Slide 1: FY25 Results Presentation
FY25 Results Presentation 18 August 2025 Kallo TownPage 1 VIC Centre,
Slide 2: Agenda
FY25 Results Presentation Agenda 1. Overview and Strategy 2. Operational Performance 3. Financial Performance 4. Value Creation Opportunities 5. Outlook 6. Questions 7. Appendices Page 2
Slide 3: 1. Overview and Strategy
FY25 Results Presentation 1. Overview and Strategy Anthony Mellowes Chief Executive Officer Page 3
Slide 4: FY25 Highlights
FY25 Results Presentation FY25 Highlights Return to growth with positive outlook for valuations FFO Distribution Statutory net Assets Under Financial per security per security profit after tax Management Performance 15.5 cps 13.7 cps $212.5m $5.2bn vs 15.4 cps1 100% payout of AFFO vs $17.3m1 vs $4.8
Slide 5: Our Strategy
FY25 Results Presentation Our Strategy Focus on convenience-based Defensive, retail centres resilient cash flows to support secure Weighted to non-discretionary retail segments and growing long term distributions Long leases to quality anchor tenants to our security holders Optimise value through ta
Slide 6: 2. Operational Performance
FY25 Results Presentation 2. Operational Performance Anthony Mellowes Chief Executive Officer Page 6
Slide 7: Portfolio overview
FY25 Results Presentation Portfolio overview 97.5% occupancy with a strong weighting to non-discretionary food, health and retail services tenants 87 2,079 $4,374m 773,473 2,409,882 4.9 years Owned retail No. specialty Total owned Gross lettable Land sqm Weighted average properties tenants portfolio
Slide 8: Portfolio sales performance
FY25 Results Presentation Portfolio sales performance Positive sales momentum continues across non-discretionary categories Total portfolio comparable MAT growth by category Supermarkets 30 Jun 2025 3.3% 30 Jun 20241 3.0% 3.7% Discount Department Stores 3.4% 1.1% Non-discretionary specialty MAT grow
Slide 9: Partnering with our anchor tenants to drive sales
FY25 Results Presentation Partnering with our anchor tenants to drive sales Supermarkets continue to demonstrate resilient growth • 46% of total gross rent provides income • $7.5m of turnover rent generated from 54 123 stability 3.3% anchor tenants Anchor tenants • Anchor tenant WALE is 6.5 years (b
Slide 10: Rental income security
FY25 Results Presentation Rental income security Over 88% of gross rent generated from non-discretionary tenants • Occupancy decreased from 98.1% in FY24 97.5% • Specialty vacancy increased from 4.7% in FY24 to Overall lease expiry (% of gross rent) 51.7% Portfolio 5.4%1 occupancy1 • Tenants in hold
Slide 11: Specialty leasing activity
FY25 Results Presentation Specialty leasing activity Proactive leasing drives increased annual fixed rent reviews across the portfolio Specialty tenant metrics 4.3% 81% Renewals Number 30 Jun 2025 247 30 Jun 2024 303 Average annual Tenant retention GLA (sqm) 24,563 34,447 fixed rent reviews Average
Slide 12: Sustainability Update
FY25 Results Presentation FY25 Sustainability Update On track to reach Net Zero by FY30 and making a positive impact in the local communities ENVIRONMENTAL $14.0m Net Zero 21.7MW solar PV across Solar PV production target investment during 33 sites installed and is included in the executive the peri
Slide 13: 3. Financial Performance
FY25 Results Presentation 3. Financial Performance David Salmon Chief Financial Officer Page 13
Slide 14: FFO per security
FY25 Results Presentation FFO per security Strong comparable NOI growth offset by one-off impact of national tenants’ administration Accretive balance sheet acquisitions and disposals + growth in Funds Under Management 3.2% comparable NOI growth Lost rent + ECL provision (0.2) related to national te
Slide 15: Financial results
FY25 Results Presentation Financial results For the year ended 30 June 2025 FFO of 15.5 cps represents an increase of $m 30 Jun 25 30 Jun 24 % change 0.6% despite the $2.3m (0.2 cps) impact of two Property income 390.6 383.5 1.9% national retailers who entered administration Property expenses (136.8
Slide 16: Balance sheet
FY25 Results Presentation Balance sheet At 30 June 2025 Assets Under Management of $5.2bn $m 30 Jun 25 30 Jun 24 % change have grown 8.7% from 30 Jun 2024 with investment property valuation growth and an increase in Funds Cash and cash equivalents 8.5 19.4 (56.2%) Under Management, which have more t
Slide 17: Property valuations
FY25 Results Presentation Property valuations Trough of valuation cycle as cap rates compress and income growth continues Portfolio Value ($m) 71.7 (142.0) 93.0 69.1 4,374.1 4,282.3 June 2024 Acquisitions (including Capital expenditure, Fair value increase on Disposals June 2025 portfolio value¹ tra
Slide 18: Capital management
FY25 Results Presentation Capital management High hedging levels at favourable rates provide stable cost of debt and support earnings growth • FY25 WACD of 4.3% with 97% of debt hedged/fixed Debt facilities expiry profile ($m) • FY26 forecast WACD of 4.6% with 100% of debt hedged/fixed1,2 1.8 250.0
Slide 19: 4. Value Creation Opportunities
