Slide 1: 2025 Annual results presentation and property synopsis
Dexus (ASX: DXS) ASX release 20 August 2025 2025 Annual results presentation and property synopsis Dexus provides its 2025 Annual results presentation. An investor conference call will be webcast at 9.15am today available on www.dexus.com/investor-centre The 2025 property synopsis excel workbook is
Slide 2: 2025 Annual results
2025 Annual results 20 August 2025 Dexus Funds Management Limited | ABN 24 060 920 783 AFSL 238163 as responsible entity for Dexus
Slide 3: Acknowledgement of Country
Acknowledgement of Country Dexus acknowledges the Traditional Custodians of the Lands on which our business and assets operate, and recognises their ongoing contribution to Land, waters and community. We pay our respects to First Nations Elders past and present. Artist: Amy Allerton, Indigico Creati
Slide 4: Agenda
480 Queen Street Agenda Brisbane QLD 01 Overview Ross Du Vernet, Group CEO & Managing Director 02 Financial results Keir Barnes, Chief Financial Officer 03 Investments Office portfolio Andy Collins, EGM Office Industrial portfolio Chris Mackenzie, EGM Industrial 04 Funds management Michael Sheffield
Slide 5: Dexus today
Dexus today A leading Australasian fully integrated real asset group Multi-disciplined team with expertise across the real asset spectrum Dexus total FUM: $50.1b Investment portfolio: $14.5b Third-party FUM: Office Industrial Retail Growth markets $35.6b $20.3b $10.7b $8.1b $10.5b Infrastructure, He
Slide 6: Dexus Executive team
Dexus Executive team Multi-sector real asset investment and funds management experience Ross Du Vernet Andy Collins Keir Barnes Melanie Bourke Marjan van der Burg Jonathan Hedger Group Chief Executive Officer Executive General Manager, Chief Financial Officer Chief Operating Officer Chief People Off
Slide 7: Our strategy
Our OUR VISION To be globally recognised as Australasia’s leading real asset manager strategy HOW WE WILL By delivering superior risk-adjusted returns for Dexus Security holders and our capital partners by ACHIEVE THIS owning, managing and developing quality real estate and infrastructure assets WHY
Slide 8: FY25 highlights
FY25 highlights Positioning for turning markets Dexus Funds $483.9m AFFO c. $1.1b Dexus Delivering performance Global leader in Distribution divestments4 DWPF continued to outperform its sustainability 37.0 cents per security benchmark over all time periods Statutory net profit Reflecting progress a
Slide 9: FY25 strategic action items progress
FY25 strategic action items progress Progress against strategic priority areas Identified action items FY25 progress Invest alongside capital partners Invested alongside partners including $50m committed investment into DREP2 and strategic investment in DWSF Transitioning balance Continue to upg
Slide 10: Sustainability leadership
Sustainability leadership Global recognition in sustainability performance Sustainability strategy priority areas Sustainability performance Climate Action S&P Global ESG Index Dexus ranked 3rd among REIT peers and in the – Continued to maintain net zero emissions across Scope top 5% globally 1, 2 a
Slide 11: FY25 FFO composition
FY25 FFO composition 1 Farrer Place, Sydney NSW Co-invest 8% Industrial 14% FY24 8% Management Investments 83% FY24: 15% operations 17% (FY24: 83%) (FY24: 16%) Trading <1% (FY24: 1%) Office 61% FY24: 60% 02 Financial results 10 | Dexus 2025 Annual Results Presentation
Slide 12: FY25 financial results
FY25 financial results AFFO in line with expectations, distribution payout aligned to revised policy FY25 $m FY24 $m Change Investments Office property FFO decreased slightly, primarily due to the impact of divestments, partly offset by completion of 123 Albert Street and contracted rent growth acro
