Vukile Property Fund (VKE) Trading update summary

Transformative Year, Strategic Expansion, and Portfolio Growth

• Exited all listed exposures, including Fairvest and Lar España, redeploying proceeds into accretive solar projects and major acquisitions in Portugal and Spain, growing Castellana’s direct asset base by nearly 60% to €1.6 billion.

• Acquired four assets in Portugal, 50% of Alegro Sintra, and Bonaire Shopping Centre in Spain, all fully funded and accretive, with no further equity funding required.

• Raised ZAR 1.5 billion in capital and ZAR 800 million via DRIPs, supporting dramatic business growth and entry into Portugal.

• Gross asset value now exceeds R50 billion, with two-thirds of assets and 60% of earnings offshore.

• Increased free float to 97% and completed profitable exits, generating significant profits and IRR for shareholders.

Operational Performance, Efficiency, and Sustainability

• South African like-for-like NOI/NPI grew 6.4%, with trading densities up 4.8%, led by township and rural segments.

• Castellana portfolio delivered 2% NOI growth, with further upside as value-add projects complete.

• Cost-to-income ratio decreased from 16.8% to 15.1%, driven by solar rollout and operational efficiencies.

• Solar capacity increased by 64% year-on-year, with ongoing sustainability initiatives.

• Vacancies remain low at below 2%, with 84% of rental reversions positive or flat.

Leasing, Tenant Mix, and Asset Management

• Approximately 600 leasing deals signed in South Africa, totaling over ZAR 1 billion in lease value.

• Spain: 158 leases signed (39,573m²), average rental increase of 23.6% on renewals, portfolio occupancy at 98.2%.

• Portugal: 70 leases signed (8,504m²), average rental increase of 6.15% on renewals, portfolio occupancy at 97.9%.

• Positive reversion rate of 2.3% in South Africa, expected to align with trading density growth above 4%.

• Ongoing re-tenanting and optimization exercises to adapt to changing consumer preferences.