Redefine Properties (RDF) Investor update summary

Strategic and Operating Context

• Focus on disciplined capital allocation, organic growth, and asset optimization to drive value creation amid ongoing market challenges in South Africa and Poland.

• Commercial real estate activity is increasing, but global geopolitical tensions and economic uncertainty persist, impacting outlooks for 2025.

• Sustainability has shifted from an ESG compliance exercise to a core operational imperative, with significant progress in renewable energy and water efficiency initiatives.

• Human connection, innovation, and wellbeing are central, with recognition as a top employer in both South Africa and Poland.

• Proactive debt management, diversification of funding, and vigilant interest rate risk management are emphasized.

South African Portfolio Performance

• Retail occupancy at 94.7%, tenant retention at 97.1%, and turnover growth of 4.5%; retail renewal reversions are positive.

• Office occupancy at 88.2%, with negative renewal reversions expected to improve; premium nodes show rental growth.

• Industrial occupancy at 97.6%, with positive reversions and strong demand for well-located space.

• Solar PV capacity expanded by 48.3% to 64 MWp, with significant electricity and water savings achieved.

• Active recycling of non-core assets and simplification of joint ventures are key to reducing LTV and improving income visibility.

Polish Operations and Joint Ventures

• EPP Core retail parks nearly fully let (99.3% occupancy), with positive renewal reversions, strong rent collection, and all core properties BREEAM certified.

• EPP retail like-for-like turnover up 3%, rent collection at 98.5%.

• ELI logistics portfolio at 95.3% occupancy, 14% rental reversion, and 94.8% BREEAM certified; ongoing demerger process.

• Joint venture simplification underway, with asset disposals and restructuring to reduce gearing and enhance transparency.

• Self-storage expansion focused on major Polish cities, with 20 operating facilities at 67.7% occupancy and new developments underway.