Redefine Properties (RDF) Investor update summary

Strategic and Operating Overview

• Focus on organic growth, asset optimization, and disciplined capital allocation to growth sectors.

• Proactive debt management, extending maturities, diversifying funding, and refinancing at lower margins.

• Emphasis on cost controls, rental reversions, digital analytics, and technology for efficiency and value creation.

• Talent development, inclusive culture, and flexibility remain priorities.

• Sustainability embedded in operations, with increased renewable energy and net zero certifications.

South African Property Platform Performance

• Occupancy improved to 94.1%, with tenant retention at 92.9%.

• Industrial and retail sectors lead growth; office sector faces negative reversions but WAULT improved to 3.5 years.

• Retail portfolio margin improved to 89.4%, with strong trading density growth and four non-core disposals (R432m).

• Industrial portfolio active occupancy at 98.2%, renewal reversions at -0.2%, and five non-core disposals (R403.1m).

• Solar PV capacity up 20% YoY, with further expansions planned and nine buildings net zero certified.

Polish and International Portfolio

• Polish retail sales growth remains positive; e-commerce share stable at ~9%.

• EPP core portfolio occupancy at 99.3%, office at 84%; rent collection strong at ~99%.

• ELI logistics platform vacancy reduced to 3.2%, with lease renewals achieving 6.3% rental growth.

• Self-storage segment expanding, with 27,951m² NLA and occupancy at 72%.

• Joint venture portfolios show solid operating metrics, with active asset management and selective disposals.