▪Always dependant on availability of appropriately priced capital and keeping conservative gearing ▪Ideally looking for deals that are accretive but at least neutral in year one, with good growth prospects ▪Implementing our consumer-led model ▪Focus on operational excellence at the asset and portfolio level lays the foundation for growth ▪Bedding down new assets in Castellana 05 STRATEGIC UPDATE ANNUAL RESULTS 31 MARCH 2025 Sustainable real growth in earnings for our shareholders over the short-, medium- and long-term Driving operational excellence Value-add opportunities in existing portfolio Evaluate new direct asset acquisition opportunities Evaluate new markets and corporate opportunities + Four pillars of focus to drive shareholder returns + +
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60 The forecast assumes no material adverse change in trading conditions, contractual escalations and market-related renewals. The forecast also assumes no material further changes in exchange rates and interest rates. The forecast has not been reviewed or audited by the company’s external auditors. The business is in a very strong position with a focused and clear strategy, proven operating platform and healthy balance sheet. Through sound capital allocation, disciplined deal-making and effective asset integration, we have been able to deliver growth in dividend per share for the year of 6%, and growth in FFO per share of 3%, supporting ongoing strong and consistent performance over the long term. No DRIP will be offered for the FY25 final dividend. Based on our track record of delivering accretive value through selective acquisitions and investment disposals, the business is set to deliver sustainable real growth in the future, through focusing on operating excellence, executing on value-added projects in the existing portfolio and looking for further opportunities in our core markets of South Africa, Spain and Portugal. For the year ending 31 March 2026, our upgraded expectation and guidance is to deliver growth in FFO per share and dividend per share of at least 8%. This will equate to FFO per share of at least 171.5 cents (FY25: 158.8 cents) and a full-year dividend per share of at least 142.2 cents (FY25: 131.7 cents). Prospects for the group – upgraded guidance 06 PROSPECTS AND GUIDANCE ANNUAL RESULTS 31 MARCH 2025 60
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61 Acknowledgements Our Colleagues Property Managers Service Providers Brokers and Developers Tenants Investors Funders Board 61 06 PROSPECTS AND GUIDANCE ANNUAL RESULTS 31 MARCH 2025
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64 Free State 9% KwaZulu-Natal 20% Mpumalanga 3% Limpopo 6% North West 4% Northern Cape Western Cape 9% South African retail footprint Retail portfolio profile - Top 15 properties account for 74% of retail portfolio by value APPENDIX 1A RETAIL PORTFOLIO COMPOSITION SOUTH AFRICAN PORTFOLIO ANNUAL RESULTS 31 MARCH 2025 11 6 9 8 Eastern Cape 11% 3 1 4 13 2 5 7 12 1510 Gauteng 38% Top 15 Properties Retail geographic profile by value % Pine Crest1 East Rand Mall2 Maluti Crescent3 Phoenix Plaza4 Kolonnade Retail Park5 Gugulethu Square6 Dobsonville Mall7 Mdantsane City8 Nonesi Mall9 Daveyton Mall10 Atlantis City Centre11 Meadowdale Mall12 Moruleng Mall13 Thavhani Mall14 Hillfox Value Centre15 14
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65 Pine Crest East Rand Mall Maluti Crescent Phoenix Plaza Kolonnade Retail Park Region KwaZulu-Natal Gauteng Free State KwaZulu-Natal Gauteng Gross Lettable Area 43 825m² 69 882m² 35 747m² 24 076m² 39 660m² Monthly rental R239/m² R269/m² R192/m² R319/m² R155/m² National tenant exposure 94% 88% 92% 80% 98% Vukile ownership 100% 50% 100% 100% 100% Approx. footfall 9.2 million 9.0 million 10.8 million 9.3 million - Vacancy 4.5% 1% Fully let 1.8% 0.4% High quality retail assets Top 15 assets APPENDIX 1A RETAIL PORTFOLIO COMPOSITION SOUTH AFRICAN PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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66 High quality retail assets Gugulethu Square Dobsonville Mall Mdantsane City Nonesi Mall Daveyton Mall Region Western Cape Gauteng Eastern Cape Eastern Cape Gauteng Gross Lettable Area 25 698m² 26 438m² 36 266m² 27 881m² 19 860m² Monthly rental R217/m² R207/m² R164/m² R180/m² R248/m² National tenant exposure 94% 92% 83% 98% 88% Vukile ownership 100% 100% 100% 100% 100% Approx. footfall 13.4 million 10.3 million 7.4 million 7.7 million 8.5 million Vacancy Fully let Fully let Fully let Fully let Fully let Top 15 assets (Cont.) APPENDIX 1A RETAIL PORTFOLIO COMPOSITION SOUTH AFRICAN PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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67 High quality retail assets Atlantis Shopping Centre Meadowdale Mall Moruleng Mall Thavhani Mall Hillfox Value Centre Region Western Cape Gauteng North West Limpopo Gauteng Gross Lettable Area 21 983m² 49 703m² 31 558m² 53 726m² 38 266m² Monthly rental R201/m² R117/m² R164/m² R225/m² R105/m² National tenant exposure 82% 88% 82% 92% 71% Vukile ownership 100% 67% 80% 33% 100% Approx. footfall 10.1 million - 4.8 million 9.2 million - Vacancy Fully let Fully let Fully let Fully let Fully let Top 15 assets (Cont.) APPENDIX 1A RETAIL PORTFOLIO COMPOSITION SOUTH AFRICAN PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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68 Fashion Grocery/ Supermarket Home Furnishings/ Décor Banking Food Sporting/ Outdoor goods and wear Cell Phones Department Stores Health and beauty Bottle Stores Restaurants and coffee shops Electronics Accessories 27% 23% 14% 21% 8% 10% 8% 4% 8% 5% 4% 4% 3% 2% 3% 6% 2% 1% 2% 1% 1% 1% 1% 1% 1% 1% 18% 20% Retail category exposure Well diversified mix of tenant categories APPENDIX 1A RETAIL PORTFOLIO COMPOSITION SOUTH AFRICAN PORTFOLIO ANNUAL RESULTS 31 MARCH 2025 Category profile by rent Category profile by GLA
