Fairvest (FTA) investor relations material

Strategic rationale and market opportunity

• Investment in digital infrastructure targets underserved, high-density township communities, extending the retail property strategy and leveraging deep market understanding.

• Only 20% of 15 million township homes are connected, highlighting a significant infrastructure and affordability gap and a minimum 10x market growth potential.

• Township fiber infrastructure offers attractive economics and serves a consumer base well understood by the investor group.

• The model leverages global trends of separating digital infrastructure ownership from operations, positioning for South Africa's inflection point.

• The addressable market is estimated at 9–15 million township homes, with substantial growth potential remaining.

Business/Operating model and partnerships

• OnePath owns fiber infrastructure and leases it to Fibertime under 10-year triple-net leases with fixed and turnover-based rental components; all maintenance and insurance are handled by the tenant.

• Fibertime's model features universal, preemptive installation, no contracts, and a pay-as-you-go pricing of ZAR 5 per device per day for uncapped high-speed internet.

• The network is designed as a single SSID Wi-Fi mesh, enabling seamless mobility within and across townships.

• Community engagement is central to rollout, with local hiring and ongoing support, ensuring high acceptance and sustainability.

• Partners with Nokia for modern, high-capacity networks, positioning as the second largest mobile fiber operator globally.

Financial performance, guidance, and investment

• Fairvest's investment has grown from just under ZAR 950 million to ZAR 1.5 billion (board approved), with OnePath's capital deployed exceeding ZAR 1.67 billion.

• OnePath's ungeared dividend yield has grown from 14.4% to 15.1%, with future growth expected as debt funding is introduced.

• Cumulative CapEx is forecast at ZAR 4.8 billion by FY 2027 and R24.3 billion by 2030, targeting just under 1 million homes and 3 million users by FY 2027.

• Revenue has grown from ZAR 1 billion in FY 2025 to ZAR 7 billion in the last fiscal, with ZAR 21 billion targeted for the current fiscal.

• The rental structure provides downside protection and attractive upside through turnover participation, with 83% of current yield from fixed rental.