Slide 13: Property portfolio valuations
Property portfolio valuations Inflection point as property valuations turned positive in 2H FY25 1H FY25 2H FY25 FY25 FY25 portfolio valuation attribution1 $(210.4)m $69.1m $(141.3)m (1.6)% +0.5% (1.1)% -0.9% -1.2% -3.2% 4.2% Property Turning point portfolio1 6.03% cap rate Cap rate mvmt Rent growth
Slide 14: Strong financial position
Strong financial position Balance sheet strength with prudent headroom $1.6bn committed developments estimated cost to completion $1.5b Dexus committed developments estimated cost to completion Look-through gearing Executed over $1.5b of debt High hedging at attractive maintained at the lower end ex
Slide 15: Investment portfolio of scale & quality
Investment portfolio of scale & quality Portfolio quality substantially enhanced while maintaining balance sheet strength Portfolio composition by grade c. $2 billion Dexus divestments earmarked over FY25-27 Office portfolio1 FY19 FY25 On track with c. $1.1 billion Dexus divestments exchanged or set
Slide 16: Investments
Sydney CBD NSW 03 Investments Co-investments & other Office 13% 65% Industrial 22% 15 | Dexus 2025 Annual Results Presentation
Slide 17: Office portfolio
Governor Phillip and Macquarie Complex 1 Farrer Place, Sydney NSW Office portfolio 16 | Dexus 2025 Annual Results Presentation
Slide 18: Office portfolio performance
Office portfolio performance High-quality, well-located portfolio with above market occupancy Occupancy of 92.3% remains well above market $20.3 billion $9.7 billion Dexus office portfolio average of 85.7%4 Platform office portfolio 107,500sqm 26.8% Average incentives were 26.8%5, below market and L
Slide 19: Office property portfolio expiry profile
Office property portfolio expiry profile Staggered expiry profile and diversified tenant base support resilient income streams Dexus office portfolio lease expiry profile (by income)1 Sydney Melbourne Brisbane Perth 15% 13.9% 13% target threshold 12.9% 11.4% 10.2% 10% 7.7% 8.0% 5% 0% Available FY26
Slide 20: Development pipeline
Development pipeline Enhancing portfolio quality Office developments › Two city-shaping developments underway that will become next generation assets and enhance portfolio quality for Dexus and its capital partners › Construction progressing for Atlassian Central, Sydney, with completion on schedule
Slide 21: Office outlook
Office outlook Office markets commencing a recovery cycle Positive net absorption across all 4 major CBDs Net effective rental growth expectations next 3 years › Office demand is gaining momentum, Rolling Syd CBD Melb CBD Bris CBD % pa CAGR driven by employment growth, return to annual work and cent
Slide 22: Market leading office portfolio
Market leading office portfolio Continuing to benefit from flight to quality and set to benefit from market recovery Key attributes of the Dexus office portfolio… …underpin the resilient operating performance › Circa 76% is located in core CBDs, where occupancy and Historic Dexus occupancy vs market
Slide 23: Industrial portfolio
Horizon 3023, Cloudline Court, Ravenhall VIC Industrial portfolio 22 | Dexus 2025 Annual Results Presentation
Slide 24: Industrial portfolio performance
Industrial portfolio performance Record leasing volumes and under-renting to support future rent growth Record leasing volumes and circa 25% releasing spreads $10.7 billion $3.6 billion Dexus industrial portfolio achieved across the stabilised portfolio Platform industrial portfolio 461,500sqm 16.3%
Slide 25: Industrial property portfolio expiry profile
