Argosy Property Limited · NZX:ARG
Argosy Property — Non-Deal Roadshow (May 2026)
34 slides from Argosy Property's roadshow presentation, May 2026
Slide 1: Resilient buildings for a better future
FY26 RETAIL ROADSHOW Resilient buildings for a better future
Slide 2: Agenda
Agenda Results Summary 4 Portfolio 5 Development Update 10 Financials 13 Dave Fraser CHIEF FINANCIAL OFFICER Leasing & Sector Commentary 21 Outlook 26 Peter Mence Appendices 29 CHIEF EXECUTIVE OFFICER Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals
Slide 3: CEO quote on leasing activity and occupancy
“Leasing activity reflected longer decision making timeframes, however enquiry levels have increased recently. Portfolio occupancy remains solid at 94.6%, but our focus remains on increasing occupancy and proactive lease management.” Peter Mence CEO Argosy Property Limited FY26 Retail Roadshow 3
Slide 4: Results Summary
Results Summary $120.8m $58.5m Net Property Income Revaluation gain to up 3.3% 31 March $1.60 $127.7m NTA per share, Full year net profit up from $1.53 at 31 March 2025 after tax 37.2% 6.65c Debt to total assets within FY26 full year dividend the target 30-40% band Argosy Property Limited FY26 Retai
Slide 5: Portfolio Highlights
Portfolio Highlights 94.6% 5.0 years Occupancy (by rent) Weighted Average Lease Term (97.2% projected occupancy after lease at (5.3 years projected WALT after lease at Warehouse A, 224 Neilson Street) Warehouse A, 224 Neilson Street) 3.5% 95.1% Annualised growth on rent reviews Tenant retention rate
Slide 6: Portfolio at a glance
Portfolio at a glance TOTAL PORTFOLIO VALUE TOTAL PORTFOLIO VALUE PORTFOLIO MIX by sector by region by type Argosy Property Limited FY26 Retail Roadshow 6
Slide 7: Revaluations
Revaluations FURTHER MODEST CAP RATE FIRMING REVALUATION BY LOCATION Independent valuations as at 31 March were completed on all properties. • $58.5m gain reported, or 2.7% revaluation gain to book value. • The portfolio is under rented by 9.3%. • $4.4m gain on the two held for sale properties at 31
Slide 8: Revaluations
Revaluations GAINS ACROSS ALL SECTORS REVALUATION BY SECTOR • $27.0m gain in Industrial sector or 2.2% • $15.7m gain in Office sector or 2.0% • $11.4m gain in Large Format Retail sector or 5.5% 2.7% Revaluation gain Argosy Property Limited FY26 Retail Roadshow 8
Slide 9: Green Buildings progress towards 50% by 2031
Percentage of portfolio — Green Buildings' Green Star and/or NABERSNZ rated PROGRESS TOWARDS OUR GOAL OF 50% by 2031 @ 82Wyndham st AKL 5Green Star 6.0 Star NABERSNZ First NZGBC NetZero Carbon Certified Office @ Highgate ‘Mighty Ap. 7 Warehouse AKL 5 Green Star = 15-21 Stout St WGN 5Green Star 5.0 S
Slide 10: Neilson Street - Development
224 Neilson Street - Development $109.5m >10% value as at 31 March development margin 6 Green 12,077m2 Star Design and Built rating NLA for Warehouse A completed achieved October High Level 2025 Practical completion of terms agreed on a 16 year lease Warehouse A for Warehouse A Argosy Property Limit
Slide 11: 8-14 Mt Richmond Drive - Development
8-14 Mt Richmond Drive - Development $282m 14.8% expected value on completion forecast development margin 6 Green 5,833m2 Star Design and Built rating NLA for Warehouse 6 achieved for Warehouse 6 May 9.4% 2026 Stage 1 practical forecast IRR on completion completion achieved Argosy Property Limited F
Slide 12: Value Add & Green Developments
Value Add & Green Developments GOOD PROGRESS AT MT RICHMOND • Warehouse 6 at Mt Richmond, completed in May 2026, delivering 5,833 m² of NLA. • Fully leased to Viatris. • 6 Green Star Design achieved (Built in progress), supporting delivery of sustainable, future-ready industrial assets. $230m Signif
Slide 13: Financials
Financials FY26 Retail Roadshow
Slide 14: Gross Property Income Waterfall
Gross Property Income Waterfall ANNUALISED RENT REVIEWS 3.5% Solid increase from rent reviews Argosy Property Limited FY26 Retail Roadshow 14
Slide 15: Financial Performance
Financial Performance NET PROFIT UP ON PRIOR COMPARABLE PERIOD • Strong contribution from rent review outcomes and development income. • Continued benefits from the Group’s insurance captive subsidiary. • Lower net interest expense with lower rates more than offsetting higher average debt levels. $1
Slide 16: Net Distributable Income (NDI)
Net Distributable Income (NDI) STRONG GROWTH IN NDI • NDI of $60.9 million, up 9.1% on the prior comparable period. • NDI of 7.05cps compared to 6.58cps in the prior comparable period (up 7.1%). • Tax expense benefited from Investment Boost deductions on the completed building at 224 Neilson Street.
