Slide 1: Interim results presentation
Interim results presentation For the six months ended 30 September 2025 24 November 2025
Slide 2: Contents
Contents Section Page Business highlights 3 Interim financial results FY26 12 Transactions and development update 18 FY26 priorities & guidance 24 Appendix 1: Financial update 26 Appendix 2: Property update 30 Glossary 40 This interim results presentation for the six months ended 30 September 2025 s
Slide 3: Business highlights
Business highlights 3
Slide 4: Strong progress on key priorities
Strong progress on key priorities Kiwi Property is delivering on its key FY26 priorities 1 • As at 30 September gearing remained relatively flat at 38.5%, with the Manage the balance dividend reinvestment plan funding our capex requirements. sheet and free up • Since balance date, the sale of Sylvia
Slide 5: Strong progress on key priorities
Strong progress on key priorities Kiwi Property is delivering on its key FY26 priorities 3 • Through disciplined management and a culture of continuous improvement, employment and administrative expenses were down by 5% Maintain strong when compared to the same period last year and adjusted for one-
Slide 6: Business highlights
Business highlights • ASB extended its lease at North Wharf in July for a further nine years (taking it through to 2040), providing long-term certainty of tenure at the asset. • Resido successfully completed lease-up phase, with the apartments 99% leased as at 30 September 2025. • Vero Centre leasin
Slide 7: Walkway between IKEA and Sylvia Park now open
Walkway between IKEA and Sylvia Park now open The highly anticipated opening of A short walk via a pedestrian We anticipate that the opening of IKEA adjacent to Sylvia Park in walkway between IKEA and Level IKEA will drive additional early December is expected to One of Sylvia Park will provide for
Slide 8: Seismic regulation changes
Seismic regulation changes Changes announced in September by the Government are expected to provide greater clarity regarding seismic strengthening obligations. • Legislation will remove New Building Standard (NBS) ratings and instead target buildings posing substantive risk to life in medium/high s
Slide 9: Operating performance remains robust
Operating performance remains robust Sustained rental growth, increased WALE and occupancy despite a challenging leasing market 3.5% Rental growth • Overall rental growth from mixed-use, office and retail leasing activity of +3.5% for HY26, with new leasing +2.3% and rent reviews +4.0%. Total rental
Slide 10: Mixed-use sales trending positively
Mixed-use sales trending positively Sales improving as consumer spending recovers • Across our mixed-use centres: Mixed-use1 Total portfolio2 • Sales (+0.2%) and foot traffic (+1.1%) were 12 months ended 30-Sep-25 30-Sep-24 30-Sep-25 30-Sep-24 marginally up over the 12 months to Total sales $1.77b $
Slide 11: Asset values marginally down
Asset values marginally down Capitalisation rates stable, with minor decreases in fair value across the portfolio 30-Sep-25 31-Mar-25 Movement Cap. rate Val. Cap. rate Val. Cap. rate Val. Val. % $m % $m bps1 $m % • Kiwi Property’s total property fair value Mixed-use portfolio 6.26 2,083.7 6.26 2,075
Slide 12: Interim financial results FY26
Interim financial results FY26 12
Slide 13: Net operating income up by 5.7%
Net operating income up by 5.7% Operating income reflects structured rental growth and portfolio performance Sep-2025 Sep-2024 Variance Portfolio highlights: Six months ended $m $m $m % • Investment in mixed-use assets resulting in through cycle net operating income growth of 6.9%. Sylvia Park preci
Slide 14: AFFO up on higher rental income
AFFO up on higher rental income Six months ended Sep-2025 Sep-2024 Variance AFFO up by $3.5m, driven by: $m $m $m % • Net finance expenses stable at $28.1m. 2 Net rental income (non-GAAP) 102.0 95.3 +6.7 +7.0 • Increases in net rental income partially Property management revenue 1.9 2.0 -0.1 -5.0 of
Slide 15: Balance sheet management
Balance sheet management Balance sheet 30-Sep-25 31-Mar-25 Gearing relatively flat at 38.5% Investment properties and inventories $3,303m $3,298m • Proactive reduction in capital spend and Net tangible assets per share $1.12 $1.14 utilising the dividend reinvestment plan have resulted in a minor mov
