Slide 1: HY26 Results presentation
Dexus (ASX: DXS) ASX release 18 February 2026 HY26 Results presentation Dexus provides its HY26 Results presentation. An investor conference call will be webcast at 9.30am today available on www.dexus.com/investor-centre The HY26 property synopsis excel workbook is also available at www.dexus.com/dx
Slide 2: 2026 Half year results
2026 Half year results 18 February 2026 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 Australasian fully integrated real asset group Dexus total Multi-disciplined team with expertise across the real asset spectrum FUM: $51.5b Investment portfolio: $15.3b Third-party FUM: $36.2b Office Industrial Retail Growth markets Third-party FUM to Investment $20.5b $10.5b $9.8b $10.3
Slide 6: 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 7: HY26 highlights
HY26 highlights Results in line with expectations, progress against strategic action items Dexus Funds c.$1.2b Dexus Delivering performance Fund specific actions $253.3m AFFO transactions1 DWPF continued to outperform its Established DSIT1 Distribution $0.4b investments benchmark over all time perio
Slide 8: Strategic priority areas
Strategic priority areas Progress against FY26 strategic action items Identified action items HY26 progress Further enhance quality and resilience of Investment portfolio Transactions and developments continue to enhance the portfolio. Waterfront including progressing developments Brisbane reached
Slide 9: Sustainability leadership
Sustainability leadership Global recognition in sustainability performance Sustainability strategy priority areas Sustainability performance Climate Action S&P Global ESG score – Maintained net zero across Scope 1 and 2 emissions for Dexus ranked 2nd among REIT peers, in the top 5% the managed protf
Slide 10: Financial results
HY26 FFO Composition 1 Bligh Street, Sydney NSW Trading profits 9% Investments 76% FY25: <1% (FY25: 83%) Management operations 15% FY25: 17% Co-invest 7% Office 54% FY25: 8% FY25: 61% Industrial 15% 02 FY25: 14% Financial results 9 | Dexus 2026 Half Year Results Presentation
Slide 11: HY26 financial results
HY26 financial results AFFO in line with expectations, positioned to deliver FY26 guidance HY26 $m HY25 $m Change Investments Office property FFO decreased, primarily due to divestments of 172 & 189 Flinders St, 100 Harris St, 145 Ann St, Office property FFO 256.3 278.7 (8.0)% 130 George St and lowe
Slide 12: Valuations improved across high quality portfolio
Valuations improved across high quality portfolio Second 6-month period of portfolio valuation improvement Stabilised cap Portfolio composition by grade 6m movement Total val movement Total portfolio valuation attribution1 rate Office portfolio2 FY19 HY26 -0.4% 96% Prime grade Property $122.2m 6.03%
Slide 13: Solid financial position
Solid financial position Material hedging and diversified funding sources $1.6bn committed developments estimated cost to completion $1.2b Dexus committed developments estimated cost to completion Look-through gearing Issued A$500 million of Manageable near-term debt maintained toward the subordinat
Slide 14: Investments
Waterfront Brisbane QLD (artist impression) 03 Investments Co-investments Office & other 63% 16% Industrial 21% 13 | Dexus 2026 Half Year Results Presentation
Slide 15: Office portfolio
80 Collins Street, Melbourne VIC Office portfolio 14 | Dexus 2026 Half Year Results Presentation
Slide 16: Office portfolio performance
Office portfolio performance1 High-quality, well-located portfolio at above market occupancy with select vacancies $9.8 billion sqm Historical leasing (incl. development leasing) 300,000 500 Dexus office portfolio 400 200,000 300 100,000 200 92.2% 100 0 0 Occupancy2 remains well above market FY19 FY
Slide 17: 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% 13.8% 13% target threshold 13.0% 11.6% 10.5% 10% 7.8% 5% 3.2% 0% Available FY26
Slide 18: Development pipeline
Atlassian Central, Sydney NSW 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, Sydne
Slide 19: Office outlook
Office outlook Well-located high-quality assets best positioned to benefit from recovery cycle Australian office markets by vacancy level and growth (FY25) Net effective rental growth expectations (FY26-29 inclusive) › Office demand continues to Net effective rent growth (p.a.) % pa CAGR gain moment
