Delta Property Fund Limited · JSE:DLT

Delta Property Fund — H1 2026 Earnings Presentation

39 slides from Delta Property Fund's earnings presentation, November 2025

1. Slide 1: Interim Results Presentation

   INTERIM RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 AUGUST 2025 1

2. Slide 2: Agenda

   Agenda 01 05 Business Financial Overview Results 02 06 Operating Conclusion Environment & Way Forward 03 07 Operational Questions Overview & Answers 04 The Turn-Around Strategy 2

3. Slide 3: Business Overview

   Business Overview 3

4. Slide 4: About Delta

   About Delta Portfolio value OUR FUTURE To be a commercial diversified property Fund. R6.3bn as at 31 August 2025. OUR PURPOSE Sustainable value creation through responsible property management. OUR MISSION • Provide an excellent tenant experience. • Continuous asset optimisation. • Deliver sustainab

5. Slide 5: Our Business

   Our Business 76 (FY25: 83) Number of Properties 750 205m (FY25: 7 8 1 56 9 m 2) 2 GLA R572.6m (HY25: R586.3m) Revenue 80 (FY25: 82) Number of Employees 86% (FY25: 85% ) Sovereign Revenue 5

6. Slide 6: Our Business Model

   Our Business Model • A sovereign-anchored, South African-domiciled Level 1 B-BBEE REIT • Robust internal asset and property management Fund • GLA comprises 534 701m² of core and 215 504m² of non-core properties • Located mainly in central business districts (CBDs) for greater accessibility to the pu

7. Slide 7: Geographical Split by GLA and Rental Income

   GEOGRAPHICAL SPLIT BY GLA AND RENTAL INCOME GLA REVENUE SECTORIAL SPLIT OCCUPANCY GLA (%) Office – Sovereign (85%) Office – Other (15%) SECTORIAL SPLIT RENTAL INCOME (%) Office – Sovereign (86%) Office – Other (14%) 7

8. Slide 8: Performance Overview

   Performance Overview COLLECTION: Improved DEBT: Reduced by R143 Stabilisation PROFIT: Increased significantly by 72% to 100%, driven by million, supported by non- year-on-year, mainly due to savings on improved collection core property disposals. Underw ay, Turnaround finance costs. efficiencies. Prog

9. Slide 9: Operating Environment

   Operating Environment 9

10. Slide 10: Operating Environment

    Operating Environment MACROECONOMIC PRESSURES: Easing Interest Recovering Economic Weak Demand in Ongoing cost pressures Rates Growth Property Markets 10

11. Slide 11: Operational Overview

    Operational Overview 11

12. Slide 12: Operational Performance: Core vs Non-Core

    Operational Performance: Core vs Non-Core Tight cost control and asset rationalisation are stabilising operations. Metric Core Non - Core Overall Properties 48 28 76 GLA 534 701m² 215 504m² 750 205m² Occupancy 83.4% 37.8% 70.3% WALE 11.4 mo 1.4 mo 12.8 mo Rental Income R499.7m R78.5m R578.2m Net Ope

13. Slide 13: Leasing Activity - Renewals

    Leasing Activity - Renewals 13

14. Slide 14: Leasing Activity – New leases

    Leasing Activity – New leases 14

15. Slide 15: Capital Allocation - CAPEX

    Capital Allocation - CAPEX CAPITAL EXPENDITURE - R42.2 million spend in HY26 (HY25 R17.2 million) 15

16. Slide 16: Capital Allocation – Repairs and Maintenance

    Capital Allocation – Repairs and Maintenance REPAIRS AND MAINTENANCE - R14.4 million spend in HY26 (HY25 R11.0 million) 16

17. Slide 17: Disposal of Properties

    Disposal of Properties Vacancy Fair value Gross selling price Property Transfer date GLA (m2) Rate (R'000) (R'000) Properties transferred within the year: Thuto House Apr-25 2 111 0% 16 000 16 000 Anchor House Apr-25 2 645 93% 5 000 5 750 Protea Coin May-25 2 090 100% 2 890 2 800 Stats House May-25

18. Slide 18: Turn-Around Strategy

    Turn-Around Strategy 18

19. Slide 19: Our Strategic Pillars

    Our Strategic Pillars Transforming Delta into a resilient, Sovereign-anchored REIT Portfolio & Capital Lease & Business Operational Optimisation Development: Efficiency: • Focus on core tenanted assets • Enhance occupancy and drive lease • Tighten cost controls and improve renewals recoveries • Exec

20. Slide 20: Our Strategic Pillars

    Our Strategic Pillars Transforming Delta into a resilient, Sovereign-anchored REIT PEOPLE CENTRED Build a performance-driven, Ensure employees are skilled, accountable workforce empowered, and rewarded REBUILDING TRUST Pursue risk-adjusted, Uphold transparency, integrity, accretive opportunities and

21. Slide 21: Our Strategy – in Action

    Our Strategy – in Action R1.1 Billion PROGRESS: Disposal Pipeline • R1.1bn of non-core assets identified • 7 assets sold YTD - portfolio reduced from 83 to 76 to Support • Disposals mostly in: Free State, Northern Cape, North Deleveraging West (exiting regions) • Exited Eastern Cape Province post Int

22. Slide 22: Our Key Strategy - Outcomes

    Our K ey Strategy - Outcomes DELTA ACHIEVED SOLID PROGRESS IN STRENGTHENING ITS BALANCE SHEET AND OPERATIONS: ASSET SALES • Disposed of R102 million in non-core assets ENERGY RESILIENCE • Reduced LTV to 58.4%, supporting balance • Installed backup generators to sheet recovery ensure operational cont