Industrial property portfolio expiry profile Strong leasing outcomes materially de-risk expiry profile Dexus industrial portfolio lease expiry profile (by income)1 15% 14.3% NSW VIC SA QLD WA 13% target threshold 12.9% 10.7% 10.7% 10% 7.4% 5% 3.8% 0% Available FY26 FY27 FY28 FY29 FY30 Key vacancies
Slide 26: Industrial portfolio: a national and customer centric platform
Industrial portfolio: a national and customer centric platform Well-located, high-quality assets and ability to grow with our customers High-quality Dexus Industrial portfolio income Focus on › Long-term and multi-lease relationships with high value, aligning with growing customers By customer type
Slide 27: Industrial outlook
Industrial outlook Supply and demand dynamics remain supportive Moderate supply in 2025, remains below historical take-up Structural (implied) demand boosted by ecommerce growth Millions Physical take-up Ecommerce take-up Million sqm Committed Available 5 yr avg. pre-COVID take-up Implied take-up pe
Slide 28: Funds management
Archival building, Wellington 04 Funds management 27 | Dexus 2025 Annual Results Presentation
Slide 29: Dexus funds platform
Dexus funds platform A real asset platform of scale and diversity $35.6 billion FUM FUM by sector exposure FUM by investor type Platform support FUM diversified by sector and investor type Office Super & 30% 150+ unlisted institutional clients pension funds Industrial 48% Multi-manager 10% Pru
Slide 30: Funds management: FY25 key achievements
Funds management FY25 key achievements Delivering for investors Harnessing investor appetite Recognition Key flagship funds outperforming: – Raised circa $175 million of equity commitments DWSF ranked #1 overall and the #1 retail fund in the – DWPF outperformed its benchmark across all time for DREP
Slide 31: Funds management outlook
Funds management outlook Strategic updates and priorities and long-term growth drivers Growth in pension capital Australian superannuation sector assets (A$ trillion) +108% 8.1 Strategic updates and priorities – Executive appointments focused on capital development and fund raising, 3.9 and supporti
Slide 32: Summary
Business Lounge, Gateway Complex 1 Macquarie Place, Sydney NSW 05 Summary 31 | Dexus 2025 Annual Results Presentation
Slide 33: Strategic priority areas
Strategic priority areas Focused FY26 objectives to support our medium-term priorities Transitioning Maximising Unlocking deep balance sheet funds contribution sector expertise Reweight and continue to upgrade the Dexus Deliver fund outperformance and drive growth Leverage end-to-end sector teams to
Slide 34: Summary and outlook
25 Martin Place, Sydney NSW Summary and outlook A leading real asset manager positioned to benefit from markets now past an inflection point We are now past the inflection point in real asset markets, with the interest rate cycle shifting from headwind to tailwind. Conditions for a recovery are in p
Slide 35: Appendices
Horizon 3023, Ravenhall VIC 06 Appendices 34 | Dexus 2025 Annual Results Presentation
Slide 36: Dexus today
Dexus today $50.1 billion – total platform funds under management Dexus portfolio Funds management portfolio 30% <1% 1% 2% 2% 1% 3% 4% 3% 66% $14.5b $35.6b 22% 20% 25% 21% Office Infrastructure Office Industrial Healthcare Retail Retail Industrial Infrastructure Alternatives Healthcare Real estate s
Slide 37: Funds management – real estate product offering
Funds management – real estate product offering Retail / HNW Institutional pooled funds pooled funds Listed securities Listed funds JVs and mandates DWPF DWSF DHPF DREP1 & 2 DWAPF RES ASX:DXI ASX:DXC Office Dexus Wholesale Property Fund Dexus Wholesale Shopping Centre Fund Dexus Healthcare Property
Slide 38: Funds management – infrastructure product offering
