Centuria Industrial Reit · ASX:CIP
Centuria Industrial Reit — Q2 2026 Earnings Presentation
43 slides from Centuria Industrial Reit's earnings presentation, Feb 11, 2026
Slide 1: Centuria Industrial REIT HY26 results
11 FEBRUARY 2026 | ASX:CIP Centuria Industrial REIT HY26 results M80 CONNECT, 90 BOLINDA ROAD, CAMPBELLFIELD VIC
Slide 2: Speakers
Speakers Jesse Curtis Grant Nichols Michael Ching Head of Funds Management – Head of Listed Funds & Fund Manager – Assistant Fund Manager – Centuria Capital Limited Centuria Industrial REIT Centuria Industrial REIT Centuria ASX:CIP 2
Slide 3: Agenda
WETHERILL PARK INDUSTRIAL ESTATE NSW Agenda 1. Overview 2. Financial results 3. Operational performance 4. Outlook and guidance 5. Appendices Acknowledgement of Country Our Group manages property throughout Australia and New Zealand. Accordingly, Centuria pays its respects to the traditional owners
Slide 4: Centuria Capital Group: A leading Australasian ASX funds manager
Centuria Capital Group: A leading Australasian ASX 200 funds manager Centuria is highly aligned with CIP as its external manager1 and largest unitholder Centuria Capital Group (ASX:CNI) Proven manager of high 25+ year history servicing a conviction traditional and 490 real estate properties deep net
Slide 5: Overview
23-41 GALWAY AVENUE, MARLESTON SA Overview SECTION ONE
Slide 6: CIP: Vision, strategy and objectives
CIP: Vision, strategy and objectives VISION A clear and simple strategy To be Australia’s Deliver income and capital growth to investors from a portfolio of leading domestic pure high-quality Australian industrial assets. play industrial REIT. Centuria Industrial Key objectives REIT (CIP) Australia’
Slide 7: HY26 delivering on operations, value and capital management
HY26 delivering on operations, value and capital management Significant volume of leasing completed Significant refinancing completed. across portfolio, including WADM5 extended to 4 years, 10-20bps c.80,000sqm in Melbourne1. contraction in margins. Re-leasing spread increases to 44% Ongoing disconn
Slide 8: HY26 upgraded guidance range supported by strong portfolio fundamentals
HY26 upgraded PORTFOLIO FINANCIAL guidance range supported by strong 85% c.60% 5.1% $775m portfolio fundamentals Urban infill exposure Portfolio value underpinned by land1 Like-for-like NOI growth in HY26 Debt refinanced incl. new Exchangeable Note issue and prudent capital management 95.7% 20% 35.9
Slide 9: Significant earnings and valuation upside remains
Significant earnings and valuation upside remains Lease expiry profile by % income Earnings growth expected to accelerate over the medium term Proportion under-rented 13.9% 8.3% 7.1% +5%p.a. average Net Operating 18.5 Income (NOI) growth expected over 4.3% 3.1% the medium term. Forecast downtime imp
Slide 10: Financial results
24-32 STANLEY DRIVE, SOMERTON VIC Financial results SECTION TWO
Slide 11: Funds from operations (FFO)
140 FULTON DRIVE, DERRIMUT VIC Funds from operations (FFO)1 Revenue HY26 HY25 Variance Strong re-leasing spreads driving Net property income $m 101.2 96.1 5.0 5.1% like-for-like NOI growth Share of net profit of equity accounted investments $m 4.8 1.7 3.1 Interest income $m 0.6 0.8 (0.2) Total reven
Slide 12: Capital management
Capital management Strong balance sheet maintained with 35.9%1 gearing. 77% debt hedged $450m of debt refinanced Strong lender support on competitive terms. Debt and hedge maturity profile ($m) Margins secured at c.10-20bps lower than 325 prior terms while increasing duration to 4.0 Domestic and Int
Slide 13: Operational performance