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69 Pepkor TFG Mr Price Pick n Pay Shoprite Truworths Spar Clicks Massmart Absa Bank Capitec Bank Famous Brands First Rand Group Nedcor Retailability Standard Bank Yum Foods Woolworths Virgin Group Cashbuild Other Retail tenant exposure Top 10 tenants 48% Next 10 tenants 12% Essential services 32% 18% Grocery/ supermarket 8% Banking 3% Pharmacies 3% Other 27% Fashion 8% Home furnishings/ décor 7% Restaurants, fast foods and coffee shops 6% Sporting/gym/ outdoor wear 4% Cell phones and electronics 2% Health and beauty 2% Bottle stores 12% Other Base rent excluding recoveries High quality cashflows from a well diversified blue-chip tenant mix 32% of rent from essential services 58% of rent from top 20 tenants APPENDIX 1A RETAIL PORTFOLIO COMPOSITION SOUTH AFRICAN PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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70 Nationals 82% Other 18% Top 10 tenants 48% of Retail Rent Direct South African Retail Portfolio 1.5 0.4 1.5 2.0 0.4 2.1 0.7 1.8 0.9 3.8 1.3 3.4 1.2 2.3 1.2 1.4 2.0 2.3 1.5 2.0 2.1 2.6 2.7 6.6 6.8 7.7 8.0 8.2 Retail tenant exposure Tenant profile - by contractual rent Top 10 tenants - by contractual rent APPENDIX 1A RETAIL PORTFOLIO COMPOSITION SOUTH AFRICAN PORTFOLIO ANNUAL RESULTS 31 MARCH 2025 Base rent excluding recoveries
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71 Tenants new to the portfolio New deals concluded Leasing activity Strengthening market presence with a strategic leasing approach Grocery Best Before (207m²), possible pipeline of 500m² Fashion Factory 88 (450m²) ;JD Sports (260m²) ; Iconic MVMT (150m²) Services South African Revenue Service (SARS) client service centre (1 100m²) Home / Furnishing Pepkor’s Home.Tech.Sleep. (1 570m²); Sealy Mattress Gallery (704m²) This will be the second store of its kind to open in the country Grocery Checkers (1 770m²), Boxer Superstores (1 438 m²) Fashion Mad Price Fashion (717m²) ;Skipper Bar (470m²) Food Pedro’s (755m²); Hungry Lion (597m²); Spur (251m²) Home / Furnishing Bradlows (806m²); Crazy Plastics (800m²); 2 leases (3 208m²) 23 leases (4 484m²) 21 Leases (3 167m²) 5 Leases (5 214m²) APPENDIX 1A RETAIL PORTFOLIO COMPOSITION SOUTH AFRICAN PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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73 Average annual trading density Annual trading density growth Trading densities 13 out of 14 categories showing positive trading density growth R35027/m² R44959/m² R27980/m² R62238/m² R17918/m² R62671/m² R20782/m² R23167/m² R31440/m² R81382/m² R70401/m² R32883/m² R34258/m² R28973/m² R56748/m² R36270/m² R47345/m² R28624/m² R66366/m² R18536/m² R62869/m² R22245/m² R24669/m² R29966/m² R87368/m² R74235/m² R29961/m² R34425/m² R33370/m² R55398/m² Total Grocery/ Supermarket (31%) Fashion (22%) Food (10%) Home Furnishings/ Décor (6%) Pharmacies (6%) Department Stores (5%) Other (5%) Sporting/ Outdoor (4%) Bottle Stores (4%) Cell Phones (3%) Restaurants & Coffee Shops (1%) Health & Beauty (1%) Electronics (1%) Accessories (1%) 2.4% 0.9% 0.9% 4.3% (1.5%) 7.7% 0.8% 4.7% 5.3% 8.1% 2.6% 2.4% 10.8% (3.4%) 1.5% 5.2% 7.1% 3.0% 7.3% 3.1% 6.1% 7.2% 2.7% 0.8% 7.9% 8.9% 0.3% 2.0% 8.0% (0.4%) 6.0% 2.9% 8.7% 4.9% 9.7% 3.6% 5.5% 10.0% 7.7% 3.0% 8.0% 9.0% 12.0% 14.4% 9.0% 6.0% 3.0% 8.8% 4.8% 9.7% 3.8% 5.0% 10.5% 8.3% 3.0% 7.6% 9.7% 12.0% 12.6% 9.4% March 2024 March 2025 Remaining portfolio excluding sold properties % of turnover APPENDIX 1B RETAIL PORTFOLIO PERFORMANCE METRICS SOUTH AFRICAN PORTFOLIO ANNUAL RESULTS 31 MARCH 2025 Rent-to-sales
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74 Trading density growth (like-for-like) 68 206 55 479 53 246 52 055 46 174 34 584 44 754 37 059 35 998 35 067 33 174 31 802 26 721 23 323 23 227 36 270 15.8% 6.2% 12.1% 1.8% 7.6% 4.1% 4.8% 1.9% 3.8% 3.6% 4.5% 0.5% 1.4% (0.1%) 8.4% 5.2% Gugulethu Square Dobsonville Mall Daveyton Shopping Centre Phoenix Plaza Atlantis City Shopping Centre Thavhani Mall Nonesi Mall Moruleng Mall Maluti Crescent Mdantsane City Pine Crest Centre East Rand Mall Meadowdale Mall Kolonnade Retail Park Hillfox Value Centre South African average Annualised Trading Density R/m² Township Rural Urban Value Centre Retail portfolio trading statistics for top 15 properties Continuing to provide very profitable centres for our tenants Note: Annualised trading density calculated using monthly trading density over 12 months. Trading density (like-for-like) growth calculated on stable tenants APPENDIX 1B RETAIL PORTFOLIO PERFORMANCE METRICS SOUTH AFRICAN PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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75 6.8% 5.5% 5.4% 4.7% 4.2% 3.5% 6.9% 6.1% 5.6% 5.1% 9.8% 8.1% 7.3% 5.4% 4.9% 6.0% East Rand Mall Pine Crest Centre Kolonnade Retail Park Maluti Crescent Phoenix Plaza Thavhani Mall Nonesi Mall Daveyton Shopping Centre Hillfox Value Centre Mdantsane City Moruleng Mall