Slide 16: Capital management - debt facilities
Capital management - debt facilities Bonds and banking facilities 30-Sep-2025 31-Mar-2025 Bank facilities $m $m • Increased by $35m in August 2025. Total bonds outstanding 500.0 500.0 Headroom of $248m. Bank facility drawn 787.0 783.0 Total debt outstanding 1,287.0 1,283.0 Weighted average term to m
Slide 17: Capital management - cost of debt
Capital management - cost of debt Bond and bank facilities 30-Sep-2025 31-Mar-2025 Weighted average interest rate (inclusive of bonds, active interest rate 4.89% 5.30% Weighted average interest rate of 4.89% derivatives, margins and line fees) • Reduced by 41 bps from FY25, from lower Fixed-rate pro
Slide 18: Transactions and development update
Transactions and development update 18
Slide 19: Mackersy Property: unlocking potential
Mackersy Property: unlocking potential Investment in Mackersy converting to equity • Our investment in Mackersy Property is progressing to the next phase, creating value for KPG shareholders. • The original loan arrangement supported the growth of Mackersy’s business before our investment converted
Slide 20: Mackersy LFR Fund launched, anchored by Sylvia Park Lifestyle
Mackersy LFR Fund launched, anchored by Sylvia Park Lifestyle • We were pleased to announce that Mackersy has launched a new Large Format Retail (LFR) fund in early November. • The seed asset will be Sylvia Park Lifestyle (the LFR property adjacent to Sylvia Park). • The fund will be managed by Mack
Slide 21: Reinvesting capital into growth opportunities
Reinvesting capital into growth opportunities We expect to commence the following key development projects in the near term (subject to Board approvals and final designs). KPG’s estimated capital spend across these three projects is ~$32 million. Asian supermarket at Sylvia Park Pedestrian Plaza at
Slide 22: Drury progressing at pace
Drury progressing at pace Drury site plan Further land sales agreed • Following the unconditional sale of 1.2ha of large-format retail land to Foodstuffs in April 2025, three further blocks have now been conditionally sold: • Costco (6.4ha) • Rebel Sport/Briscoes (1.1ha) • Harvey Norman (2.0ha) • Th
Slide 23: Drury: key metrics
Drury: key metrics Key metrics Stage 1 Stage 2 Total Gross land area 53.3ha Acquisition cost $55.3m Total additional costs incurred to date $86.1m Total acquisition and development costs $141.4m Current market value (September 2025) $162.0m Saleable land area 21.8ha 17.2ha 39.0ha % of total saleable
Slide 24: FY26 priorities & guidance
FY26 priorities & guidance 24
Slide 25: Continued focus on our FY26 priorities to drive value
Continued focus on our FY26 priorities to drive value Delivering on priorities will drive sustainable growth and create value for shareholders Manage the balance sheet Progress Drury Stage 1 to Continue to drive Maintain strong discipline and free up additional complete the sales of large rent growt
Slide 26: Appendix 1: Financial update
Appendix 1: Financial update 26
Slide 27: Net rental income contribution by property
Net rental income contribution by property Sep-25 Sep-24 Variance Six months ended $m $m $m % Sylvia Park shopping centre 30.8 31.8 -1.0 -3.2 ANZ Raranga 2.6 2.5 +0.1 +4.5 Sylvia Park Lifestyle 3.2 3.3 -0.1 -2.5 Geneva House (3 Te Kehu Way) 1.9 1.0 +0.9 +86.4 Resido 3.6 -0.2 +3.8 N/A Adjoining prope
Slide 28: AFFO reconciliation to profit after income tax
AFFO reconciliation to profit after income tax Sep-25 Sep-24 Variance Six months ended $m $m $m % Profit after income tax1 9.8 43.2 -33.4 -77.3 Adjusted for: Net fair value loss/(gain) on investment properties 29.2 -9.5 +38.7 N/A Net fair value loss on interest rate derivatives 8.9 11.2 -2.3 -20.5 I
Slide 29: Balance sheet
Balance sheet As at 30-Sep-25 31-Mar-25 Movement $m $m $m % Investment properties including held for sale 3,205.2 3,209.2 -4.0 -0.1 Inventories 98.0 89.2 +8.8 +9.9 Total investment properties and inventories 3,303.2 3,298.4 +4.8 +0.1 Cash 14.0 14.4 -0.4 -2.8 Trade and other receivables 12.9 16.3 -3.