Slide 20: Industrial portfolio
Horizon 3023, Ravenhall VIC Industrial portfolio 19 | Dexus 2026 Half Year Results Presentation
Slide 21: Industrial portfolio performance
Industrial portfolio performance1 Strong releasing spreads and under-renting to support future rent growth Historic leasing (incl. development leasing) $3.6 billion 800,000 150 600,000 Dexus industrial portfolio 100 400,000 50 Result of strong leasing success in 200,000 97.0% Sydney, Melbourne and P
Slide 22: Industrial property portfolio expiry profile
Industrial property portfolio expiry profile Strong leasing outcomes improve occupancy and capture reversion on expiries Dexus industrial portfolio lease expiry profile (by income)1 15% NSW VIC SA QLD WA 13% target threshold 12.4% 12.1% 11.4% 10.9% 10% 5.3% 5% 3.0% 0% Available FY26 FY27 FY28 FY29 F
Slide 23: Industrial outlook
Industrial outlook Supply and demand dynamics remain supportive Moderate supply in 2026, remains below historical take-up in most markets Structural (implied) demand boosted by ecommerce growth '000 sqm Millions Physical Take-up Ecommerce takeup Under construction 5 year average take-up 10 year aver
Slide 24: Funds management
41 George Street, Brisbane QLD (artist impression) 04 Funds management 23 | Dexus 2026 Half Year Results Presentation
Slide 25: Dexus funds platform
Dexus funds platform A real asset platform of scale and diversity $36.2 billion FUM FUM by sector exposure FUM by investor type Platform attributes FUM diversified by sector and investor type Office Super & 30% pension funds 150+ unlisted institutional clients Industrial 48% Multi-manager 10% Re
Slide 26: Funds management HY26 progress
Funds management HY26 progress Fund specific updates Raised over $950 million1 third party equity Continued fund performance – Launched new investment series, Dexus Strategic – c.$390 million equity commitments for DREP2 strategy – DWPF outperformed its benchmark across all time periods, Investment
Slide 27: Summary
240 St Georges Terrace Perth WA 05 Summary 26 | Dexus 2026 Half Year Results Presentation
Slide 28: Summary and outlook
Horizon 3023, Ravenhall VIC Summary and outlook Continued improvement in underlying markets Underlying real asset markets are past the point of inflection and continue to improve, supported by positive business confidence, constrained supply pipelines, stabilisation in asset prices and improvement i
Slide 29: Appendices
Quarrywest, 5 Dolerite Way, Greystanes NSW 06 Appendices 28 | Dexus 2026 Half Year Results Presentation
Slide 30: Dexus today
Dexus today $51.5 billion – total platform funds under management Dexus portfolio Funds management portfolio <1% 30% <1% Office 2% Office 3% 64% 1% Infrastructure 7% Industrial 3% Retail 3% Healthcare Industrial $15.3b Retail $36.2b 20% 19% Healthcare Infrastructure Real estate securities & 24% Alte
Slide 31: 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 32: Funds management – infrastructure product offering
Funds management – infrastructure product offering Institutional pooled funds JVs and mandates DDIT CommIF DWAF APAFs 4 other Dexus Diversified Dexus Community Dexus Wholesale Series of Melbourne Separately Managed Infrastructure Trust Infrastructure Fund Airport Fund Airport funds (4 in total) Acco
Slide 33: Funds management development pipeline
Funds management Development pipeline $5.2 billion Funds management development pipeline1 $1.7 billion $3.2 billion Funds committed projects Funds uncommitted projects FY26-FY28+ uncommitted project costs in funds management business 1. Includes $0.3 billion concept projects. 32 | Dexus 2026 Half Ye
Slide 34: Reconciliation to statutory profit/(loss)
Financial results Reconciliation to statutory profit/(loss) 31 Dec 2025 31 Dec 2024 $m $m Statutory AIFRS net profit/(loss) after tax 348.5 10.3 Investment property and inventory (Gain)/loss from sales of investment property 0.2 0.3 Fair value (gain)/loss on investment properties (126.7) 137.5 Fair
Slide 35: Management operations profit
380 Dohertys Road, Truganina VIC Financial results Management operations profit HY26 Funds Property Development Management ($m) management management management operations Revenue 118.1 40.0 10.9 169.0 Operating expenses (60.9) (25.9) (12.9) (99.7) HY26 net profit 57.2 14.1 (2.0) 69.3 HY26 margin 48
