Slide 1: Financial results
Financial results For the six months ended 30 September 2025 19 November 2025
Slide 2: Overview
6-8 MUNROE LANE, ALBANY Overview 1. Result summary 2. Key metrics 3. Financial performance 4. Portfolio update 5. Outlook 2
Slide 3: Result summary
Result summary 6-8 MUNROE LANE 6-8 MUNROE LANE • Total profit for the period of $1.61 million, against a $2.32 million profit in the prior period to September 2024. • The prior period included a fair value movement in respect to 35 Graham Street, which has now been sold. • Funds from Operations (FFO
Slide 4: Key metrics
Key metrics Portfolio value Properties Occupancy WALE Loan-to-Value Net Tangible Ratio Assets September 2025 $107.7m* 1 65.0% 8.5 years 0% 32.4 cps increasing to 74% (When new Aderant lease when new lease commences, it adds 1 year commences to the WALE at that time) September 2024 $183.6m 2** 42.0%
Slide 5: Financial performance
Financial performance 5
Slide 6: Financial performance
Financial performance • The impact of the 35 Graham Street divestment was $0.26 million, being the operating cost saving. • Operating costs were broadly flat at Munroe Lane. Sep-25 Sep-24 Var ($m) ($m) ($m) • Management fees were lower due to the sale of 35 Graham Street and a lower fair value at Mu
Slide 7: Net rental performance
Net rental performance • Munroe Lane gross rental decrease was due to a minor Sep-25 Sep-24 Var ($m) ($m) ($m) change in the straight-line rental methodology. Invoiced rent is unchanged across the two periods. The first fixed rent review is in May 2026. Operating costs were Munroe Lane 2.45 2.49 (0.
Slide 8: Administration & finance expenses
Administration & finance expenses Sep-25 Sep-24 Var • Management fees are lower due to the sale of 35 Administration costs Graham Street and a lower fair value at Munroe Lane. ($m) ($m) ($m) Management fees 0.27 0.46 0.19 • Finance costs reduced due to the sale of 35 Graham Directors’ fees 0.15 0.15
Slide 9: Balance sheet
Balance sheet • Cash reserves will fund future leasing initiatives and Sep-25 Mar-25 Var associated capex. ($m) ($m) ($m) • Investment property comprises Munroe Lane. The Cash 10.3 10.9 (0.6) increase in the fair value for the period relates to capex of Investment property 107.7 107.0 0.7 $0.24 mill
Slide 10: Portfolio update
Portfolio update 10
Slide 11: Munroe Lane, Albany
Munroe Lane, Albany 6-8 MUNROE LANE, ALBANY Passing rent $5.5 million plus GST • No independent valuation has been obtained at half and outgoings once Aderant year. lease commences in early 2026 • The new Aderant lease is expected to commence in early February 2026 once the fit-out works are Passing
Slide 12: Outlook
0 ASSET PLUS+#+ —— MaNacen ey Centuria Outlook 12
Slide 13: Outlook
Outlook • Key focus remains successfully leasing the balance of the Munroe Lane property. Thereafter, we will look to sell Munroe Lane. • We wish to emphasise that further leasing of Munroe Lane will influence the timing of such decisions, while market conditions at the time are likely to dictate th
Slide 14: Appendices
0 ASSET PLUS+#+ —— MaNacen ey Centuria Appendices 14
Slide 15: Appendix 1 – FFO and AFFO reconciliation
Appendix 1 – FFO and AFFO reconciliation 6 months to Sep 25 ($m) 6 months to Sep 24 ($m) Total comprehensive income net of tax 1.61 2.32 Add back Fair value movement on investment property 0.32 (2.27) (including loss on disposal) Net operating income (loss) after tax 1.93 0.05 Amortisation of lease
Slide 16: Appendix 2 – FFO and AFFO Waterfall
Appendix 2 – FFO and AFFO Waterfall 2,000 187 4 1,606 1,527 (64) 1,500 1,191 (415) 1,000 500 0 260 40 (348) (500) The above graph is represented in $000s 16
Slide 17: Important Notice
Important Notice This presentation contains not only a review of operations, but may also contain some forward looking statements (including forecasts and projections) about Asset Plus Limited (APL) and the environment in which APL operates. Because these statements are forward looking, APL’s actual
Slide 18: Where to find us
Where to find us Auckland Office Level 2, Bayleys House 30 Gaunt Street Auckland 1010 PO Box 37953 Parnell Auckland 1151 Telephone +64 (9) 300 6161