Meadowdale Mall Atlantis City Shopping Centre Dobsonville Mall Gugulethu Square South African average Township Rural Urban Value Centre Rent-to-sales ratio by top 15 properties Low rent-to-sales ratio and high trading densities provide scope for improved rentals Trading density growth (like-for-like) APPENDIX 1B RETAIL PORTFOLIO PERFORMANCE METRICS SOUTH AFRICAN PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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76 Average annual rent-to-sales ratio Tenant affordability Rent to sales holding steady across the portfolio through tough market conditions 7.7% 6.0% 5.3% 5.7% 4.3% 6.1% 7.4% 5.8% 5.4% 5.7% 4.4% 6.0% 7.6% 5.7% 5.3% 5.9% 4.5% 6.0% Regional Shopping Centre (17%) Small Regional Shopping Centre (41%) Community Shopping Centre (23%) Value Centre (14%) Neighbourhood Shopping Centre (5%) Total Mar 2023 Mar 2024 Mar 2025 % of portfolio value APPENDIX 1B RETAIL PORTFOLIO PERFORMANCE METRICS SOUTH AFRICAN PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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77 For the 12 months ended 31 March 2025 retail leases were concluded with: Retail tenant expiry profile 28 22 20 13 1728 50 70 83 100 FY26 FY27 FY28 FY29 Beyond FY29 % of Contractual Rent Cumulative 30% of contractual rent expiring in FY29 and beyond (WALE 2.8 years) R1.3 billion Contract value 91% Tenant retention 146 945m² Rentable area APPENDIX 1B RETAIL PORTFOLIO PERFORMANCE METRICS SOUTH AFRICAN PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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78 Weighted average base rentals R/m² (excluding recoveries) South African Retail portfolio Base rent excluding recoveries 109.18 110.45 115.10 116.72 117.29 120.33 129.11 155.43 157.17 157.55 161.73 163.72 164.14 170.94 172.88 175.80 179.71 179.82 183.44 188.17 191.83 199.00 200.63 206.25 206.72 216.87 224.68 238.95 247.57 268.61 268.81 318.61 0 50 100 150 200 250 300 350 Randburg Square Vereeniging Bedworth Centre Ermelo Game Centre Mbombela Shoprite Centre Germiston Meadowdale Mall Bloemfontein Plaza Elim Hubyeni Shopping Centre Pretoria Kolonnade Retail Park Emalahleni Highland Mews KwaMashu Shopping Centre Pietermaritzburg The Victoria Centre Mdantsane City Shopping Centre Moruleng Mall Roodepoort Ruimsig Shopping Centre Hammanskraal Renbro Shopping Centre Tzaneen Maake Plaza Queenstown Nonesi Mall Hammarsdale Junction Mall of Mthatha (50%) Giyani Plaza Phuthaditjhaba Maluti Crescent Ga-Kgapane Modjadji Plaza Atlantis City Shopping Centre Springs Mall Soweto Dobsonville Mall Gugulethu Square Thohoyandou Thavhani Mall Pinetown Pine Crest Daveyton Shopping Centre Boksburg East Rand Mall Durban Workshop Durban Phoenix Plaza Weighted average R179.34/m² APPENDIX 1B RETAIL PORTFOLIO PERFORMANCE METRICS SOUTH AFRICAN PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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79 Fully let 1 844 1 962 2 371 3 709 143m² 345m² 349m² 438m² 468m² 480m² 575m²² 607m² Bloemfontein Plaza Pinetown Pine Crest Randburg Square Mbombela Shoprite Centre Pretoria Kolonnade Retail Park Roodepoort Ruimsig Shopping Centre Boksburg East Rand Mall Durban Phoenix Plaza Pietermaritzburg The Victoria Centre Emalahleni Highland Mews Hammanskraal Renbro Shopping Centre Ermelo Game Centre Tzaneen Maake Plaza Thohoyandou Thavhani Mall Springs Mall Soweto Dobsonville Mall Roodepoort Hillfox Value Centre Queenstown Nonesi Mall Phuthaditjhaba Maluti Crescent Moruleng Mall Mdantsane City Shopping Centre KwaMashu Shopping Centre Hammarsdale Junction Gugulethu Square Giyani Plaza Germiston Meadowdale Mall Ga-Kgapane Modjadji Plaza Elim Hubyeni Shopping Centre Durban Workshop Daveyton Shopping Centre Atlantis City Shopping Centre Leasing activity Strong tenant relationships leading to record low vacancy levels Properties29 Of retail portfolio GLA81% Vacant0.5% Properties4 of retail portfolio GLA19% Vacant6.9% Excluding retail offices1.0% Malls fully let21 Malls with vacancies less than 1 000m²8 Retail vacancies 1.7% Deals concluded in FY25665 Value of transactionsR1.3 bn Key factors to concluding deals: ▪ Strong tenant relationships ▪ scientific upkeep of properties ▪ continuous underwriting of growth prospects Vacancy lower than 1 000m² Vacancy greater than 1 000m² 9.1% 4.3% 2.8% 4.5% 1.8% 1.0% 3.0% 0.4% 26.5% 5.8% 4.5% 4.2% 79 APPENDIX 1B RETAIL PORTFOLIO PERFORMANCE METRICS SOUTH AFRICAN PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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81 South African total portfolio composition 38 properties valued at R17.2 billion covering 811 304m² By Value Number of properties By GLA 97.1% Retail 33 94% 1.1% Offices 2 3% 1.1% Motor Related 1 1% 0.3% Industrial 1 1% 0.3% Residential 1 1% 0.1% Vacant Land 0% By Value Number of properties By GLA 38% Gauteng 15 41% 20% KwaZulu-Natal 6 16% 11% Eastern Cape 3 11% 9% Western Cape 3 7% 9% Free State 2 10% 6% Limpopo 5 7% 4% North West 1 3% 3% Mpumalanga 3 5% APPENDIX 1C TOTAL PORTFOLIO SOUTH AFRICAN PORTFOLIO ANNUAL RESULTS 31 MARCH 2025 Sectoral profile - by value Geographic profile - by value Sectoral profile - by GLA Geographic profile - by GLA Top 15 Properties 72% of Total Value Top 15 Properties 56% of GLA
