Gpt Group · ASX:GPT
Gpt — H1 2026 Earnings Presentation
63 slides from Gpt's earnings presentation, Aug 17, 2026
Slide 1: 2026 Interim Result Presentation
ASX Announcement 17 August 2026 2026 Interim Result Presentation The GPT Group provides its 2026 Interim Result Presentation. -ENDS- Authorised for release by The GPT Group Board. For more information, please contact: INVESTORS MEDIA Philip Cheetham Kate Hayhoe Head of Investor Relations External Co
Slide 2: Interim Result 2026
Interim Result 2026 Experience First 8 Exhibition Street & 51 Flinders Lane, Melbourne
Slide 3: Contents
Contents 2026 Interim Result and Highlights 3 Financials 7 Artwork: ‘Saltwater Spirit’ by Lowell Hunter (Nyul Nyul Saltwater man) and Bobbi Lockyer (Ngarluma, Kariyarra, Nyul Nyul and Yawuru). Investments 10 GPT acknowledges the Traditional Custodians Retail 15 of the lands on which our business ope
Slide 4: 2026 Interim Result
2026 Interim Result Group financial metrics Half year highlights $338.8m 17.7c Funds from operations (FFO) FFO per security 5.0% 2.3% $41.6b FFO growth AFFO growth Group assets under management (AUM) $263.4m 12.25c (Dec 2025: $39.8b) 8.3% 6.4% 4.6% Adjusted funds from Distribution operations (AFFO)
Slide 5: The GPT platform
The GPT platform Generating Investment management Group Investment sustainable income AUM properties AUM $29.3b growth from $41.6b $12.4b Pooled funds Mandates Partnerships our ~$42 billion $13.4b1 $11.7b $4.1b Group management platform Retail $5.1b $5.0b1 $7.1b $1.0b $18.2b 1 Office $3.8b $8.4b $3.
Slide 6: Our Strategy
Our Strategy To be the leading Our execution strategy is underpinned by four fundamental pillars diversified real Build on existing Enduring Diversified Aligned estate investment partnering foundations value creation platform manager in Australia, dedicated Exceptional Investment Breadth of Fosterin
Slide 7: Delivering on strategy
Delivering on strategy Build on existing Enduring value Diversified Aligned foundations creation platform partnering 5.8% Investment portfolio Rouse Hill Town Centre $1.8 billion2 growth 50% acquisition of net property income (NPI) Expansion fully leased ahead of in Group AUM Sunshine Plaza growth p
Slide 8: Financials
Financials Experience First Deer Park, VIC (construction progress July 2026)
Slide 9: Group financial performance
Group financial performance Financial Result For the half year ended $m June 2026 June 2025 Change • Strong investment property income Investment property growth from all sectors, offset by retail Retail 138.7 140.2 (1.1%) and logistics divestments to Funds Office 124.0 117.3 5.7% • Significant grow
Slide 10: Strong financial position
Strong financial position As at $m June 2026 Dec 2025 Change Investment properties 12,394.6 12,205.7 1.5% • Balance sheet continues to Co-investments 3,967.5 3,893.4 1.9% strengthen with growth in total Other assets 759.3 828.7 (8.4%) assets driven by development capital expenditure and net Total as
Slide 11: Investments
Investments Experience First Macarthur Square, NSW
Slide 12: Investment portfolio valuations
Investment portfolio valuations Investment property Investment property valuation metrics valuation increase Investment 6 months to 30 June 2026 portfolio value1 of $45.0 million or WACR WADR Net revaluation2 +0.3% for the 6 months to 30 June Retail 5.41% 6.88% +$28.3m 2026 $6.4b +1 bps +3 bps +0.4%
Slide 13: Investment capability driving value creation
Investment capability driving value creation Gross transactions of ~$1.7 billion across the Group platform in the 6 months to 30 June 2026 Acquisitions Divestments • Total acquisitions1 of • Total divestments of $1.2 billion underpinned by $0.4 billion, a result of strategic investment portfolio cur
Slide 14: Aligned investing
Aligned investing GPT pooled fund 3-year performance Total return to 30 June % Aligned investor partnering GWOF GWSCF Benchmark • Consistent with strategy, GPT aims to be 20-50% GWSCF vs 11.3% of the equity across our co-investments MSCI/Mercer 10.2% 9.6% Australia Core 8.6% Wholesale 7.2% • Across
