Redefine Properties (RDF) Investor Day 2026 summary

Strategic Priorities and Capital Allocation

• Focus on simplifying the business structure, improving transparency, and maintaining a consumer-driven asset platform, with over 75% of the portfolio exposed to consumption sectors and a target of 40% capital allocation to Poland for diversification.

• Disciplined capital allocation and significant asset recycling, with ZAR 1.2 billion and EUR 56 million realized from non-core asset sales, and ZAR 3.4 billion capital recycled over three years.

• Long-term strategy targets a total return of SA government bond yield plus 150bps (~11%), with a 7.5% income yield on NAV requiring 10% earnings growth next year.

• Ongoing simplification of Polish JVs and focus on operational efficiency, aiming for an 80% operating profit margin and distributable income per share growth of 6.5%-7%.

• ESG and energy resilience are embedded, with three net zero buildings recertified, a 40% renewable energy target by 2028, and a 10% water withdrawal reduction target by 2030.

Operational Performance and Portfolio Outcomes

• South African retail remains the strongest sector, with 94.9% occupancy, positive renewal reversions, and NOI margin reaching 90% due to rental growth and solar initiatives.

• Office sector is recovering, targeting a vacancy rate of 7.5% next year, with a shift toward P and A grade assets and selective refurbishments.

• Industrial portfolio shows resilient income, 90% occupancy, and value growth driven by density and asset quality rather than expansion.

• Polish assets are strategically important, with EPP core portfolio maintaining high occupancy (99.6%) and strong rent collection (99.3%).

• Self-storage and mini-unit platforms in Poland are being scaled, targeting 75,000 sq m NLA and EUR 200 million value within five years.

Financial Position, Guidance, and Outlook

• Balance sheet strength restored, with see-through LTV below 40% and a medium-term target of 38% to 41% through capital recycling and simplification of Polish JVs.

• Distributable income per share guidance for FY2026 is 6.5%-7%, with payout ratio maintained at 87.5% and international contribution rising to 28%.

• ZAR 28 billion debt refinanced, with 38% of the debt stack now green and proactive hedging improving funding costs.

• Organic NOI growth expected across all segments, with SA retail and industrial leading at 3–8% and self-storage targeted for up to 15% growth.

• Focus remains on organic growth, disciplined capital allocation, and further simplification of offshore JVs to close the LTV gap and support future growth.