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83 10-year government bonds (yield %) Bid yield (%) April 2025 Source: Investing.com. Tightening bond yields European bond yields have narrowed since peak in Q1 2022, anticipating some level of contained inflation 4.47 3.16 2.59 3.17 2.99 3.6 5.27 6.85 0 1 2 3 4 5 6 7 8 UK Spain Germany France Portugal Italy Poland Romania -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Spain UK France Germany Italy Poland Romania Portugal APPENDIX 2A ECONOMIC UPDATE SPANISH PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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84 Consumer confidence (CIS) Unemployment (i) in Spain by economic sector Impact on Spanish economy Declining unemployment rate and positive consumer confidence ▪The Consumer Confidence Index for the month of April stands at 76.5 points. ▪In April 2025, the number of people registered as unemployed in Spain fell by 3% compared to April 2024, reaching 2.5 million. Source: INE, EpData. (i) Registered unemployment excludes Temporary Employment Adjustments or ERTEs. 0 1 2 3 4 5 Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Millions Agriculture Industry Previously Unemployed Services Construction 0 20 40 60 80 100 120 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 APPENDIX 2A ECONOMIC UPDATE SPANISH PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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86 Portugal (i) (116,377m²) Castellana portfolio Well diversified across Spain and Portugal APPENDIX 2B PORTFOLIO OVERVIEW SPANISH PORTFOLIO ANNUAL RESULTS 31 MARCH 2025 Parque Principado Vallsur Parque Oeste El Faro La Heredad La Serena Pinatar Park Habaneras Ciudad Del Transporte Motril Los Arcos Puerta Europa Bahía Sur Marismas Del Polvorín Granaita Rio Sul Alegro Sintra Loures Shopping Bonaire Purchased 30th April 2025 Madeira 8 Avenida (i) Portfolio at 31 March 2025, including Alegro Sintra of which Castellana owns 50% Andalucía Asturias Castilla y León C. Valenciana Extremadura Madrid Murcia No. of assets Lisboa Norte 6 Spain (423,330m²) No. of assets 1 1 3 3 1 1 3 1
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87 Sales performance per tenant category Another year marked by outstanding sales growth across all categories s Source: Castellana Properties. (i) The sample of Culture, Media & Technology is composed by only one brand, that experienced a significant increase in sales last year due to the launch of a new product. However, this year, sales have stabilized compared to the previous year. 6.85 % 1.58 % 5.08 % 3.18 % -1.43 % 4.32 % 3.25 % 9.15 % -12.72 % 0 50 100 150 200 250 Homeware Fashion Health & Beauty Food & Beverage Food Leisure & Entertainment Sports & Adventure Other Retail Culture, Media & Technology € Million SALES FY25 SALES FY24 13.5% 36.5% 7.6% 10.8% 7.6% 8.6% 7.9% 2.9% 0.9% Spain portfolio sales evolution Weight by rent: (i) APPENDIX 2B PORTFOLIO OVERVIEW SPANISH PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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88 Portugal portfolio sales evolution Sales performance per tenant category Strong sales growth across the entire Portuguese portfolio Source: Castellana Properties 4.89% 10.41% 6.73% 3.46% 2.39% 5.12% -0.80% -1.52% 12.39% 0 20 40 60 80 100 120 140 Fashion Other Retail Food & Beverage Services Homeware Health & Beauty Leisure & Entertainment Sports & Adventure Food € Million SALES FY25 SALES FY24 Weight by rent: 37.4% 4.5% 13.0% 8.8% 4.4% 17.9% 7.9% 2.8% 1.5% APPENDIX 2B PORTFOLIO OVERVIEW SPANISH PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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89 Castellana portfolio overview (i) Excluding area under development in El Faro Hipercor Project (ii) Granaita is the integration of the former Kinepolis Retail Park, Kinepolis Leisure Centre and Alameda City Store into one asset Bonaire El Faro Bahía Sur Los Arcos Granaita (ii) Province Valencia Badajoz Cádiz Sevilla Granada Catchment Area (Inhabitants) 1 500 000 520 000 674 000 1 500 000 628 000 Gross Lettable Area 57 004m² 61 681m² 35 437m² 26 774m² 55 854m² Monthly Rental €32 / m² €19.7 / m² €26.5 / m² €27.7 / m² €11.9 / m² Sector Shopping Centre Shopping Centre Shopping Centre Shopping Centre Retail Park WALE next break optionby rent 2.7 years 2.8 years 2.2 years 2.4 years 2.1 years Vacancy 2.6% 0.9% (i) 0.1% 2.4% 4.7% Top 10 assets APPENDIX 2B PORTFOLIO OVERVIEW SPANISH PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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90 Castellana portfolio overview (i) Castellana owns 50% of Alegro Sintra (ii) Excluding areas under development in Vallsur Repositioning Project Alegro Sintra (i) Puerta Europa Habaneras Vallsur Rio Sul Province Lisboa Cádiz Alicante Valladolid Lisboa Catchment Area (Inhabitants) 621 000 311 000 532 000 478 000 300 000 Gross Lettable Area 42 274m² 29 894m² 24 943m² 35 075m² 23 534m² Monthly Rental €25.6 / m² €18.5 / m² €20.7 / m² €17.1 / m² €24.3 / m² Sector Shopping Centre Shopping Centre Shopping Centre Shopping Centre Shopping Centre WALE next break option by rent 2.7 years 2.4 years 2.0 years 2.5 years 3.4 years Vacancy 0.5% Fully Let 3.3% 1.6%(ii) 1.2% Top 10 assets (Cont.) APPENDIX 2B PORTFOLIO OVERVIEW SPANISH PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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Category profile by rent Top 10 tenants by rent Tenant mix Highly diversified retail mix leading to sustainable, high quality and low risk income streams (i) WALE calculated by rent is to expiry of lease excluding break options 31 March 2025 31 March 2025 8.6 years WALE (i) 539 707m² Rentable area 20 Assets 98.4% Occupancy APPENDIX 2B PORTFOLIO OVERVIEW SPANISH PORTFOLIO ANNUAL RESULTS 31 MARCH 2025 39% 11%11% 9% 8% 6% 5% 4% 3%3%1% FASHION FOOD & BEVERAGE HEALTH & BEAUTY HOMEWARE LEISURE & ENTERTAINMENT SPORTS & ADVENTURE FOOD SERVICES OTHER RETAIL 11.1% 3.1% 2.6% 2.5% 2.2% 2.0% 2.0% 1.5% 1.5% 1.3% INDITEX CORTEFIEL/TENDAM IBERIAN SPORTS RETAIL GROUP PRIMARK MEDIA MARKT MERCADONA ADEO CALZEDONIA CARREFOUR KIWOKO 91
