Centuria Capital Group · ASX:CNI
Centuria Capital — FY2025 Earnings Presentation
44 slides from Centuria Capital's earnings presentation, Aug 19, 2025
Slide 1: Centuria Capital Group FY25 results
19 AUGUST 2025 | ASX:CNI Centuria Capital Group FY25 results UNLISTED: PORT ADELAIDE DISTRIBUTION CENTRE SA | AUSTRALIA’S LARGEST SINGLE ASSET INDUSTRIAL FUND
Slide 2: Agenda and Presenters
RESETDATA Agenda Presenters • Group • John McBain, Joint CEO • Divisions • Jason Huljich, Joint CEO • Financials • Simon Holt, CFO • Group strategy & execution • Appendices Acknowledgement of Country Our Group manages property throughout Australia and New Zealand. Accordingly, Centuria pays its resp
Slide 3: Group
UNLISTED: LOGAN SUPER CENTRE, QLD Group Section one
Slide 4: Centuria Capital Group's platform positioned for growth
Centuria Capital Group’s platform positioned for growth Group AUM1 $20.6bn Investment Real estate2 $19.7bn bonds ResetData Listed (30%3) $6.0bn Unlisted (70%3) $13.7bn Centuria Life Sovereign AI Tech $3.9bn $2.0bn $0.1bn $5.9bn $3.0bn $2.5bn $2.3bn $0.9bn CENTURIA INDUSTRIAL CENTURIA OFFICE REIT ASS
Slide 5: FY25 outperformance provides strong FY26 trajectory
LISTED: 15-19 CARIBOU DRIVE, DIREK SA FY25 outperformance provides strong FY26 trajectory 12.2 cps FY25 FY26 strong FY26 ResetData revenue growth FY26 earnings earnings Targeting onwards outperforms growth more than • Completion of Australia’s first public sovereign AI Factory, anticipated customer
Slide 6: Through cycle performance
3-month retail deposit and investment Through cycle AU and NZ cash rates (%)1 rates for AU banks (%)2 performance 6 6 5 5 4 4 AU 3 NZ 3 Most aggressive rate rising cycle in decades. 2 2 Markets anticipating further rate cuts and real estate transaction activity. 1 1 0 0 Jul-21 Jul-22 Jul-23 Jul-24 A
Slide 7: Accelerating outlook for CNI
Accelerating outlook for CNI 6 Australian and NZ cash rates falling through FY26. 13.4 5 12.2 11.7 Favourable FY26 Centuria OEPS forecast a direct consequence of following favorable market conditions: • Real Estate Markets stabilising – value growth in 4 most sectors. • Australian/NZ deposit rates r
Slide 8: Divisions
UNLISTED: CENTURIA NORTH LAKES LFR Divisions Section two
Slide 9: $19.7bn significant Australasian platform
$19.7bn significant Australasian platform Real estate Large format Daily needs Industrial Office Healthcare Agriculture finance retail retail AUM1 $bn 6.3 6.0 2.3 1.8 1.4 1.1 0.7 FY25 total transaction $2.9bn activity2 370+ Properties3,4 2,300+ Tenant customers3,4 95% Occupancy3,4 5.3yrs WALE3,4 6.4
Slide 10: Unlisted real estate of $13.7bn
Unlisted real estate of $13.7bn 5-7 $7.0m $32.4m $94.8m 52% Some unlisted funds may be suitable for Centuria unlisted funds were FY25 performance fees FY25 performance fee FY25 latent underlying Unlisted AUM with no expiry included in the FY25 MSCI booked cash collected performance fees1 or expiry r
Slide 11: Centuria Bass Credit grows AUM to $2.3bn over FY25
Centuria Bass Credit Centuria Bass Credit AUM composition4 grows AUM to $2.3bn over FY25 (+21% y.o.y) Second lien 7% Warehouse Open end Insitutional 9% 12% funds 28% Security Fund Capital Centuria Bass FY25 EBIT of $27 million1. CNI’s 80% interest in Centuria Bass was acquired for $81 million. FY25
Slide 12: A leading Australasian unlisted investor network
