Dexus Convenience Retail Reit · ASX:DXC
Dexus Convenience Retail Reit — HY26 Earnings Presentation
31 slides from Dexus Convenience Retail Reit's earnings presentation, Feb 9, 2026
Slide 1: Dexus Convenience Retail REIT ASX release: 2026 Half year results presentation
Dexus Convenience Retail REIT (ASX:DXC) ASX release 9 February 2026 2026 Half year results presentation and property synopsis Dexus Convenience Retail REIT (DXC) provides its 2026 half year results presentation. An investor conference call will be webcast today at 10.00am at www.dexus.com/investor-c
Slide 2: Half year results
Half year results 9 February 2026 187 South Pine Road, Brendale QLD Dexus Asset Management Limited ACN 080 674 479 AFSL 237 500 as responsible entity for Dexus Convenience Retail REIT
Slide 3: Acknowledgement of Country
Acknowledgement of Country Dexus Convenience Retail REIT acknowledges the Traditional Custodians of the Lands on which our business and assets operate, and recognises their ongoing contribution to Land, waters and community. We pay our respects to First Nations Elders past and present. Artwork: Chan
Slide 4: Agenda
01 Introduction and highlights Page 4 02 Financial overview Page 11 Agenda 03 Summary Page 20 04 Appendices Page 22 3 | 2026 Half Year Results
Slide 5: Introduction and highlights
Glass House Mountains Northbound Redevelopment Bruce Highway, Glass House Mountains QLD 01 Introduction and highlights 4 | 2026 Half Year Results
Slide 6: HY26 highlights
HY26 highlights Enhancing portfolio quality via incremental value-accretive developments Guidance on track Resilient income growth Enhancing portfolio via strategic acquisitions1 − On track to deliver FY26 guidance, − +2.9% like-for-like income growth despite higher interest rate outlook − +3.1% ave
Slide 7: Strategic national network
Strategic national network 91 strategically located assets Queensland $446m 52 608,500 sqm Western Australia South total site area $65m 10 Australia $111m 16 60 New South Wales $127m 11 specialty retail tenancies Value 77% # properties weighted to eastern seaboard1 Victoria $11m 2 2.6 million people
Slide 8: Resilient income with contracted rental growth
Resilient income with contracted rental growth High quality portfolio, anchored by long term leases and escalating rental income Income resilience Embedded growth High-quality portfolio No significant lease expiries until 2030+ Attractive contracted property rental increases p.a. 86% metro and highw
Slide 9: Investment proposition
Investment proposition Positioned to deliver stable income and rental growth with future expansion capacity Defensive and growing Active portfolio Prudent capital Aligned manager with deep income management structure real asset capability − Diverse mix of high-quality national − Improving portfolio
Slide 10: Enhanced tenancy mix over time
Enhanced tenancy mix over time Strategic focus on convenience retail supports rental growth and provides valuation resilience Tenant expansion pathways2 via acquisitions IPO (July 2017) December 2025 % of income % of income − Acquiring EG Australia for $1.1b (~500 sites), completion due mid-2026 pen
Slide 11: Sustainability progress
Sustainability progress Aligned to Dexus Sustainability Strategy Dexus Sustainability Strategy DXC future focus DXC initiatives Maximise value creation by supporting tenants with their Maintained net zero Embedded initiatives strategies for decarbonisation, position across DXC within the Glass House
Slide 12: Financial overview
209a Westphalen Drive, Warrego QLD 02 Financial overview 11 | 2026 Half Year Results
Slide 13: HY26 financial result
HY26 financial result FFO and distributions in line with expectations, on track to deliver FY26 guidance Profit & loss HY26 HY25 Change Property FFO ($m) 22.3 22.6 (1.2)% Lower income due to divestments, partly offset by like-for-like income growth of 2.9% through contracted rent escalators Manageme
Slide 14: Balance sheet and capital management
Balance sheet and capital management Strong capital position enables funding for value-accretive developments Key metrics 31 Dec 2025 30 Jun 2025 Gearing1 29.8% 29.4% Cost of debt2 4.6% 4.5% Strong balance Staggered debt Capacity to fund Average maturity of debt 3.9 years 4.5 years sheet with gearin
Slide 15: Portfolio valuations
Portfolio valuations Valuation uplift driven by cap rate compression and contracted rent growth Property portfolio valuation summary – 31 Dec 2025 Capitalisation rate compression supported by deep and liquid 31 Dec 2025 Reval change Reval change Cap rate direct property transaction market Cap rate P
Slide 16: Fuel and convenience transaction market
