Pre-close trading update for the year ending 31 March 2025

The Group is expected to deliver full year results in line with previous full year guidance provided of approximately 2% to 4% lower than the 2024 financial year (“FY24”). This would deliver FY25 distributable income per share of between 101.44cps and 103.56cps (FY24: 105.67cps).

The dividend payout ratio is expected to be in line with the interim period (i.e. 90%), resulting in an expected increase in dividends per share of between 2% to 4% compared to FY24.

Key elements which have underpinned the Group’s performance:

• The South African base like-for-like (“LFL”) net property income (“NPI”) is expected to be in line with the prior year, reflecting a resilient retail performance which is offset by declining growth in the office portfolio which continues to be impacted by negative reversions.

• The European business is expected to deliver a marginal increase in LFL NPI mainly driven by positive rental reversions and indexation.

• Group fee income is expected to grow significantly over the period, driven by European and Australian fund and asset management activity, resulting in fee income representing approximately 11% of earnings (FY24: 7.3%).

• The Group has continued to focus on cost optimisation initiatives with operating costs expected to increase by between 1% and 2%.

• Group net interest costs are expected to decline significantly.

• The Blackstone transaction, which was effective from 12 November 2024, is expected to be marginally accretive on the Group’s results in FY25.