A leading Australasian Accelerating momentum from 2H25 into FY26 unlisted investor network Retail/wholesale $0.5bn ~14,000 FY25 capital raising Retail/wholesale inflows. investors. $216m Port Adelaide $115m Logan LFR $96m CSOF >1,200 Strong NZ distribution via Bayleys Real Estate Strong FY26 start l
Slide 13: Centuria Industrial REIT
SOUTHSIDE INDUSTRIAL ESTATE Centuria Industrial REIT (ASX:CIP) Australia’s largest ASX-listed pure play industrial REIT FY26 guidance1: • FFO2 18.0-18.5cpu (up to 6% pcp), distribution 16.8cpu (3% over FY25). 16% CNI co-investment FY25 portfolio metrics: • 34% positive re-leasing spreads3. • $57m va
Slide 14: Centuria Office REIT
825 ANN ST, FORTITUDE VALLEY QLD Centuria Office REIT (ASX:COF) Australia’s largest ASX-listed pure play office REIT FY26 guidance1: • FFO2 11.1-11.5cpu, distribution 10.1cpu. 19% CNI co-investment7 FY25 portfolio metrics: • Over 24,000 sqm of lease terms agreed across 44 deals (8.9% NLA)3. • Avg. r
Slide 15: ResetData – Centuria's innovative entry into data centres
ResetData – Centuria’s innovative entry into data centres Underutilised Liquid immersion Bespoke Proprietary Software assets with cooling hardware stack cloud platform partnerships that excess power require bespoke hardware & cloud NVIDIA INFERENCING MICROSERVICES PROPCO OPCO Completed $21m acquisit
Slide 16: Positioning ResetData for revenue generation from FY26 onward
RESETDATA Positioning ResetData for revenue generation from FY26 onward Completion of Australia’s first public sovereign AI Factory. Features high-density NVIDIA H200 GPU clusters, liquid cooling, zero waste water, and supercomputer capability. Commenced customer testing at first AI Factory in Augus
Slide 17: Financials
UNLISTED: KATUNGA FRESH GLASSHOUSE, KATUNGA VIC Financials Section three
Slide 18: Operating earnings and distributions
UNLISTED: 45 BRITTON STREET, SMITHFIELD NSW Operating earnings and distributions FY25 FY24 Statutory NPAT1,2 $m 82.7 102.1 Statutory EPS1,2 cps 10.0 12.6 Operating NPAT1,3 $m 100.8 94.7 Operating EPS1,4 (OEPS) cps 12.2 11.7 DPS cps 10.4 10.0 FY26 guidance OEPS cps 13.4 DPS cps 10.4 1. Attributable t
Slide 19: Segment results
Segment results FY25 FY24 Stable property funds management recurring ($m) ($m) 1 revenue streams and strong performance fee cash 1 Property funds management1 inflows amounting to $32.4 million. 59.6 57.9 2 Property investment earnings 87.7 85.4 Proportionate consolidated EBITDA generated from 3 Prop
Slide 20: Strong balance sheet supports platform activities
Strong balance sheet supports platform activities FY25 FY24 Operating balance sheet ($m) ($m) Assets Cash and cash equivalents 185.6 184.3 $1.79 12.3% $194m Receivables Financial assets 131.4 62.8 166.2 58.9 Net asset value per Operating gearing3 security1,2 Cash realised from the sale Other assets
Slide 21: Repositioned balance sheet for further growth
Repositioned balance sheet for further CNI weighted avg. debt maturity ($m) as at 30 June 2025 growth Secured listed redeemable notes Revolving loan debt 198.7 Term loan debt 50 71.9 Additional $100 million of liquidity raised 125 over 2H FY25. Secured ASX listed 74.1 50 40 redeemable notes expected
Slide 22: Active debt capital management across real estate funds platform
UNLISTED: 208 FORDYCE RD, HELENSVILLE AUCKLAND NZ Active debt capital management across real estate funds platform Solid credit conditions 25 $7.6bn supported by quality lender relationships and Centuria’s Total lending facilities across proactive asset management Lenders real estate funds platform
