Argosy Property Limited · NZX:ARG
Argosy Property — FY2026 Earnings Presentation
39 slides from Argosy Property's earnings presentation, May 20, 2026
Slide 1: FY26 Annual Results
FY26 ANNUAL RESULTS Resilient buildings for a better future 20 May 2026
Slide 2: Agenda
Agenda Vision & Strategy 5 Results Summary 6 Portfolio Highlights 7 Financials 13 Leasing Update 23 Outlook 29 Appendices 32 Peter Mence Dave Fraser CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER Note: This results presentation should be read in conjunction with the NZX release dated 20 May 2026. D
Slide 3: CEO quote on leasing and occupancy
“Leasing activity reflected longer decision making timeframes, however enquiry levels have increased recently. Portfolio occupancy remains solid at 94.6%, but our focus remains on increasing occupancy and proactive lease management.” Peter Mence CEO Argosy Property Limited FY26 Annual Results 3
Slide 4: Our purpose is to invest in green, diversified and resilient buildings
Our purpose is to invest in green, diversified and resilient buildings that support stakeholder success, provide secure income streams and deliver enduring shareholder value.
Slide 5: Resilient buildings for a better future
VISION Resilient buildings Positioning for a lower carbon future for a better future A business culture that is environmentally focused Progressing green Value Add portfolio opportunities to drive earnings and capital growth Targeting strategic growth opportunities with green potential A diversified
Slide 6: Results Summary
Results Summary $120.8m $58.5m Net Property Income Revaluation gain to up 3.3% 31 March $1.60 $127.7m NTA per share, Full year net profit up from $1.53 at 31 March 2025 after tax 37.2% 6.65c Debt to total assets within FY26 full year dividend the target 30-40% band Argosy Property Limited FY26 Annua
Slide 7: Portfolio Highlights
Portfolio Highlights 94.6% 5.0 years Occupancy (by rent) Weighted Average Lease Term 3.5% 95.1% Annualised growth on rent reviews Tenant retention rate 31.0% 49.0% Government sector rental income Weighting to Auckland Industrial Argosy Property Limited FY26 Annual Results 7
Slide 8: Portfolio at a glance
Portfolio at a glance TOTAL PORTFOLIO VALUE TOTAL PORTFOLIO VALUE PORTFOLIO MIX by sector by region by type Argosy Property Limited FY26 Annual Results 8
Slide 9: Revaluations
Revaluations FURTHER MODEST CAP RATE FIRMING Independent valuations as at 31 March were completed on all properties. • $58.5m gain reported, or 2.7% revaluation gain to book value. • The portfolio is under rented by 9.3%. • $4.4m gain on the two held for sale properties at 31 March (4 Henderson Plac
Slide 10: Value Add & Green Developments
Value Add & Green Developments GOOD PROGRESS AT MT RICHMOND • Warehouse 6 at Mt Richmond, completed in May 2026, delivering 5,833 m² of NLA. • Fully leased to Viatris. • 6 Green Star Design achieved (Built in progress), supporting delivery of sustainable, future-ready industrial assets. $288m Value-
Slide 11: Neilson Street - Development
224 Neilson Street - Development $109.5m >10% value as at 31 March development margin 6 Green 12,077m2 Star Design and Built rating NLA for Warehouse A completed achieved October High Level 2025 Practical completion of terms agreed on a 16 year lease Warehouse A for Warehouse A Argosy Property Limit
Slide 12: 8-14 Mt Richmond Drive - Development
8-14 Mt Richmond Drive - Development $282m 14.8% expected value on completion forecast development margin 6 Green 5,833m2 Star Design and Built rating NLA for Warehouse 6 achieved for Warehouse 6 May 9.4% 2026 Stage 1 practical forecast IRR on completion completion achieved Argosy Property Limited F
Slide 13: Financials
Financials FY26 Annual Results
Slide 14: Gross Property Income Waterfall
Gross Property Income Waterfall ANNUALISED RENT REVIEWS 3.5% Solid increase from rent reviews Argosy Property Limited FY26 Annual Results 14
Slide 15: Financial Performance
Financial Performance NET PROFIT UP ON PRIOR COMPARABLE PERIOD • Strong contribution from rent review outcomes and development income. • Continued benefits from the Group’s insurance captive subsidiary. • Lower net interest expense with lower rates more than offsetting higher average debt levels. $1
Slide 16: Net Distributable Income (NDI)
Net Distributable Income (NDI) STRONG GROWTH IN NDI • NDI of $60.9 million, up 9.1% on the prior comparable period. • NDI of 7.05cps compared to 6.58cps in the prior comparable period (up 7.1%). • Tax expense benefited from Investment Boost deductions on the completed building at 224 Neilson Street.
