Strong operational and financial performance in 1H26, reflecting continued execution of strategic transformation and expansion of funds and asset management platforms

Distributable income per share (DIPS) increased 3.0% to 51.07cps (1H25: 49.53cps)

Payout ratio maintained at 90%, resulting in a 3.0% increase in dividend per share (DPS) to 45.96cps (1H25: 44.58cps)

Real estate investment

• South Africa

  • Strong LFL NOI growth: 5.3%

  • Improved vacancy: 4.7% (FY25: 6.7%)

  • Improved negative reversions of 2.5% (1H25: negative 8.4%)

  • Significant solar roll out: Planned 8MW (c. 60% increase) in solar generation within the next 12 months

• Europe

  • Stable operations delivering LFL earnings in line with prior year

  • 16.3% positive reversions, partially offset by higher vacancy as strategy prioritises maximising ERV growth over short-term vacancy

• Australia

  • Significant real estate earnings benefit in 1H26 of R14m (1H25: nil) as asset management initiatives take effect

Funds and asset management

• 2% increase in third party GAV

• A$170m of new equity commitments from Australian capital partners to support platform growth will increase third-party EUM by c. 11%

• Fee income increased 70.6% to R58m and now represents 14.1% (1H25: 8.5%) of Group DIPS

Balance sheet capacity to support growth of platforms

• Pro-forma loan-to-value (LTV) ratio of 39.0% (FY25: 36.3%)

• R0.5bn of SA assets pending transfer –

  • Balfour Mall sale is accretive to earnings in 2H26 and FY27

• Further c. R1.0bn to c. R1.5bn earmarked for sale within the next 18 month