Slide 15: Our integrated sustainability approach
Our integrated 3rd highest-ranked REIT in the S&P Global sustainability Sustainability Yearbook 2026 approach $1.3b 100% 91% of debt issued by GPT of GPT owned of employees participated Embedding scalable and GWOF under our assets reviewed in The GPT Foundation Sustainable Debt for climate through v
Slide 16: Retail
Retail Experience First Rouse Hill Town Centre, NSW
Slide 17: GPT Retail platform
GPT Retail platform 18 Retail platform AUM by source Retail platform AUM geographic spread Owned or managed assets 1.4m sqm $18.2b AUM Gross Lettable Area (GLA) 3 22% QLD $12.7b WA Moving Annual Turnover (MAT) 7 34% NSW 4,300+ Investment property $5.1b 3 15% VIC 5 29% Pooled funds $5.0b Tenancies Ma
Slide 18: Investment portfolio performance
Investment portfolio performance Sales growth 1H 2026 vs 1H 20251,2 4.6% Investment portfolio Total centre LFL net property income growth Total specialty Leasing and occupancy metrics As at 30 June 2026 2025 4.9% Occupancy by area 99.8% 99.7% 4.5% 3.5% 3.5% WALE by income 3.9 yrs 3.8 yrs 2.6% Specia
Slide 19: Retail platform growth drivers
Retail platform growth drivers • Retail sales expected to grow throughout 2026 • Limited new retail centre supply expected to underpin further rental growth and sustained high occupancy • GPT's quality portfolio and platform scale will continue to deliver strong leasing and asset management outcomes
Slide 20: Office
Office Experience First One One One Eagle, Brisbane
Slide 21: GPT Office platform
GPT Office platform 27 Office platform AUM by source Office platform AUM geographic spread Owned or managed assets 1.3m sqm $17.0b AUM Net Lettable Area (NLA) 2 13% 700+ WA QLD Tenant customers 13 46% NSW 100% ACT 1 0.1% Prime grade owned or Investment property $3.8b 1 2% VIC managed assets 10 39% P
Slide 22: Investment portfolio performance
Investment portfolio performance Leasing and occupancy metrics1 As at 30 June 2026 2 2025 HY Like-for-like NPI growth Strong LFL NPI growth 8.0% Investment portfolio demonstrates sustained LFL net property income growth Occupancy by area 92.1% 94.4% office market recovery WALE by income 4.8 yrs 4.8
Slide 23: Office platform growth drivers
Office platform growth drivers • Positive leasing momentum to continue for prime assets in key submarkets • Renewed investor interest and increased transaction volumes driven by improving office market conditions • Active portfolio curation to maximise exposure to high-conviction eastern seaboard ma
Slide 24: Logistics
Logistics Experience First 1 and 2 Wattlebird Court, Berrinba, QLD
Slide 25: GPT Logistics platform
GPT Logistics platform 68 Logistics platform AUM by source Logistics platform AUM geographic spread Owned or managed assets 1.3m sqm $5.0b AUM Gross Lettable Area (GLA) 14 15% QLD 80+ WA Tenant customers SA 25 47% NSW ~$3b ACT 1 0.2% 4 1% VIC Investment property $3.5b 19 35% Development 5 Mandates $
Slide 26: Investment portfolio performance
Investment portfolio performance Leasing and occupancy metrics1 Lease expiry profile 4.0% As at 30 June 2026 2025 Significant forward solving of Investment portfolio 2026 and 2027 expiries LFL net property income growth Occupancy by area 98.9% 99.5% Dec 25 WALE by income 4.9 yrs 4.7 yrs Jun 26 19.5%
Slide 27: Logistics platform growth drivers
Logistics platform growth drivers • GPT's weighting to modern facilities positions the portfolio to secure demand, with 77% of occupier take-up in prime space1 • Strong leasing momentum into second half with additional ~65,000 sqm of deals2 • Forward income growth underpinned by portfolio under-rent
Slide 28: 2026 Guidance
2026 Guidance Experience First Grosvenor Place, Sydney
Slide 29: 2026 Guidance
2026 Guidance Barring unforeseen circumstances, the Group continues to expect to deliver FY 2026 FFO of approximately 35.4 cents per security, representing approximately 4% growth on FY 2025 (approximately 5.7% growth excluding trading profits), and a FY 2026 distribution of 24.5 cents per security.