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Sectoral profile - by value Sectoral profile - by GLA Spanish total portfolio composition Number of properties Number of properties Top 15 properties Top 15 properties 91% Geographic profile - by value Geographic profile - by GLA By Value By GLA Andalucía 32% 6 32% Extremadura 15% 4 16% Comunidad Valenciana 25% 2 16% Castilla y León 5% 1 7% Madrid 3% 1 3% Asturias 2% 1 3% Murcia 1% 1 2% Aveiro 3% 1 4% Setúbal 5% 1 4% Lisboa 9% 2 13% By Value By GLA Shopping centres 82% 11 72% Retail parks 17% 9 28% Development potential 1% - APPENDIX 2B PORTFOLIO OVERVIEW SPANISH PORTFOLIO ANNUAL RESULTS 31 MARCH 2025 92
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Tenant exposure by rent Top 10 tenant group profile - by contractual rent Retail tenant exposure 95% international and national blue chip tenant profile building a robust and defensive portfolio Large national and international tenants 95% Local tenants 5% Top 10 Group Tenants 30% APPENDIX 2B PORTFOLIO OVERVIEW SPANISH PORTFOLIO ANNUAL RESULTS 31 MARCH 2025 0.2% 0.4% 0.4% 0.5% 0.7% 1.3% 0.1% 0.1% 1.1% 1.3% 0.1% 0.8% 0.9% 1.3% 0.1% 0.4% 0.4% 1.1% 1.6% 1.6% 2.9% 2.9% 1.3% 1.5% 1.5% 2.0% 2.0% 2.2% 2.5% 2.6% 3.1% 11.1% KIWOKO INTIMISSIMI UOMO INTIMISSIMI TEZENIS CALZEDONIA CARREFOUR CALZEDONIA OBRAMAT LEROY MERLIN ADEO MERCADONA MEDIA MARKT PRIMARK DEPORVILLAGE SPORT ZONE JD SPORTS SPRINTER IBERIAN SPORTS RETAIL GROUP FIFTY FACTORY CORTEFIEL WOMEN´SECRET SPRINGFIELD CORTEFIEL/TENDAM OYSHO ZARA MAN MASSIMO DUTTI PULL & BEAR BERSHKA STRADIVARIUS ZARA LEFTIES INDITEX 93
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94 94
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95 Shopping centres Spanish vacancy profile Portfolio vacancy(i) of 1.58% of GLA (i) Excluding areas under development in Vallsur Repositioning Project, El Faro Hipercor Project and Los Arcos Office Building + all storages APPENDIX 2C OPERATIONAL OVERVIEW SPANISH PORTFOLIO ANNUAL RESULTS 31 MARCH 2025 2.6% 1.8% 1.2% 1.7% 2.3% 0.8% 2.4% 4.7% 1.6% 0.9% 2.1% 3.3% 2.9% 1.2% 0.5% 0.1% 2.4% 2.6% Ciudad del Transporte (3,250m²) Motril Retail Park (5,559m²) La Serena (12,405m²) Pinatar Park (13,022m²) La Heredad (13,447m²) Parque Principado (16,090m²) Marismas del Polvorín (19,052m²) Parque Oeste (13,604m²) Granaita (53,645m²) Vallsur (25,075m²) Puerta Europa (29,185m²) El Faro (39,569m²) 8ª Avenida (20,365m²) Habaneras (24,073m²) LoureShopping (26,480m²) Rio Sul (21,723m²) Alegro Sintra (20,006m²) Bahía Sur (33,596m²) Los Arcos (25,966m²) Bonaire (55,409m²) Vacant Area Mar' 25 Vacant Area Mar' 24 Retail parks Retail parks fully let 95
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96 Lease expiry profile 30% of contractual rent expiring in FY35 and beyond (WALE 8.6 years to expiry and 2.6 years to break) Expiry profile (% Rent) Break profile (% Rent) 18 7 5 7 7 10 5 4 4 3 4 26 7 12 19 26 36 41 45 49 52 56 82 Tenants in Yearly Rolling Renewal Mar 26 Mar 27 Mar 28 Mar 29 Mar 30 Mar 31 Mar 32 Mar 33 Mar 34 Mar 35 Beyond Mar 35 % of Contractual Rent Cumulative 18 13 16 13 12 13 4 1 - - - 10 13 29 42 54 67 71 72 72 72 72 82 Tenants in Yearly Rolling Renewal Mar 26 Mar 27 Mar 28 Mar 29 Mar 30 Mar 31 Mar 32 Mar 33 Mar 34 Mar 35 Beyond Mar 35 % of Contractual Rent Cumulative 96 APPENDIX 2C OPERATIONAL OVERVIEW SPANISH PORTFOLIO ANNUAL RESULTS 31 MARCH 2025
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97 Lease expiry profile 41% of contractual GLA expiring in FY35 and beyond (WALE 10.6 years to expiry and 2.5 years to break) Expiry profile (% GLA) Break profile (% GLA) APPENDIX 2C OPERATIONAL OVERVIEW SPANISH PORTFOLIO ANNUAL RESULTS 31 MARCH 2025 2 23 5 3 4 5 5 3 2 4 3 5 36 5 8 12 17 22 25 27 31 34 39 75 Vacant Tenants in Yearly Rolling Renewal Mar 26 Mar 27 Mar 28 Mar 29 Mar 30 Mar 31 Mar 32 Mar 33 Mar 34 Mar 35 Beyond Mar 35 % of Contractual Rent Cumulative 2 23 13 13 11 12 11 3 2 1 - 1 8 13 26 37 49 60 63 65 66 66 67 75 Vacant Tenants in Yearly Rolling Renewal Mar 26 Mar 27 Mar 28 Mar 29 Mar 30 Mar 31 Mar 32 Mar 33 Mar 34 Mar 35 Beyond Mar 35 % of Contractual Rent Cumulative 97
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98 98
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99 694 774 996 1118 1307 1690 1791 1220 1336 1416 1704 1977 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 FFO Per Share (cents) % payout ratio (based on FFO) 77%79%69% 79%81% 83%100% FFO and dividends Proven track record of consistently delivering accretive value 1 234 996 1 028 1 139 1 337 Dividend (Rm)FFO (Rm) APPENDIX 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025 1 631 148.54 143.48 156.76 159.24 166.59 183.50 187.26 127.60 136.30 144.46 154.20 158.84 During the year, 657 million Vukile shares were traded (FY24: 468 million shares), equating to approximately 54.8 million shares per month (FY24: 39 million shares per month). In the last 12 months, 52.8% of Vukile shares in issue were traded.