7-11 & 25-27 GAUGE CIRCUIT, CANNING VALE WA Operational performance SECTION THREE
Slide 14: Australia's largest listed domestic pure-play industrial REIT
Australia’s largest listed domestic 100% exposure to Australian industrial property pure-play industrial REIT Portfolio snapshot HY261 WA 10% Qld 19% Number of assets # 85 total portfolio total portfolio Book value $m 3,931 WACR % 5.81 4.8 yrs 9.7 yrs WALE WALE GLA sqm 1,274,867 Average asset size s
Slide 15: Case study: Melbourne leasing
Case study: Centuria’s active management achieves significant leasing success in challenging market Melbourne leasing Broader Melbourne market Leasing has been challenging with Melbourne recording the highest vacancy rate nationally, increasing from 4.1% to 4.7% over the half1. CIP leasing success 3
Slide 16: Portfolio valuations
Portfolio valuations HY26 valuation FY25 Valuation valuation movement3 HY26 FY25 Movement ($’000) ($’000) ($’000) WACR1 WACR1 WACR1 Like-for-like portfolio/ 3,898 3,823 75 5.81% 5.85% (0.04%) weighted average summary4,5 Acquisitions - - - - Fourth consecutive period of valuation gains across the por
Slide 17: Development summary
Development summary Strategic divestments can continue to support development funding requirements CIP has established a track record in unlocking Current project estimates embedded value from infill sites. 1 ~21,000 sqm ~$34m ~$47m Current projects project GLA Devex end value1 50-64 Mirage Road, Di
Slide 18: CIP data centre exposure
DATA CENTRE, PIPE STRET, WELLCAMP QLD CIP data centre exposure Key changes to the market • CIP manages over $450 million • The growth of AI workloads and machine of data centre properties. learning is driving market demand for data centre developments. • Bluechip customers include Telstra and Fujits
Slide 19: Data centre progress
Data centre progress Existing opportunities Secured opportunities Clayton Data Centre Complex 1 Hardie Street & 2-8 Cawley Street, Data Centre, Pipe Street, Wellcamp Qld • CIP has agreed a partial surrender of Yarraville Vic • Exchanged contracts to acquire in December underutilised land at the Data
Slide 20: CIP ESG highlights
Climate change Valued stakeholders Responsible (Environment) (Social) business practices CIP ESG highlights (Governance) • Targeting zero scope 2 • c.$380,000 raised for • 2025 GRESB | The only emissions by 20281. community groups and pure-play industrial listed • 1.5 MW solar installed across chari
Slide 21: Market outlook and guidance
82 RODEO DRIVE, GREGORY HILLS NSW Market outlook and guidance SECTION FOUR
Slide 22: Australian industrial markets: increasing tenant demand with constrained supply
Australian industrial markets Increasing tenant demand with a constrained supply pipeline Net absorption forecast to recover from 2026 onward1 The supply response is constrained1 Logistics and Industrial net absorption by state (million sqm) ational su l i eline s eculative vs C (millions s m) 4.5 .
Slide 23: Australian industrial markets: outlook supportive for landlords
Australian industrial markets Outlook is supportive for industrial landlords Vacancy forecast to peak in 2026, Incentives forecast to trend lower1 Continued rental growth over the reducing to sub 2% by 20301 medium term1 National L&I Vacancy Rate National L&I Prime Incentives ational rime rental gro
Slide 24: FY26 continued priorities
CLAYTON DATA CENTRE COMPLEX FY26 continued priorities Generate further earnings growth through leasing and +5.0% p.a. mark to market of significant under-renting. Projected NOI growth over the medium term. Generate earnings and NTA accretion via conducting c.20% under-renting1 an on market buy-back.