Funds management – infrastructure product offering Institutional pooled funds Retail / HNW pooled funds JVs and mandates DDIT CommIF DWAF DCIF APAFs 4 other Dexus Diversified Dexus Community Dexus Wholesale Dexus Core Series of Melbourne Separately Managed Infrastructure Trust Infrastructure Fund Ai
Slide 39: Development pipeline
Funds management Development pipeline $6.2 billion Funds management development pipeline1 $1.7 billion $4.3 billion Funds committed projects Funds uncommitted projects FY26-FY28+ uncommitted project costs in funds management business 1. Includes $0.2 billion concept projects and Central Place Sydney
Slide 40: Reconciliation to statutory profit/(loss)
Financial results Reconciliation to statutory profit/(loss) 30 Jun 2025 30 Jun 2024 $m $m Statutory AIFRS net profit/(loss) after tax 136.1 (1,583.8) Investment property and inventory (Gain)/loss from sales of investment property (0.7) - Fair value (gain)/loss on investment properties 5.0 1,633.6 Fa
Slide 41: Management operations profit
Quarrywest 5 Dolerite Way, Greystanes NSW Financial results Management operations profit FY25 Funds Property Development Management ($m) management management management operations Revenue 238.5 84.6 23.3 346.4 Operating expenses (110.1) (56.1) (25.2) (191.5) FY25 net profit 128.4 28.5 (1.9) 155.0 F
Slide 42: Cash flow reconciliation
Financial results Cash flow reconciliation 30 Jun 2025 30 Jun 2024 $m $m Cash flow from operating activities 811.3 613.5 add back: payment for inventory acquisition and capex 35.8 104.8 less: cost of sale of inventory (94.9) (118.6) less: tax on trading profits not yet paid (1.7) (4.4) add back: cap
Slide 43: Interest reconciliation
Financial results Interest reconciliation 30 Jun 2025 30 Jun 2024 $m $m Total statutory finance costs 209.7 169.3 Less: Debt modification and movements related to exchangeable notes (16.4) (2.1) Less: Finance costs attributable to investments accounted for using the equity method1 (0.5) 0.7 Less: AA
Slide 44: Change in net tangible assets and revaluations
Financial results Change in net tangible assets and revaluations Valuation change Weighted average $m $ps Investment portfolio $m cap rate Opening net tangible assets (1 July 2024) 9,650.5 8.97 Dexus office portfolio5 (215.0) 6.18% Revaluation of real estate (6.0) - Dexus industrial portfolio 74.6 5
Slide 45: Property portfolio book value movements
Financial results Property portfolio book value movements Office1 Industrial1 Other1 Dexus total1 Trading assets2 (inventory) $m $m $m $m $m Opening property portfolio 9,573.1 3,187.3 21.9 12,782.3 90.0 3 Lease incentives 136.5 11.8 - 148.3 - Maintenance capex 43.6 5.6 - 49.2 1.8 Acquisitions - 24.4
Slide 46: Co-investments in pooled funds
Financial results Co-investments in pooled funds Dexus Dexus FY25 Ownership stake Passing distribution WALE WACR co-investment value co-investment income Occupancy (%) (%) yield (%)2 (years) (%) ($m)1 ($m) Real estate DWAPF 30.3% $326.0 $19.2 5.9% 95.7% 4.4 6.5% DHPF 16.1% $201.3 $9.6 4.7% 99.6% 17.
Slide 47: Capital management: FY25 position
Capital management FY25 position Debt maturity profile Key metrics 30 Jun 2025 30 Jun 2024 $m $4,720m $4,910m Total debt1 1,600 Headroom2 $3.0b $2.5b 1,400 Gearing (look-through)3 31.7% 32.0%4 1,200 Covenant gearing (covenant5 <55%) 30.6% 31.6% 1,000 Interest cover (covenant5 >2.0x) 4.4x 4.3x 800 Pr
Slide 48: Interest rate hedging profile
Capital management Interest rate hedging profile Hedge profile Hedging profile 30 Jun 2025 30 Jun 2024 $m Average amount of debt hedged including caps 86% 92% 5,000 5.0% 4,500 4.5% Average amount of debt hedged excluding caps 73% 75% 4,000 4.0% 3,500 3.5% Weighted average interest rate on hedged deb
