Charter Hall Retail Reit · ASX:CQR
Charter Hall Retail Reit — 1H FY26 Earnings Presentation
36 slides from Charter Hall Retail Reit's earnings presentation, Feb 6, 2026
Slide 1: 2026 Half Year Results
Charter Hall Retail REIT 2026 Half Year Results ASX:CQR Charter Hall Industrial Group
Slide 2: Agenda
Agenda 1. Highlights and Strategy 2. Financial Performance NAIDOC Week – Drawing us together, Gateway Plaza, Leopold, VIC 3. Operational Performance 4. Outlook and Guidance Acknowledgement of Country 5. Annexures Charter Hall acknowledges the Traditional Custodians of the lands on which we work and
Slide 3: Highlights and Strategy
Highlights and Strategy 1 Charter Hall Group 2025 Full Year Results Harris Farm, Pacific Square, Maroubra, NSW 3
Slide 4: 1H FY26 highlights
Highlights and Strategy 1H FY26 half year Property performance Financials Capital management highlights Highlands Marketplace, NSW Gateway Plaza, VIC Carnes Hill, NSW Property Investment value NTA per unit Balance sheet gearing $4.6bn $4.91 29.2% High quality convenience retail portfolio +5.8% on Ju
Slide 5: Convenience Retail Strategy
Highlights and Strategy CQR Convenience Retail Strategy Convenience Retail To deliver the highest property income and Non-discretionary Strategic locations High quality tenant focus with high visibility, covenants earnings growth from the which is resilient through convenient access and with long te
Slide 6: Charter Hall is Australia's largest convenience retail platform
Highlights and Strategy Charter Hall is Australia’s largest convenience retail platform Fully integrated property model with a nationwide presence for end-to-end service offering 167 $17bn >900 Retail specialists Funds under Convenience retail across functions & NT management1 properties states 13 Q
Slide 7: Portfolio curation and diversification
Highlights and Strategy Portfolio curation and diversification Strategic shift to a diverse range of major anchor tenants and rent review mechanisms to underpin income growth in all cycles $6.0b $5.0b Z Energy + Gull LWIP2 $4.8b APT1 & APT2 $4.6b $4.3b $4.3b bp NZ $4.0b $4.0b bp AU $3.6b 22% 25% 39%
Slide 8: Delivering on Strategy – 1H FY26 Transactions
Highlights and Strategy Delivering on Strategy – 1H FY26 Transactions Strategic portfolio curation and asset recycling into accretive higher quality assets Acquisitions Divestments Active Asset Management - $435m investment in Charter Hall Convenience Retail - As previously announced in August 25, t
Slide 9: Five Year Valuation Cycle
Highlights and Strategy Five Year Valuation Cycle Cap rate compression underway CQR 5 year like-for-like cap rates and valuations1 LFL portfolio valuation - On a like-for-like basis1 weighted average cap growth rates have expanded by the same amount they 8.00% +28.5% $2.6bn compressed from 30 June 2
Slide 10: Financial Performance
Financial Performance 2 Charter Hall Group 2025 Full Year Results Bunnings Toowoomba, Toowoomba, QLD 10
Slide 11: Earnings and Distributions
Financial Performance Earnings and Distributions Look through basis 1H FY25 1H FY26 % change - Same property portfolio NPI growth of 3.0% $m - Like-for-like convenience shopping centre Net property income from shopping centre retail – LFL 57.7 59.5 3.1% retail NPI growth of 3.1% - Same property conv
Slide 12: Balance Sheet
Financial Performance Balance Sheet - Convenience shopping centres movement Portfolio analysis $m Jun 25 Dec 25 attributed to favourable valuation increase of $87m and capital spend of $14m offset by net Convenience shopping centre retail investment properties 2,934 2,365 transactions of -$670m Conv
Slide 13: Property Valuations
