Slide 1: FY25 Results Presentation
FY25 RESULTS PRESENTATION 25 AUGUST 2025 201 Elizabeth 14 MartinStreet, Place, Sydney NSW
Slide 2: Agenda
ABACUS GROUP FY25 RESULTS Agenda 01 Overview 02 Key financial metrics and capital management 03 Operating performance 04 Outlook and guidance Steven Sewell, Evan Goodridge, Kevin George, Steven Sewell, Managing Director CFO Group General Manager - Managing Director Commercial & Fund Manager ABG Abac
Slide 3: FY25 Metrics
FY25 METRICS TOTAL ASSETS WEIGHTED AVG GEARING NET TANGIBLE OCCUPANCY2 GGGGG CAP RATE1 S ASSETS GGGGGG $2.6bn 6.77% 34.5% $1.72ps 92.1% 1.4% on FY24 27bps on FY24 70bps on FY24 2.3% on FY24 30bps on LFL FY24 STATUTORY PROFIT FFO FFO PER SECURITY DPS4 LEASING DEALS5 $26.9m $82.7m 9.26cps 8.
Slide 4: FY25 Highlights
99 Walker Street, North Sydney NSW FY25 HIGHLIGHTS Commercial portfolio proving resilient in early stages of market recovery Office Retail Self Storage Management Fees +4.3% +3.5% +10.1% +13.9% LFL rent growth LFL rent growth ASK NTA growth Income growth Over 44,000 sqm leased, with Portfolio of qua
Slide 5: Key Financial Metrics & Capital Management
KEY FINANCIAL METRICS & CAPITAL MANAGEMENT EVAN GOODRIDGE 459 - 471 Church Street, Richmond VIC
Slide 6: Operating Earnings Summary
OPERATING EARNINGS SUMMARY $ millions FY25 FY24 Change Comments Office operating earnings1 92.6 84.3 9.8% Driven by rent reviews and early surrender fees of $8.3m (FY24: $2.3m) Retail LFL operating earnings1 23.8 21.9 8.8% Driven by increase in average physical2 occupancy, rent reviews and percentag
Slide 7: FY25 Balance Sheet Allocation
FY25 BALANCE SHEET ALLOCATION 30 June 2025 30 June 2024 $ 2.6bn 56% OFFICE $1.5bn 16% RETAIL $0.4bn 18% ASK $0.5bn 10% OTHER $0.3bn Total Assets $ 2.6bn 57% OFFICE $1.5bn 17% RETAIL $0.4bn 16% $0.4bn 10% $0.3bn ASK OTHER Total Assets Office $1,457m 14 properties Office $1,510m 14 properties Retail $
Slide 8: Capital Management
CAPITAL MANAGEMENT Sufficient liquidity with over $230 million in acquisition capacity NTA1 Total assets Acquisition capacity2 FY25 avg. cost of debt3 Gearing4 Debt term to maturity $1.72ps $2.6bn >$230m 5.1% 34.5% 3.3yrs Debt expiry profile Interest rate hedging – Hedging profile expiry drawn debt
Slide 9: Valuation Update
VALUATION UPDATE Office assets are at or near the bottom of the valuation cycle Commercial $1,885m $3m $48m $1,802m ($75m) ($59m) 1 FY24 investment Net income Cap rate Capex & Divestments FY25 investment property value growth expansion other property value WACR: 6.50% WACR: 6.77% 1. Includes divestm
Slide 10: Operating Performance
OPERATING PERFORMANCE KEVIN GEORGE 710 Collins Street, Melbourne VIC
Slide 11: Operational Priorities
452-484 Johnston Street, Abbotsford VIC OPERATIONAL PRIORITIES Key components of ABG growth over the medium term Grow earnings Optimise platform Portfolio Leasing Cost Grow non-rent Technological construction initiatives control income improvements Reduced gearing Continue innovating Focus on cost P
Slide 12: Office Snapshot