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100 Composition of FFO 31 March 2025 Rm 31 March 2024 Rm Variance % Net Property Income (South Africa) 1 448 1 317 10 Income from Castellana (Net of non-controlling interest) (ZAR) (i) 1 207 1 058 14 Castellana FFO (Excluding Lar España dividend accrual) (ii) 795 679 17 Dividend accrual from Lar España (ii) 351 347 1 Minority portion of Castellana published FFO (5) (5) - FECs relating to Castellana dividend 66 37 78 Income from other investments (South Africa) (iii) 3 32 (91) Corporate costs (South Africa) (iv) (235) (193) (22) Net interest (Excluding IFRS 16) (South Africa) (527) (591) 11 Antecedent income (v) 85 85 - Non-controlling interest (Clidet - Moruleng Mall) (4) (4) - FFO 1 977 1 704 16 (i) Average foreign exchange rate for FY25 was R19.57/EUR (FY24: R20.32/EUR) (ii) Castellana published FFO (including Lar España dividend accrual) for FY25 amounts to €56.4 million (FY24: €50.3 million). Castellana’s FFO is net of withholding tax and excludes inter-company transactions. (iii) During the year, Vukile disposed its shareholding in Fairvest. FY24 includes dividend income from Fairvest of R36.3 million. Investment income also includes share of income from MICC Namibia of R7.0 million (FY24: R7.5 million) and Fetch of –R4.8 million (FY23: -R10.0 million). (iv) Refer to next slide for corporate cost breakdown. (v) 139.9 million new shares issued during the year, which increased the total shares in issue to 1 244 630 382. Antecedent income addresses the dilution for existing shareholders resulting from the new share issue. APPENDIX 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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101 Castellana FFO FY25 €’000 R’000 Castellana results - Spanish GAAP (Consolidated) 131 484 2 573 155 Investment property amortisation 13 161 257 562 Capital gain on disposal of investment property (i) (2 503) (48 984) Fair value adjustment to investment property 32 226 630 666 Capital gain on disposal of Lar España (83 552) (1 635 121) Castellana results - IFRS (Included in Vukile group consolidation) 90 816 1 777 278 Accrual of Lar España dividend to date of sale (1 133) (22 173) Fair value adjustment to investment property (27 791) (525 443) Fair value adjustment to equity investment (ii) (8 185) (160 181) Non IFRS adjustment (i) 2 761 54 033 Depreciation of property, plant and equipment 19 372 Castellana published FFO (before NCI) 56 487 1 105 456 Published FFO attributable to NCI (254) (4 971) Elimination of Inter-company transactions (iii) 2 505 30 588 Withholding tax (iv) (436) (8 533) Vukile Non-IFRS adjustments: Net FEC Accrual adjustment 3 378 66 100 Castellana FFO attributable to Vukile included in Vukile group FFO 61 676 1 206 997 Reconciliation of Castellana’s published FFO for FY25 to Vukile Group FFO (i) Mainly relates to 50% of the profit in disposal of Mejostilla (ii) Fair value adjustment of Alegro Sintra included in IFRS but excluded in FFO (iii) Interest and directors’ fees paid to Vukile eliminated at a group level (iv) Special levy paid in Spain APPENDIX 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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102 49%51% 51%49% 50%50% 50%50% Geographical segment analysis Castellana (i) South Africa Year ended 31 March 2024 Year ended 31 March 2025 (i) Includes 50% of Alegro Sintra in Portugal, an equity-accounted joint venture Revenue Revenue Net property income Net property income APPENDIX 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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103 Simplified income statement 31 March 2025 R million 31 March 2024 R million Variance % Revenue 3 319 3 062 8 Property Expenses (net of recoveries) (411) (407) (1) Net property income 2 908 2 655 10 Corporate administration expenses (478) (409) (17) Income from investments (i) 418 33 117 MEREV top-up payment - (33) 100 Operating profit before net finance costs 2 848 2 246 27 Net interest costs (ii) (1 014) (1 020) 1 Profit before equity-accounted income 1 834 1 226 50 Share of profit from associate and joint venture (iii) 177 7 Profit before taxation 2 011 1 233 63 Taxation (vi) (41) (11) (273) Profit for the year 1 970 1 222 61 (i) Investment income includes a LAR España dividend of R373 million and realised FEC profit of R45 million (FY24: -R5 million gain). In the prior year, dividend income from Fairvest was R32 million versus nil for this year as Fairvest was sold in April 2024. (ii) Decrease in net interest costs as a result of interest received on cash balances due to the capital raises during the year and the impact of lower interest rates on debt. (iii) Increase in income from joint venture following the 50% acquisition of Alegro Sintra in Portugal in H2 of FY25. (iv) Withholding tax Increased due to an increase in dividends received from Castellana 103 APPENDIX 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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104 Simplified income statement (Cont.) 31 March 2025 R million 31 March 2024 R million Variance % Profit for the year 1 970 1 222 61 Non controlling