DIPULA PROPERTIES LIMITED — Capital/Financing Update 2026

Jan 29, 2026

DIPULA PROPERTIES LIMITED

(Formerly Dipula Income Fund Limited) (Incorporated in the Republic of South Africa) (Registration number 2005/013963/06) JSE share code: DIB ISIN: ZAE000203394 (Approved as a REIT by the JSE) (“ Dipula ” or “ the Company ”)

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FESTIVE SEASON TRADING AND ACQUISITIONS UPDATE

Q4 2025 TRADING UPDATE

Dipula derives approximately 70% of its income from defensively positioned retail properties, comprising centres located in township, rural and urban convenience nodes. The retail portfolio delivered a robust performance during the 2025 festive season, recording a 5% increase in turnover over the quarter ended 31 December 2024.

All retail categories, except for services and hardware, reported above-inflation turnover growth ranging from 3% to 11%. The strongest growth was recorded in the cellular and electronics categories, while services turnover declined slightly by 2%.

On a provincial basis, the highest turnover growth was achieved in KwaZulu-Natal and the Eastern Cape, at 10% and 8%, respectively. Limpopo recorded turnover growth of 6%. The North-West recorded growth of 4%, while Gauteng and the Free State each reported turnover growth of 3% and Mpumalanga experienced a marginal decline of 1.5%.

Turnover at Dipula’s urban convenience and rural centres increased by 6%, while urban township centres recorded growth of 3%.

The strongest sales performance for the quarter was recorded in November 2025 as customers appear to be doing earlier festive season shopping than was previously the norm.

ACQUISITIONS UPDATE

In August 2025, Dipula announced a number of acquisitions in line with its strategic objective of expanding its portfolio through the addition of well-located, high-quality industrial and convenience, township and rural retail assets. Dipula is pleased to advise that transfer of these properties was effected on the dates set out below:

			Purchase		Purchase
		Geographical	consideration	GLA	consideration per m²
Property	Sector	location	(R)	(m²)	(R/m²)	Transfer date
Airborne Business	Industrial	Boksburg,	63 000 000	6 964	9 047	27 August 2025
Park		Gauteng
Bayer Distribution	Industrial	Klerksdorp,	156 000 000	16 364	9 533	8 December 2025
Centre		North West
Woolworths	Retail	Gezina, Gauteng	16 200 000	4 630	3 499	19 December 2025
Gezina
Protea Gardens	Retail	Soweto,	478 100 000	24 141	19 804	8 January 2026
Mall		Gauteng
Total			713 300 000	52 099

29 January 2026

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