Slide 1: 2025 Half Year Results
Charter Hall Group 2025 Half Year Results ASX:CHC Powerlink, TradeCoast Logistics Hub, Pinkenba (CPIF) Charter Hall Group 2025 Half Year Results
Slide 2: Agenda
Acknowledgement of Country Charter Hall acknowledges the Traditional Custodians of the lands on which we work and gather. We pay our respects to Elders past and present and recognise their Agenda continued care and contribution to Country. 1. Highlights and Strategy 2. Group Funds Management 3. Prop
Slide 3: Highlights and Strategy
1 Highlights and Strategy GPO Tower, 2-10 Franklin Street, Adelaide (CHWPT & CPOF) Charter Hall Group 2025 Half Year Results 3
Slide 4: Group highlights 1H FY25
Highlights and Strategy Group highlights 1H FY251 Group Returns Property Investments Funds Management Investment Capacity Operating earnings Co-investment portfolio Group FUM4 Group investment capacity2 $196 million $2.8bn $83.4bn $6.1bn Balance sheet OEPS Property Investment EBITDA growth (pcp) Gro
Slide 5: Our Strategic Pillars
Highlights and Strategy Our Strategic Pillars1 Access Deploy Manage Invest Accessing equity from listed, Creating value through attractive Funds management, asset Investing alongside our We use our expertise to wholesale and retail investors investment opportunities management, leasing and capital p
Slide 6: Operating earnings growth
Highlights and Strategy Operating earnings growth Operating earnings and distributions growth DPS (cash paid) - Strength of underlying retained earnings driving DPS (grossed up) fund creation and growth OEPS (post-tax) - Cumulative retained earnings of $1.2bn since FY15 funding organic growth of the
Slide 7: Group EBITDA margins
Highlights and Strategy Group EBITDA margins Group EBITDA margins, FY19 to 1H FY25 (%) 83.7% - Margin expansion over 5 years achieved and continuing through platform scale 81.3% - Annuity EBITDA margin continues to expand, with PI and FM EBITDA top line growth and 79.3% operational leverage from net
Slide 8: Group Funds Management
2 Group Funds Management Eastgate Shopping Centre, Bondi Junction (CQR & RP6) Charter Hall Group 2025 Half Year Results 8
Slide 9: Group funds management portfolio
Group Funds Management Group funds management portfolio – Diversification of equity sources and by sector – 31% Industrial & Logistics, 29% Office, 21% Listed Equities, 15% Convenience Retail and 4% Social Infrastructure Group FUM by equity source Group FUM by sector Social Infrastructure $3.7bn SC
Slide 10: Property Funds Under Management (FUM) growth
Group Funds Management Property Funds Under Management (FUM) growth Total property FUM of $66.4bn Property FUM growth ($bn) Property FUM by equity source ($bn) $1.0bn 80.0 5-year Property FUM CAGR of 11.3% ($2.0bn) $2.2bn 75.0 Wholesale 12.7% $71.9bn $66.4bn $65.5bn 70.0 Listed 8.9% $65.6bn $65.5bn
Slide 11: Property funds management portfolio
Group Funds Management Property funds management portfolio Largest diversified property portfolio in Australia Portfolio value Lettable area No. of Net rent WARR WALE Occupancy WACR Property FUM ($bn) (m sqm) Properties ($m) (%) (years) (%) (%) 31 December 2024 66.4 11.1 1,578 3,208 3.2 8.0 97.6 5.6
Slide 12: Diversified tenant customers
Group Funds Management Diversified tenant customers The top 20 tenants are represented by Government, multinationals and listed companies – The top 20 tenants represent 55% of property platform income – 22% of platform leases are NNN – 23% of platform net income is CPI-linked – 71% multi-lease tenan
Slide 13: Modern, high-occupancy Industrial & Logistics portfolio ($25.5bn)
Group Funds Management Modern, high-occupancy Industrial & Logistics portfolio ($25.5bn) Strong leasing momentum with 328,197 sqm leased across 19 transactions – 11.9 year WALE achieved on all lease transactions nationally – 99.2% Industrial & Logistics portfolio occupancy versus national average of
