Southern Sun (SSU) Corporate presentation summary

Lessons learned from Covid-19 and restructuring

• Central costs were restructured, and dual listing with Hospitality Property Fund was removed, eliminating the REIT structure.

• Non-core assets in Seychelles and Nigeria were sold to reduce debt, especially USD-denominated debt.

• Occupancy improved from 59.3% in F'20 to 60.8% in F'25, with adjusted HEPS rising 189%.

• Net interest-bearing debt dropped by 92% from R3,252m to R266m.

Portfolio and market position

• Owns over 90 hotels and resorts with 16,000 rooms across South Africa, Africa, Seychelles, and the Middle East.

• Asset-heavy model with strong local brands across all market tiers.

• Major presence in conference and exhibition markets, including ownership of Birchwood Hotel & OR Tambo Conference Centre.

• Holds some of the most profitable hotels in international operators’ portfolios.

Financial performance and cash flow

• Cash generated from operations rebounded from a loss in F'21 to R1,868m in F'25.

• Free cash flow reached R2,675m in F'25 after a three-year recovery.

• Net interest-bearing debt reduced significantly, with strong cash inflows supporting share buybacks and dividends.