Centuria Office Reit · ASX:COF
Centuria Office Reit — Q2 2026 Earnings Presentation
37 slides from Centuria Office Reit's earnings presentation, Feb 5, 2026
Slide 1: Centuria Office REIT HY26 results
4 FEBRUARY 2026 | ASX:COF Centuria Office REIT HY26 results 8 CENTRAL AVENUE, SOUTH EVELEIGH NSW
Slide 2: Speakers
Speakers Jesse Curtis Belinda Cheung Cameron Mullen Head of Funds Management – Fund Manager – Senior Fund Analyst – Centuria Capital Group Centuria Office REIT Centuria Office REIT Centuria ASX:COF 2
Slide 3: Agenda
CENTURIA CIRQUE, CO-WORKING SPACE Agenda • Overview • Financial results • Portfolio • Market overview and guidance • Appendices Acknowledgement of Country Our Group manages property throughout Australia and New Zealand. Accordingly, Centuria pays its respects to the traditional owners of the land in
Slide 4: Centuria Capital Group: A leading Australasian ASX funds manager
Centuria Capital Group: A leading Australasian ASX 200 funds manager Centuria is highly aligned with COF as its external manager1 and largest unitholder Centuria Capital Group (ASX:CNI) 25+ year history servicing a Proven manager of high 490+ real estate properties deep network of retail, conviction
Slide 5: Overview
8 CENTRAL AVENUE, SOUTH EVELEIGH NSW Overview SECTION ONE
Slide 6: COF: Vision, strategy and objectives
COF: Vision, strategy and objectives VISION A clear and simple strategy To be Australia’s Focused on generating sustainable and quality income streams and leading pure-play office executing initiatives to create value across a portfolio of quality REIT. Australian office assets. Centuria Office Key
Slide 7: HY26 results signal new cycle of recovery
HY26 results signal new cycle of recovery PORTFOLIO $1.9bn 19yrs Portfolio book value Average building 29,354sqm 12.5% premium on across 19 assets age4 leasing agreed divestment 91% 4.1yrs Portfolio occupancy1,4 Portfolio WALE5 across 26 deals1; 10.7% of portfolio achieved on 9 Help Street NLA; +133
Slide 8: Leasing highlights
8 CENTRAL AVENUE, SOUTH EVELEIGH NSW Leasing highlights 7,826sqm of new leases 4% portfolio rent and 21,529sqm of growth, avg. portfolio rent renewals terms agreed1 is $586/sqm at Dec-25 100% office occupancy2 Portfolio WALE now reached across 10 strengthened through out of 19 assets key renewals HY
Slide 9: Strategic divestment of Help Street
9 HELP STREET, CHATSWOOD NSW Strategic divestment of 9 Help Street1 Prudent divestment improves portfolio construction, mitigates forward expiries and strengthens balance sheet. 12.5% 5.5% Premium over book value Passing yield on sale achieved price2 12.3% 2.1yr WALE3 IRR reflected throughout Dispos
Slide 10: Australian metro office markets
Australian metro office markets High replacement costs expected to constrain future supply and push rental growth Metro office supply pipeline1 (sqm) Timelapse of market vs economic rents2 $1,800 450,000 $1,600 +64% 400,000 $1,400 350,000 $1,200 +39% +50% 300,000 $1,000 250,000 Only 8% of projects u
Slide 11: COF's trading price is misaligned to market evidence and replacement cost
201/203 PACIFIC HIGHWAY, ST LEONARDS NSW COF’s trading price is misaligned to market evidence and replacement cost $15,600 $7,087 $5,700 Replacement cost 1 COF valuation Implied trading value2 6.92% 8.66% PORTFOLIO IMPLIED CAP WACR RATE2 Value discount to replacement cost -55% -63% Values presented
Slide 12: Financial results
818 BOURKE STREET, DOCKLANDS VIC Financial results SECTION TWO
Slide 13: Funds from operations (FFO)
584 SWAN STREET, RICHMOND VIC Funds from operations (FFO) Revenue HY26 HY25 Variance Gross property income $m 86.8 84.5 2.3 Like for like portfolio income increased by 3% Interest income $m 0.2 0.4 (0.2) Total revenue $m 87.0 84.9 2.1 Expenses Direct property expenses $m (22.6) (21.1) (1.5) Responsi