Slide 23: Group strategy & execution
LISTED: 310 SPEARWOOD RD, BIBRA LAKE WA Group strategy & execution Section four
Slide 24: Group strategic focus
UNLISTED: 93-103 PACIFIC DRIVE KEYSBOROUGH VIC Group strategic focus Major focus on driving continuous, attractive earnings growth. Forecast double-digit y.o.y. FY26 EPS growth. Core real estate fund volumes set to increase as favourable market conditions unfold. Continued focus on alternative secto
Slide 25: Execution
UNLISTED: PORT ADELAIDE DISTRIBUTION CENTRE SA Execution CNI FY26 OEPS forecast of 13.4 cps. Increased transactional activity targeting >$1 billion real estate acquisitions in FY261. Unlisted business commencing FY26 strongly with $216m launch of Port Adelaide single asset industrial fund. ResetData
Slide 26: Appendices
UNLISTED: 43 COLLEGE HILL, AUCKLAND NZ Appendices Section five
Slide 27: Over 25 years of real estate funds management experience
Over 25 years of real estate funds management experience overseeing 1. 2. 3. Centuria’s operations Capital Funds Treasury transactions management 7. 6. 5. 4. Facilities Property Leasing Asset management management management Fully integrated end-to-end investment management services 10. A leading Au
Slide 28: CNI ESG highlights
Climate change Valued stakeholders Responsible CNI ESG highlights (Environment) (Social) business practices (Governance) Targeting zero scope 2 Raised c.$500k for community Targeting Green Star emissions by 2035 for Centuria, groups and charities and spent Performance v2 rating for and 2028 for CIP
Slide 29: Diversified fund and capital allocation across Centuria's platform
Diversified fund and capital allocation across Centuria’s platform Real estate Large format Daily needs Sector Industrial Office Healthcare Agriculture finance retail retail Fund type/ AUM capital source ($bn)1,2 $6.3 $6.0 $2.3 $1.8 $1.4 $1.1 $0.7 Unlisted closed ended single $8.3 1.1 2.6 1.3 1.6 0.
Slide 30: Alternative real estate complements CNI's diversification strategy
DATA CENTRES Alternative real estate Alternative AUM complements CNI’s diversification strategy and platform $4.9bn $0.5bn AGRICULTURE Data Centres2 $0.7bn Alternatives represent 24% of Group Agriculture AUM, growing significantly post COVID. 42% CAGR1 HEALTHCARE Sectors and activities with a point
Slide 31: Group AUM and transactions
Group AUM and transactions AUM ($ billions) Total transaction activity ($ millions) 1.1 0.1 0.1 0.0 21.1 20.6 Real LFR & -1.8 Gross estate DNR Industrial Office Other Healthcare total finance Retail Acquisition and finance 628 185 303 - - 1 1,117 activity Divestment and 229 523 292 520 117 77 1,758
Slide 32: Valuation summary
UNLISTED: KATUNGA FRESH GLASSHOUSE, KATUNGA VIC Valuation summary1,2 Value Value Cap Cap movement movement movement movement 12 months to 6 months to 12 months to 6 months to WACR 30 June 2025 30 June 2025 30 June 2025 30 June 2025 30 June 2025 Industrial 3.27% 2.18% 6 bps 2 bps 5.99% Office (1.03)%
Slide 33: $1.7bn development pipeline to seed funds
Î$1.7bn development pipeline to seed funds $0.2bn $1.7bn pipeline1 $0.9bn industrial pipeline CNI strategically uses its balance sheet to seed and expand its FY25 gross development Est. value on completion Adds to Centuria’s future development completions Committed: $0.8bn2 pipeline property funds F
Slide 34: $1.7bn development pipeline to seed funds
