Waypoint Reit Ltd. · ASX:WPR
Waypoint Reit — H1 2026 Earnings Presentation
37 slides from Waypoint Reit's earnings presentation, Aug 27, 2026
Slide 1: 1H26 Results Presentation
1H26 Results Presentation 27 August 2026 Hadyn Stephens – Managing Director and CEO Aditya Asawa – Chief Financial Officer
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer This presentation has been prepared by Waypoint REIT (“WPR” or Industry data and third-party market data “Waypoint REIT”) which is a stapled entity comprising shares in Waypoint This presentation contains statistics, data and other information relating You should rely
Slide 3: Portfolio Snapshot
1 Portfolio Snapshot High-quality portfolio with 92% weighting to metropolitan and highway locations Avg. Book Passing Avg. Site Category Description # Value WACR Yield3 Value Area WALE Capital Cities Capitals of the 8 269 $2,016.7m 5.37% 5.51% $7.5m 3,506 sqm 5.7yrs Key Portfolio Statistics states
Slide 4: Agenda
Agenda 1. 1H26 Highlights 5 2. Financial Results and Capital Management 7 3. Market and Portfolio Update 13 4. Outlook 17 5. Additional Information 19 6. Glossary 33 4 Image: OTR Pennant Hills (NSW)
Slide 5: 1H26 Highlights
g Director 1H26 Highlights Hadyn Stephens Managing Director and CEO 5 Image: OTR Greystanes (NSW)
Slide 6: 1H26 Highlights
1H26 Highlights Resilient performance in a challenging operating environment Financial Performance Property Portfolio Capital Management Other Distributable EPS: 8.59cps1 Valuation Uplift: $10.7m Gearing: 32.4% Viva Energy Australia (1H26)2,5 +3.4% vs. 1H25 WACR: 5.71% (+10bp since Dec-25) Lower hal
Slide 7: Financial Results and Capital Management
Financial Results and Capital Management Aditya Asawa Chief Financial Officer 7 Image: OTR Hope Valley (SA)
Slide 8: Financial Performance
Financial Performance 1H26 DEPS up 3.4%, driven by growth in DE and FY25 security buyback 1H26 1H25 Change $m $m $m Commentary 1 Rental income 83.5 82.4 1.1 1 Like for like rent growth of ~3% offset by impact of settlements in 2H25 and 1H26 2 Operating expenses (4.9) (4.9) - 2 Overall operating expe
Slide 9: Balance Sheet
Balance Sheet Gearing remains at the lower end of the target range Jun-26 Dec-25 Change $m $m $m Commentary Cash and equivalents 15.4 14.4 1.0 1 Increase primarily due to portfolio valuation gain ($10.7m) offset by settlement of Nowra ($6.1m, settled in May 2026) 1 Investment properties 2,862.7 2,85
Slide 10: Capital Management
Capital Management Prudent capital management position Jun-26 Dec-25 Change Commentary Facility limit ($m) 1,059.7 1,059.7 - 1 Liquidity at 30 June 2026 increased following settlement of Nowra in 1H26 Drawn debt ($m)1 946.7 951.7 (5.0) 2 Gearing remains at the lower end of the target range (30-40%)
Slide 11: Debt and Hedging Profile
Debt and Hedging Profile Refinancing activity supports debt maturity profile; high level of near-term hedging maintained • $250m of refinancing conducted in 1H26, supporting WPR’s WADM profile • Modest level of hedging activity via forward starts and restructures, with the net impact being: – New 6-
Slide 12: Valuations
Valuations1 Valuation uplift of $10.7m, with rent reviews offsetting 10bp of cap rate expansion # of Value ($m) WACR (%) • CBRE replaced Savills as WPR’s independent valuer for Properties the Jun-26 valuation process (3-year appointment) @ 30-Jun-26 Dec-25 Jun-26 Change Dec-25 Jun-26 Change Capital
Slide 13: Market and Portfolio Update
g Director Market and Portfolio Update Hadyn Hadyn Stephens Stephens Managing Director and Chief Executive Managing Director and CEO Officer 13 Image: OTR Baulkham Hills (NSW)
