Slide 1: BWP Group Investor Presentation
BWP GROUP INVESTOR PRESENTATION August 2026
Slide 2: Presentation Outline
PRESENTATION OUTLINE Acknowledgement ITEM SLIDE of Country Mark Scatena FY26 Overview 3–6 Managing Director We acknowledge the Traditional Owners of Country throughout Australia and their David Hawkins Reset Activities 7 continuing connection to lands and Chief Financial Officer waterways upon which
Slide 3: FY26 Overview
FY26 OVERVIEW Bunnings Morayfield and HomeCentre Morayfield (QLD)
Slide 4: FY26 Overview
FY26 OVERVIEW Strengthened income security whilst building a platform for PROFIT (AFTER REVALUATIONS) FUNDS FROM OPERATIONS (FFO) income and capital growth over the long-term $408.4m $140.9m 53.8% on pcp1 ($265.6m) 4.5% on pcp1 ($134.8m) > Management internalisation implemented > Bunnings leases res
Slide 5: Financial and Capital Management
FINANCIAL AND CAPITAL MANAGEMENT Earnings growth > Funds from operations (FFO) of $140.9m (↑4.5% on FY25) FINAL PROFITDISTRIBUTION (AFTER REVALUATIONS) > Management expense ratio of 0.34% (0.66% in FY25) driven by internalisation 9.83 Distribution growth cents per security > Full-year distribution o
Slide 6: Operational Execution
OPERATIONAL EXECUTION Income security > 62 Bunnings leases reset and extended LFR LEASING PROFIT SPREADS (AFTER REVALUATIONS) > Portfolio 98.4% occupied (including repurposing projects, ↓0.2% from 30 June 2025) > WALE of 7.3 years (↑2.8 years from 30 June 2025) 23.6% 14 LFR tenancies1 Income growth,
Slide 7: FY26 Reset Activities
FY26 RESET ACTIVITIES Bunnings Warehouse Port Melbourne, Victoria
Slide 8: How BWP Delivers Returns
HOW BWP DELIVERS RETURNS 8 FY26 RESULTS
Slide 9: Advancement of Important Reset Activities
ADVANCEMENT OF IMPORTANT RESET ACTIVITIES Period of reset to improve recurrent income, secure the Bunnings covenant, lower the cost structure, improve alignment with securityholders and reset the balance sheet to enable a platform for growth 1 As at 31 December 2023 9 FY26 RESULTS
Slide 10: Phased Progression Through Key Enabling Activities
PHASED PROGRESSION THROUGH KEY ENABLING ACTIVITIES Reset period characterised by portfolio growth and increased net asset backing, growth capex deployment and increased LFR contribution, reduced balance sheet leverage and increased funding capacity, and growth in FFO and distributions Portfolio valu
Slide 11: FY26 Review of Results and Operations
FY26 REVIEW OF RESULTS AND OPERATIONS Fountain Gate, Victoria
Slide 12: Tenant Income Mix and Lease Expiry
TENANT INCOME MIX AND LEASE EXPIRY Continued strong covenant mix driven by Wesfarmers and national retailers (collectively ~96%); WALE extended via Bunnings lease reset Rental Income Mix WALE and Occupancy % of Total Rent WALE Occupancy (Years) (%) 1.3 1.5 1.0 2.4 2.7 3.7 100.0 8.0 100.0% 99.1% 9.3
Slide 13: Rental Income Growth and Tenant Composition
RENTAL INCOME GROWTH AND TENANT COMPOSITION Like-for-like rental income growth of 3.0% reflects balanced lease structure and growth from large format retail (LFR) portfolio > LFR rent growth an increasing contributor to total portfolio rent > Growth in average rent ($ per sqm) supported by increased
Slide 14: Large Format Retail Leasing Outcomes
LARGE FORMAT RETAIL LEASING OUTCOMES Strong rental reversion and minimal lease incentives on LFR leasing activity > Positive leasing spreads achieved since July 2025 – average increase of 23.6% (14 LFR tenancies) with continued momentum for future strong growth > LFR renewal incentives remain minima
Slide 15: Capitalisation Rate Movements
CAPITALISATION RATE MOVEMENTS Cap rate compression of two basis points for the half (15 basis point compression over 12 months) to 5.25% supported by longer WALE, firmer market cap rates from increased transaction activity and value creation through repurposing activity Valuations Cap Rates > 80 pro
Slide 16: Capital Growth Reflected in Portfolio Valuation Uplift
CAPITAL GROWTH REFLECTED IN PORTFOLIO VALUATION UPLIFT Portfolio valuation increase driven by accretive development activity, increased income, acquisitions and cap rate compression, partly offset by divestment activity Valuations Portfolio Value Movement (12 months) > Portfolio value of $3,961.8m a
Slide 17: Pipeline of Accretive Capital Commitments
PIPELINE OF ACCRETIVE CAPITAL COMMITMENTS Approximately $120m of future capital to be deployed across the portfolio delivering value creation from repurposing, expansions and portfolio upgrades Expenditure to fund Status Property Status ($m)1 Fountain Gate (VIC) 10 Construction completion expected i
