Slide 1: FY25 Results Presentation
FY25 Results Presentation 26 February 2026 Hadyn Stephens – Managing Director and CEO Aditya Asawa – Chief Financial Officer
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer This presentation has been prepared by Waypoint REIT (“WPR” or Industry data and third party market data the inherent regulatory risks in the business of WPR such forward looking “Waypoint REIT”) which is a stapled entity comprising shares in Waypoint This presentatio
Slide 3: Portfolio Snapshot
Portfolio Snapshot1 High quality portfolio with 92% weighting to metropolitan and highway locations Avg. Book Passing Avg. Site Category Description # Value WACR Yield Value Area WALE Capital Cities Capitals of the 8 269 $2,008.5m 5.26% 5.34% $7.5m 3,506m2 6.4yrs Key Portfolio Statistics states and
Slide 4: Agenda
Agenda 1. FY25 Highlights 5 2. Financial Results and Capital Management 7 3. Market and Portfolio Update 12 4. Outlook and Guidance 18 5. Additional Information 20 6. Glossary 31 4 Image: Caltex Findon (SA)
Slide 5: FY25 Highlights
g Director FY25 Highlights Hadyn Stephens Managing Director and CEO 5 Image: OTR Kingsford (NSW)
Slide 6: FY25 Summary
FY25 Summary Distributable EPS in line with guidance, majority of FY26 lease expiries now resolved Financial Performance Property Portfolio Capital Management Other Distributable EPS: 16.64 cents WACR: 5.61% Gearing: 32.7% Viva Energy Australia (FY25) In line with updated guidance 5bp vs. Jun-251
Slide 7: Financial Results and Capital Management
Financial Results and Capital Management Aditya Asawa Chief Financial Officer 7 Image: OTR Greystanes (NSW)
Slide 8: Financial Performance
Financial Performance FY25 DEPS up 1% in line with guidance FY25 FY24 Change $m $m $m Commentary 1 Rental income 165.5 162.3 3.2 1 Like-for-like rental growth of ~3% offset by lower rent due to non-core asset sales ($2.7m of sales settled in 2H24 and $38.4m of sales settled during FY25) 2 Operating
Slide 9: Balance Sheet
Balance Sheet NTA per security growth of 5% and gearing remains at lower end of target range Dec-25 Dec-24 Change $m $m $m Commentary Cash and equivalents 14.4 14.7 (0.3) 1 Primary movements being the portfolio valuation gain ($102.2m) offset by settlement of non-core asset sales ($38.4m) 1 Investme
Slide 10: Capital Management
Capital Management Metrics remain strong following refinancing initiatives Dec-25 Dec-24 Change Commentary Facility limit ($m) 1,059.7 1,098.6 (38.9) 1 Liquidity reduced following early repayment of USPP (US$78m) funded by new bilateral loan (A$70m) and utilisation of surplus undrawn facility headro
Slide 11: Debt and Hedging Profile
Debt and Hedging Profile Lower debt margins from refinancing activities to partially offset higher base rates in FY26 • Refinancing / extension of $409m of facilities including: • Progressive increase in hedging levels at prevailing market rates via a combination of: – Extension of $150m syndicated
Slide 12: Market and Portfolio Update
g Director Market and Portfolio Update Hadyn Hadyn Stephens Stephens Managing Director and Chief Executive Managing Director and CEO Officer 12 Image: OTR Baulkham Hills (NSW)
Slide 13: Transaction Market Update
Transaction Market Update Transaction volumes up ~10% vs. 2024, tightening yields assisted by shift in transaction mix • ~10% increase in transaction volumes vs. 2024 National Transaction Volume $700 7.00% • Tighter average yields assisted by shift in transaction $600 6.00% mix: – Regional to Metro
Slide 14: Valuations
Valuations1 4bp of cap rate compression in 2H25 # of Gross Value ($m) WACR (%) Properties @ 31-Dec-25 Jun-25 Dec-25 Change Jun-25 Dec-25 Change Capital Cities 48 351.6 352.4 0.8 5.30 5.30 - • WPR’s contracted rental escalations are heavily skewed to the June valuation cycle Other Metro 8 55.0 55.1 0
Slide 15: Non-Core Asset Sales
Non-Core Asset Sales Six assets sold in FY25, including Nowra in 2H25 • Six assets sold in FY25 for combined sale price of $40.6m – 0.4% discount to prevailing book value – 7.9% average passing yield – 6.6% WACR (average over-renting of ~35%) Lease Sale Passing Method of Sale / Asset State Classific
Slide 16: Leasing Update
Leasing Update Majority of FY26 lease expiries resolved, strong retention and rental reversion achieved • FY26 lease expiries represent ~4% of WPR’s total rent roll • To date, 25 of 28 leases expiring in FY26 have been resolved: – Tenant retained on 24 of 25 leases where market rent review / option
Slide 17: OTR Conversions
OTR Conversions 17 conversions completed on WPR sites to date, all funded by VEA Broader VEA Network1: Conversions completed on WPR sites2 • 35 OTR stores opened/converted in 2025 (10 new stores, 25 conversions) Property Expiry Completed • Expect to open 40 to 60 OTR stores in 2026 (mix of new store
Slide 18: Outlook and Guidance
g Director Outlook and Guidance Hadyn Stephens Managing Director and CEO 18 Image: Caltex West Terrace (SA)