Slide 17: Adjusted Funds From Operations (AFFO)
Adjusted Funds From Operations (AFFO) AFFO UP ON PRIOR YEAR BY 8.3% • AFFO was 6.85cps for the year, compared to 6.43cps in the prior comparable period. • The dividend payout ratio to AFFO was 97%, compared to 103% in the prior comparable period. 97% AFFO dividend payout ratio Argosy Property Limite
Slide 18: Investment Property Waterfall
Investment Property Waterfall PORTFOLIO VALUE $2.2b Portfolio value lift to $2.2 billion Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures. Argosy Property Limited FY26 Annual Results 1
Slide 19: Balance Sheet Management
Balance Sheet Management DEBT TO TOTAL ASSETS IN THE TARGET BAND • Portfolio gearing at 37.2%, comfortably within the target band of 30-40%. • 4 Henderson Place settled in April 2026 for $39.8m, and 143 Lambton Quay will settle in May 2026 for $6.0m. • Portfolio gearing has fallen to 36.1% following
Slide 20: Interest Rate Management
Interest Rate Management FIXED RATE COVER OF 74% • At 31 March 74% of borrowings were at fixed rates (63% in prior year). • Weighted average interest rate has fallen to 4.6% from 5.1%. Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and per
Slide 21: Debt Profile
Debt Profile GREEN BOND DIVERSIFICATION 24% • The company’s first green bond (ARG010) matured on 27 March 2026 and was refinanced with a new $100m tranche of bank debt. • The second green bond (ARG020) matures on 29 October 2026 and will be refinanced later in the year. 3.1years Weighted average dur
Slide 22: Dividends
Dividends CHANGE IN POLICY TO FFO BASIS • Fourth quarter dividend of 1.6625 cents per share, payable 24 June 2026. • DRP is suspended for this dividend. • Change in dividend policy to 80-95% of FFO (previously 85-100% of AFFO) • Board is committed to sustainable dividends. • Forecast FY27 dividend o
Slide 23: Leasing & sector commentary
Leasing & sector commentary FY26 Annual Results
Slide 24: Leasing Outcomes
Leasing Outcomes 45,335m 2* 32 * of NLA leased to 31 March lease transactions including 13 new leases, 13 renewals and 6 extensions 9yr 111 Ministry of Business Innovation rent reviews over the period with and Employment (MBIE) lease annualised rental growth of 3.5% extension at 15 Stout Street 6yr
Slide 25: Lease Expiry Profile
Lease Expiry Profile LEASE EXPIRY PROFILE IS BALANCED • Largest expiry in FY27 is The Warehouse at 17 Mayo Road. • Largest expiry in FY28 is break clause for General Distributors at Favona Road (7.3%). The lease term is 10 years, ending August 2034, and exercise of the break clause is considered unl
Slide 26: Market Insights
Market Insights Industrial Office Large Format Retail • Gross new stock at significant levels in recent years. • Many organisations have settled into hybrid models • Annual retail trade turnover increased by 4.4% in the but office attendance varies between cities, alongside year to December 2025. •
Slide 27: Sustainability
Sustainability • Efficient use of resources is the top sustainability priority for occupiers. Building features that monitor and reduce resource consumption are highly sought after when selecting premises. • The most targeted resource is energy, with 69% of occupiers seeking to lower consumption. •
Slide 28: Sustainability
Sustainability • 23% of Auckland occupiers are prepared to pay a premium of up to 20% to be in a 5 Green Star rated building, with 8% prepared to pay a 30% premium for a 6 Green Star rated building. • The high proportion who “don’t know,” especially in Christchurch, indicates opportunities for bette
Slide 29: Outlook
Outlook FY26 Annual Results
Slide 30: Outlook
Outlook OUTLOOK IS MORE UNCERTAIN SINCE INTERIM REPORTING • Geopolitical developments have increased market uncertainty. • The duration of the current disruption and the potential for further escalation are difficult to predict. • Restrictive interest rates have eased, but may increase later this ye
Slide 31: Questions
Questions FY26 Annual Results
Slide 32: Appendices
Appendices FY26 Annual Results
Slide 33: Balance Sheet Management
Balance Sheet Management Debt to total assets 30-40% Target Range % Argosy Property Limited FY26 Annual Results 33
Slide 34: Hedges, Interest Rates & Debt Maturity
Hedges, Interest Rates & Debt Maturity Hedging Profile (at 31 March year end) Debt Maturity Profile (Facility) & Weighted Average Margin and Line Fee Argosy Property Limited FY26 Annual Results 34
Slide 35: Rent review summary – by type, sector and location
Rent review summary – by type, sector and location Argosy Property Limited FY26 Annual Results 35
Slide 36: Portfolio metrics
Portfolio metrics RENT ROLL TOP 10 TENANTS by industry by rent Argosy Property Limited FY26 Annual Results 36
Slide 37: Sector Summary
Sector Summary Large Format Retail Industrial Office Number of buildings Number of buildings Number of buildings 33 12 4 Market value of assets $m Market value of assets $m Market value of assets $m $1,234.2 $789.7 $219.2 Occupancy by income Occupancy by income Occupancy by income 93.8% 94.2% 100% W
Slide 38: Portfolio snapshot
Portfolio snapshot Argosy Property Limited FY26 Annual Results 38
Slide 39: Thank you
Thank you DISCLAIMER This presentation has been prepared by Argosy Property Limited. The details in this presentation provide general information only. It is not intended as investment or financial advice and must not be relied upon as such. You should obtain independent professional advice prior to