Growthpoint Properties Australia · ASX:GOZ
Growthpoint Properties Australia — FY2025 Earnings Presentation
56 slides from Growthpoint Properties Australia's earnings presentation, Aug 14, 2025
Slide 1: FY25 annual results
Growthpoint Properties Australia ASX: GOZ FY25 annual results creating value beyond real estate 14 August 2025
Slide 2: Growthpoint snapshot
Growthpoint snapshot as at 30 June 2025 Growthpoint Properties Australia | AUM $5.4b | 66 assets Directly held Third party $4.1b | 50 assets $1.4b | 16 assets Industrial & logistics Office Retail AUM $1.7b | 30 assets AUM $2.8b | 29 assets AUM $0.9b | 7 assets Note: May not sum due to rounding. 2 Gr
Slide 3: Agenda and Speakers
Agenda Speakers FY25 snapshot Financial Direct Funds & highlights performance portfolio management 4 6 10 19 Sustainability Priorities Supplementary Ross Lees Michael Green & outlook information Chief Executive Officer Chief Investment & Managing Director Officer 23 26 31 Acknowledgement of Country
Slide 4: FY25 snapshot
FY25 snapshot Delivered on guidance and executed on new strategic priorities Financial performance Capital management Direct portfolio and funds management metrics Direct Funds portfolio management FFO Ordinary Gearing2 Occupancy WALE WACR AUM distribution 23.3 cps 39.7% 94% 5.6 yrs 6.7% $1.4b FY24:
Slide 5: FY25 strategic highlights
FY25 strategic highlights Created momentum in funds management and measurable progress across all strategic pillars Portfolio Grow Efficient allocation Sustainable performance of capital future proofing • Like-for-like property FFO • $328m new fund creation3 - • Generated $335m of cash • Reached our
Slide 6: Financial performance
Financial performance Dion Andrews Chief Financial Officer Third-party portfolio: 307 Queen Street, Brisbane, QLD
Slide 7: FY25 financial results
FY25 financial results Generated like-for-like revenue growth from high-quality real estate assets with growth and momentum in funds management Components of FFO FY25 FY24 % change Like-for-like Property FFO up 3.2% (ex. Property FFO $m 284.3 289.7 (1.9) lease surrender payments and divestments) Fun
Slide 8: Gearing
Gearing Reduced gearing through disciplined capital recycling, despite declines in asset values Gearing1 Gearing movement 1 as at 30 June 2025 For the 12 months ended 30 June 2025 LVR covenant – 60% 0.5% 0.8% Target gearing range 35-45% 2.2% 40.2% 0.4% (2.9%) 39.7% 3.5% 36.6% 31.8% 31.2% 27.9% 40.2%
Slide 9: Capital management
Group debt Group debt Capital maturity profile ($m) composition management 3.9 years WADM 470 461 470 11.4% 44 Near-term debt maturities 30-Jun-24: 3.0 100 12.3% Total fully addressed 252 261 drawn debt 200 55.4% 426 $1.7b1 370 • Negotiated $645m of bank debt 152 100 125 20.9% with key features: 200
Slide 10: Direct portfolio
Direct portfolio Michael Green Chief Investment Officer Direct portfolio: 27-49 Lenore Drive, Erskine Park, NSW
Slide 11: Direct property portfolio – snapshot
Direct property portfolio – snapshot 1 Exceptional portfolio of modern office and industrial assets, geographically diversified with strong occupancy and high-quality tenants FY25 leasing: Geographic sector Office: 23,087 sqm; 6.6% of office portfolio income Portfolio value2 Occupancy WALE WACR by v
Slide 12: Direct portfolio – valuations update
Direct portfolio – valuations update Cap rates and valuations are stabilising across Growthpoint’s portfolio Direct office portfolio Direct portfolio – FY25 valuation metrics – WACR 4% $2.6b 7.0% 7.7% 7.02% 6.68% average increase in industrial face market rents adopted in Value WACR WADR valuations
Slide 13: Direct property portfolio – Office
Office portfolio Top ten tenants Direct property portfolio key metrics As at 30 June 2025 (by office portfolio income) – Office $2.6b Portfolio value 12% 30-Jun-24: $2.8b High-quality office portfolio with high 11% occupancy, and strong green credentials 27 Office assets 5% 30-Jun-24: 27 100% modern
Slide 14: Office portfolio leasing
Leasing momentum into FY26, with Office portfolio leasing terms agreed for 24% of existing vacancy and FY26 expiries3 Strategic repositioning and active management, delivered like-for-like office property FFO growth of 19,239 sqm Vacancy reduced to 6% (from 8%) 2.0%1 through significant leasing exec