Slide 30: Appendix 2: Property update
Appendix 2: Property update 30
Slide 31: Core mixed-use investment portfolio
Core mixed-use investment portfolio Sylvia Park shopping centre Geneva House (3 Te Kehu Way) The Base (Sylvia Park precinct) (Sylvia Park precinct) ANZ Raranga Resido LynnMall (Sylvia Park precinct) (Sylvia Park precinct) 31
Slide 32: Non-core portfolio
Non-core portfolio Mixed-use Office Retail Held for sale Remaining non-core Sylvia Park Lifestyle ASB North Wharf The Aurora Centre (Sylvia Park precinct) The Plaza Centre Place North Vero Centre 32
Slide 33: Investment portfolio summary
Investment portfolio summary 30-Sep-25 31-Mar-25 Mixed-use Office Retail Total Mixed-use Office Retail Total Number of assets 3 3 1 7 4 3 2 9 Value ($m)1 2,083.7 815.4 32.9 2,932.0 2,165.0 815.5 158.2 3,138.8 % of total portfolio by value 63 25 1 89 66 25 5 95 Weighted average capitalisation rates2
Slide 34: Portfolio statistics
Portfolio statistics Adopted value $m Capitalisation rate % NLA sqm Occupancy % WALE years As at 30-Sep-25 31-Mar-25 30-Sep-25 31-Mar-25 30-Sep-25 31-Mar-25 30-Sep-25 31-Mar-25 30-Sep-25 31-Mar-25 Sylvia Park 1,090.0 1,080.0 5.88 5.88 93,539 94,240 98.9 99.6 2.9 2.9 ANZ Raranga 89.2 89.4 6.00 6.00 1
Slide 35: Portfolio statistics (continued)
Portfolio statistics (continued) Adopted value $m Capitalisation rate % NLA sqm Occupancy % WALE years As at 30-Sep-25 31-Mar-25 30-Sep-25 31-Mar-25 30-Sep-25 31-Mar-25 30-Sep-25 31-Mar-25 30-Sep-25 31-Mar-25 Vero Centre 456.5 456.5 5.88 5.88 39,717 39,717 94.3 92.4 4.6 4.7 ASB North Wharf 212.0 212
Slide 36: Interim rent reviews and new leasing
Interim rent reviews and new leasing Rent reviews Mixed-use Office Retail Total Future rent review structure at 30-Sep-25 No. 189 27 24 240 % investment portfolio gross income1 22 15 1 38 Rental movement (%) +4.1 +3.8 +4.2 +4.0 Compound annual growth (%) +3.4 +2.1 +4.2 +2.7 CPI-based 10% New leases
Slide 37: Lease expiry profile
Lease expiry profile Lease expiry profile % of investment portfolio gross income 40% 37% 30% 20% 14% 14% 11% 12% 10% 8% 6% 0% Vacant or holdover FY26 FY27 FY28 FY29 FY30 FY31+ Key: Mixed-use Office Retail General note: The analysis on this page excludes Resido and held for sale assets. 37
Slide 38: Retail sales
Retail sales All centres1 Mixed-use centres2,3 Other centres4 12 months ended 30 September 2025 30-Sep-25 30-Sep-24 30-Sep-25 30-Sep-24 30-Sep-25 30-Sep-24 Total sales (billion) $2.10 $2.11 $1.77 $1.76 $0.33 $0.35 Total sales growth -0.6% -1.7% +0.2% -1.6% -4.4% -2.3% Like-for-like sales growth -0.8
Slide 39: Retail sales by property and category
Retail sales by property and category Sales by property MAT $m1 % var Sales by category3 MAT $m1 % var. from 30-Sep-24 12 months ended 30-Sep-25 vs 30-Sep-24 12 months ended 30-Sep-25 Total Like-for-like Sylvia Park 844.4 -1.5% Supermarkets 203.5 +6.0% +6.0% Department stores 163.9 +0.1% +0.1% Sylvi
Slide 40: Glossary
Glossary 40
Slide 41: Glossary
Glossary Adjusted funds from operations Adjusted funds from operations (AFFO) is an alternative non-GAAP performance measure used by Kiwi Property. AFFO is a measure (AFFO) commonly used by real estate entities to describe their underlying and recurring cash flows from operations. Broadly, AFFO adju
Slide 42: Glossary
Glossary Net rental income (NRI) NRI is an alternative non-GAAP performance measure used by Kiwi Property. NRI is calculated as NOI, including rental income resulting from straight-lining of fixed rental increases, allowance for expected credit loss, other income and expense reclassifications requir
Slide 43: Disclaimer
Disclaimer The information in this presentation is an overview and does not contain all information necessary to make an investment decision. It is intended to constitute a summary of certain information relating to the performance of Kiwi Property Group for the six months ended 30 September 2025. P
Slide 44: Thank you
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