Slide 30: Appendices
Appendices Experience First 21 Shiny Drive, Truganina, VIC
Slide 31: Group Platform
THE GPT GROUP 2026 INTERIM RESULT APPENDICES Group Platform GPT Head Office, 2 Park Street, Sydney
Slide 32: Group platform overview
Group platform overview Geographic spread by AUM % and sector (asset number) The GPT Group is a leading, diversified real estate 1971 First listed on Australian investment manager with Securities Exchange assets under management QLD 3 2 14 1 17% (AUM) of $41.6 billion across WA the retail, office, l
Slide 33: Group assets under management: Retail
Group assets under management Retail State GPT ownership % State GPT ownership % Mandates - UniSuper, Australian Core Retail Trust (ACRT), Commonwealth Investment property Superannuation Corporation (CSC) Charlestown Square NSW 100.0 Dapto Mall NSW Rouse Hill Town Centre NSW 50.0 Marrickville Metro
Slide 34: Group assets under management: Office
Group assets under management Office State GPT ownership % State GPT ownership % Investment property Pooled fund - GPT Wholesale Office Fund (GWOF) 21.6 Australia Square NSW 50.0 Liberty Place (50%) NSW 2 Park Street NSW 50.0 Darling Park 1 & 2 (50%) NSW Darling Park 1 & 2 NSW 25.0 Darling Park 3 NS
Slide 35: Group assets under management: Logistics
Group assets under management Logistics State GPT ownership % State GPT ownership % 12 Faulding Street, Symonston ACT 100.0 Investment property Citiwest Industrial Estate, Altona North VIC 100.0 54 Eastern Creek Drive, Eastern Creek NSW 100.0 Sunshine Business Estate, Sunshine VIC 100.0 50 Old Wallg
Slide 36: Group assets under management: Logistics & Living
Group assets under management Logistics & Living State GPT ownership % State GPT ownership % Investment property Partnership2 - GPT QuadReal Logistics Trust 2 (GQLT2) 20.0 4 Enterprise Street, Wulkuraka QLD 100.0 10 Interchange Drive, Eastern Creek NSW 15 Northern Link Circuit, Townsville QLD 100.0
Slide 37: Financials
THE GPT GROUP 2026 INTERIM RESULT APPENDICES Financials Experience First Darling Park, Sydney
Slide 38: Group financial performance
Group financial performance Group Financial Result FFO to AFFO reconciliation For the half year ended $m 30 June 2026 30 June 2025 For the half year ended $m 30 June 2026 30 June 2025 Retail Business segment income 487.9 475.7 Investment property net income 138.7 140.2 Corporate costs (149.1) (153.1
Slide 39: Group financial metrics
Group financial metrics Interest Cover Gearing As at $m 30 June 2026 30 June 2025 As at $m 30 June 2026 31 Dec 2025 FFO 338.8 322.6 Total assets 17,121.4 16,927.8 Add: taxes deducted 6.5 12.6 Less: Intangible assets (35.0) (36.3) Add: finance costs for the period 1 116.2 114.5 Less: Right of use ass
Slide 40: Investment Portfolio
THE GPT GROUP 2026 INTERIM RESULT APPENDICES Investment Portfolio Experience First Australia Square, Sydney
Slide 41: Key operating metrics
Key operating metrics GPT’s $16.3 billion Investment portfolio spans the Australian retail, office and logistics sectors, comprising $12.4 billion of Investment property on balance sheet and $4.0 billion of co-investments in pooled funds and partnerships alongside our capital partners. Investment po
Slide 42: Environmental metrics
Environmental metrics NABERS Ratings Key metrics Jun 2026 Dec 2025 Assured as at 31 December 2025 2024 Office Energy Energy 5.0 stars 5.0 stars Energy intensity (MJ/m2) 266 274 Water 4.3 stars 4.3 stars Greenhouse gas emissions Retail ¹ Scope 1 – (tCO2e) 7,874 7,147 Energy 4.4 stars 4.5 stars Scope
Slide 43: Retail
THE GPT GROUP 2026 INTERIM RESULT APPENDICES Retail Experience First Highpoint Shopping Centre, VIC
Slide 44: Overview
Overview GPT's Retail Investment portfolio comprises ownership in 11 high quality assets with a total investment of $6.4 billion. The portfolio includes $5.1 billion of Investment property on balance sheet, and $1.4 billion of co-investments in the GPT Wholesale Shopping Centre Fund (GWSCF) and the
Slide 45: Operating performance metrics
Operating performance metrics Like-for-like MAT growth2,3% Specialty2,4 GPT Capitalisation GLA 100% Total centre Total MAT $ Occupancy As at 30 June 2026 ownership % Valuation1 $m rate % basis (sqm) Occupancy % MAT2 $m centre Specialty psm cost % Investment property Charlestown Square 100.0 885.0 6.