Slide 49: Debt facilities
Capital management Debt facilities1 Facility limit Drawn Maturity Currency Facility limit Drawn A$m A$m A$m A$m Bilateral bank debt 100 - FY26 A$ Sub total 7,552 4,454 475 270 FY27 A$ Currency translation and fair value adjustments 305 305 900 162 FY28 A$ 1,200 278 FY29 A$ Deferred borrowing costs a
Slide 50: Office portfolio diversification
Property portfolio Office portfolio diversification Office by asset type Office by location Sydney CBD/fringe Prime grade 46% 96% 58% 13% 14% $9.7b $9.7b 52% 4% 21% 38% Sydney suburban 6% Premium A grade B grade and other NSW VIC QLD WA 49 | Dexus 2025 Annual Results Presentation
Slide 51: Top 10 office customers
Governor Phillip & Macquarie Complex, One Farrer Place, Sydney NSW Property portfolio Top 10 customers represent 19.9% of total portfolio income % of total Diversity of office customers (by income) property 0% 5% 10% 15% 20% Office top 10 customers1 Credit rating2 portfolio Financial and insurance s
Slide 52: Office portfolio lease expiry profiles by region
Property portfolio Office portfolio lease expiry profiles by region By income By area Melbourne CBD By income By area Sydney CBD 8% 4% 3.6% 6.2% 3.3% 3.1% 2.9% 2.9% 6% 5.3% 5.0% 3% 2.7% 2.6% 2.4% 2.5% 4.1% 3.8% 4.2% 1.9% 2.0% 3.7% 3.6% 4% 3.0% 2.9% 3.0% 2% 1.4% 2.2% 2% 1% 0% 0% Available FY26 FY27 F
Slide 53: Office demand indicators
Office demand indicators White collar industries showing resilience post moderating business conditions Professional services firms hiring intentions Business conditions have improved ‘000 Vacancies Professional job vacancies Job Ads (rhs) Index (2019 = 100) Index Business Confidence (LHS) Business
Slide 54: Sydney CBD occupancy
Sydney CBD occupancy Occupancy and rent growth higher in the core 30 Hickson 36 Hickson One Farrer Walsh Bay Premium occupancy 94% Australia Square Sydney CBD premium office effective rents Premium stock 270,054sqm Core Premium occupancy 91% Premium stock 898,834sqm $/sqm Western Premium market ince
Slide 55: Market outlook: Sydney CBD supply
Market outlook Sydney CBD – future committed supply well below average and mostly pre-committed 140K FY26-FY28 - Future 3-year committed completions p.a. only 54% of 10-year average - 79% of supply is pre-committed Withdrawal Mooted Available Pre-commited 120K 100K 80K 60K 40K 20K 0K -20K -40K -60K
Slide 56: Melbourne CBD occupancy
Melbourne CBD occupancy Premium occupancy higher in the Eastern core Docklands Civic North Eastern Occupancy 82% Occupancy 97% Occupancy 100% Premium stock 450,689sqm Premium stock 31,411sqm Premium stock 58,500sqm The market occupancy rate of Premium space DXS prime occupancy 95.4% in the core of t
Slide 57: Market outlook: Melbourne CBD supply
Market outlook Melbourne CBD – future committed supply well below average 70K Withdrawal Mooted Available Pre-commited 60K FY26-FY28 - Future committed completions p.a. only 59% of 10-year average 50K - 22% of supply is pre-committed 40K 30K 20K 10K 0K 435 Bourke St 26-30 Flinders Street 600 Collins
Slide 58: Industrial portfolio diversification
Property portfolio Industrial portfolio diversification Industrial by asset type Industrial by location 46% 78% 3% $3.6b $3.6b 15% 13% 1% 6% 8% 30% Industrial estate Business park NSW VIC QLD SA WA Distribution centre Land 57 | Dexus 2025 Annual Results Presentation
Slide 59: Top industrial customers
40 Cloudline Court, Ravenhall VIC Property portfolio Top 10 customers represent 4.2% of total portfolio income % of total Diversity of industrial customers3 (by income) property Industrial top 10 customers1,3 portfolio - 10% 20% 30% 40% income2 Transport, Postal and Warehousing 30.6% Manufacturing 1