Slide 14: F&C Transaction Market
F&C Transaction Market Solid transaction activity in 1H26; interest rates remain the key catalyst for future activity 1H26 Summary National Transaction Volume $700m 6.50% 7.00% • Number of transactions broadly in line with 1H25, but down 6.07% 6.26% 5.95% 5.82% 5.98% ~30% on 2H25 $600m 5.66% 5.59% 6
Slide 15: Leasing Update
Leasing Update All FY26 lease expiries now resolved, strong retention (97.2%) and rental reversion (+10.3%) achieved Passing Rent % of FY26 Passing Rent • FY26 lease expiries represented ~4% of WPR’s total rent roll FY26 Renewals # (Pre-Review) Expiries (Post-Review) Reversion Capital Cities 8 $1.73
Slide 16: Network Conversions
Network Conversions Slower overall OTR conversion program; 19 conversions completed on WPR sites, all funded by VEA Broader VEA Network1: Conversions completed on WPR sites2 • 5 OTR stores opened/converted in 1H26 Property Expiry Completed • Network development plan adapted to evolving market condit
Slide 17: Outlook
g Director Outlook Hadyn Stephens Managing Director and CEO 17 Image: OTR Strathfield (NSW)
Slide 18: Outlook
Outlook FY26 DEPS guidance reaffirmed at 17.14 cents (+3% vs. FY25) • 33 F&C leases expire in 2027 (~7% of income) FY26 Guidance1 / Current Pricing – IPO leases (28): Aug-27 expiry, landlord-initiated process to commence shortly DEPS 17.14 cents Growth on FY25 3.0% – Other leases (5): various expiry
Slide 19: Additional Information
Additional Information 19 Image: Shell Reddy Express Brandon Park (VIC)
Slide 20: Reconciliation of Distributable Earnings to Statutory Profit
Reconciliation of Distributable Earnings to Statutory Profit Reduction in Statutory Profit driven by lower revaluation gain in 1H26 1H26 1H25 Change $m $m $m Commentary Distributable Earnings 56.1 55.6 0.5 1 Valuation gain of $10.7m this period driven by contracted rental growth offset by a 10bp sof
Slide 21: Portfolio by State / Territory
Portfolio by State / Territory1 Strong geographic profile (>80% eastern seaboard, >80% metropolitan locations) NSW VIC QLD WA SA ACT TAS NT Portfolio 5% 3% 2% 1% 9% 31% 10% % of WPR portfolio value: 19% 20% 30% 30% Cap rate change: 2H25 (9 bp) +6 bp (3 bp) (5 bp) (12 bp) (18bp) (18bp) 0 bp (3 bp) 1H
Slide 22: Lease Expiry Profile (30 June 2026)
Lease Expiry Profile (30 June 2026) Portfolio WALE of 5.9 years with a staggered expiry profile WALE 5.9 years 24.9% 19.6% 13.8% 8.0% 8.8% 2 6.9% 6.0% 6.9% 1 0.1% 0.7% 0.3% 0.1% 3.9% Vacant FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 2 29 31 28 27 39 58 66 67 2 24 1 Other F
Slide 23: Viva Energy Australia – 1H26 Result
Viva Energy Australia – 1H26 Result1 Strong performance across all segments has strengthened the VEA balance sheet • Group Highlights: 1H25 1H26 Change – Record underlying first half earnings with all business units reporting significant growth Key C&M Stats: – EBITDA and NPAT up 154% and 493% respe
Slide 24: Retail Fuel Volumes
Retail Fuel Volumes Petrol and diesel volumes broadly flat on the prior year • Retail fuel volumes in the 12 months ended 30 June 2026 were down 1.6% on the previous corresponding period (diesel +1.1%, petrol -3.9%) • Post-COVID diesel volumes have continued to grow however petrol volumes have decli
Slide 25: Retail Fuel Prices and Margins
Retail Fuel Prices and Margins Average retail prices have increased, industry margins remain strong • Average fuel price of ~$1.95 per litre (increased 6.7%, partly curtailed by fuel excise reductions). Diesel prices increased 21.3cpl (~12%), petrol prices increased 3.8cpl (~2%) • Average margins of