Slide 36: Cash flow reconciliation
Financial results Cash flow reconciliation 31 Dec 2025 31 Dec 2024 $m $m Cash flow from operating activities 168.5 264.1 add back: payment for inventory acquisition and capex 14.4 21.2 less: cost of sale of inventory (12.5) (2.8) less: tax on trading profits not yet paid (3.3) (0.3) add back: capita
Slide 37: Interest reconciliation
Financial results Interest reconciliation 31 Dec 2025 31 Dec 2024 $m $m Total statutory finance costs 117.6 109.1 Less: Debt modification and movements related to exchangeable notes (8.5) (8.1) Add: Finance costs attributable to investments accounted for using the equity method1 0.6 0.0 Less: AASB 1
Slide 38: 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 2025) 9,475.6 8.81 Dexus office portfolio5 71.3 6.19% Revaluation of real estate 126.7 0.12 Dexus industrial portfolio 50.9 5
Slide 39: Property portfolio book value movements
Financial results Property portfolio book value movements Office1 Industrial1 Other1 Dexus total1 Trading assets2 (inventory) $m $m $m $m $m Opening property portfolio 9,257.5 3,200.6 0.0 12,458.0 70.5 3 Lease incentives 72.3 10.0 - 82.3 - Maintenance capex 15.4 2.4 - 17.8 - Acquisitions - - 354.1 3
Slide 40: Co-investments in pooled funds
Financial results Co-investments in pooled funds Dexus Ownership stake Dexus HY26 WALE WACR co-investment value Passing distribution yield (%)2 Occupancy (%) (%) co-investment income ($m) (years) (%) ($m)1 Real estate DWAPF 32.2% $332.5 $9.6 5.8% 97.6% 4.8 6.3% DWSF 15.2% $307.1 $5.8 4.5% 98.4% 5.3
Slide 41: Capital management HY26 position
Capital management HY26 position Debt maturity profile1 Key metrics 31 Dec 2025 30 Jun 2025 Total debt2 $4,591m $4,720m $m Headroom (including cash) $2.5b $3.0b 1,800 Gearing (look-through)3 33.9% 31.7% 1,600 Covenant gearing (covenant4 <55%) 27.0% 30.6% 1,400 Interest cover (covenant4 >2.0x) 3.7x 4
Slide 42: Interest rate hedging profile
Capital management Interest rate hedging profile Hedge profile Hedging profile 31 Dec 2025 30 Jun 2025 $m Average amount of debt hedged including caps 95% 86% 5,000 5.0% 4,500 Average amount of debt hedged excluding caps 68% 73% 4,000 4.0% Weighted average interest rate on hedged debt2 2.9% 2.1% 3,5
Slide 43: Debt facilities
Capital management Debt facilities1 Facility limit Drawn Maturity Currency Facility limit Drawn A$m A$m A$m A$m Bilateral bank debt2 100 100 FY27 A$ Sub total 7,022 4,427 600 172 FY28 A$ Currency translation and fair value adjustments 197 197 850 250 FY29 A$ 625 151 FY30 A$ Deferred borrowing costs
Slide 44: Office portfolio
Office portfolio $9.8 billion Dexus office portfolio diversification $20.5 billion Platform office portfolio Office by asset type Office by location 1,435 Prime grade 96% Sydney CBD/fringe 49% Customers 61% 13% 48 properties Across key CBDs 14% $9.8b $9.8b 54% 4% 1.8 million Square metres 19% 35% 3.
Slide 45: 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 77% is located in core CBDs, where occupancy and Historic Dexus occupancy vs market
Slide 46: Property portfolio: top 10 office customers
Australia Square 264-278 George Street, Sydney NSW Property portfolio Top 10 office customers represent 19.8% of total portfolio income % of total Diversity of office customers (by income) Credit property 0% 5% 10% 15% 20% Office top 10 customers1 rating2 portfolio Income3 Legal services 16.8% Finan
Slide 47: Office portfolio lease expiry profiles by region
Property portfolio Office portfolio lease expiry profiles by region By income By area By income By area Sydney CBD Melbourne CBD 20% 20% 17.1% 15.3% 14.3% 14.8% 15% 11.9% 12.8%13.6% 12.7% 12.9% 15% 13.1% 12.5% 12.1% 9.4% 9.8% 10.7% 10.2% 10.8% 11.1% 10.0%10.4% 10% 10% 5% 2.5% 2.4% 5% 1.7% 1.3% 0% 0%
Slide 48: Office demand indicators
Office demand indicators Business conditions remain positive, expected to support office demand Professional services firms hiring intentions Business conditions ‘000 Vacancies Professional job vacancies Job Ads (RHS) Index (2019 = 100) Index Business Confidence (LHS) Business conditions Index 20 20
Slide 49: 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 92% $/sqm Premium stock 898,834sqm Western $1,400 Premium mark