Slide 25: Upgraded FY26 FFO guidance
STUDLEY COURT INDUSTRIAL ESTATE VIC Upgraded FY26 FFO guidance1,2 FFO per unit1 18.2c – 18.5c Up to 6% above FY25 Distribution per unit1 16.8c 3% above FY25 Distributions expected to be paid in quarterly instalments 1. Guidance remains subject to unforeseen circumstances and material changes in oper
Slide 26: Appendices
204-208 BANNISTER ROAD, CANNING VALE WA Appendices SECTION FIVE Appendix A: Growth drivers for industrial real estate Appendix : CIP’s infill portfolio construction strategy Appendix C: Sydney and Melbourne industrial land supply Appendix : CIP’s high quality tenant customers Appendix E: Exposure to
Slide 27: Appendix A: Growth drivers for industrial real estate
Appendix A: Growth drivers for industrial real estate Key themes providing market tailwinds Increased ecommerce Demographics1 Supply imbalance1 adoption1 • Each additional c.$1bn of online sales requires • Recent population growth indicates c.5.5sqm of Australian • Higher construction costs, capital
Slide 28: Appendix B: CIP's infill portfolio construction strategy
A endix B: C P’s infill ortfolio construction ca italises CIP portfolio on industry growth drivers strategic metrics A predominantly infill portfolio Providing tenants with proximity to customer bases and Exposure to growth sub-sectors Significant portfolio exposure to ecommerce, data centres 85% re
Slide 29: Appendix C: Sydney and Melbourne industrial land supply
Appendix C Sydney industrial land supply • New land supply concentrated around the new Badgerys Creek Airport precinct, Kemps Creek and Eastern Creek. • Current planning delays and increased infrastructure costs delaying new supply coming to market. C P’s ortfolio is ell ositioned in su l constraine
Slide 30: Appendix D: High quality tenant customers
Appendix D: High quality tenant customers CIP’s portfolio is constructed to attract and service some of Australia's best industrial everaging C P’s scale to tenant customers. generate a ‘net orking effect’ to grow and service customers Tenant industry sector diversifications by income across multipl
Slide 31: Appendix E: Exposure to the major industrial sub-sectors
Appendix E: Exposure to the major industrial sub-sectors1 A well-balanced portfolio across the major industrial sub-sectors Distribution centres Manufacturing and Transport logistics Data centres Cold storage production 42% portfolio 24% portfolio 14% portfolio 12% portfolio 7% portfolio value value
Slide 32: Appendix F: Lease expiry by state
Appendix F: Leasing expiry by state Sub portfolio expiry profile (% by income) WALE OCCUPANCY GLA WALE OCCUPANCY GLA NSW Vic 4.1yrs 92.8% 388,483 sqm 9.1yrs 98.5% 420,416sqm 59.7 61.0 12.5 15.4 14.4 8.9 7.2 5.3 8.8 1.5 1.9 3.3 Vacant FY26 FY27 FY28 FY29 FY30+ Vacant FY26 FY27 FY28 FY29 FY30+ WALE OC
Slide 33: Appendix G: Key vacancies and upcoming expiries
12-13 & 14-17 DANSU COURT, HALLAM VIC Appendix G: Key vacancies and upcoming expiries Current key vacancies1 GLA (SQM) % of portfolio area 22 Hawkins Crescent, Bundamba 18,956 1.5 56-88 Lisbon Street, Fairfield East 14,266 1.1 164-166 Newton Road, Wetherill Park 7,893 0.6 55 Musgrave Road, Cooper Pl
Slide 34: Appendix H: Income statement