Slide 26: Australian New Vehicle Market
Australian New Vehicle Market EV share of new light vehicle sales doubled in 1H26 to ~26%; share of total fleet estimated at ~2% BEV/PHEV Sales as % of New Light Vehicle Sales 1 30% 25.8% New light vehicle sales (1H26)3 ~612k 25% PHEV 8.9% total sales (+1.7%) 20% BEV 16.9% Petrol 31.0% 15% 13.1% 9.7
Slide 27: EV share of total fleet
Impact of EV Transition on Australian Vehicle Fleet (Indicative)1 Transition of Australian vehicle fleet to EVs is expected to take many years • Estimated EV share of total fleet in December 2025 was EV share of Australian car fleet (2026-2035) ~2.2% (BEVs and PHEVs) 50.0% • Chart shows a range of p
Slide 28: National Convenience Store Data (1H26)
National Convenience Store Data (1H26) Resilient performance from the broader convenience channel despite ongoing challenges from tobacco Key Categories Value Units Packaged beverages +3.6% +0.8% Tobacco (10.8%) (10.4%) Foodservice +5.8% +2.2% Confectionery +5.7% (1.2%) Hot dispensed beverages (1.3%
Slide 29: National Convenience Store Data (2025)
National Convenience Store Data (2025) Ex-tobacco, industry sales and profit growth remain strong, underpinned by F&B • Sales: – Total sales down 3.9% on 2024 Sales Share of Sales (2025) – Sales excl. tobacco up 4.5% $10.3bn $9.9bn – F&B: $6.80bn (+6.5%) $7.7bn $8.0bn – Non-F&B: $3.08bn (-20.9%) Oth
Slide 30: National Convenience Store Data (2019-25)
National Convenience Store Data (2019-25) Significant growth in other, higher margin categories has more than offset the decline in tobacco • Industry sales increased by $1.1bn (~13%) between 2019 and 2025, despite a $1.6bn (~46%) decline in tobacco sales; key contributors include packaged beverages
Slide 31: F&C Retail Industry Profitability
F&C Retail Industry Profitability1 Solid growth in gross profit despite challenging industry conditions • Challenges: Australian F&C Operators 2019 2025 CAGR – Changed mobility habits as a result of COVID-19 (working from home) Fuel: – Increased fuel efficiency (hybrids and EVs) Fuel volumes BL 24.4
Slide 32: Valuations
Valuations Comprehensive valuation approach; stable cap rate over time • Properties are required to be independently valued at least once every three years • Valuer rotation every three years • Approximately one-sixth of the portfolio is subject to independent valuation semi-annually with the balanc
Slide 33: Glossary
Glossary 33 Image: OTR Strathfield (NSW)
Slide 34: Glossary
Glossary AACS Australian Association of Convenience Stores AIP Australian Institute of Petroleum AMTN Australian Medium-Term Notes ASX Australian Securities Exchange BEV Battery electric vehicle. Powered by battery, with no secondary source of power bp Basis points C&M Convenience and mobility CAGR
Slide 35: Glossary
Glossary F&C Fuel and Convenience FY Financial year Gearing Net debt (excluding foreign exchange and fair value hedge adjustments) to total assets (excluding cash) IPO Initial Public Offering LTI Long term incentive LTM Last twelve months m2 Square metre ML Megalitre (metric unit of capacity equal t
Slide 36: Glossary
Glossary VEA or Viva Energy Australia Viva Energy Australia Pty Ltd (ABN 46 004 610 459) / Viva Energy Group Limited (ABN 74 626 661 032) (ASX: VEA) Waypoint REIT or WPR Stapled entity comprising one share in Waypoint REIT Limited (ABN 35 612 986 517) and one unit in the Waypoint REIT Trust (ARSN 61
Slide 37: Waye int
aa a Waye int REIT