Slide 50: Market outlook: Sydney CBD supply
Market outlook Sydney CBD – future committed supply well below average and mostly pre-committed 120K FY26-FY28 - Future 3-year committed completions p.a. only 53% of 10-year average 100K - 69% of supply is pre-committed Withdrawal Mooted 80K Available Pre-commited 60K 40K 20K 0K -20K -40K -60K 121 A
Slide 51: Melbourne CBD occupancy
Melbourne CBD occupancy Premium occupancy higher in the Eastern core Docklands Civic North Eastern Occupancy 82% Premium occupancy 76% Occupancy 100% Premium stock 450,689sqm Premium stock 31,411sqm Premium stock 58,500sqm The market occupancy rate of Premium space DXS prime occupancy 95.1% in the c
Slide 52: Market outlook: Melbourne CBD supply
Market outlook Melbourne CBD – future committed supply well below average 70K FY26-FY28 - Future committed completions p.a. only 54% of 10-year average - 35% of supply is pre-committed 60K 50K 40K Withdrawal 30K Mooted Available Pre-commited 20K 10K 0K 435 Bourke St 299 Bourke St 85-91 Spring 17-23
Slide 53: Industrial portfolio
Industrial portfolio $3.6 billion Dexus industrial portfolio diversification $10.5 billion Industrial by asset type Industrial by location Platform industrial portfolio 48% 426 Customers 77% 195 5% properties $3.6b $3.6b 16% 13% 3.9 million Square metres 6% 6% 30% 1% 3.0-3.5% Average fixed annual re
Slide 54: 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 55: Property portfolio: top 10 industrial customers
Velociti, 12 Church Road, Moorebank NSW Property portfolio Top 10 industrial customers represent 3.8% 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 32.1
Slide 56: Industrial portfolio lease expiry profiles by region
Property portfolio Industrial portfolio lease expiry profiles by region Sydney Income Area Income Area Brisbane 20% 30% 14.6% 22.4% 15% 13.6% 19.2% 19.4% 20% 17.3% 10.5% 14.2% 15.4% 9.4% 10% 7.5% 7.9% 8.2% 8.2% 6.3% 5.0% 4.2% 5.3% 10% 7.0% 7.0% 5.9% 6.2% 5% 4.5% 4.6% - - Available FY26 FY27 FY28 FY2
Slide 57: 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 Horizon 3023, Ravenhall VIC 30,500 21 6.9% 100% July 2025 75% ASCEND Industrial Estate, Jandakot WA 24,100 17 7.2% 40% Nov 2025 67
Slide 58: Dexus committed developments and fund-throughs
Development Dexus committed developments and fund-throughs Pipeline Building area1 Project costs2 Est cost to Yield on cost3 Leased Completion due Third party partner sqm $m Completion2 % % interest $m % Office Atlassian Central, Sydney NSW4 58,100 1,451 610 4-4.5% 100% Late 2026 0% Stage 1, Waterfr
Slide 59: 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% Pitt and Bridge Precinct, Sydney NSW
Slide 60: Trading profit opportunities
Trading profit opportunities Trading profits realised secured FY26 guidance; lower contribution expected in FY27 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 Orch
Slide 61: Real asset transactions
Real asset transactions Dexus transactions Sale Acquisition price2 Interest Interest Dexus acquisitions1 Settlement Dexus divestments1 price3 Settlement $m % % $m Westfield Chermside, Gympie Road, 3 Brookhollow Avenue, Baulkham Hills NSW 110.0 100.0% Mar-Jul-25 349.0 12.3% 23-Dec-25 Chermside QLD Al
Slide 62: Environmental metrics
Environmental metrics Office portfolio sustainability metrics Dexus managed platform net emissions1 FY08 BAU Office NABERS energy ratings2 Office NABERS water ratings2 Operational Emission sources Net emissions 120 Emissions intensity (kg CO2-e/sqm) 100 5.5 stars (Location-based) 6 stars 5 stars 166
Slide 63: Other information
Other information Exchange and securities used in statutory accounts 31 Dec 2025 30 Jun 2025 31 Dec 2024 Closing rates for Statement of Financial Position USD 0.6693 0.6550 0.6217 Average rates for Statement of Comprehensive Income USD 0.6504 0.6477 0.6613 6 mths to 12 mths to 6 mths to 31 Dec 2025
Slide 64: 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 65: Disclaimer
480 Queen Street, Brisbane QLD Disclaimer Dexus Funds Management Limited (ACN 060 920 783, AFSL 238163) ("Responsible Entity") is the responsible entity of Dexus (ASX code: DXS) (“Dexus” or “Fund”) and issuer of stapled securities in the Fund. The Fund comprises two registered schemes, Dexus Propert
Slide 66: dexus
dexus