Slide 46: Office
THE GPT GROUP 2026 INTERIM RESULT APPENDICES Office Experience First Melbourne Central Tower, Melbourne
Slide 47: Overview
Overview GPT's Office Investment portfolio comprises ownership in 23 high quality assets with a total investment of $6.0 billion. The portfolio includes $3.8 billion of Investment property on balance sheet and $2.2 billion of co- investments in the GPT Wholesale Office Fund (GWOF), and the Grosvenor
Slide 48: Overview (continued)
Overview (continued) Top ten tenants1 Lease expiry by income2% Tenant Income % 17.0% Government 9.7 15.8% Amazon Web Services 4.6 IAG 4.5 12.1% 11.3% 11.0% 11.6% 11.4% ME Bank 2.6 10.6% 10.3% 10.6% QBE 2.2 7.9% CBA 2.2 ANZ 1.5 5.7% EY 1.3 3.8% 4.1% McMillan Shakespeare 1.2 Citibank 1.2 Vacant 2H 202
Slide 49: Operating performance metrics
Operating performance metrics Capitalisation NLA2 100% WALE by income3 As at 30 June 2026 GPT ownership % Valuation $m1 rate % basis (sqm) Occupancy 3,4 % (years) Investment property Australia Square, Sydney 50.0 529.1 6.24 50,900 95.1 2.8 2 Park Street, Sydney 50.0 793.0 5.75 72,400 97.2 6.9 DP 1:
Slide 50: Logistics
THE GPT GROUP 2026 INTERIM RESULT APPENDICES Logistics Experience First 55 Whitelaw Place, Wacol, QLD
Slide 51: Overview
Overview GPT's Logistics Investment portfolio comprises ownership in 68 high quality assets and a landbank for future development, with a total investment of $3.9 billion. The portfolio includes $3.5 billion of Investment property on balance sheet and $0.4 billion of co-investments in the GPT QuadRe
Slide 52: Operating performance metrics
Operating performance metrics Capitalisation GLA 100% WALE by income1 As at 30 June 2026 GPT ownership % Valuation $m rate % basis (sqm) Occupancy1 % (years) Investment property NSW Various 1,532.0 5.33 345,600 99.7 5.4 ACT 100.0 12.0 7.25 3,300 100.0 1.5 VIC 100.0 978.8 5.84 456,700 100.0 4.5 QLD 1
Slide 53: Investment Management
THE GPT GROUP 2026 INTERIM RESULT APPENDICES Investment Management Experience First Charlestown Square, NSW
Slide 54: Overview
Overview The Group Investment management platform comprises $29.3 billion of assets under management across the retail, office, logistics and living sectors, on behalf of our pooled funds, strategic capital partnerships and mandates. AUM by sector AUM by capital source $ billions 29.3 27.6 22.1 19.3
Slide 55: Investment vehicles
Investment vehicles GPT GPT co-investment As at 30 June 2026 Established AUM1 $b ownership % value $m WACR % Net gearing % Credit rating GWOF Jul 2006 8.4 21.6 1,296.6 6.24 24.2 A- (Stable) Pooled funds GWSCF Mar 2007 5.0 26.6 875.9 5.40 10.8 BBB+ (Stable) Co-investments GQLT1 Nov 2020 0.7 50.1 325.
Slide 56: Development
THE GPT GROUP 2026 INTERIM RESULT APPENDICES Development Experience First Artist's render, Melbourne Central development, VIC Rouse Hill Town Centre development, NSW
Slide 57: Projects underway
Projects underway Earliest practical Estimated project Estimated end GPT ownership % completion date size1 sqm value RETAIL Rouse Hill Town Centre, NSW (50%)1 50.0 Q4 2026 10,500 112 Balance sheet Melbourne Central, VIC1 100.0 Q2 2028 7,800 170 Westfield Penrith, NSW 50.0 Q2 2027 1,500 16 LOGISTICS
Slide 58: Glossary
THE GPT GROUP 2026 INTERIM RESULT APPENDICES Glossary Experience First 100 Metroplex Place, Wacol, QLD
Slide 59: Glossary
Glossary Term Meaning A-grade As per the Property Council of Australia’s ‘a guide to office building quality’ Adjusted funds from operations is defined as FFO less maintenance capex, leasing incentives and one-off items calculated in AFFO accordance with the Property Council of Australia ‘voluntary
Slide 60: Glossary (continued)
Glossary (continued) Term Meaning Defined as operating cash flow less maintenance and leasing capex and inventory movements. The Group may make other Free cash flow adjustments in its determination of free cash flow for one-off or abnormal items GAV Gross asset value, includes the market value of al
Slide 61: Glossary (continued)
Glossary (continued) Term Meaning NTA Net tangible assets The proportion of lettable area of a portfolio or asset that is occupied, divided by the asset’s total lettable area. Office and Logistics Occupancy segments report Actual (rent-paying) and Total occupancy (actual plus signed leases plus HoA)
Slide 62: Glossary (continued)
Glossary (continued) Term Meaning WACD Weighted average cost of debt WACR Weighted average capitalisation rate WADR Weighted average discount rate WALE Weighted average lease expiry 61 THE GPT GROUP 2026 INTERIM RESULT APPENDICES - GLOSSARY
Slide 63: Disclaimer
Disclaimer Authorised for release by The GPT Group Board This Presentation (Presentation) has been prepared by The GPT Group comprising To the maximum extent permitted by law, GPT, its related companies, officers, GPT RE Limited (ACN 107 426 504; AFSL 286511), as responsible entity of the General em