Dexus Convenience Retail Reit · ASX:DXC
Dexus Convenience Retail Reit — FY2026 Earnings Presentation
36 slides from Dexus Convenience Retail Reit's earnings presentation, Aug 10, 2026
Slide 1: Dexus Convenience Retail REIT ASX release: 2026 Annual results presentation
Dexus Convenience Retail REIT (ASX:DXC) ASX release 10 August 2026 2026 Annual results presentation and property synopsis Dexus Convenience Retail REIT (DXC) provides its 2026 Annual results presentation. An investor conference call will be webcast today at 10.00am at www.dexus.com/investor-centre T
Slide 2: Full year results 2026
Full year results 2026 10 August 2026 Glass House Mountains Northbound Bruce Highway, Glass House Mountains QLD Dexus Asset Management Limited ACN 080 674 479 AFSL 237 500 as responsible entity for Dexus Convenience Retail REIT
Slide 3: Acknowledgement of Country
Acknowledgement of Country Dexus Convenience Retail REIT 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. Artwork: Chan
Slide 4: Agenda
Agenda 01 02 03 04 05 Introduction and Financial Portfolio Summary Appendices highlights overview performance and Page 23 Page 26 market dynamics Page 4 Page 11 Page 15 Glass House Mountains Northbound Bruce Highway, Glass House Mountains QLD 3 | 2026 Full Year Results
Slide 5: Introduction and highlights
01 Introduction and highlights Glass House Mountains Northbound Bruce Highway, Glass House Mountains QLD 44 | 2026 Full Year Results
Slide 6: Strategic national network
Strategic national network 911 Queensland strategically located assets $462m 52 Western 608,500 sqm Australia South total site area $65m 10 Australia $113m 16 New South Wales 69 $127m 11 specialty retail tenancies Value 77% # properties weighted to eastern seaboard2 Victoria $11m 2 2.6 million peopl
Slide 7: Investment proposition
Investment proposition Focused execution against clear portfolio priorities Defensive and Active portfolio Prudent capital 01 02 03 growing income management structure Strategy – Diverse mix of high-quality national – Enhancing portfolio quality through – Preserve balance sheet flexibility and inter
Slide 8: FY26 highlights
FY26 highlights Delivering resilient income growth and enhanced portfolio quality Delivered FY26 Resilient income Strategic asset guidance growth recycling › FY26 FFO and distributions of › +3.0% like-for-like income growth › Three assets divested1 for 20.9 cps › +3.3% average rent review $8.0m at a
Slide 9: Resilient income with contracted rental growth
Resilient income with contracted rental growth Underpinned by strategic, high quality asset base Income resilience Contracted growth High-quality portfolio No significant lease expiries until 2032+ Attractive contracted property rental increases p.a. 86% metro and highway sites (% by income) (% by i
Slide 10: Diversified, large-cap operators with strong covenants
Diversified, large-cap operators with strong covenants Leading operators investing in network expansion, consolidation and earnings diversification Income underpinned by large-cap, well-capitalised operators Large-cap operators investing to expand networks and diversify earnings1 › Acquired by 7-Ele
Slide 11: Delivering measurable sustainability outcomes
Delivering measurable sustainability outcomes Aligned to Dexus sustainability strategy Dexus sustainability strategy DXC focus DXC initiatives Supporting tenants' decarbonisation Sustainability initiatives strategies while capturing Glass House Mountains Northbound incorporates six opportunities fro
Slide 12: Financial overview
02 Financial overview 187 South Pine Rd, Brendale QLD 11 11 | 2026 Full Year Results
Slide 13: FY26 financial result
FY26 financial result FFO and distributions delivered in line with guidance Funds from operations FY26 FY25 Change Reflects 3.0% like-for-like income growth, partially offset by lower income Property FFO ($m) 44.7 44.0 1.5 % associated with FY25 divestments Management fees ($m) (4.8) (4.6) 3.3 % Inc
Slide 14: Balance sheet and capital management
Balance sheet and capital management Strong capital position, providing flexibility for strategic capital deployment Key metrics 30 Jun 2026 30 Jun 2025 Gearing1 30.6% 29.4% Cost of debt2 4.8% 4.5% Strong balance Entered into ~$200 million Extended and sheet with gearing of hedging, improving increa
Slide 15: Portfolio valuations
Portfolio valuations Valuation uplift underpinned by contracted rent growth and comparable market transactions Property portfolio valuation summary - 30 Jun 2026 Capitalisation rate supported by an active direct property market 30 Jun 2026 Total reval Cap rate 12- Total reval Portfolio Properties1 b
Slide 16: Portfolio performance and market dynamics
03 Portfolio performance and market dynamics OTR - Glass House Mountains Northbound, QLD 15 15 | 2026 Full Year Results
Slide 17: Vehicle energy mix evolving gradually
Vehicle energy mix evolving gradually Recent EV momentum is evident, but fuel-reliant vehicles continue to dominate the fleet Annual new vehicle sales Cumulative new car sales since 2020 1.4 Australian car sales (m) 9.0 Australian car sales (m) 8.0 1.2 7.0 1.0 6.0 0.8 5.0 0.6 4.0 3.0 0.4 2.0 0.2 1.0
Slide 18: Major operators are investing beyond traditional fuel
Major operators are investing beyond traditional fuel 7-Eleven ENEOS Ampol Viva Energy bp Food retail and digital convenience Car care, servicing and mobility Destination sites and customer amenities Integrated convenience and QSR platform Food, convenience and digital retail 765 ~86,000 ~382 ~11,00