OFFICE SNAPSHOT Portfolio of 14 Office assets valued at $1.5 billion as at 30 June 2025 OCCUPANCY1 WALE1 LEASING DEALS2 LFL RENT GROWTH1 91.1% 3.6yrs 89 4.3% LFL FY246: 90.2% LFL FY246: 3.8yrs FY24: 94 FY24: 4.7% WACR A-GRADE BUILDINGS3 CUSTOMERS2,4 SME CUSTOMERS2,4,5 6.82% 77% 344 59% FY24: 6.43% F
Slide 13: Office Leasing Metrics
OFFICE LEASING METRICS Strong leasing spreads achieved in a challenging office environment 44,458 33% 5.8% 3.7% $810psm sqm leased1 average gross net face leasing average rent average net face incentive spreads review rent2 FY24: 40,548 sqm FY24: 32% FY24: 9.6 % FY24: 3.6% FY24: $750psm 67% new 34%
Slide 14: Commercial Capability
COMMERCIAL CAPABILITY Active asset management with strong income growth potential Asset 99 Walker Street, North 77 Castlereagh Street, 14 Martin Place, Sydney 201 Elizabeth Street, 324 Queen Street, Sydney NSW1 Sydney NSW NSW Sydney NSW Brisbane QLD Occupancy (%) 86.1 100.0 90.1 82.5 99.7 Key operat
Slide 15: Office Leasing Expiry
OFFICE LEASING EXPIRY1 Underpinned by geographical diversity NSW QLD VIC SA ACT 90% 18% vacant Office area fitted2 13% 13% 12% 11% 9% 3% Vacant Short Term FY26 FY27 FY28 FY29 FY30 Major Vacancies: Major Expiries: Major Expiries: Major Expiries: Major Expiries: Major Expiries: Major Expiries: 710 Col
Slide 16: Retail Snapshot
RETAIL SNAPSHOT Portfolio of 2 Retail assets (1 centre and 1 CBD asset) valued at $0.4 billion as at 30 June 2025 OCCUPANCY WALE NET FACE LEASING SPREADS 95.5% 5.2yrs 3.1% LFL FY241: 96.8% LFL FY241: 6.0yrs LFL FY241: (1.1%) LFL RENT GROWTH WACR AVG. RENT REVIEW 3.5% 6.46% 3.9% FY24: 6.3% FY24: 6.58
Slide 17: Self Storage Snapshot
SELF STORAGE SNAPSHOT 19.8% owner and manager of Self Storage REIT Abacus Storage King (ASX:ASK) ASK REVPAM1 ASK AVG. RENT PSM1 ASK OCCUPANCY1 $340psm $373psm 91.2% 4.5% on FY242 4.1 % on FY242 40bps on FY242 ASK WACR ASK TOTAL ASSETS ASK FFO PER SECURITY 5.45% $3.6bn 6.20cps 10bps on FY24
Slide 18: Outlook and Guidance
OUTLOOK AND GUIDANCE STEVEN SEWELL 459 - 471 Church Street, Richmond VIC
Slide 19: Outlook & Guidance
Storage King Prestons, NSW Australia OUTLOOK & GUIDANCE Owning and managing an Outlook ASK Proposal Update FY26 Guidance Australian eastern We remain confident that the Group is ASK announced a revised non-binding Distribution guidance of 8.51 cents per seaboard focused well positioned to leverage o
Slide 20: Contents
CONTENTS STATUTORY EARNINGS RECONCILIATION SLIDE 21 PROFIT AND LOSS OVERVIEW SLIDE 22 BALANCE SHEET OVERVIEW SLIDE 23 DEBT FACILITIES SLIDE 24 INVESTMENT PORTFOLIO METRICS SLIDE 25 ESG SLIDE 26-27 COMMERCIAL PORTFOLIO SLIDE 28 GLOSSARY SLIDE 29 IMPORTANT INFORMATION SLIDE 30 77 Castlereagh Street, S
Slide 21: Statutory Earnings Reconciliation
STATUTORY EARNINGS RECONCILIATION Performance metrics ($m) FY25 FY24 Term Definition Statutory profit 26.9 (241.0) Discontinued operations - (1.0) FFO is in line with the PCA’s definition and comprises net profit/loss Fair value adjustments 31.9 302.8 after tax attributable to stapled security holde
