Vukile Property Fund (VKE) Trading update summary

Trading overview

• First five months of FY2027 delivered a strong start, supported by operational performance, acquisition integration and disciplined evaluation of new investments.

• Acquisitions in Spain and Italy integrated smoothly; early Esperia trading is in line with underwriting, with operating metrics performing in line with forecasts.

• FY2027 guidance reaffirmed: FFO per share growth of 8%-10% and dividend per share growth of 10%-12%, despite a stronger rand forecast at 18.87 versus 19.60 at year-end guidance.

• Dividends from Castellana and Esperia are 100% hedged for FY2027 and 80% hedged for FY2028.

South Africa

• FY2027 like-for-like NOI growth projected at 8.5%; total portfolio growth is 10%, including Chatsworth and the imminent Botshabelo Mall transfer.

• Like-for-like sales grew 5.1% in the first five months; trading density rose 5%, with growth across all 14 measured categories and township and rural segments outperforming.

• Retail vacancies were 1.9%; vacancy was 1.3% excluding offices. Rent collection reached 101% and cost-to-income ratio was 12.2%.

• Reversions improved to 4%; new deals achieved 7% rental growth, tenant retention was 91%, and 85% of leases were flat or positive. Top 10 tenants renewed and expanded.

• Solar capacity additions totaled 3 MW peak, with another 3 MW underway; BESS capacity rose from 6 MWh to 16 MWh, and two boreholes were added.

Spain and Portugal

• April-August footfall rose 4.8% overall, with Spain up 6% and Portugal up 2%; Portugal recorded its highest-ever footfall for the period. April-July sales increased 3.9%, with Spain up 4.2% and Portugal up 3.2%.

• Bonaire footfall rose 19.5% and sales grew 7.5%; recent footfall exceeded 2024 levels, a record year for the centre.

• 104 leases signed covering 41,591 sq m and EUR 10.5m of refreshed and new annual rent; average rental uplift was 6.79%.

• Vacancy was 1.1% overall, with Spain at 1% and Portugal at 1.7%; rent collection reached 98.7%.