Results for the year-ended 31 March 2025

The Group is expected to deliver 1H26 distributable earnings growth of c. 2%, an outcome consistent with the lower end of full year guidance. This is a result of slower capital deployment during 1H26 due to global investor headwinds, together with a material business failure in the South African industrial sector. This expected performance results in 1H26 distributable income per share (“DIPS”) of c. 50.56cps (1H25: 49.53cps).

The dividend payout ratio is expected to be maintained at 90%, resulting in an increase in dividends per share of c. 2% compared to 1H25.

Key elements which have underpinned the Group’s performance include the following:

• The South African portfolio base LFL net property income (“NPI”) is expected to grow by c. 4% - c. 5%. However, the net contribution to DIPS will be reduced by the impact of funding capex and marginally dilutive disposals from the prior year.

• Investment income from the Group’s co-investments, on a LFL basis, is expected to marginally improve driven largely by Australian upside.

• Fee income from funds and asset management activity continues to be earnings enhancing for the Group over the medium term as the Group scales platforms and is expected to contribute c. 14% of Group earnings (1H25: 8.5%).

• Group net funding costs are expected to decrease significantly relative to 1H25, driven by:

  • Proceeds from the Blackstone Transaction which concluded in 2H25.

  • Proactive refinancing and hedging arrangements coupled with a decrease in global interest rates.

  • Offset by the timing of anticipated cash inflows from the Blackstone transaction (Escrow and delayed internal refinancing), along with further capital deployment into initially low yielding Australian assets during the period.

The Group has c. R13.6 billion direct on-balance sheet real estate investments in South Africa and c. R2.5 billion equity co-investments across European and Australian platforms managed by the Group.