Slide 14: Modern, high-occupancy Office platform ($24.0bn)
Group Funds Management Modern, high-occupancy Office platform ($24.0bn) Strong leasing momentum with 125,187 sqm leased1 across 111 transactions – 6.8 year WALE achieved on all lease transactions nationally – 95.2% Office portfolio occupancy versus national average of 84.4%2 – 6.5 year WALE across o
Slide 15: Convenience Retail platform ($12.3bn)
Group Funds Management Convenience Retail platform ($12.3bn) Strong leasing momentum with 35,847 sqm leased across 155 transactions Shopping Centre Convenience Retail ($4.2bn) Net Lease Convenience Retail ($8.1bn) – 9.7 year1 WALE with portfolio occupancy of 97.5% – 11.1 year WALE with portfolio occ
Slide 16: 100% occupancy Social Infrastructure platform ($3.7bn)
Group Funds Management 100% occupancy Social Infrastructure platform ($3.7bn) Properties for essential services with low correlation to economic cycle – High portfolio occupancy of 100% – 12.2 year WALE across our Social Infrastructure portfolio, with below market rents – CQE reported strong 1H FY25
Slide 17: Equity inflows
Group Funds Management Equity inflows ($m) FY22 FY23 FY24 1H FY25 - Diverse sources of equity across Wholesale, Listed and Direct Wholesale pooled funds 1,575 817 305 451 - Wholesale flows across both partnerships and pooled funds Wholesale partnerships 1,137 1,432 1,140 1,0451 - $10.7bn of gross in
Slide 18: 1H FY25 property transaction activity
Group Funds Management 1H FY25 property transaction activity $4.1bn of transaction activity in the half, equivalent to 12 months of FY24 Social Industrial & Shopping Centre ($bn) Office Net Lease Retail Infrastructure / Total Logistics Retail Other Acquisitions 0.1 0.4 0.1 1.3 0.4 2.2 Divestments (0
Slide 19: Property Investment and Development
3 Property Investment and Development Hello Fresh, Light Horse Logistics Hub, Eastern Creek (CPIF) Charter Hall Group 2025 Half Year Results 19
Slide 20: Development pipeline of $13.3bn driving FUM growth
Property Investment and Development Development pipeline of $13.3bn driving FUM growth Development completions of $0.8bn over the last 12 months, total pipeline increase $0.7bn – 91% of Industrial committed projects are pre-leased1 – 73% of Office committed projects are pre-leased1 Completion value
Slide 21: Chifley Square, North and South Tower, Sydney ($4.0bn)
Property Investment and Development Chifley Square, North and South Tower, Sydney ($4.0bn) – Exceptional premium position with Chifley North including new retail, tenant amenity and public domain – Combined precinct of ~110,000sqm NLA – Significant value creation through site specific planning propo
Slide 22: National office development activity
Property Investment and Development National office development activity Delivering high quality prime office assets – Strong track-record in the creation of successful investment grade office investments for Charter Hall’s funds and partnerships 480 Swan St, Richmond, Melbourne 60 King William St,
Slide 23: National industrial development pipeline ($6.8bn)
Property Investment and Development National industrial development pipeline ($6.8bn) Delivering strategically located essential industrial assets Industrial & Logistics – $806m of industrial development completions over CY24. 11 projects completed with a WALE of 11 years – $2.5bn committed future d
Slide 24: Property Investment portfolio of $2.7bn
Property Investment and Development Property Investment portfolio Property Investment portfolio of $2.7bn Portfolio Value No. of WALE Occupancy WARR WACR WADR ($bn) Properties (years) (%) (%) (%) (%) 31 December 2024 2.7 1,512 7.1 96.9 3.2 5.7 6.9 30 June 2024 2.8 1,607 7.2 97.4 3.4 5.7 6.8 Sector a