Slide 14: Capital management
57 WYATT STREET, ADELAIDE SA Capital management COF debt covenants Debt maturity profile ($m) 385.0 Ample headroom LVR 60% to covenants 295.0 282.5 ICR 1.75x No debt expiry before FY28 50.0 42.5% FY26 FY27 FY28 FY29 FY30 FY31 Proforma gearing1,2 Key debt metrics HY26 FY25 Facility limit $m 1,012.5 1
Slide 15: Portfolio
101 MORAY STREET, SOUTH MELBOURNE VIC Portfolio SECTION THREE
Slide 16: Portfolio overview
Portfolio overview Tenant mix (income) 75% 14% ASX Listed of income derived from 23% government, Government 11% multinational Portfolio snapshot HY26 Listed multinational corporations and listed Multinational entities Number of assets # 19 12% 26% National Book value1 $m 1,946.3 14% Other No single
Slide 17: Strong first-half leasing momentum materially de-risks FY26
Strong first-half leasing momentum materially de-risks FY26 Weighted average lease expiry1,2 Current vacancy (>2,000 sqm) NLA (sqm) 818 Bourke Street, Docklands 7,373 40% 9.6% reduction Income WALE (Jun-25) 4.1 yrs 201 Pacific Highway, St Leonards (50% ownership) 5,763 35% in FY26 expiries Income WA
Slide 18: Valuation summary
45555 Valuation summary1 55 HY26 valuation FY25 valuation Valuation movement2,3 Valuation movement2,3 HY26 FY25 Movement ($’m) ($’m) ($’m) (%) WACR4 WACR4 WACR4 Portfolio/ weighted 1,946.3 1,903.5 42.8 2.2 6.92% 6.89% 0.03% average summary5 $42.8m Like-for-like valuation gain in HY26 Valuation uplif
Slide 19: COF ESG highlights
Climate change Valued stakeholders Responsible (Environment) (Social) business practices COF ESG highlights (Governance) Targeting zero scope 2 emissions by • c.$380,000 raised for community • Strong 4 star GRESB 2025 result 20281 groups and charities in 2025, for COF • 5 Star NABERS Energy includin
Slide 20: Market overview and guidance
584 SWAN STREET, RICHMOND VIC Market overview and guidance SECTION FOUR
Slide 21: Growth drivers remain strong for Australian office
Growth drivers remain strong for Australian office Continued forecast rent growth for Resilient economic trajectory relative to Prime assets global peers2 • Continued positive face rent growth is forecasted1 • Strong migration projected for Australia, one of the highest globally • Occupiers’ prefere
Slide 22: FY26 strategy and priorities
154 MELBOURNE STREET, SOUTH BRISBANE QLD FY26 strategy and priorities 1.Maintain high 2. Sustain high 3. Proactive capital occupancy portfolio quality management • Continue delivering • Assess asset allocation to • Proactively maintain occupancy above national improve portfolio quality. liquidity an
Slide 23: FY26 guidance reiterated
235 WILLIAM STREET, NORTHBRIDGE WA FY26 guidance reiterated1 FFO1 11.1 – 11.5cpu Distribution1 10.1cpu Forecast FY26 distribution yield1,2 9.5% Distributions expected to be paid in quarterly instalments. 1. Guidance remains subject to unforeseen circumstances and material changes in operating condit
Slide 24: Appendices
8 CENTRAL AVENUE, EVELEIGH NSW Appendices SECTION FIVE Appendix A: Income statement Appendix B: FFO reconciliation Appendix C: Balance sheet Appendix D: Hedging profile Appendix E: COF delivers access to differentiated portfolio Appendix F: Geographic breakdown Appendix G: Australian office market m
Slide 25: Appendix A: Income statement
46 COLIN STREET, WEST PERTH WA Appendix A: Income statement $’000 HY26 HY25 Gross property income 86,770 84,529 Interest Income 242 400 Total revenue 87,012 84,929 Expenses Direct property expenses (22,579) (21,109) Responsible entity fees (5,410) (5,365) Finance costs (24,698) (22,901) Management a
Slide 26: Appendix B: FFO reconciliation
