Bwp Trust · ASX:BWP

Bwp Trust — H1 FY2026 Earnings Presentation

37 slides from Bwp Trust's earnings presentation, Feb 13, 2026

  1. Slide 1: 2026 Half-year results

    2026 Half-year results 13 February 2026

  2. Slide 2: Important notice

    Important notice The information provided in this presentation is not intended to be comprehensive in nature and should be considered together with the financial statements for the period and previous periods, ASX announcements and other information available on BWP’s website. This presentation has

  3. Slide 3: Acknowledgement of Country

    Acknowledgement of Country We acknowledge the Traditional Owners of Country throughout Australia and their continuing connection to lands and waterways upon which we depend. We pay our respects to their Elders, past and present. Photo: Hans Wismeijer 3 BWP GROUP 2026 HALF-YEAR RESULTS

  4. Slide 4: Presentation outline

    Presentation outline Presenters Item Slide Mark Scatena, Managing Director 1H FY26 Portfolio highlights 5 Andrew Ross, Head of Property Financial performance 8 David Hawkins, Chief Financial Officer Review of results and operations 12 Portfolio optimisation 17 Profitable growth 23 Portfolio renewal

  5. Slide 5: 1H FY26 Portfolio highlights

    1H FY26 Portfolio highlights

  6. Slide 6: Portfolio highlights

    Portfolio highlights Continued focus on asset repurposing, occupancy improvement and asset recycling whilst transitioning to an internalised model, with funding diversification and balance sheet expansion to leverage the lower cost of capital > Internalisation advanced and Bunnings > Acquisition of

  7. Slide 7: 1H FY26 Key portfolio metrics

    1H FY26 Key portfolio metrics Increased earnings supported by improved leasing spreads despite increased repurposing activity; revaluation gain reflecting active asset management and high-quality portfolio Profit (after revaluations) Interim distribution Net tangible assets $221.8m5 9.58 cents per s

  8. Slide 8: 1H FY26 Financial performance

    1H FY26 Financial performance

  9. Slide 9: Financial performance

    Financial performance Income and profit growth despite increased repurposing activity, with revaluation gain due to increased income from re-leasing activities (LFR) and capitalisation rate firming Half-year ended 31 Dec 2025 31 Dec 2024 Income and expenses Total income $m 103.6 100.6 Total expenses

  10. Slide 10: Financial performance

    Financial performance Half-year ended 31 Dec 2025 31 Dec 2024 Investment and cash generation Operating cashflow $m 59.4 53.0 Purchase of, and additions to investment properties $m (58.0) (5.5) Receipts from divestments of investment properties $m 19.2 - Internalisation payment, net of cash acquired

  11. Slide 11: Funds from Operations (FFO)

    Funds from Operations (FFO) Distributions supported by cash generated from funds from operations Half-year ended 31 Dec 2025 31 Dec 2024 Net profit before revaluations and income $m 66.4 66.1 Less: income tax expense $m (0.2) - Net profit after income tax expense $m 66.2 66.1 FFO adjustments Straigh

  12. Slide 12: Review of results and operations

    Review of results and operations

  13. Slide 13: Portfolio evolution

    Portfolio evolution Focus on site repurposing, Bunnings upgrades and expansions, and increasing participation in large format retail (LFR) > Optimisation of portfolio through Bunnings lease BWP portfolio valuation tenure extension and capital reinvestment Portfolio valuation Dec 2020 Portfolio valua

  14. Slide 14: Portfolio evolution

    Portfolio evolution Continued tenant strength and undersupply of lettable area driving attractive LFR rental growth opportunity Retailer FY19-FY25 revenue growth CAGR GLA per capita – Shopping centres vs LFR centres 10.80% > Australian population growth, rising GLA per capita 1.0 9.00% 9.20% residen

  15. Slide 15: Portfolio composition

    Portfolio composition LFR market is material and annual churn (asset transactions) supports BWP’s growth strategy > LFR market is large (estimated to be ~$24.7b) and offers churn to enable acquisition opportunities accretive to BWP’s cost of capital > BWP’s share of the LFR market is under-represent

  16. Slide 16: Transition to an internalised model

    Transition to an internalised model Transaction completion in July 2025, with continued focus on transition to an internalised model to optimise BWP operations in collaboration with Wesfarmers Capital Expenditure 1 Internalisation 2 Lease Reset and Extension 3 Commitments Creating an independent pla

  17. Slide 17: Portfolio optimisation

    Portfolio optimisation bwp

  18. Slide 18: Portfolio optimisation

    Portfolio optimisation Continued strong covenant mix driven by Wesfarmers Group and national retailers (collectively ~97%) with WALE extended and occupancy impacted by asset repurposing Rental income mix WALE and occupancy % of Total Rent WALE Occupancy 100.0% 0.7% 1.2% 1.2% 1.3% 2.1% 2.7% 8.0 100.0

