Vukile Property Fund (VKE) Trading update summary

Strong operational performance across regions

• Robust trading and operating metrics in South Africa, Iberia (Spain and Portugal), and Italy (Esperia), all in line with or exceeding forecasts, with successful integration of new assets in Spain and Italy.

• Disciplined approach to acquisitions, with several deals under exclusivity and due diligence, and funding already secured for Italian assets.

• Portfolio growth in Italy expected to reach €350–360 million GAV after pending acquisitions.

• Active pipeline evaluation in all markets, focusing on value-add opportunities and financial discipline.

• Strategic acquisitions and disposals have enhanced portfolio quality and exposure to dominant shopping centres.

South Africa portfolio update

• Like-for-like net operating income projected to grow 8.5%, with acquisitions pushing total growth to 10% in FY27.

• Trading density up 5%, with all retail categories and segments showing growth, especially township and rural outperforming.

• Vacancy rates remain low at 1.3%–1.9% (excluding office), with high retention, improved reversions, and rent collection rates up to 101%.

• Cost-to-income ratio improved to 12.2%, supported by solar and water initiatives.

• Renewals achieved +4.0% reversion, new lets at +7.0% rental growth, and tenant retention at 91%.

Iberia (Spain and Portugal) portfolio update

• Footfall up 4.8% (Spain +6%, Portugal +2%), with Bonaire showing a 19.5–20% increase.

• Sales up 3.9% overall, led by leisure, fashion, health, and food categories.

• 104 leases signed, with average rental uplift of 6.72–6.79%; new contracts in Spain achieved 10.7% uplift.

• Portfolio occupancy at 1.1% vacancy, rent collection at 98.7%.

• Value-enhancing initiatives identified to support future growth.