interests (NCI) (i) (11) (15) 27 Attributable to Vukile 1 959 1 207 62 Non-IFRS adjustments 18 497 Accrued dividends (ii) 83 409 Non-cash impact of IFRS entries (iii) (150) 3 Antecedent income (iv) 85 85 FFO 1 977 1 704 16 Pay-out ratio 83% 79% Dividend (Rm) 1 631 1 337 22 Shares in issue (iv) 1 244 630 392 1 104 719 779 FFO per share (cents) 158.8 154.2 3 Dividend per share (cents) 131.7 124.2 6 (i) Net income attributable to NCI decreased due to the increase of Vukile’s shareholding in Castellana to 99.62%. (ii) LAR España dividends received in cash and included in IFRS income for FY25 amounts to R372.7 million (FY24: nil). A non-IFRS adjustment is made to arrive at a dividend accrual of €12.6million plus a prior period under-accrual of €5.3 million (FY24: R345 million). Accrued dividends also includes a net FEC accrual of R50 million relating to Castellana’s dividend (FY24: R32 million) and, 50% of the capital gain on disposal of Mejostilla R24 million. The prior year includes the elimination of R33 million MEREV top-up and Fairvest accrued dividends of -R1 million.. (iii) Non-cash impact of IFRS entries relates to the IAS 40 change in fair value of investment properties included in IFRS of which R160 million relates to Alegro Sintra (50% JV) and R4 million relates to MICC Namibia (associate) offset by IFRS 16 – Leases of R14 million. (iv) 139.9 million new shares issued during the year, which increased the total shares in issue to 1 244 630 392 shares. 104 APPENDIX 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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105 SA REIT ratios 31 March 2025 31 March 2024 Variance % SA REIT funds from operations R1,98 billion R1,71 billion 15.8% SA REIT funds from operations per share 159.08c 155.06c 2.6% SA REIT net asset value R26,9 billion R23,0 billion 17.0% SA REIT net asset value per share R21.60 R20.80 3.8% SA REIT cost-to-income ratio SA: 49.2% SA: 48.8% Castellana: 39.2% Castellana: 37.9% SA REIT administrative cost-to-income ratio SA: 9.7% SA: 8.8% Castellana: 12.3% Castellana: 11.9% SA REIT vacancy rate SA: 1.7% SA: 2.7% Castellana: 1.6% Castellana: 1.1% SA REIT cost of debt ZAR: 9.0% ZAR: 8.7% EUR: 4.3% EUR: 4.7% SA REIT loan-to-value 40.2% 39.9% 105 APPENDIX 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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106 Treasury balance sheet scorecard Strong balance sheet and credit metrics 31 March 2025 R million 31 March 2024 R million Loan-to-value ratio (net of cash and cash equivalents) 40.95% 40.7% Unsecured debt to unencumbered assets ratio 27.0% 19.8% Interest cover ratio 2.9 times 2.3 times Debt maturity profile 3.9 years 2.9 years Corporate long-term credit rating AA(ZA) AA(ZA) Liquidity ratio (cash + undrawn facilities / debt expiry in next 12 months) 12.8 times 6.4 times APPENDIX 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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107 Vukile company Castellana (non-recourse to Vukile) Property Assets R17.425 billion Property Assets R31.082 billion REimagine and Namibia R242 million Sintra R1.109 billion Cash R516 million Cash R1.619 billion Castellana Shares R17.269 billion Debt R6.811 billion Debt R 3.081 billion Debt R12.660 billion Vukile ZAR Assets Vukile ZAR Debt Vukile EUR Assets Vukile EUR Debt Castellana Assets Castellana Debt Consolidate debt from Iberia (Eliminated on Consolidation) Non-recourse to Vukile Composition of group balance sheet Matching debt with property assets - by geography and currency EUR Assets (33.8 billion) to Debt (R12.7 billion) Ratio 2.7x ZAR Assets (R18.2 billion) to Debt (R6.8 billion) Ratio 2.7x Total Company Assets (R35.5 billion) to Debt (R9.9 billion) Ratio 3.6x EUR Asset (R17.3 billion) to Debt (R3.1 billion) Ratio 5.6x APPENDIX 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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108 Group debt by currency Debt at 31 March 2024 Debt at 30 September 2024 Debt at 31 March 2025 Cost of funding ZAR margins reduction from successful DCM issuances FY24 Historic cost of debt H1 FY24 Historic cost of debt FY25 Historic cost of debt 8.81%9.54%8.98% %% R5.993bn R12.862bn R18.855bn R6.847bn R12.629bn R19.476bn R6.811bn R15.741bn R22.552bn ZAR EUR (SA & Spain) Total % 4.14%3.66%4.02% 5.68%5.52%5.66% APPENDIX 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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109 Analysis of group loan repayment and hedging profile Group loan and hedging (swap and fixed debt) expiry profile 2026 2027 2028 2029 2030 2031 2032 and Beyond Loan expiry profile R'm 361 3 720 1 445 6 399 7 374 671 2 582 Hedging (Swap & Fixed debt) profile R'm 625 8 613 6 288 892 2 497 1.6% 16.5% 6.4% 28.4% 32.7% 3.0% 11.4% 3.3% 45.5% 33.3% 4.7% 13.2% R2.5 billion of available undrawn bank facilities 83.9% of interest-bearing debt hedged 2.6 years Fixed rate (swap & fixed debt) maturity profile APPENDIX 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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110 Analysis of South African loan repayment and hedging expiry profile 2026 2027 2028 2029 2030 2031 2032 