Financial Performance Property Valuations Convenience Convenience Total $m shopping centre net lease portfolio retail retail - 100% of the portfolio was externally revalued at June 2025 portfolio value 2,934 1,876 4,810 31 December 2025. Net transactions (670) 309 (361) - Convenience shopping centre
Slide 14: Capital Management
Financial Performance Capital Management Long-term debt maturity profile1 248.0 - Post balance date CQR finalised terms to 121.4 refinance its balance sheet debt platform of $1.6bn across eight lenders 63.6 88.1 210.0 786.5 - Refinance will lower debt margins by 40bps and 289.5 extend weighted avera
Slide 15: Operational Performance
Operational Performance 3 Charter Hall Group 2025 Full Year Results Sunnyside Mall, Murwillumbah, NSW 15
Slide 16: Portfolio Summary
Operational Performance Portfolio Summary – $4.6bn diversified convenience retail portfolio across shopping centres $2.4bn Convenience retail portfolio snapshot Jun 25 Dec 25 (51%) and net lease $2.2bn (49%) Value ($m) 4,810 4,629 – Portfolio occupancy at 99.1% Weighted average cap rate 5.74% 5.55%
Slide 17: Non-discretionary spend supporting resilient cashflows
Operational Performance Non-discretionary spend supporting resilient cashflows Supported by strong tenant covenants Income by category Top 10 tenant customer groups (by base rent) Majors (SC) 25.0% 12.8% Credit Rating: BBB Energy & Convenience 20.0% 11.5% Hospitality 18.8% Credit Rating: BBB+ Food c
Slide 18: Convenience Net Lease Portfolio
Operational Performance Portfolio Value Number of Cap rate WALE Rent Convenience Net Lease Portfolio $’m assets (years) review bp Australia 564 215 4.78% 14.0 CPI - 100% acquisition of three Bunnings assets for bp New Zealand 167 70 5.02% 15.0 CPI (0.5%-4%) $135m (Bunnings Toowoomba and Cairns in QL
Slide 19: Supermarket Anchors
Operational Performance Supermarket Anchors – Supermarkets continued to demonstrate resilience with 2.6% MAT growth Supermarket performance Jun 25 Dec 25 – 84% of supermarkets paying turnover rent or within 10% MAT growth 2.5% 2.6% – 12 supermarkets with base rent uplifts in 1H FY26 Supermarkets in
Slide 20: Specialty Tenants
Operational Performance Specialty Tenants Specialty performance Dec 24 Dec 252 MAT growth 2.2% 3.8% – 186 specialty leases with spreads of +4.1% Sales productivity (per sqm) $11,278 $11,279 – 70 new leases (+4.0% leasing spread) Average gross rent (per sqm) $1,280 $1,296 – 116 renewals (+4.2% leasin
Slide 21: Sustainability initiatives
Operational Performance Environment Social Governance Sustainability initiatives Achievements in 1H FY26 By integrating sustainability Net Zero1 Empowering vulnerable women ESG leadership across our platform and Operating at Net Zero Scope 1 and Scope 2 $271k spent with Two Good Co., continuing the
Slide 22: Outlook & Guidance
Outlook & Guidance 4 Charter Hall Group 2025 Full Year Results Ampol, Dee Why, NSW 22
Slide 23: Transactions to settle in 2HFY26
Outlook and Guidance Transactions to settle in 2HFY26 Strategic portfolio curation supporting enhanced earnings growth Shopping centre transactions Net lease portfolio upweight - 100% acquisition of convenience shopping centre assets for $251m at an - Upweight of CQR’s investment in CH Ampol partner
Slide 24: Outlook and Guidance
Outlook and Guidance Outlook and Guidance CQR has now curated its portfolio to its target 50% shopping Reaffirm FY26 guidance upgrade centre and 50% net lease convenience retail FY26 operating earnings FY26 distribution per unit of no less than of no less than Australian Limited Continued 26.4 cpu 2
Slide 25: Annexures
Annexures 5 Charter Hall Group 2025 Full Year Results Rockdale Plaza, Rockdale, NSW 25
Slide 26: Annexures