Slide 22: Profit and Loss Overview
PROFIT AND LOSS OVERVIEW Performance metrics ($m) FY25 FY24 Comments Rental income 168.4 157.9 Rental growth offset by divestment of assets Fee, finance and other income 24.7 20.9 Increase driven by ASK fees received for full 12 months Share of profit from equity accounted investments 20.2 22.7 Decr
Slide 23: Balance Sheet Overview
BALANCE SHEET OVERVIEW FY25 FY24 Investment properties $1,801.8m $1,885.0m PP&E, equity and other investments, financial and other assets $671.5m $621.3m Loans $55.9m $55.9m Cash and cash equivalents $23.9m $23.5m Goodwill and intangibles $32.4m $32.4m Deferred tax assets $2.9m $8.2m Total assets $2
Slide 24: Debt Facilities
DEBT FACILITIES Capital management metrics FY25 FY24 Comments Total bank debt facilities $1,136m $1,183m Total bank debt drawn $910m $904m Term to maturity 3.3yrs 3.4yrs 3.8yrs on fully drawn basis (FY24: 3.0yrs) Interest rate hedging 80% 76% Weighted average hedge maturity 3.0yrs 2.6yrs Average cos
Slide 25: Investment Portfolio Metrics
INVESTMENT PORTFOLIO METRICS Portfolio metrics FY25 Office Retail ASK Other1 Total Investment portfolio sector diversification Value ($m) 1,457 419 460 252 2,588 No. of assets 14 2 - 2 18 Office 56% NLA2,3 (sqm) 147,522 45,589 - - 193,111 Retail 16% WACR (%) 6.82 6.46 - - 6.74 ASK 18% Other 10% Occu
Slide 26: ESG: Focus
ESG: FOCUS Vision: To concentrate on select real estate sectors that deliver long term and sustainable outcomes through active investment, asset and development management and a strong focus on customer and brand awareness Minimising our environmental Emission intensity: impact through conservation
Slide 27: ESG: Tracking Our Progress
ESG: TRACKING OUR PROGRESS FY19 FY20 FY21 FY22 FY23 FY24 FY25 Net zero EMISSIONS On track to achieve net zero emissions 2030 by 2030 (Scope 1 & 2) 61% improvement Scope 1 & 2 GHG 0.069 0.061 0.059 0.053 emissions intensity 0.080 ENERGY 0.051 (t/sqm) 0.031 From FY19 Scope 1 & 2 GHG emissions intensit
Slide 28: Commercial Portfolio
COMMERCIAL PORTFOLIO $1.95bn portfolio, 96% exposed to the Eastern Seaboard 22% QLD $ 427 million Office 3 $233m 18 Retail 1 $194m 44% NSW $ 853 million Assets QLD Office 5 $777m 4 Other1 2 $76m SA 2% ACT 1 NSW $ 43 million ACT 7 Office 1 $43m 1 4% SA VIC 28% VIC 5 $ 548 million $ 81 million Office
Slide 29: Glossary
GLOSSARY TERM DEFINITION TERM DEFINITION ABG Abacus Group LFL Like for like ASK Abacus Storage King NABERS National Australian Built Environment Rating System ASX Australian Securities Exchange NLA Net lettable area CBD Central business district NTA Net tangible assets CPI Consumer price index PCA P
Slide 30: Important Information
IMPORTANT INFORMATION The information provided in this document is general, and may not be suitable for the specific purpose of any user of this document. It is not financial advice or a recommendation to acquire Abacus Group securities (ASX:ABG). Abacus Group believes that the information in this d