Slide 25: Diversified Property Investment earnings
Property Investment and Development Diversified Property Investment earnings Property Investment earnings (by sector) - Property Investment portfolio provides growth Social Listed Equities and resilience given quality and strong tenant Infrastructure 0% customer composition 8% - No single asset is m
Slide 26: Sustainability Initiatives
Property Investment and Development Sustainability Initiatives Achievements in 1H FY25 Net Zero by 20251 Clean energy Circular economy Environment On track to achieve Net Zero Scope 1 and Scope Over 80% renewable electricity supplied Uplift of 16% waste diversion from landfill across 2 emissions fro
Slide 27: Financial Result
4 Financial Result Australia Post, Chullora Logistics Park, Sydney (CPIF) Charter Hall Group 2025 Half Year Results 27
Slide 28: Earnings summary
Financial Result Earnings summary ($m) 1H FY24 1H FY25 Change % Property Investment (PI) EBITDA1 129.8 136.6 5.2% Development Investment (DI) EBITDA 35.1 25.7 (26.7%) - PI EBITDA growth of 5.2%: excludes co- investment finance costs and elimination of co- Funds Management (FM) EBITDA 1,2 141.3 142.9
Slide 29: Funds management earnings
Financial Result Funds management earnings ($m) 1H FY24 1H FY25 Change % - Transaction and performance revenue Funds management revenue 153.9 140.5 (8.7%) growth of 15.3% due to increase in transaction activity levels Transaction and performance revenue 16.3 18.8 15.3% - Property services revenue in
Slide 30: Balance sheet and return metrics
Financial Result Balance sheet ($m) 30 Jun 2024 31 Dec 2024 and return metrics Cash Property investment 383 2,758 289 2,704 Development investment 74 71 - Available cash of $289 million Receivables 100 105 Other assets1 196 200 - Strong balance sheet maintained with low gearing at 5.9% Intangibles 1
Slide 31: Platform capital profile
Financial Result Platform capital profile - $6.1bn of available liquidity plus committed Funds platform debt metrics1 30 Jun 2024 31 Dec 2024 and uncalled equity - $7.4bn of new and refinanced debt facilities Total facility limits ($m) 30,054 29,559 in 1H FY25 Total undrawn debt ($m) 5,782 5,297 - $
Slide 32: Guidance
5 Guidance 555 Collins Street, Melbourne (CPOF) Charter Hall Group 2025 Half Year Results 32
Slide 33: FY25 operating earnings guidance upgrade
Guidance FY25 operating earnings guidance upgrade Based on no material change in current market conditions, FY25 guidance for post-tax operating earnings per security has been upgraded from 79 cents to approximately 81 cents, representing 6.9% over FY24 FY25 distribution per security guidance is for
Slide 34: Additional Information
6 Additional Information Charter Hall Offices No. 1 Martin Place, Sydney (CHOT) Charter Hall Group 2025 Half Year Results 34
Slide 35: Management bench experience
Additional Information Management bench experience Charter Hall Executive Committee (EXCO) David Harrison Managing Director & Group CEO 37 years industry experience Sean McMahon Anastasia Clarke Avi Anger Carmel Hourigan Steven Bennett Natalie Devlin Richard Stacker Ben Ellis Chief Investment Chief
Slide 36: Property Platform
Additional Information Charter Hall Group Property Platform1 0.1bn $ 10.4bn $ 4.7bn $ 2.7bn $ 27.9bn $ 16.6bn $ 0.7bn $ 1. Excludes HPI, Maxim and other smaller investments Charter Hall Group 2025 Half Year Results 0.5bn $ 36
Slide 37: Charter Hall investment strategies
Additional Information Charter Hall investment strategies Wholesale Listed Funds Direct Funds $62.4bn $12.4bn $8.7bn Pooled Partnerships Listed CPIF Industrial PIM ASX:CLW Industrial $13.8bn $6.6bn $16.7bn $5.5bn $3.6bn 1 CPOF Office ASX:CQR Office $8.6bn $10.8bn $4.8bn $3.6bn Retail ASX:CQE Retail