Slide 18: Development Project Update
DEVELOPMENT PROJECT UPDATE Value creation from repurposing ex-Bunnings warehouses via LFR conversion and lettable area expansion on surplus land Fountain Gate Noarlunga (SA) Broadmeadows (VIC) Midland (WA) Previous use/ GLA Bunnings Warehouse (vacated); Bunnings Warehouse (vacated); LFR centre; Car
Slide 19: Portfolio Renewal
PORTFOLIO RENEWAL Active portfolio renewal post evaluation of highest and best use options (including development and repurposing) Property Comments Chadstone Homeplus Homemaker Centre > Completed sale on 17 June 2026 (VIC) > Sold to unrelated third party for $86.0m (30 June 2025 fair value of $78.5
Slide 20: LFR Acquisitions Supporting Income Growth
LFR ACQUISITIONS SUPPORTING INCOME GROWTH LFR market has meaningful annual churn (asset transactions) with an undersupply of lettable area HomeCentre Morayfield (QLD) Sunbury Lifestyle Centre (VIC) Date acquired > Acquired in November 2025 from an unrelated third party > Acquired in August 2026 from
Slide 21: Sustainability
SUSTAINABILITY Progressing mandatory climate reporting readiness and decarbonisation initiatives FY26 Key Sustainability Metrics > Focus on preparation for NET SCOPE 2 MARKET-BASED EMISSIONS EMISSIONS PROFILE SOLAR INSTALLATIONS mandatory climate-related disclosures from FY27 69 > Reduced gross Scop
Slide 22: Capital Management
CAPITAL MANAGEMENT Balance sheet reset provides platform for growth > Average borrowings for the period of $940.7m Debt maturity profile as at 30 June 2026 17.6% up on pcp, largely due to debt drawn to fund Volume A$m management internalisation 4.6% weighted average cost of debt (FY25: 4.4%) 500
Slide 23: Outlook
OUTLOOK Zone Underwood, Queensland
Slide 24: FY27 Outlook
FY27 OUTLOOK Operational execution to drive income security and growth > Seek positive leasing spread outcomes within LFR portfolio > Continue focus on optimising the cost of capital DISTRIBUTION GUIDANCE PROFIT (AFTER REVALUATIONS) > Further advance operational elements of the management internalis
Slide 25: Appendix
APPENDIX Amart, BCF and Snooze, Mandurah, Western Australia
Slide 26: FY26 Represented a Significant Reset Year
FY26 REPRESENTED A SIGNIFICANT RESET YEAR Internalisation, lease reset and extension, and balance sheet reset via an entitlement offer all aligned to BWP’s objective of securing income, growing income and achieving capital growth over time 1. INTERNALISATION 2.LEASE 2. Capital Raising RESET & CAPITA
Slide 27: Contracted Rent Escalation and Lease Structure
CONTRACTED RENT ESCALATION AND LEASE STRUCTURE Balanced lease structure with CPI-backed lease cohort characterised by a 3-month lag (in pass through) FY26 FY27 (expected) 5.5% 4.0% Market1 1.8%1 Rental income Rental income composition composition 51.6% 51.5% Fixed 3.0% 3.0% like-for-like rental grow
Slide 28: Financial Performance
FINANCIAL PERFORMANCE Income and profit growth despite increased repurposing activity, with revaluation gain due to increased income from re-leasing activities (LFR), capitalisation rate reduction and repurposed asset contribution Full-year ended 30 June 2026 30 June 2025 Income and expenses Total i
Slide 29: Financial Performance
FINANCIAL PERFORMANCE Reduction in borrowings at year end reflects balance sheet reset supporting leverage and gearing improvements, with NTA backing increased upon portfolio revaluation Full-year ended 30 June 2026 30 June 2025 Investment and cash generation Operating cashflow $m 134.5 119.8 Purcha
Slide 30: Distribution Growth and FFO
DISTRIBUTION GROWTH AND FFO FFO coverage of 100% of distributions (adjusting for $5.0m of incremental final FY26 distributions for securities issued in May 2026 entitlement offer) Full-year ended 30 June 2026 30 June 2025 Net profit before revaluations and income tax $m 137.7 129.7 Less: income tax
Slide 31: Important Notice
IMPORTANT NOTICE The information provided in this presentation is not intended to be comprehensive in forward-looking statements, forecasts, prospects or returns contained in this nature and should be considered together with the financial statements for the period presentation. Such forward-looking
Slide 32: Thank You
THANK YOU. Further Information Responsible entity: BWP Management Limited Tel: +61 8 9327 4356 Email: investorrelations@bwptrust.com.au