SOUTH EVELEIGH PRECINCT, NSW Appendix B: FFO reconciliation $'000 HY26 HY25 Statutory net profit 61,536 (21,204) (Gain)/loss on fair value of investment properties (27,192) 36,167 (Gain)/loss on fair value of derivatives (11,972) 4,554 Straight-lining of rental income and amortisation of leasing 11,
Slide 27: Appendix C: Balance sheet
NISHI, 2 PHILLIP LAW STREET, CANBERRA ACT Appendix C: Balance sheet $'000 HY26 FY25 Cash 11,202 8,501 Investment properties1,2 1,978,684 1,935,918 Trade and other receivables 3,865 2,668 Derivative financial instruments 5,049 - Other assets 5,063 3,774 Total assets 2,003,863 1,950,861 Interest beari
Slide 28: Appendix D: Hedging profile
77 MARKET STREET, WOLLONGONG NSW Appendix D: Hedging profile millions $800 4.5% 697 $700 630 4.0% $600 544 3.7% 3.8% $500 3.7% 3.5% $400 3.0% $300 $200 2.5% $100 $0 2.0% 2H FY26 FY27 FY28 FY29 Avg. Hedging1 Avg. Hedge rate 1. Assumes all swaptions are exercised. Centuria ASX:COF Centuria ASX:COF 28
Slide 29: Appendix E: COF delivers access to differentiated portfolio
Appendix E: COF delivers access to differentiated portfolio Appendix COFE:portfolio Portfolio breakdown Included in the S&P/ASX 300 Index and FTSE/EPRA NAREIT Global Developed Index strategic metrics 19 years Average building age1 Young portfolio Accessible price point 93% Prime assets are generatin
Slide 30: Appendix F: Geographic breakdown
Appendix F: Geographic 29,354sqm leased in HY261, representing 10.7% of total portfolio NLA breakdown WA 14% Qld 21% total COF portfolio 3 total COF portfolio 3 COF’s national 100% occupancy 1,2 91% occupancy 1,2 5.5yr WALE1,4 4.1yr WALE1,4 portfolio 764sqm HY26 leased1 6,802sqm HY26 leased1 91% NSW
Slide 31: Appendix G: Australian office market metrics
144 STIRLING STREET, PERTH WA Appendix G: Australian office market metrics Proportion of 12 month net 12 month face Rental discount market under Vacancy absorption rental growth to Sydney CBD construction Market (%) (SQM) (%) (%) (%) Adelaide 15.1 27,895 2.7 (64.6) 1.4 Melbourne CBD 18.6 53,460 4.7
Slide 32: Appendix H: National comparable sales
Appendix H: National comparable sales 9 HELP STREET, 35 TUMBALONG BLVD, 75 HINDMARSH SQUARE, GREENHOUSE, 9 WILSON 78 WATERLOO ROAD, DATA 61, 13 GARDEN CHATSWOOD NSW 1 DARLING SQUARE NSW 2 ADELAIDE SA2 STREET, WEST END QLD3 MACQUARIE PARK NSW 2 STREET, EVELEIGH NSW 2 Sale price $90,000,000 Sale price
Slide 33: Appendix I: COF book value discount to replacement cost
Appendix I: COF book value discount to replacement cost (%)1 -20% -25% -30% -35% -40% -45% -50% -55% -60% -65% -70% Discount to replacement cost Simple Average Weighted Average 1. Replacement costs are derived from a hypothetical A-grade office development feasibility, applying land values, rents, i
Slide 34: Appendix J: Like for like portfolio valuation summary
Appendix J: Like for like portfolio valuation summary1,2 HY26 Movement valuation FY25 valuation Valuation movement3 HY26 WACR4 FY25 WACR4 WACR4 State ($M) ($M) ($M) (%) (%) (%) (BPS) NSW 508.3 482.5 25.8 5.3 6.85 6.94 (9) Qld 400.8 380.5 20.3 5.3 7.27 7.28 (1) Vic 497.8 495.5 2.3 0.5 6.69 6.66 3 ACT
Slide 35: Appendix K: Investment property portfolio
Appendix K: Investment property portfolio Property State Ownership (%) Book value ($M) Capitalisation Rate (%) Area (SQM) Area ($/SQM) WALE (years)1 Occupancy (%)2 8 Central Avenue, Eveleigh NSW 50% 190.0 6.50% 36,618 10,377 6.9 99.7% 203 Pacific Highway, St Leonards NSW 100% 114.0 7.13% 11,727 9,72
Slide 36: Disclaimer
Disclaimer This presentation has been prepared by Centuria Property Funds Limited (ABN 11 086 553 639, AFSL 231 149) (CPFL) as responsible entity of Centuria Office REIT (ARSN 124 364 718) (‘COF’ or the ‘Trust’). This presentation contains selected in summary information and does not purport to be a
Slide 37: Australia and New Zealand offices
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