Slide 38: Charter Hall sector valuation movement – December 2024
Additional Information Charter Hall sector valuation movement – December 2024 Valuation Valuation Cap rate Cap rate December movement movement increases increases 2024 (6 months) (12 months) (6 months) (12 months) cap rate Industrial & Logistics 0.8% (1.2%) 7 bps 35 bps 5.3% Office (3.5%) (9.6%) 21
Slide 39: Recent valuation cycle
Additional Information Recent valuation cycle Charter Hall sector LFL WACR over the last 4.5 years Cap rate movements more than offset by valuation growth - On average across all sectors, cap rates have risen 6.50% over the last two years by almost the same amount they fell during Jun-20 to Jun-22 -
Slide 40: Sale and leaseback opportunities
Additional Information Scale and cross sector capability create significant sale and leaseback opportunities Sale and leaseback transactions continue to grow our NNN exposure Charter Hall sale and leaseback transactions (by tenant industry) Existing Charter Hall sale and leaseback partnerships Other
Slide 41: Wholesale pooled funds and partnerships
Additional Information Wholesale pooled funds and partnerships FUM Gearing $ 45.7bn 37.0% Occupancy WALE 97.0% 7.9yrs Cap rate CHC investment 5.2% $ 1.6bn 130 Lonsdale Street, Melbourne (CPOF) Charter Hall Group 41 2025 Half Year Results
Slide 42: Wholesale investment performance (major funds)
Additional Information Wholesale investment performance (major funds) Relative to sector specific IPD/MSCI core wholesale indices 14.4% 14.0% 13.3% 10.5% 10.3% 10.3% 10.4% 7.2% 6.0% 6.0% 2.8% 2.8% 1 2 3 CHOT CPOF CPIF CLP LWHP LWIP 10 years 10 years 10 years 10 years 10 years 10 years Net Return (%
Slide 43: Listed REITs
Additional Information Listed REITs ASX : CLW, CQR & CQE FUM Gearing $ 12.4bn 31.4% Occupancy WALE 99.2% 9.1yrs Cap rate CHC investment1 5.5% $ 0.7bn The Regatta Hotel, Toowong (CQR) 1. Held at accounting value not market value Charter Hall Group 43 2025 Half Year Results
Slide 44: Direct property funds
Additional Information Direct property funds FUM Gearing $ 8.3bn 39.9% Occupancy WALE 98.2% 7.2yrs Cap rate CHC investment 6.0% $ 0.3bn Bunnings, South Burnie (LWF) Charter Hall Group 44 2025 Half Year Results
Slide 45: Direct investment performance (major funds)
Additional Information Direct investment performance (major funds) 15% 13.9% 13.2% 13% 11% 9% 7.1% 6.7% 7% 5.7% 5.9% 5.3% 5.3% 5.5% 5.1% 5% 3.9% 3.5% 3.0% 2.7% 3% 0.8% 0.5% 1% (1%) (3%) (2.2%) (3.8%) (5%) 1 1 1 DOF PFA DIF3 DIF4 BW Trust LWF WPS1 WPS2 Maxim2 2014-2025 2017-2025 2014-2025 2016-2025 2
Slide 46: CHPT Property Investment portfolio
Additional Information CHPT Property Investment portfolio Ownership Charter Hall Charter Hall PI WALE WACR WADR WARR stake1 Investment EBITDA Income (years) (%) (%) (%) (%) ($) ($m) Industrial & Logistics 3.8 625.6 24.8 7.6 5.2 6.7 2.9 Office 10.8 1,233.1 67.5 6.1 6.0 6.9 3.5 Shopping Centre Retail
Slide 47: Major fund performance review testing periods
Additional Information Major fund performance review testing periods Fund Testing frequency Counter Cyclical Trust (CCT) FY25 Charter Hall Direct Office Fund (DOF) 5 yearly – FY25, etc Brisbane Square Wholesale Fund (BSWF) 3 yearly – FY25, FY28 etc Charter Hall 242 Exhibition St Trust (242X) 3 yearl
Slide 48: Fund key and glossary
Additional Information Fund key and glossary Listed entities Wholesale funds ASX:CHC Charter Hall Group BSWF Brisbane Square Wholesale Fund ASX:CLW Charter Hall Long WALE REIT CCT Charter Hall Counter Cyclical Trust ASX:CQR Charter Hall Retail REIT CHAB247 Charter Hall Abacus 247 Adelaide Street Tru
Slide 49: 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/chc IMPORTANT NOTICE & DISCLAIMER This presentation has been prepared by Charter Hall Funds Management