and Beyond Loan expiry profile R'm 232 3 615 1 349 3 086 1 062 548 Hedging (Swap & Fixed debt) profile R'm 569 5 289 892 2.4% 36.6% 13.6% 31.2% 10.7% 5.5%8.4% 78.4% 13.2% Group loan and hedging (swap and fixed debt) expiry profile 68.2% of interest-bearing debt hedged 1.9 years Fixed rate (swap & fixed debt) maturity profile APPENDIX 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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111 2026 2027 2028 2029 2030 2031 2032 and Beyond Loan expiry profile €'m 7 5 5 167 319 6 130 Hedging (Swap & Fixed debt) profile €'m 3 168 317 126 1.0% 0.8% 0.8% 26.2% 49.8% 1.0% 20.4% 0.5% 27.3% 51.7% 20.5% Castellana loan and hedging (swap & fixed debt) expiry profile Analysis of Castellana loan repayment and hedging expiry profile 96.1% of interest-bearing debt hedged 3.1 years Fixed rate (swap & fixed debt) maturity profile APPENDIX 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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112 Forecast LTV sensitivity to valuation and foreign exchange movements At 31 March 2025 Example: EUR/ZAR exchange rate` Property valuation movement -12% -10% -7% -5% -3% -1% 0% 1% 3% 5% 7% 10% 12% -25% 14.86 45.7% 44.7% 43.3% 42.5% 41.6% 40.8% 40.4% 40.0% 39.2% 38.5% 37.8% 36.8% 36.2% -20% 15.86 45.9% 44.9% 43.5% 42.6% 41.7% 40.9% 40.5% 40.1% 39.4% 38.6% 37.9% 36.9% 36.3% -15% 16.85 46.0% 45.0% 43.6% 42.7% 41.9% 41.0% 40.6% 40.2% 39.5% 38.8% 38.0% 37.0% 36.4% -10% 17.84 46.1% 45.1% 43.7% 42.8% 42.0% 41.1% 40.7% 40.4% 39.6% 38.9% 38.1% 37.1% 36.5% -5% 18.83 46.3% 45.3% 43.8% 42.9% 42.1% 41.3% 40.9% 40.5% 39.7% 39.0% 38.2% 37.2% 36.6% -1% 19.62 46.3% 45.3% 43.9% 43.0% 42.2% 41.3% 40.9% 40.5% 39.8% 39.0% 38.3% 37.3% 36.7% 0% 19.8197 46.4% 45.4% 43.9% 43.0% 42.2% 41.4% 40.95% 40.6% 39.8% 39.1% 38.3% 37.3% 36.7% 1% 20.02 46.4% 45.4% 44.0% 43.1% 42.2% 41.4% 41.0% 40.6% 39.8% 39.1% 38.4% 37.3% 36.7% 5% 20.81 46.5% 45.5% 44.0% 43.1% 42.3% 41.4% 41.0% 40.6% 39.9% 39.1% 38.4% 37.4% 36.8% 10% 21.80 46.6% 45.6% 44.1% 43.2% 42.4% 41.5% 41.1% 40.7% 40.0% 39.2% 38.5% 37.5% 36.8% 15% 22.79 46.7% 45.6% 44.2% 43.3% 42.4% 41.6% 41.2% 40.8% 40.0% 39.3% 38.6% 37.6% 36.9% 20% 23.78 46.7% 45.7% 44.3% 43.4% 42.5% 41.7% 41.3% 40.9% 40.1% 39.4% 38.7% 37.6% 37.0% 25% 24.77 46.8% 45.8% 44.4% 43.5% 42.6% 41.8% 41.4% 41.0% 40.2% 39.4% 38.7% 37.7% 37.0% 5% ZAR strengthening to 18.83 3% increase in property valuation -1.3% decrease in group L TV to 39.7% APPENDIX 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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113 Corporate long-term credit rating reaffirmed at AA(ZA) and corporate short term rating A1+(ZA), with a positive outlook Corporate bond issuances Composition of unsecured debt and covenant exclusive debt Unsecured Debt Summary Security Amount – Rm Corporate bonds Unsecured 3 611 Total unsecured 3 611 Corporate Bonds Security Amount - Rm Reference Rate Margin Maturity Date Initial Term VKE19 Unsecured 232 3m JIBAR 1.39% 27 August 2025 3.0 years VKE20 Unsecured 749 3m JIBAR 1.59% 27 August 2027 5.0 years VKE21 Unsecured 200 3m JIBAR 1.30% 27 August 2026 3.0 years VKE22 Unsecured 488 3m JIBAR 1.44% 27 August 2028 5.0 years VKE25 Unsecured 530 3m JIBAR 1.28% 27 February 2027 3.0 years VKE26 Unsecured 402 3m JIBAR 1.43% 27 February 2029 5.0 years VKE27 Unsecured 548 3m JIBAR 1.55% 27 February 2031 7.0 years VKE28 Unsecured 462 3m JIBAR 1.37% 27 August 2029 5.0 years VKE23U (unlisted note) Secured to Nedbank 350 3m JIBAR Not Disclosed 7 December 2028 5.0 years VKE24U (unlisted note) Secured to Nedbank 550 3m JIBAR Not Disclosed 7 December 2028 5.0 years TOTAL 4 511 In February 2025, Vukile raised R495 m in a private placement. Vukile issued R162 million VKE22 Tranche 2 (3½ years till maturity) at a rate of 3m Jibar + 1.15% and R333 million VKE27 Tranche 3 (6 years till maturity) at a rate of 3m Jibar + 1.375% APPENDIX 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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114 Overview of unencumbered assets Total unencumbered assets R13 369 m (A) Unencumbered direct property R852m Unencumbered listed shares R12 517m Number of properties 4 GLA 51 868m² Retail rent from national tenants 84% Contractual rental escalation 4.9% Income from top 10 tenants 67% WALE 3.0 years Retail tenant retention 98% Vacancy (by rent) 0.4% Total unsecured debt R3 611m (B) Unsecured debt to unencumbered assets ratio 27.0% (B/A) Average property value R213m 114 APPENDIX 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025
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115 “See-through” loan-to-value ratio Interest- bearing debt R million Property assets R million Cash R million LT V Shareholding Vukile Company, MICC and REimagine 9 892 16 723 494 56.2% 100.0% Clidet No. 1011 (Moruleng Mall) - 783 23 - 80.0% Namibia 526 982 22 51.4% 36.2% Castellana 11 223 27 237 581 39.1% 99.6% Caminho (Portugal) 1 437 3 845 1 037 10.4% 99.6%*70% Sintra (Portugal) 1 516 3 655 194 36.2% 99.6%*70%*50% "See-through" Loan-to-Value Ratio 22 793 48 795 1 890 42.8% 115 APPENDIX 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY ANNUAL RESULTS 31 MARCH 2025