Slide 19: Fuel and convenience transaction market
Fuel and convenience transaction market Direct transaction market remains active, with pricing supported by ongoing buyer demand Transaction volumes and average cap rate1 Number of transactions (#) Average yield (%) 140 6.5% Transaction volumes continue to support market liquidity, broadly in line w
Slide 20: Glass House Mountains Northbound completed
Glass House Mountains Northbound completed Enhancing portfolio quality with an 18-year WALE and diversified tenant mix Fully operational and income generating Viva Energy / OTR and Hungry Jack’s are now trading, completing the tenancy mix alongside McDonald’s, KFC and Guzman y Gomez Diversified inco
Slide 21: Development pipeline improving portfolio quality
Development pipeline improving portfolio quality Fund through structures provide income certainty with potential development profit upside Indicative project timing Estimated FY27 FY28 FY29 Site Estimated Estimated Site WALE on Status classification project cost yield on cost completion 1H 2H 1H 2H
Slide 22: Strategic portfolio evolution
Strategic portfolio evolution Recycling, development and acquisitions have improved portfolio quality Recent portfolio curation activity Enhanced portfolio metrics1 Redeployment to Delivering an enhanced, resilient FY22 – FY26 divestments development pipeline1 metro and highway-focused portfolio ~7%
Slide 23: Positioning the portfolio for long-term resilience
Positioning the portfolio for long-term resilience Value-accretive development improving portfolio quality and resilience Indicative portfolio profile following full delivery of the development pipeline ~90%1 of portfolio ~10%1 of portfolio Metro portfolio (60%1) Highway portfolio (30%1) Regional po
Slide 24: Summary
04 Summary Cnr Weakleys & Glenwood Drives, Thornton NSW 23 23 | 2026 Full Year Results
Slide 25: Why DXC?
Why DXC? High income, secure cashflows and value upside Strong yield Secure income Attractive value One of the highest-yielding in the sector Long leases to blue chip tenants Quality portfolio at a discount ~7.8% yield1 7.6yr WALE ~30.8% NTA discount1 Attractive income premium Long leases, >99% occu
Slide 26: Outlook and guidance
McDonald's Glass House Mountains Northbound, QLD Outlook and guidance Positioned to deliver defensive income with contracted rental growth and minimal near-term expiries providing high income visibility Continue disciplined capital allocation including the value accretive securities buy-back, which
Slide 27: Appendices
05 Appendices 485 Balfour Street, Southern River WA 26 26 | 2026 Full Year Results
Slide 28: Lease expiry profile
Lease expiry profile Strong income visibility with limited near-term expiries Lease expiry % by income DXC WALE 7.6 years 22% 15% 11% 9% 9% 9% 6% 6% 3% 2% 2% 2% 2% 1% —% FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41+ 27 | 2026 Full Year Results
Slide 29: Australian fuel sales
Australian fuel sales Fuel demand remains resilient despite cost-of-living pressures and evolving transport trends Structural diesel demand keeps volumes stable Fuel margins remain elevated above historical averages Sales volumes of petroleum products (megalitres, thousands)1 National average retail
Slide 30: FY26 divestments
FY26 divestments $8.0m divested in FY26 at an average 1.4% premium to prior book value1 Property Settlement 1 Wishart Street, Gwelup WA July 2026 74 Connor Street, Zilzie QLD August 2026 1 Flinders Street, Monto QLD August 2026 Divested Divested Divested 1 Flinders Street, 74 Connor Street, 1 Wishar
Slide 31: FFO reconciliation
FFO reconciliation $’000 30 Jun 2026 30 Jun 2025 Statutory net profit / (loss) after tax for the period 56,402 39,374 Adjusted for: Net fair value (gain) / loss on investment properties (27,356) (16,648) Net fair value (gain) / loss on derivatives (1,074) 6,836 Incentive amortisation and rent straig
Slide 32: Consolidated profit & loss statement
Consolidated profit & loss statement $’000 FY26 FY25 Net property income1 45,209 46,445 Interest income 85 102 Total revenue 45,294 46,547 Management fees (4,796) (4,641) Finance costs (11,584) (11,412) Corporate costs (942) (932) Total expenses (17,322) (16,985) Net operating income 27,972 29,562 F
Slide 33: Consolidated balance sheet
Consolidated balance sheet $’000 FY26 FY25 Cash and cash equivalents 2,211 2,396 Investment properties1 778,919 728,410 Other assets 7,204 5,631 Total assets 788,334 736,437 Borrowings (240,129) (215,507) Provisions (9,263) (9,325) Other liabilities (14,915) (9,762) Total liabilities (264,307) (234,
Slide 34: Glossary
Glossary Cap rate The rate at which the annual net income from an investment is capitalised to ascertain its capital value at a given date. Cents per security (cps) The measure used to express FFO or distributions for each unit owned by a security holder. Cost of debt The average interest rate paid
Slide 35: Important information
Important information Dexus Asset Management Limited (ACN 080 674 479, AFSL 237500) ("Responsible Entity") is the responsible entity of the Dexus Convenience Retail REIT (ASX: DXC) (“DXC” or “Fund”) and issuer of stapled securities in the Fund. The Fund comprises three registered schemes, Convenienc
Slide 36: Dexus
dexus
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