Vukile Property Fund (VKE) Investor presentation summary

Introduction and portfolio overview

• Specialist retail REIT with significant geographic diversification, operating in South Africa, Spain, Portugal, and Italy, with c.70% of assets in Europe.

• Portfolio value post-acquisitions is R63.7bn, with 67% of assets in Europe and 34% in South Africa.

• South African retail portfolio valued at R19.5bn, with 34 assets and 789,553m² GLA, showing strong tenant retention and low vacancies.

• Castellana Properties (Spain/Portugal) GAV is €1.96bn, with 600,818m² GLA, 1.1% vacancy, and 8.7 years WALE.

• Recent entry into Italy with three shopping centres acquired for €115m, offering a 10% net initial yield and stable, defensive income.

Operational performance and growth

• NOI grew 50% over five years, driven by rental growth, cost containment, and alternative income streams.

• Retail portfolio maintains high occupancy, with vacancies at 1.7% and tenant retention at 89%.

• Leasing activity remains robust, with 634 leases signed in FY26 and positive rental reversions.

• Castellana’s Portuguese assets achieved record footfall and sales, with occupancy rising to 99.1%.

• Active capital recycling, with nearly €1bn in transactions, redeploying proceeds into prime assets.

Financial management and treasury

• Group loan-to-value (LTV) at 38.4%, managed through asset rotation and equity issuance.

• 82.9% of interest-bearing debt is hedged, with a group interest cover ratio of 3.0x.

• Sufficient liquidity, with R3.7bn cash and R3.9bn undrawn facilities, covering all near-term maturities.

• R710m of unsecured corporate bonds issued in FY26, with a focus on prudent liquidity management.

• EUR/ZAR dividend hedging in place, with 99% of FY27 dividends hedged to reduce currency volatility.