Annexures Annexures 1 5 Reconciliation of statutory profit to operating earnings Convenience shopping centre MAT analysis 2 6 Investment in property joint ventures Convenience shopping centre retail portfolio historical performance 3 7 Lease expiry profile Glossary 4 Property valuations Charter Hall
Slide 27: Reconciliation of statutory earnings to operating earnings
Annexures Annexure 1 Reconciliation of statutory earnings to operating earnings1 $m 1H FY25 1H FY26 Operating Earnings 73.1 75.6 Net revaluation gain on investment properties 72.4 180.4 Straight lining of rental income and amortisation of incentives (9.9) (5.6) Acquisition and disposal related costs
Slide 28: Investment in property joint ventures
Annexures Annexure 2 Investment in property joint ventures – operating earnings and balance sheet breakdown 1H FY26 Convenience Convenience shopping bp Ampol Gull LWIP2 HPI CCRF Net Other Net $m CQR CCRF RP6 Other net lease Total centre portfolios portfolios portfolio portfolio portfolio Lease Lease
Slide 29: Lease expiry profile as at December 2025
Annexures Annexure 3 Lease expiry profile as at 31 December 2025 Major tenant expiry profile (by income) 60% 55.8% 8.9 years 40% Major tenant WALE 20% 7.1 years 6.3% 5.6% 4.2% 5.8% 6.2% 6.4% 5.6% 4.0% Portfolio WALE 0.1% 0% FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35+ 3.6 years Specialty and m
Slide 30: Property valuations as at December 2025
Annexures Annexure 4 Property valuations as at 31 December 2025 Ownership State Property Location Anchor Tenants interest (%) NSW Bass Hill Plaza Bass Hill Woolworths, Aldi, Kmart 20.0% Bateau Bay Square Bateau Bay Woolworths, Coles, Aldi, Kmart 8.6% Carnes Hill Marketplace Horningsea Park Woolworth
Slide 31: Property valuations continued
Annexures Annexure 4 continued Property valuations as at 31 December 2025 continued State Property Location Anchor Tenants Ownership interest (%) QLD Arana Hills Plaza Arana Hills Coles, Aldi, Kmart 100.0% Atherton Square Atherton Woolworths 100.0% Bay Plaza Hervey Bay Woolworths 100.0% Bribie Islan
Slide 32: Property valuations continued
Annexures Annexure 4 continued Property valuations as at 31 December 2025 continued Ownership interest State Property Location Cap Rate Book Value ($m) (%) bp Australia portfolio Australia 23.3% 4.78% 564 bp New Zealand portfolio New Zealand 24.5% 5.02% 167 Ampol I portfolio Australia 5.0% 4.82% 47
Slide 33: Convenience shopping centre MAT analysis
Annexures Annexure 5 Convenience shopping centre MAT analysis as at 31 December 2025 % of portfolio MAT Sales by category sales growth Rental income by specialty and mini-major tenant type Supermarket 64.0% 2.6% DDS 11.1% 3.4% Majors 75.1% 2.7% Mini-majors Food and food catering 9.2% 3.6% 20% Retail
Slide 34: Convenience shopping centre retail portfolio historical performance
Annexures Annexure 6 Convenience shopping centre retail portfolio historical performance Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Dec 24 Jun 257 Dec 257 Number of properties 74 71 58 58 51 50 51 49 45 45 44 49 Value $2.5b $2.8b $2.8b $3.0b $2.8b $2.9b $3.3b $3.2b $2.9b $2.9b $2
Slide 35: Glossary
Annexures Annexure 7 Glossary 1H FY25 LFL Six months from 1 July 2024 to 31 December 2024 Like for Like 1H FY26 JV Six months from 1 July 2025 to 31 December 2025 Joint venture GLA Gross lettable area (in square metres) MAT Moving annual turnover calculated as a sum of rolling 12-month sales Gross r
Slide 36: Further information
Further information Investor Relations Tel 1300 365 585 (within Australia) +61 2 8651 9000 (outside Australia) Email reits@charterhall.com.au Presentation authorised by the Board charterhall.com.au/cqr IMPORTANT NOTICE & DISCLAIMER This presentation ("Presentation") has been prepared by and is the s
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