Fuel and convenience transaction market Direct property market remains liquid, with asset values strengthening and cap rates tightening Transaction volumes and average cap rate1 Number of transactions (#) Average yield (%) 140 7.0% 107 fuel and convenience assets transacted in 2025, 120 116 the high
Slide 17: Glass House Mountains fund-through redevelopment
Glass House Mountains fund-through redevelopment Northbound site progressing through a staged opening, with food retailers now trading 43%1 of site reached practical completion QSR tenancies (McDonald’s, KFC and Guzman y Gomez) are complete and trading, with six EV charging bays also in operation an
Slide 18: Development pipeline restocking
Development pipeline restocking Fund through structures provide certainty of income with development profit upside potential Indicative project timing Estimated Estimated FY26 FY27 FY28 FY29 Site Estimated Site yield WALE on Status classification project cost on cost completion 1H 2H 1H 2H 1H 2H 1H
Slide 19: Metro and highway centric portfolio
Metro and highway centric portfolio Value-accretive development pipeline targeting higher growth metro and highway assets Indicative portfolio profile following full delivery of the development pipeline ~90%1 of portfolio ~10%1 of portfolio Metro portfolio (60%1) Highway portfolio (30%1) Regional po
Slide 20: Strategic portfolio evolution
Strategic portfolio evolution Recycling, development and acquisitions has enhanced portfolio quality Recent portfolio curation activity Enhanced portfolio metrics2 Redeployment to Delivering an enhanced, resilient FY22 – FY25 divestments development pipeline metro and highway-focused portfolio 22 4
Slide 21: Summary
Glass House Mountains Northbound Redevelopment Bruce Highway, Glass House 100 East-West Mountains Arterial QLD QLD Road, Hendra 03 Summary 20 | 2026 Half Year Results
Slide 22: Attractive investment proposition
Completed KFC QSR, Glass House Mountains Northbound Redevelopment, Bruce Highway, Glass House Mountains QLD Attractive investment proposition Positioned to deliver defensive income with contracted rental growth and minimal near-term expiries providing high income visibility Prioritising activities t
Slide 23: Appendices
Cnr Weakleys & Glenwood Drives, Thornton NSW 04 Appendices 22 | 2026 Half Year Results
Slide 24: Lease expiry profile
Lease expiry profile Strong income visibility Lease expiry % by income Completion of Glass House Mountains Northbound redevelopment will enhance WALE by a further 0.4 years DXC WALE 7.6 years 22.8% 15.1% 11.9% 11.2% 9.2% 6.5% 6.7% 6.9% 3.6% 1.8% 1.7% 1.8% 0.7% - - FY26 FY27 FY28 FY29 FY30 FY31 FY32
Slide 25: Australian car sales
Australian car sales Consumer behaviour indicates gradual adoption of EVs New car sales Cumulative new car sales since 2020 Australian car sales (m) Australian car sales (m) 1.4 9.0 8.0 1.2 7.0 1.0 6.0 0.8 5.0 0.6 4.0 3.0 0.4 2.0 0.2 1.0 - - 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2020 202
Slide 26: Australian fuel sales
Australian fuel sales Fuel demand remains resilient despite cost-of-living pressures and evolving transport trends Diesel strength offsets modest petrol decline Fuel margin growth persists, remaining above historical averages Sales volumes of petroleum products (megalitres, thousands)1 National aver
Slide 27: FFO reconciliation
FFO reconciliation $’000 31 Dec 2025 31 Dec 2024 Statutory net profit / (loss) after tax for the period 35,845 14,702 Adjusted for: Net fair value (gain) / loss on investment properties (19,758) (3,182) Net fair value (gain) / loss on derivatives (1,936) 3,502 Incentive amortisation and rent straigh
Slide 28: Consolidated profit & loss statement
Consolidated profit & loss statement $’000 31 Dec 2025 31 Dec 2024 Net property income1 22,425 24,277 Interest income 33 49 Total revenue 22,458 24,326 Management fees (2,369) (2,379) Finance costs (5,434) (6,455) Corporate costs (504) (470) Total expenses (8,307) (9,304) Net operating income 14,151
Slide 29: Consolidated balance sheet
Consolidated balance sheet $’000 31 Dec 2025 30 Jun 2025 Cash and cash equivalents 4,759 2,396 Investment properties 760,187 728,410 Other assets 6,614 5,631 Total assets 771,560 736,437 Borrowings (230,433) (215,507) Provisions (7,634) (9,325) Other liabilities (10,201) (9,762) Total liabilities (2
Slide 30: Important information
Important information Dexus Asset Management Limited (ACN 080 674 479, AFSL 237500) ("Responsible Entity") is the responsible entity of the Dexus Convenience Retail REIT (ASX: DXC) (“DXC” or “Fund”) and issuer of stapled securities in the Fund. The Fund comprises three registered schemes, Convenienc
Slide 31: Dexus
dexus
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