Slide 15: Office market overview
Office effective rent growth Office market overview Growthpoint markets, 12 months to 30 June 2025 9.7% 6.6% Growthpoint’s A-Grade office assets are positioned 4.9% to benefit from improving market conditions 1.0% 2.9% 3.1% Growthpoint market metrics -0.4% -0.2% Positive Vacancy Face rent Effective
Slide 16: Direct property portfolio – Industrial
Industrial portfolio Top ten tenants Direct property portfolio key metrics As at 30 June 2025 (by industrial portfolio income) – Industrial $1.5b Portfolio value1 42% 30-Jun-24: $1.6b Modern industrial portfolio, anchored by 9% leading tenants and prime locations 23 Industrial assets 2 30-Jun-24: 30
Slide 17: Industrial portfolio leasing
Leasing momentum into FY26, with Industrial portfolio leasing terms agreed for 53% of existing vacancy and FY26 expiries5 Customer-centred approach delivered leasing success, like-for-like industrial property FFO growth 71,284 sqm FY26 expiries reduced to 4% (from 11%) of 6.0%1 and increased WALE te
Slide 18: Industrial market overview
Industrial floorspace (annual gross take-up, million sqm) Industrial market overview 4.0 3.0 Industrial market normalising, maintaining 2.0 strong fundamentals and sustained demand 1.0 0.0 • Occupier markets remain tight relative to historic FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 ave
Slide 19: Funds Management
Funds Management Ross Lees Chief Executive Officer & Managing Director Third-party portfolio: Cammeray Square, Cammeray, NSW
Slide 20: Funds management – snapshot
Funds management – snapshot Scalable funds management platform with new funds momentum generating income growth Funds primary sector by value $1.4b 11 $328m $37m AUM Unlisted New AUM Total FY25 91% Retail – 62% funds in FY251 co-investment Occupancy 7 assets 30-Jun-24: $1.6b 30-Jun-24: 9 FY24: $0m F
Slide 21: Funds management – transactions
Funds management GALP expands with Queensland $40m – transactions Purchase price asset purchase – May 2025 First Growthpoint-branded funds launched, backed 100% Occupancy by institutional and wholesale syndicate investors • $328m new AUM added in FY25 1 — Formed the $198m GALP with six portfolio ass
Slide 22: FY26 funds management priorities
FY26 funds management priorities Continuing targeted asset sourcing momentum Leveraging our points of … continuing our positive … targeting growth through difference … momentum to source assets … new and existing funds… Customer Executing our focused growth strategy The trusted partner for investors
Slide 23: Sustainability
Sustainability Ross Lees Chief Executive Officer & Managing Director Third-party portfolio: 76 Quinns Hill Road East, Stapylton, QLD
Slide 24: Net Zero Target achieved on 1 July 2025
Net Zero Target achieved Sustainability actions completed in FY25 on 1 July 20251 Completion of four-year sustainability program 182kW solar capacity achieved Net Zero Target installed across two assets 13 EV chargers installed at five commercial assets Reached 1,425 kW Reduced energy Committed to 1
Slide 25: Sustainability performance
Sustainability performance Commitment to future proofing enhanced sustainability ratings over FY25 2024 GRESB performance Achieved our highest rating of 85/100, 5.2 stars 75 Dorcas Street, South Melbourne, VIC exceeding the peer Energy rating 30-Jun-24: 5.2 stars 75 Dorcas Street average of 76 and r
Slide 26: Priorities & outlook
Priorities & outlook Ross Lees Chief Executive Officer & Managing Director Direct portfolio: 5 Murray Rose Avenue, Sydney Olympic Park, NSW
Slide 27: Our purpose, vision and strategy
Our purpose Creating value beyond real estate Why we exist Our vision To create sustainable value in everything we do, What we will accomplish together by being the forward-thinking, trusted partner of choice Our strategy Deliver growth through funds partnerships, How we turn our vision to reality u
Slide 28: FY26 strategic priorities
FY26 strategic priorities Focus on continued leasing success and growing funds management Portfolio Grow Efficient allocation Sustainable performance of capital future proofing • Focus on leasing current • Funds transactions within • Further co-investments to • Continuous improvement vacancies and k