FY25 Results Presentation 4. Value Creation Opportunities Anthony Mellowes Chief Executive Officer Page 19
Slide 20: Active portfolio management facilitated by capital recycling
FY25 Results Presentation Active portfolio management facilitated by capital recycling Supporting better communities through life’s essentials Disciplined transactions in line with investment criteria Largest owner of convenience-based centres with a proven transactional track record • Continued cur
Slide 21: Strong Australian retail supply/demand fundamentals
FY25 Results Presentation Strong Australian retail supply/demand fundamentals Continued demand in the defensive, non-discretionary sector with limited supply Acquisition and divestment outlook • Over the past year, 50 neighbourhood and sub-regional centres transacted for a total of ~$3.2bn • Retail
Slide 22: Capital deployment program
FY25 Results Presentation Capital deployment program Targeted reinvestment to drive earnings and portfolio performance FY25 FY26 actual spend indicative spend • Practical completion of the Delacombe Town Centre Stage 2 fund- through development in FY25 with 88% currently leased (by GLA) Development
Slide 23: Funds management
FY25 Results Presentation Funds management Metro Fund offers a platform for growth in the near to medium term Partnering with a global institutional investor focused on continued investment in metropolitan non-discretionary centres Funds Under Management more than doubled to $711.5m across 13 centre
Slide 24: 5. Outlook
FY25 Results Presentation 5. Outlook Anthony Mellowes and David Salmon Chief Executive Officer and Chief Financial Officer Page 24
Slide 25: AFFO growth target
FY25 Results Presentation AFFO growth target Target growth rate in the medium to longer term is 3-4%+ pa Indicative contribution to AFFO growth rate (% pa) Description and Assumptions Medium to longer term 46% of rental income with 54 anchor tenants in turnover rent Anchors rents ~1% Comparable NOI
Slide 26: FY26 FFO guidance
FY25 Results Presentation FY26 FFO guidance Strong earnings growth partially offset by increase in WACD Accretive transactions, full year impact of Metro Fund and Dalyellup Shopping Centre funds WACD increase from 4.3% to 4.6% management acquisition assuming current market interest rates 3.3% compar
Slide 27: Key priorities and outlook
FY25 Results Presentation Key priorities and outlook Return to earnings growth with a positive outlook for valuations Key priorities/ outlook Earnings guidance We remain concentrated on delivering defensive, resilient cash Assuming no significant change in market conditions, flows to support secure
Slide 28: 6. Questions
FY25 Results Presentation 6. Questions Page 28
Slide 29: 7. Appendices
FY25 Results Presentation 7. Appendices Page 29
Slide 30: Assets under management
FY25 Results Presentation Assets under management 100 retail properties under management including Metro Fund centres As at June 2025 Our Portfolio List is available at regiongroup.au/investor-centre/reports-presentations/ Page 30
Slide 31: Key tenants under management
FY25 Results Presentation Key tenants under management High quality, defensive tenants anchoring the portfolio Total RGN Metro Fund Top 10 tenants by gross rent Woolworths 70 59 11 Woolworths Group 29.3% Big W 11 11 - Coles Group 9.6% Woolworths Limited 81 70 11 Wesfarmers 3.5% Coles 30 28 2 The Rej
Slide 32: Income statement: statutory profit to AFFO reconciliation
FY25 Results Presentation Income statement: statutory profit to AFFO reconciliation For the year ended 30 June 2025 Statutory profit AFFO AFFO FFO 12 months to 12 months to 12 months to % change adjustments $m 30 Jun 2025 30 Jun 2025 30 Jun 2024 Anchor rental income 153.9 - 153.9 152.9 0.7% Specialt
Slide 33: Debt metrics and covenants
FY25 Results Presentation Debt metrics and covenants $m 30 Jun 2025 $m 30 Jun 2025 Bilateral and syndicated facilities – unsecured Net drawn debt Bank and syndicated facilities drawn 460.0 Bank and syndicated facilities drawn 470.2 (including bank guarantees) 460.0 AU$ MTN 600.0 AU$ MTN – unsecured
Slide 34: Debt facilities & interest rate hedging
FY25 Results Presentation Debt facilities & interest rate hedging Financing Facility limit Drawn debt Maturity / Notes capacity A$m A$m A$m Bank and syndicated facilities Bank bilateral facility 50.0 50.0 - FY27: $50m May 2027 Bank bilateral facility 325.0 22.0 303.0 FY28: $150m May 2028 and $175m A
Slide 35: Glossary
FY25 Results Presentation Glossary AFFO: Adjusted Funds From Operations is determined by Look-through gearing: gearing including our 20% interest in adjusting FFO for other items which have not been adjusted the Metro Fund in determining FFO ASRS: Australian Sustainability Reporting Standards MER: M
Slide 36: For further information, please contact
For further information, please contact: Anthony Mellowes David Salmon Nicolette Brice Chief Executive Officer Chief Financial Officer General Manager Investor Relations T: +61 2 8243 4900 T: +61 2 8243 4900 T: +61 2 8243 4900 E: anthony.mellowes@regiongroup.au E: david.salmon@regiongroup.au E: nico