$1.7bn development pipeline to seed funds Committed Pipeline Future Pipeline FY25 Gross Total (est. value on (est. value on Completions Pipeline completion)1,2 completion)1,3,4 Sector $M GLA $M GLA $M GLA $M GLA Industrial 15 6,726 130 67,637 768 166,064 898 233,701 Healthcare 75 4,545 291 24,086 12
Slide 35: $19.7bn diversified Australasian real estate platform
$19.7bn diversified Australasian real estate platform1,2 Top tenants by income (%)3,4 Government 11.9% WA 23% QLD 15% 81 properties and real 70 properties and real estate estate finance loans finance loans valued at $2,779m Woolworths Limited valued at $4,215m ASX/NZX Listed 3.2% Wesfarmers 2.0% ASX
Slide 36: Integrated management capabilities lead to strong asset management success
370+ Integrated management capabilities lead to strong Properties1,2 asset management success Weighted average lease expiry (yrs) by income1,2 2,300+ 13 Tenants1,2 10 6 95% 3 4 4 Average occupancy1,2 Large format retail Office Daily needs retail Industrial Healthcare Agriculture 5.3yrs Average WALE1
Slide 37: CIP, COF and APL portfolio snapshots
ASX CIP: Australia’s largest domestic ASX COF: Australia’s largest NZX APL: Asset Plus pure play industrial REIT pure play office REIT • Delivered FY25 FFO of 17.5 cents per unit • Delivered FY25 FFO of 11.8 cents per unit • Delivered FY25 Distributions of 16.3 cents per unit • Delivered FY25 Distri
Slide 38: Centuria Life
Centuria Life Flows FY25 FY25 FY24 FY24 change Applications Redemptions $0.9bn Assets under management ($m) ($m) (%) ($M) ($M) AUM Prepaid funeral plans (Guardian)2 565.3 543.5 4.01 40.9 46.4 Unitised bonds (Centuria Life) 215.4 216.7 -0.62 5.0 20.6 Centuria LifeGoals 131.1 94.9 38.15 28.6 3.7 TOTAL
Slide 39: Reconciliation of statutory profit to operating profit
UNLISTED: 1521 FOREST RD, ORANGE NSW Reconciliation of statutory profit to operating profit FY25 ($m) FY24 ($m) Statutory net profit after tax1,2 82.7 102.1 Statutory EPS (cents)1,2 10.0 12.6 ADJUSTED FOR NON-OPERATING ITEMS Loss/(gain) on fair value movements in derivatives and investments 12.5 (19
Slide 40: CNI property investments
CNI property $811 million of financial assets and interests in associates1 investments $675 million of financial assets and interests in associates/JVs1 ~53% ($431 million) aligns CNI as the Group capital type(%) largest unitholder in listed funds CIP, COF and APL. Listed assets are held as simple i
Slide 41: Property investment reconciliation
Property investment reconciliation1 Carrying value Distribution Carrying value Distribution Strong alignment to 30 JUN 25 income FY25 30 JUN 24 income FY24 Fund type ($m) ($m) ($m) ($m) Centuria’s listed REITs Centuria Industrial REIT (ASX: CIP)2 Listed 315.4 16.5 304.3 16.2 CNI is the largest unith
Slide 42: Definitions
Definitions Operating Segments: Group has six reportable operating segments. AUM: Assets under management CPFL: Centuria Property Funds Limited ACN 086 553 639 These reportable operating segments are the divisions which report CAGR: Compound annual growth rate CPF2L: Centuria Property Funds No. 2 Li
Slide 43: Disclaimer
Disclaimer This presentation has been prepared by Centuria Capital Limited and Centuria Funds Management Limited (‘CFML’) as responsible entity of Centuria Capital Fund (together the stapled listed entity CNI). Centuria Property Funds Limited (ABN 11 086 553 639, AFSL 231 149) ('CPFL') and Centuria
Slide 44: Office locations
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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