Slide 29: FY26 priorities, guidance & outlook
FY26 priorities, guidance & outlook FY26 FFO • Growth through funds management – continue guidance transaction sourcing momentum, and manage fund lifecycle opportunities 22.8 - 23.6 cps No acquisitions or disposals of direct • Continue leasing success – customer-focused, active investment properties
Slide 30: Growthpoint investment proposition
Growthpoint investment proposition A clear business model offering compelling value, with upside potential 66 5.6 years High-quality Direct portfolio assets WALE Direct ownership of Genuine, long-standing diversified portfolio relationships fostered of high quality Australian real estate through inn
Slide 31: Supplementary information
Supplementary information Financial Property information portfolio 32 42 Market drivers Additional & metrics information 50 53 Direct portfolio: 51-65 Lenore Drive, Erskine Park, NSW
Slide 32: Financial information
Third party portfolio: 307 Queen Street, Brisbane, QLD Financial information
Slide 33: Financial performance
Financial performance FFO per security movement NTA per security movement $3.45 0.2 0.2 0.9 $0.02 $0.01 -0.8 -$0.22 $3.21 23.9 -$0.05 -0.7 $0.02 23.3 $0.03 $3.09 -0.3 -0.1 -$0.03 -$0.14 FY24 NPI1 FUM Net Dist Divested Surrenders Other FY25 NTA Office Industrial Retained Other NTA Office Industrial R
Slide 34: Summary financials
Summary financials FY25 FY24 Change % Change FY25 FY24 Change % Change NPI1 $m 240.3 249.7 (9.4) (3.8) Office FFO $m 194.4 194.6 (0.2) (0.1) Like-for-like Property FFO $m 276.1 271.4 4.6 1.7 Industrial FFO $m 86.8 87.1 (0.3) (0.3) Fund management revenue $m 9.6 8.0 1.6 20.0 Statutory accounting loss
Slide 35: Reconciliation from statutory profit to FFO
Reconciliation from statutory profit to FFO FY25 FY24 Change Change $m $m $m % Loss after tax (124.6) (298.2) 173.6 58.2 Adjustment for non-FFO items: - Straight line adjustment to property revenue (5.9) (10.2) 4.3 - Net loss in fair value of investment properties 235.1 424.3 (189.2) - Net loss on e
Slide 36: Financial position
Financial position 30 June 2025 30 June 2024 $m $m Assets Cash and cash equivalents 49.9 42.2 Investment properties 4,159.3 4,503.7 Investment in securities and equity accounted investments 37.4 140.9 Intangible assets 6.4 7.2 Other assets 72.2 70.9 Total assets 4,325.2 4,764.9 Liabilities Borrowing
Slide 37: Additional financial information
Additional financial information Reconciliation of operating cashflow to FFO FY25 FY24 Change $m $m $m Operating cashflow 112.1 133.9 (21.8) Lease incentives and leasing costs 68.2 42.6 25.6 Net (prepaid)/accrued operating activities (6.2) 3.5 (9.7) Net accrued capital expenditure 1.6 3.6 (2.0) Inco
Slide 38: Lease incentives
Lease incentives Consolidated Statement of Profit and Loss FY25 FY24 $m $m Property revenue (excluding incentives) 360.0 353.7 Lease incentives include fit out, rent free, Amortisation of tenant incentives (43.1) (40.0) rental abatement and cash payments. The Property revenue 316.9 313.7 tables on t
Slide 39: Capital expenses
Capital expenses Capital expenditure (Office) FY25 FY24 Portfolio maintenance capex (Office) 1 $m 23.8 18.2 Average property asset value (Office) $m 2,606 2,864 Capital expenditure to average property portfolio value (Office) % 0.91 0.64 Capital expenditure (Industrial) FY25 FY24 Portfolio maintenan
Slide 40: Capital management
Capital management 2.4 years 3.2% 60%-100% Weighted average Weighted average Target fixed/hedged fixed/hedge maturity fixed debt rate debt 30-Jun-25 30-Jun-24 Carrying Carrying amount Fair value amount Fair value ($m) ($m) ($m) ($m) FY26 FY27 FY28 FY29 FY30 Total Current liabilities Cross currency i
Slide 41: Key debt metrics and changes during FY25
Key debt metrics and changes during FY25 30 June 2025 30 June 2024 Change Fixed debt maturity profile by Gross assets $m 4,325.2 4,765.0 (439.8) financial year (as at 30 June) Interest bearing liabilities $m 1,728.4 1,923.8 (195.4) Notional A$m Fixed rate (excluding margin) Total debt facilities $m
Slide 42: Property portfolio
Direct portfolio: 109 Burwood Road, Hawthorn, VIC Property portfolio
Slide 43: Direct portfolio – lease expiry