  19. Slide 19: Portfolio optimisation

    Portfolio optimisation Like-for-like rental income growth of 2.6% reflects balanced lease structure and growth from the LFR portfolio > LFR rent growth an increasing contributor to total portfolio rent > Growth in average rent ($ per sqm) supported by increased contribution of national, large format

  20. Slide 20: Portfolio optimisation

    Portfolio optimisation Strong rental reversion and minimal lease incentives on LFR leasing activity support BWP’s income growth > Positive leasing spreads achieved in 1H FY26 – average increase of 7.6% (8 LFR tenancies) > LFR incentives remain minimal LFR leasing spreads LFR incentives2 Leasing Spre

  21. Slide 21: Portfolio optimisation

    Portfolio optimisation Cap rate compression of 13 basis points for the half to 5.27%, supported by longer WALE and firmer market cap rates from increased transaction activity Valuations Cap rates > 82 properties valued at $3.9b at Cap rate 31 December 2025 7.0% > Weighted average cap rate of 5.27% 1

  22. Slide 22: Portfolio optimisation

    Portfolio optimisation Value creation from repurposing ex-Bunnings Warehouses via LFR conversion and lettable area expansion on surplus land Development project overviews Fountain Gate (VIC) Noarlunga (SA) Broadmeadows (VIC) Address 64 – 86 Narre Warren North Road, Corner Beach Road and Goldsmith Dr

  23. Slide 23: Profitable growth

    Profitable growth bwp

  24. Slide 24: Progressing tenant expansions

    Profitable growth Progressing tenant expansions Tenant expansion Capital expenditure ($m) Comments Midland (WA) 11.0 > Carco lease extension agreed with documentation executed > Planning approval received for building expansion > Construction tender process completed; works to commence 2H FY26 > 7.5

  25. Slide 25: Growth enhancing acquisition

    Profitable growth Growth enhancing acquisition HomeCentre Morayfield (QLD) > Large format retail (LFR) centre acquired in November 2025 from an unrelated third party > Acquisition cost of $48.0m (plus costs) represents a cap rate of 5.75% > Centre comprises 12,086 sqm lettable area > 100% leased to

  26. Slide 26: Portfolio renewal

    Portfolio renewal bwp

  27. Slide 27: Portfolio renewal to maximise value and recycle capital

    Portfolio renewal Portfolio renewal to maximise value and recycle capital into growth Property Lease expiry Comments Chadstone (VIC) > Bunnings – > Multi-tenanted two-level internalised mall style large format retail centre anchored by Bunnings July 2030 > Recently negotiated Bunnings lease extensio

  28. Slide 28: Capital management

    Portfolio renewal Capital management Debt metrics 31 Dec 25 31 Dec 24 > Average borrowings for the period of $939.3m CREDIT RATINGS – 18.3% up on pcp, largely due to debt drawn to Moody’s A3 (stable) A3 (negative) fund the internalisation S&P A- / stable A- / stable – 4.4% weighted average cost of d

  29. Slide 29: Debt maturity and diversification

    Portfolio renewal Debt maturity Debt diversification Debt maturity profile as at 31 Dec 2025 ($m) Bank debt facilities > Facilities with 2 Australian domestic banks totalling $370m 400.0 160.0 > Facilities with 3 International banks totalling $360m 75.0 > Institutional term loan with international i

  30. Slide 30: Governance

    Governance bwp

  31. Slide 31: Chair succession and Board appointment

    Governance Chair succession and Board appointment Non-Executive Director changes Existing Non-Executive Directors Tony Howarth AO Danielle Carter > Tony Howarth AO to retire from the Board following the > Danielle Carter was appointed to the Board in December 2026 half-year results announcement 2021

  32. Slide 32: Outlook

    Outlook

  33. Slide 33: Outlook

    Outlook Continued progression of repurposing activities, lease optimisation across the portfolio and internalisation transition whilst leveraging benefits of internalisation and balance sheet refinancing for portfolio growth and value creation FY26 focus areas > Transition to internalised model: > P

  34. Slide 34: Outlook

    Outlook Continued focus on BWP’s objective of providing securityholders a secure and growing income stream and long-term capital growth FY26 focus areas (continued) > Attractive addressable market and operating environment: > Capital expenditure growth reflecting peak repurposing activity – Portfoli

  35. Slide 35: Questions

    Questions Further Information Tel: +61 8 9327 4356 Email: investorrelations@bwptrust.com.au

  36. Slide 36: Appendix

    Appendix bwp

  37. Slide 37: Portfolio composition

    Appendix Portfolio composition Standalone LFR centres Total portfolio Bunnings Warehouses and other leases Properties # 54 28 82 Average GLA sqm 14,243 14,045 14,175 Leases # 54 132 186 Annual rental $m 136,843 69,691 206,535 Average cap rate % 4.96 5.81 5.27 Valuation (at 31 December 2025) $m 2,684

BWP Trust — H1 FY2026 Earnings Presentation on 6ix