Slide 17: Adjusted Funds From Operations (AFFO)
Adjusted Funds From Operations (AFFO) AFFO UP ON PRIOR YEAR BY 8.3% • AFFO was 6.85cps for the year, compared to 6.43cps in the prior comparable period. • The dividend payout ratio to AFFO was 97%, back in target range, compared to 103% in the prior comparable period. 97% AFFO dividend payout ratio
Slide 18: Investment Property Waterfall
Investment Property Waterfall PORTFOLIO VALUE $2.2b Portfolio value lift to $2.2 billion Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures. Argosy Property Limited FY26 Retail Roadshow
Slide 19: Balance Sheet Management
Balance Sheet Management DEBT TO TOTAL ASSETS IN THE TARGET BAND • Portfolio gearing at 37.2%, comfortably within the target band of 30-40%. • 4 Henderson Place settled in April 2026 for $39.8m, and 143 Lambton Quay will settle in May 2026 for $6.0m. • Portfolio gearing has fallen to 36.1% following
Slide 20: Dividends
Dividends CHANGE IN POLICY TO FFO BASIS • Fourth quarter dividend of 1.6625 cents per share, payable 24 June 2026. • DRP is suspended for this dividend. • Change in dividend policy to 80-95% of FFO (previously 85-100% of AFFO) • AFFO adjustments are primarily timing related, including incentives, le
Slide 21: Leasing & sector commentary
Leasing & sector commentary FY26 Retail Roadshow
Slide 22: Leasing Outcomes
Leasing Outcomes 45,335m 2* 32 * of NLA leased to 31 March lease transactions including 13 new leases, 13 renewals and 6 extensions 9yr 111 Ministry of Business Innovation rent reviews over the period with and Employment (MBIE) lease annualised rental growth of 3.5% extension at 15 Stout Street 6yr
Slide 23: Lease Expiry Profile
Lease Expiry Profile LEASE EXPIRY PROFILE IS BALANCED • Largest expiry in FY27 is The Warehouse at 17 Mayo Road. • Largest expiry in FY28 is break clause for General Distributors at Favona Road (7.3%). The lease term is 10 years, ending August 2034, and exercise of the break clause is considered unl
Slide 24: Projected Lease Expiry Profile
Projected Lease Expiry Profile LEASE EXPIRY PROFILE AS AT 30 APRIL 2026 * 18% 15.8% PROJECTED 16% 5.2% 14% 12.6% Percentage of portfolio (by income) 12.2% 12% 11.5% 11.0% 10.3% 10% of leases expiring in FY27 * 8% 7.4% 6.1% 6% 5.2% 4.5% 4% 2.8% 2% 0.6% 0% Vacant Mar-27 Mar-28 Mar-29 Mar-30 Mar-31 Mar
Slide 25: Market Insights
Market Insights Industrial Office Large Format Retail • New supply at significant levels in recent years. • Many organisations have settled into hybrid models • Annual retail trade turnover increased by 4.4% in the but office attendance varies between cities, alongside year to December 2025. • As ec
Slide 26: Outlook
Outlook FY26 Retail Roadshow
Slide 27: Outlook
Outlook OUTLOOK IS MORE UNCERTAIN SINCE INTERIM REPORTING • Geopolitical developments have increased market uncertainty. • The duration of the current disruption and the potential for further escalation are difficult to predict. • Restrictive interest rates have eased, but are expected to increase t
Slide 28: Questions
Questions FY26 Retail Roadshow
Slide 29: Appendices
Appendices FY26 Retail Roadshow
Slide 30: Balance Sheet Management
Balance Sheet Management Debt to total assets 30-40% Target Range % Argosy Property Limited FY26 Retail Roadshow 30
Slide 31: Debt Profile
Debt Profile GREEN BOND DIVERSIFICATION 24% • The company’s first green bond (ARG010) matured on 27 March 2026 and was refinanced with a new $100m tranche of bank debt. • The second green bond (ARG020) matures on 29 October 2026 and will be refinanced later in the year. 3.1years Weighted average dur
Slide 32: Hedges, Interest Rates & Debt Maturity
Hedges, Interest Rates & Debt Maturity Hedging Profile (at 31 March year end) Debt Maturity Profile (Facility) & Weighted Average Margin and Line Fee Argosy Property Limited FY26 Retail Roadshow 32
Slide 33: Portfolio snapshot
Portfolio snapshot Argosy Property Limited FY26 Retail Roadshow 33
Slide 34: Thank you
Thank you DISCLAIMER This presentation has been prepared by Argosy Property Limited. The details in this presentation provide general information only. It is not intended as investment or financial advice and must not be relied upon as such. You should obtain independent professional advice prior to