Direct portfolio – lease expiry Focus on near term expiries, with active leasing strategies Weighted average lease expiry by total portfolio income, as at 30 June 2025 44% Office Industrial Office key expiries – Aus Comm Gov 2.6% – Samsung 2.3% – BOQ 2.3% Office key expiries – Jacobs Group 1.7% – AN
Slide 44: Other portfolio metrics
Other portfolio metrics 30 June 2025 30 June 2024 Lease type Annual rent review type by income by income Number of assets 50 57 Gross Fixed over 4.00% Property portfolio value $4.1 billion $4.4 billion 7% 7% Number of tenants 167 170 CPI Semi-gross 7% 12% Portfolio occupancy 94% 95% Fixed 2.50-2.99%
Slide 45: Office portfolio – top five assets (by value)
Office portfolio – top five assets (by value) 1 Charles Street 75 Dorcas Street 100 Skyring Terrace Building 3, 570 Swan Street 15 Green Square Close Parramatta, NSW South Melbourne, VIC Newstead, QLD Richmond, VIC Fortitude Valley, QLD Title Freehold Title Freehold Title Freehold Title Freehold Tit
Slide 46: Industrial portfolio – top five assets (by value)
Industrial portfolio – top five assets (by value) 70 Distribution Street 20 Colquhoun Road 599 Main North Road 27-49 Lenore Drive Hugh Edwards Dr & Tarlton Larapinta, QLD Perth Airport, WA Gepps Cross, SA Erskine Park, NSW Cres, Perth Airport, WA Title Leasehold Title Leasehold Title Freehold Title
Slide 47: Long history of leasing success – office portfolio
Long history of leasing success – office portfolio FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Leases completed Leases completed Leases completed Leases completed Leases completed Leases completed Leases completed Leases completed Leases completed 41,159 sqm or 17,092 sqm or 7,203 sqm or 68,580 sqm
Slide 48: Long history of leasing success – Industrial portfolio
Long history of leasing success – Industrial portfolio FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Leases completed Leases completed Leases completed Leases completed Leases completed Leases completed Leases completed Leases completed Leases completed 53,762 sqm or 115,341 sqm or 109,698 sqm or 82,
Slide 49: Top ten tenants – by income
Top ten tenants – by income Total portfolio % portfolio WALE Office tenants % portfolio WALE Industrial tenants % portfolio WALE as at 30 June 2025 income (yrs) as at 30 June 2025 income (yrs) as at 30 June 2025 income (yrs) Woolworths 12 8.2 Australian Comm Government 12 2.7 Woolworths 42 8.2 Austr
Slide 50: Market drivers & metrics
Third-party portfolio: Home HQ, Artarmon, NSW Market drivers & metrics
Slide 51: Office occupancy dynamics
Office occupancy dynamics Office occupancy unchanged despite significant white collar employment growth National office market National office market Equilibrium market required for growth Five years January 2020 July 2025 Rule of thumb: 8% vacancy Vacancy: 8% vacancy drives rental growth 4.1 millio
Slide 52: Key market metrics
Key market metrics % of GOZ Total prime Average face rent Average Average core Market portfolio vacancy per sqm / p.a. incentives market yield Office markets Adelaide – CBD SA – 12.5% $647 gross 39% 6.75% - 8.75% Brisbane – CBD QLD – 6.8% $1,022 gross 39% 6.13% - 8.25% Melbourne – CBD VIC – 18.5% $7
Slide 53: Additional information
Third-party portfolio: 13 Business Street, Yatala, QLD Additional information
Slide 54: Glossary
Glossary Term Definition Term Definition Term Definition ABS Australian Bureau of Statistics gearing Interest bearing liabilities less FX movements NLA Net lettable area ACT Australian Capital Territory, Australia relating to USPP and cash divided by total assets NPI Net property income plus distrib
Slide 55: Important information
Important information This presentation has been prepared by Growthpoint Properties Australia Limited materialise, or should underlying assumptions prove incorrect, there can be no (ACN 124 093 901) in its personal capacity and as responsible entity of Growthpoint assurance that actual outcomes for
Slide 56: Contact us
Contact us Retail investors Institutional investors Computershare Alix Holston 1300 665 792 (within Australia) Head of Corporate Affairs and Investor Relations +61 (3) 9415 4366 (outside Australia) +61 418 312 837 webqueries@computershare.com.au investor.relations@growthpoint.com.au creating value b
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