Slide 19: Outlook and Guidance
Outlook and Guidance • Assuming no material change in WPR’s operating environment, FY26 DEPS FY26 Guidance / Current Pricing guidance is 17.14 cents1, which represents 3% growth on FY25 DEPS 17.14 cents • Targeting $10-20m of non-core asset sales in FY26, subject to market conditions Growth on FY25
Slide 20: Additional Information
Additional Information 20 Image: Shell Reddy Express Brandon Park (VIC)
Slide 21: Reconciliation of Distributable Earnings to Statutory Profit
Reconciliation of Distributable Earnings to Statutory Profit Increase in statutory profit driven by revaluation gain in FY25 FY25 FY24 Change $m $m $m Distributable earnings 110.3 110.7 (0.4) Net gain on valuation of investment properties 102.2 28.4 73.8 Straight-line rental income (2.9) 1.6 (4.5) N
Slide 22: Distributable EPS Growth Components
Distributable EPS Growth Components LFL rental growth and security buyback offset impact of asset disposals, higher cost of debt and higher expenses ~3% like-for-like Lower WANOS as a rental growth result of security buyback 0.69 (0.22) (0.08) 0.22 16.64 16.48 (0.45) Impact of asset Increase primari
Slide 23: Portfolio by State / Territory
Portfolio by State / Territory Portfolio cap rate has tightened by 9bps over last 12 months NSW VIC QLD WA SA ACT TAS NT Portfolio 5% 3% 2% 1% 31% 9% % of WPR portfolio value: 19% 30% Cap rate change: 1H25 (13 bp) (9 bp) 0 bp +3 bp +8 bp 0 bp (1 bp) 0 bp (6 bp) 2H25 (9 bp) +6 bp (3 bp) (5 bp) (12 bp
Slide 24: Lease Expiry Profile (31 December 2025)
Lease Expiry Profile (31 December 2025) Portfolio WALE of 6.4 years with a staggered expiry profile WALE 6.4 years 24.8% 19.6% 13.8% 8.0% 8.6% 6.8% 6.0% 6.9% 1 0.6% 0.7% 0.1% 3.9% 0.2% Vacant FY26 FY27 2 FY28 FY29 FY30 FY31 2 FY32 FY33 FY34 FY35 FY36 2 FY37 FY38 FY39 3 29 31 28 27 39 58 66 67 2 24 1
Slide 25: Viva Energy Australia – FY25 Result
Viva Energy Australia – FY25 Result1 Strong improvement in underlying EBITDA in 2H25 • Group: FY25 FY24 Change – FY25 EBITDA down 6.4%, primarily due to C&M division C&M Division2: – 2H25 EBITDA of $396m was up 33% on 2H24 and 30% on 1H25, reflecting improved operational performance and stronger mar
Slide 26: Retail Fuel Volumes
Retail Fuel Volumes 2025 fuel volumes down 2.5% on 2024 – evolving mobility habits and increased vehicle fuel efficiency • Fuel volumes have recovered from COVID-related lows but remain below pre-COVID levels – Changed mobility habits, e.g. working from home – Increased fuel efficiency (hybrid and e
Slide 27: Retail Fuel Prices and Margins
Retail Fuel Prices and Margins Average retail fuel prices fell slightly in 2025, indicative retail fuel margins remained strong • Average retail fuel price in 2025 was ~4% below 2024, with average petrol prices down ~5% and average diesel prices down ~3% • Average retail margins improved by ~3% to 1
Slide 28: Electric Vehicles
Electric Vehicles BEVs comprise ~1% of total Australian fleet; PHEVs drive increase in EV share of new light vehicle sales BEV/PHEV Sales as % of New Light Vehicle Sales 1 Light vehicle fleet at January 20252 15% BEV 1.2% Hybrid 3.5% 13.1% 13% Other 0.7% 11% 9.7% Diesel 27.5% 9% 8.5% Petrol 67.0% 7%
Slide 29: Slacks Creek, QLD
Slacks Creek, QLD Various options under evaluation Address 3495-3497 Pacific Highway Lease expiry Aug-26 WPR classification Capital Cities Site area 20,940sqm Service Station Current rent p.a. $143k Surplus Land Current zoning Mixed Use – Retail and Commerce Current improvements F&C offering with tr
Slide 30: ESG Update
ESG Update FY25 ESG HIGHLIGHTS MEASURED EMISSIONS (t-CO2-e)1 • Environment 80 69 - Measured Emissions1 remain at lower end of historic levels 64 70 - Measured Emissions1 offset through purchase and retirement of accredited carbon offsets2 60 - Supporting tenant-lead initiatives including rollout of
Slide 31: Glossary
Glossary 31 Image: OTR Strathfield (NSW)
Slide 32: Glossary
Glossary AFSL Australian Financial Services License AIP Australian Institute of Petroleum AMTN Australian Medium-Term Notes ASX Australian Securities Exchange BBSW Bank Bill Swap Rate BEV Battery electric vehicle. Powered by battery, with no secondary source of power bp Basis points CPI Consumer Pri
Slide 33: Glossary
Glossary FY Financial year Gearing Net debt (excluding foreign exchange and fair value hedge adjustments) to total assets (excluding cash) Interest cover ratio (Covenant calculation: Distributable Earnings before interest expense plus straight-line rental income divided by Net Interest Expense (excl
Slide 34: Glossary
Glossary t-CO2-e Tonnes of carbon dioxide equivalent Terminal Gate Price Terminal Gate Price, as per the Australian Institute of Petroleum. Terminal Gate Price represents the national average wholesale price of petrol USPP United States Private Placement VEA or Viva Energy Australia Viva Energy Aust
Slide 35: Waye int
aa a Waye int REIT