Redefine Properties (RDF) Investor update summary

Strategic and Market Overview

• Real estate fundamentals are strengthening, with stabilized vacancy rates, rental growth in retail and industrial sectors, and renewed investor confidence supported by improved port and rail performance, stable electricity supply, and a sovereign credit rating upgrade.

• Cheaper borrowing costs, better access to capital, and South Africa's exit from the FATF grey list are supporting growth and optimism for 2026.

• Focus areas include disciplined capital allocation, simplification of offshore joint ventures, recycling non-core Polish assets, and restoring the earnings base.

• ESG leadership, technology adoption, and talent engagement remain central, with high employee retention and top employer certifications.

• Group aims to improve operating profit margin to 80% and restore the earnings base.

Operational Performance: South Africa

• Occupancy at 93.9% overall, with office sector vacancy at 11.8% by GLA but only 8.8% by value; tenant retention by GMR at 97.2%.

• Retail and industrial portfolios show positive renewal reversions, high tenant retention, and NOI margin improved to 87.5%.

• Weighted average lease escalation is 6.4%, with a healthy unexpired lease term of 3.4 years.

• Solar PV capacity increased by 23% YoY, with 13.1% penetration and plans to reach up to 25% via virtual wheeling.

• Retail sector trading density growth at 3.5%, with rental turnover at 7.7%.

Operational Performance: Poland

• No new shopping centers under construction, indicating portfolio strength; retail occupancy stable at 98.2%.

• EPP core portfolio active occupancy at 99.4%, with indexation expected at 2.6% for retail and a target to improve operating profit margin to 80%.

• Logistics (ELI) portfolio vacancy dropped to 1.2%, with strong rental growth and 98.2% BREEAM certification rate.

• Rent to sales and occupancy cost ratios trending positively; rent to sales at 7.2%.

• Joint venture simplification and asset recycling are progressing, with EUR 40 million in proceeds expected.