Slide 60: Industrial portfolio lease expiry profiles by region
Property portfolio Industrial portfolio lease expiry profiles by region Sydney Income Area Brisbane Income Area 20% 18.8% 30% 16.1% 20.4% 21.3% 20.1% 15% 11.9% 11.2% 20% 17.5% 10.0% 10.1% 13.8% 14.8% 10% 8.4% 8.3% 11.0% 11.2% 10.9% 7.4% 6.0% 6.1% 9.3% 5.2% 10% 5% 0.8% 0.7% - - Available FY26 FY27 FY
Slide 61: Industrial market outlook
Industrial market outlook Rent growth normalising, vacancy rising although still low Lack of available space has led to a rapid growth in rents Vacancy expected to remain lower than pre-COVID average Rents $/sqm Last 12 Sydney Melbourne Brisbane Perth Adelaide $250 Outer West Sydney months: 10% West
Slide 62: Dexus completed developments
Development Dexus completed developments Pipeline Building area1 sqm Project costs2 Yield on cost Leased Completion Third party partner $m % % date interest % Industrial ASCEND Industrial Estate, Jandakot WA 25,800 25 6.6% 100% Early 2025 67% Horizon 3023, Ravenhall VIC 29,100 18 7.3% 100% Early 202
Slide 63: Dexus committed developments and fund-throughs
Development Dexus committed developments and fund-throughs Pipeline Building area1 sqm Project costs2 Est cost to Yield on cost3 Leased Completion due Third party partner $m Completion2 % % interest $m % Office Atlassian Central, Sydney NSW4 58,100 1,451 814 4-4.5% 100% Late 2026 0% Stage 1, Waterfr
Slide 64: Dexus uncommitted developments
Development Dexus uncommitted developments Pipeline1 Building area1,2 Project costs3 Yield on cost4 Third party partner interest sqm $m % % Office Stage 2, Waterfront Brisbane QLD5 57,500 c.450 c.5-6% 50% 60 Collins Street, Melbourne VIC 43,200 c.1,100 c.5-6% 0% Central Place Sydney NSW6 137,800 c.8
Slide 65: Trading profit opportunities
Trading profit opportunities Securing further profits Key Trading projects Trading strategy FY26 FY27 FY28+ Secured Unsecured 28 Yarrunga Street, Prestons NSW1 Industrial development 3 Brookhollow Avenue, Baulkham Hills NSW2 Trading 149 Orchard Rd, Chester Hill NSW3 Industrial development 750 Craigi
Slide 66: Real asset transactions
Real asset transactions Dexus transactions Acquisition price2 Interest Sale price3 Interest Dexus acquisitions1 Settlement Dexus divestments1 Settlement $m % $m % 750 Craigieburn Road East, Craigieburn VIC 21.8 50.1% 24-Apr-25 6 Bellevue Circuit, Greystanes NSW 45.6 50.0% 26-Jul-24 All other acquisi
Slide 67: Environmental metrics
Environmental metrics Office portfolio sustainability metrics Dexus managed platform net emissions1 Office NABERS energy ratings2 Office NABERS water ratings2 Operational emission sources FY08 BAU Net emissions 120 5.5 stars 5 stars 19% - Indirect 196,081sqm 4.5 stars Emissions intensity (kg CO2-e/s
Slide 68: Other information
Other information Exchange and securities used in statutory accounts 30 Jun 2025 31 Dec 2024 30 Jun 2024 Closing rates for Statement of Financial Position USD 0.6550 0.6217 0.6624 Average rates for Statement of Comprehensive Income USD 0.6477 0.6613 0.6556 12 mths to 6 mths to 12 mths to 30 Jun 2025
Slide 69: Glossary
Glossary Distribution payout policy: Policy is to distribute 80-100% of free cash flow for which AFFO is a proxy. FFO is in line with Property Council of Australia definition and comprises net profit/loss after tax attributable to stapled security holders, calculated in accordance with Australian Ac
Slide 70: Disclaimer
Disclaimer Quay Quarter Tower 50 Bridge Street, Sydney NSW This presentation is issued by Dexus Funds Management Limited (DXFM) in its capacity as responsible entity of Dexus (ASX code: DXS) comprising Dexus Property Trust ARSN 648 526 470 and Dexus Operations Trust ARSN 110 521 223. It is not an of
Slide 71: dexus
dexus