23. Slide 23: Delta Transformation Journey

    Delta Transformation Journey 23

24. Slide 24: ESG Highlights

    ESG Highlights Three ESG specific policies have been adopted Environmental Policy Corporate Social Responsibilty Policy Sustainable Supply Chain Policy Impact materiality assessment being completed to inform prioritisation in relation to ESG 24

25. Slide 25: Financial Results

    Financial Results 25

26. Slide 26: Financial Highlights

    Financial Highlights SA REIT LTV 59.9% Renewal of debt facilities Feb 2025 61.1% Covenant LTV Cost to Income Ratio 58.4% 50.5% Feb 2025 59.5% Aug 2024 46.5% ICR FFO (cents) 1.5 times 9.2 cents Feb 2025 1.4 times Aug 2024 8.1 cents Weighted Average NAV per share (Rand) Cost of Debt 10.5% 3.5 Feb 2025

27. Slide 27: Consolidated Statement of Comprehensive Income

    Consolidated Statement of Comprehensive Income Figures in R'000 HY2026 HY2025 FY2025 Rental Income 578 225 583 655 1 140 419 Straightline rental income accrual (5 643) 2 603 3 002 Total Revenue 572 382 586 258 1 143 421 Property Operating Expenses (225 648) (220 498) (422 014) Net Operating Income 3

28. Slide 28: Consolidated Statement of Financial Position

    Consolidated Statement of Financial Position Figures in R'000 HY2026 HY2025 FY2025 ASSETS Non-current Assets 5 447 023 5 877 469 5 416 072 Investment property 5 411 357 5 820 750 5 380 209 Investment in listed securities 23 525 54 945 34 422 Property, plant and equipment 12 141 1 774 1 441 Current A

29. Slide 29: Debt & Covenant Management

    Debt & Covenant Management HY2026 FY2025 Undrawn cash facilities (R’000) 52 305 32 270 Assets encumbered as security for debt (R'000) 6 320 920 6 389 699 Secured Debt (R’000) 3 736 726 3 857 711 All-in weighted average cost of debt 10.5% 11.2% HY2026 FY2025 Secured Debt LTV % ICR times LTV % ICR tim

30. Slide 30: Source of Debt Funding

    INVESTEC. 14% STANDARD BANK 16% AUGUST 2025%

31. Slide 31: Debt Maturity Profile

    Debt M aturity Profile Maturity Profile % Maturity Profile R'000 70% 3000 000 65% 60% 2500 000 2 421 826 50% 2000 000 40% 1500 000 30% 1000 000 20% 16% 14% 575 741 524 214 10% 500 000 2% 3% 79 340 107 190 0% - 7 Months 9 Months 16 Months 18 Months 21 Months 7 Months 9 Months 16 Months 18 Months 21 Mont

32. Slide 32: HY26 Reduction of Debt

    HY26 Reduction of Debt Debt (R'000) Increase Decrease Total 4500 000 4000 000 3 857 711 10 000 5 475 6 787 -50 995 3 736 726 -92 252 3500 000 3000 000 2500 000 2000 000 1500 000 1000 000 500 000 0 FY25 Loan Advances Fees capitalised Net interest accrual Amortisation payments Repayment from disposals

33. Slide 33: FY25 Reduction of Debt

    FY25 Reduction of Debt Debt Balance 7 000 000 000 6 500 000 000 6 000 000 000 5 500 000 000 5 000 000 000 4 500 000 000 4 000 000 000 3 500 000 000 3 000 000 000 2 500 000 000 2 000 000 000 1 500 000 000 1 000 000 000 500 000 000 2020 2021 2022 2023 2024 2025 2026 Debt repayment over the last 7 year

34. Slide 34: Cashflow Bridge (R'000)

    Cashflow Bridge (R’000) Sources of cash Uses of cash 300 000 8 000 768 108 10 000 - 141 250 000 319 156 -2 550 -34 511 200 000 -42 212 150 000 -50 995 100 000 50 000 - -50 000 -201 283 -79 535 -100 000 -150 000 -73 195 -200 000 Total cash at Cash Advance of Proceeds from Taxation Finance Acquisition

35. Slide 35: Net Asset Value (NAV) Bridge (R'000)

    NET ASSET VALUE (NAV) BRIDGE (R'000) Increase Decrease Total 3000 000 346 934 10 419 659 -14 375 -16 067 -21 085 -46 828 2500 000 2 467 424 2 416 773 -209 006 2000 000 1500 000 1000 000 500 000 - Net Operating Income Other P&L Items Taxation Administration costs NAV HY26 NAV FY25 Other Income Fair V

36. Slide 36: SA REIT Funds From Operations (R'000)

    SA REIT Funds From Operations (R’000) Figures in R’000 HY2026 HY2025 FY2025 Profit/(loss) per IFRS Statement of Comprehensive Income attributable to parent A 50 651 29 519 (104 211) Accounting specific adjustments: B 19 759 24 884 217 794 Fair value adjustment on Investment Property - - 174 727 Debt a

37. Slide 37: Conclusion & Way Forward

    S 606 Conclusion & Way:Forward 4

38. Slide 38: Conclusion & Way Forward

    Conclusion & Way Forward • Finalise R1.1bn asset sales - fund debt reduction • Pursue covenant relief / restructuring with lenders • Continue cost containment measures and maximalise efforts to recover arrears • Continue to rebuild investor and lender trust via transparent reporting • Focused execut

39. Slide 39: Questions & Answers

    MM Questions & Answers & ~ \ ‘

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