FY26 Pre-close highlights

FY26 distributable earnings are expected to grow by c. 2% - 3%, in line with the lower end of full-year guidance. This expected performance would result in FY26 distributable income per share (“DIPS”) of c. 104.60cps to 105.56cps (FY25: 102.47cps).

The company expects to maintain a dividend payout ratio of 90% for the full year.

Key elements which have underpinned the Group’s performance include the following:

• South African portfolio: LFL NPI from the South African portfolio is expected to grow by c. 4% - 5%, driven primarily by strong performance in the retail portfolio together with steady performance across office and industrial assets.

• Investment (real estate) income: Earnings from the Group's co‑investments into Europe and Australia is expected to deliver marginal upside from prior year on a LFL basis.

  • The Pan‑European Logistics ("PEL") platform is expected to deliver slightly lower LFL performance relative to the prior year, resulting from a softening occupier market.

  • Australian earnings set to improve due to growing returns from current industrial investments, where contractual rent is still c. 20% below market.

• Fee income: Fees generated from fund and asset management activities continue to be earnings enhancing for the Group and are expected to contribute c. 15% – 17% of Group earnings (FY25: 10.7%).

• Operating costs: Group operating expenses are expected to decrease materially yoy because of cost optimisation initiatives and integration efficiencies

• Finance costs: Group net funding costs are expected to decrease significantly compared to FY25, driven by:

  • proceeds from the Blackstone Transaction which concluded in 2H25.

  • proactive refinancing and hedging arrangements coupled with a general decrease in interest rates and reduction in the weighted average cost of debt.

  • partially offset by the timing of cash inflows related to the Blackstone transaction and capital deployment into recently acquired Australian assets which are initially lower yielding as well as the funding of capex and marginally dilutive disposals in South Africa during FY25.