DIPULA PROPERTIES LIMITED - Audited consolidated financial results for the year ended 31 August 2026 and guidance

Audited consolidated financial results for the year ended 31 August 2026 and guidance

DIPULA PROPERTIES LIMITED
(Registration number 2005/013963/06)
JSE share code: DIB
ISIN: ZAE000203394
(Approved as a REIT by the JSE)
("Dipula" or "the Company")

AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2026
AND GUIDANCE

SALIENT FEATURES
- Revenue R1 671 million (2025: R1 513 million)
- Distributable earnings per Ordinary share 62.17394 cents (2025: 57.25707 cents)
- Dividend per Ordinary share 55.95655 cents (2025: 51.53136 cents)
- Basic earnings per Ordinary share 122.05 cents (2025: 102.36 cents)
- Headline earnings per Ordinary share 63.86 cents (2025: 53.08 cents)
- NAV per Ordinary share R7.95 (2025: R7.50)
- Attributable comprehensive income R1 239 million (2025: R932 million)

BUSINESS OVERVIEW
Dipula is an internally managed, South Africa focused Real Estate Investment Trust ("REIT") that 
owns a portfolio of retail, office, industrial and residential property assets throughout South 
Africa, with the majority of the portfolio located in Gauteng. Dipula's strategy is to own a 
defensive portfolio with a bias towards convenience, rural and township retail centres.

PAYMENT OF DIVIDEND
The Board has approved, and notice is hereby given of a final gross dividend (dividend number 29) 
for the period 1 March 2026 to 31 August 2026 of 28.45381 cents per share.

Dipula shareholders will be offered an election, in respect of all or part of their shareholding, 
to re-invest the cash dividend of 28.45381 cents per ordinary share in return for new shares (the 
"re-investment option"). By electing to participate in this re-investment option, shareholders will 
be able to increase their shareholding in Dipula without incurring dealing costs. In turn, Dipula 
will benefit from an increase in the amount of shareholders' funds available to support continued 
growth.

Further details regarding the re-investment option, including the salient dates and times and the 
action to be taken by shareholders wishing to participate in the re-investment option, will be set 
out in a circular to shareholders to be issued in due course once all regulatory approvals are received.

GUIDANCE
The Board anticipates distributable earnings growth of 8% to 10% per share for the financial year ahead.

The forecast is based on the following assumptions:

Dipula - specific assumptions
- Forecast rental income is supported by contractual escalations and market related lease renewal
  assumptions; and
- No material tenant or corporate failures are expected within the portfolio.

Macroeconomic and regulatory assumptions
- Macroeconomic conditions remain broadly stable and do not deteriorate materially;
- Current geopolitical instability does not result in a significant increase in interest rates; and
- There are no material changes to the existing tax legislation.

This forecast has been prepared by management and approved by the Board and has not been reviewed
or audited by the Group's external auditors. The forecast is consistent with Dipula's accounting policies
and has been prepared in terms of IFRS and in accordance with the SA REIT Association's Best Practice
Recommendations in respect of the calculation of distributable income.

AUDIT OPINION
The auditor, Forvis Mazars, has issued an unmodified audit opinion on the Group and Company's annual
financial statements for the year ended 31 August 2026. The auditor's report is included in the published
audited annual financial statements, which are available on the company's website through the link
indicated below.

SHORT-FORM ANNOUNCEMENT
The contents of this short-form announcement are the responsibility of the board of directors of Dipula.
The information above is extracted from the audited consolidated financial results for the year ended
31 August 2026 and does not contain full or complete details of the financial results. This short-form
announcement has not itself been audited but is extracted from the audited annual financial statements
for the year ended 31 August 2026. Any investment decisions made by investors should be based on
consideration of the full announcement as a whole and shareholders are encouraged to review the full
announcement, which has been released on SENS and is available for viewing on Dipula's website at:

https://dipula.co.za/wp-content/uploads/2026/11/Annual-financial-results-31-Aug-2026.pdf

and on the JSE's website at:

https://senspdf.jse.co.za/documents/2026/jse/isse/DPL/FY2026.pdf

Dipula also voluntarily publishes supplementary information to the audited consolidated financial results
for the year ended 31 August 2026, which includes directors' commentary and is available on Dipula's
website at:

https://dipula.co.za/wp-content/uploads/2026/11/Annual-financial-statements-2026.pdf

Johannesburg

11 November 2026

Directors
ZJ Matlala* (Chairperson)
IS Petersen (CEO)
S Moodley (FD)
Z Adams*
BH Azizollahoff*#
N Khoele*
K Teeroovengadum*^
* Independent non-executive
# British
^ Mauritian

Registered office
12th Floor
Firestation Rosebank
16 Baker Street
Rosebank
2196

Transfer secretaries
JSE Investor Services

Sponsor
Java Capital

Company secretary
Acorim

Independent Auditors
Forvis Mazars Gauteng






Date: 11/11/2026 08:00:00
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