2 WOOLWORTHS WAY, WARNERVALE NSW Appendix H: Income statement HY26 HY25 Revenue Net property income $’000 101,183 96,141 Share of net profit of equity accounted investments $’000 4,819 1,701 Interest income $’000 649 832 Total revenue $'000 106,651 98,674 Expenses Responsible entity fees $’000 (11,8
Slide 35: Appendix I: FFO Reconciliation
31 GRAVEL PIT ROAD, DARRA QLD Appendix I: FFO Reconciliation HY26 HY25 Statutory net profit (attributable to CIP) ($'000) 68,931 62,599 Straight lining of rental income ($'000) (4,783) (3,827) Net (gain) on fair value of investment properties ($'000) (42,789) (21,238) (Gain) / loss on swap revaluati
Slide 36: Appendix J: Balance sheet
149 KERRY ROAD, ARCHERFIELD QLD Appendix J: Balance sheet HY26 FY25 Cash $’000 19,802 15,038 Investment properties $’000 3,857,100 3,819,555 Equity accounted investments $’000 74,163 71,168 Trade & other receivables $’000 21,228 22,149 Derivative financial instruments $’000 2,221 510 Total assets $'
Slide 37: Appendix K: Hedging profile
8 LEXINGTON DRIVE, BELLA VISTA NSW Appendix K: Hedging profile millions $800 3.5% 699 $700 3.2% 3.2% 3.2% 3.0% 3.0% $600 $500 2.5% 417 $400 2.0% $300 217 $200 1.5% $100 34 $0 1.0% 2HFY26 FY27 FY28 FY29 Avg. hedging Avg. hedge rate • Average hedging and hedge rate above excludes the $325m exchangeabl
Slide 38: Appendix L: Portfolio valuation summary
SOUTHSIDE INDUSTRIAL ESTATE VIC HY26 FY25 Movement Appendix L: valuation valuation Valuation movement3 HY26 WACR4 FY25 WACR4 WACR4 ($M) ($M) ($M) (%) (%) (%) (BPS) Portfolio valuation State NSW 1,252 1,229 23 3.7% 5.70% 5.78% (0.08%) summary1,2 Vic Qld 1,414 731 1,391 721 22 10 1.6% 1.4% 5.61% 5.91%
Slide 39: Appendix M: Investment portfolio
Appendix M: Investment portfolio Property Ownership Book value ($m) Cap rate GLA (SQM) WALE (YRS)1 Occupancy %1 Sub sector NSW 56-88 Lisbon Street, Fairfield East 100% 201.0 5.50% 60,223 2.9 70.8% Distribution Centre 2 Woolworths Way, Warnervale 100% 105.5 6.25% 54,196 5.6 100.0% Distribution Centre
Slide 40: Appendix M: Investment portfolio
Appendix M: Investment portfolio Property Ownership Book value ($m) Cap rate GLA (SQM) WALE (YRS)1 Occupancy %1 Sub sector Vic (continued) 14-17 Dansu Court, Hallam 100% 36.5 6.00% 17,070 3.8 100.0% Transport Logistics 500 Princes Highway, Noble Park 100% 33.0 7.00% 13,927 2.2 91.0% Transport Logist
Slide 41: Appendix M: Investment portfolio
Appendix M: Investment portfolio Property Ownership Book value ($m) Cap rate GLA (SQM) WALE (YRS)1 Occupancy %1 Sub sector Qld (continued) 21 Jay Street, Townsville 100% 28.3 7.50% 10,291 6.4 100.0% Distribution Centre 1 Ashburn Road, Bundamba 50% 23.0 6.75% 13,314 4.1 100.0% Distribution Centre 5/2
Slide 42: Disclaimer
Disclaimer This presentation has been prepared by Centuria Property Funds No.2 Limited (ABN 38 133 363 185, AFSL 340304) (CPF2L) as responsible entity of Centuria Industrial REIT (ARSN 099 680 252) (‘CIP’ or the ‘Trust’). This presentation contains selected summary information and does not purport t
Slide 43: Office contact details
AUSTRALIA Sydney (head office) Melbourne (02) 8923 8923 (03) 9616 6500 Level 41, Chifley Tower Level 47 2 Chifley Square 101 Collins Street Sydney NSW 2000 Melbourne Vic 3000 Brisbane Perth (07) 3905 7000 (08) 9321 7133 Suite 2802, Riverside Centre Level 27 Level 28, 123 Eagle Street 140 St Georges
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