Gpt Group · ASX:GPT
Gpt — FY2025 Earnings Presentation
63 slides from Gpt's earnings presentation, Feb 16, 2026
Slide 1: ASX Announcement: 2025 Annual Results Presentation
ASX Announcement 16 February 2026 2025 Annual Results Presentation The GPT Group provides its 2025 Annual Results Presentation. -ENDS- Authorised for release by The GPT Group Board. For more information, please contact: Investor Relations Media Philip Cheetham Nat Burcul Head of Investor Relations H
Slide 2: 2025 Annual Result Presentation and appendices
Experience First 2025 Annual Result Grosvenor Place, Sydney Presentation and appendices
Slide 3: Agenda
Agenda 2025 Annual Result and Strategy update Russell Proutt 3 Financials Merran Edwards 7 Investments Mark Harrison 10 GPT acknowledges the Traditional Custodians of the lands on which our business operates Retail Chris Barnett 15 We pay our respects to Elders past, present and emerging, and to the
Slide 4: 2025 Annual Result
2025 Annual Result Group financial metrics Full year highlights $650.5m 34.0c 5.5% 6.3% Funds from operations Funds from operations per security Funds from Like-for-like $39.8b Group assets under operations (FFO) Investment portfolio management (AUM ) growth net property income up $5.4b $494.4m 24.0
Slide 5: The GPT platform
The GPT platform Generating sustainable Balance sheet AUM $12.2b Investment management AUM $27.6b income growth from Group AUM our ~$40 billion Group Investment Pooled funds Mandates Partnerships $39.8b properties management platform $12.2b $12.2b $11.4b $4.0b Retail $5.0b $3.6b $6.9b $1.0b $16.6b O
Slide 6: Our strategy
Our strategy Our execution strategy is underpinned by four fundamental pillars To be the leading diversified real estate Build on Enduring existing value Diversified Aligned investment manager platform partnering in Australia, dedicated foundations creation to delivering Exceptional Investment Bread
Slide 7: Delivering against strategy FY2025
Delivering against strategy FY2025 Build on existing Enduring value Diversified Aligned foundations creation platform partnering 6.3% Investment portfolio $860 million investment in Management of five new Third strategy with net property income Grosvenor Place shopping centres now trusted partner (N
Slide 8: Financials
Experience First Darling Park, Sydney Financials
Slide 9: Segment financial performance
Segment financial performance As at 31 December $m 2025 2024 Change Investment property Retail 278.0 275.9 0.8% Office 232.2 207.5 11.9% • Investment properties net income growth from Logistics 174.4 187.5 (7.0%) improvement in office occupancy offset by retail and Investment properties net income (
Slide 10: Strong financial position
Strong financial position Balance Sheet As at 31 December $m 2025 2024 Change Investment properties 12,205.7 12,285.6 (0.7%) • Group balance sheet strengthened, with growth in total assets driven by Co-investments 3,893.4 2,335.1 66.7% higher co-investments Other assets 828.7 1,009.1 (17.9%) – compr
Slide 11: Investments
Experience First 43-45 Australia Street, Camperdown, NSW Investments
Slide 12: Investment portfolio valuations
Investment portfolio valuations Investment property Investment property valuation metrics 12 months to 31 December 2025 valuation increase of Investment portfolio $308.5 million or value1 WACR WADR Net +2.0% for the re-valuation2 12 months to Retail 31 December 2025 $6.3b 5.40% 6.85% +$168.0m -4 bps
Slide 13: Investment capability driving value creation
Investment capability driving value creation Gross transactions of ~$4.9 billion across the Group platform in the 12 months to 31 December 2025 Acquisitions Total acquisitions of $860 million $500 million $205 million ~$3.3 billion investment in 50% acquisition of 50% investment in underpinned by of
Slide 14: Capital partnering driving long term returns
Capital partnering driving GPT Pooled fund 3-year performance long term returns Total return % at 31 December 2025 GWOF GWSCF Benchmark Investment in sector leading products 11.2% GWSCF vs MSCI/Mercer Australia Core Wholesale 9.4% Retail Fund Index 9.1% • Aligned partnering with meaningful Co-invest
Slide 15: Our integrated sustainability approach
Our integrated sustainability approach Embedding scalable sustainability solutions across our platform to $1.3b of combined 100% of GPT 91% of employees participated in The 94% Improvement in debt issued by owned optimise asset GPT and GWOF under our assets reviewed GPT Foundation through Net Scope
Slide 16: Retail
Experience First Rouse Hill Town Centre, NSW Retail
Slide 17: GPT Retail platform
GPT Retail platform 18 Retail platform AUM by source Geographic spread by AUM % $16.6b Owned or managed assets AUM 1.5m sqm Gross Lettable Area (GLA) 3 20% QLD WA $12.6b 7 Moving Annual 33% Turnover (MAT) NSW Investment property $5.0b 4,300+ 3 16% VIC Pooled funds $3.6b 5 31% Tenancies Partnerships
Slide 18: Investment portfolio performance
Investment portfolio performance Leasing and occupancy metrics1 Sales growth 2025 vs 20242,3 5.1% Investment portfolio As at 31 December 2025 2024 Total centre LFL net property Total specialty income growth Occupancy by area 99.8% 99.8% 6.8% WALE by income 3.9 yrs 4.0 yrs 5.6% 5.3% 4.2% 4.4% 4.4% 4.
Slide 19: Retail platform growth drivers
Retail platform growth drivers • Retail sales momentum expected to continue throughout 2026 • Continued limited new retail centre supply is expected to underpin further rental growth and high occupancy • Leverage GPT's expanded retail scale to drive strong leasing and asset management outcomes • Ret
Slide 20: Office
Experience First Queen & Collins, Melbourne Office
Slide 21: GPT Office platform
GPT Office platform 28 Office platform AUM by source Geographic spread by AUM % $17.0b Owned or managed assets AUM 1.3m sqm Net Lettable Area (NLA) 2 12% QLD 700+ WA Tenant customers 13 46% NSW 100% ACT 1 0.2% Investment property $3.7b 1 2% VIC Prime grade owned Pooled funds $8.5b 11 40% or managed
Slide 22: Investment portfolio performance
Investment portfolio performance Leasing and occupancy metrics1 Strong LFL NPI growth 8.3% demonstrates sustained Investment portfolio LFL net property As at 31 December 2025 2 2024 office market recovery income growth Occupancy by area 93.2% 94.7% WALE by income 4.8 yrs 5.0 yrs 8.3% Deals completed
Slide 23: Office platform growth drivers
Office platform growth drivers • Hybrid work model transition largely complete, driving recentralisation to CBDs and flight to quality buildings with strong amenity • Leasing market strengthening as tenant demand headwinds ease, with face rents and incentives expected to improve • Economic rent gap
Slide 24: Logistics
Experience First Wembley Business Park, QLD Logistics
Slide 25: GPT Logistics platform
GPT Logistics platform 69 Logistics platform AUM by source Geographic spread by AUM % $4.9b Owned or managed assets AUM 1.3m sqm Gross Lettable Area 15 16% (GLA) QLD WA 80+ SA 25 47% Tenant customers NSW ACT 1 0.3% Investment property $3.5b ~$3b 4 1% VIC Partnerships $1.2b 19 34% 5 2% Development pi
Slide 26: Investment portfolio performance
Investment portfolio performance Leasing and occupancy metrics1 Significant forward solving of 5.1% 2026 and 2027 expiries Investment portfolio As at 31 December 2025 2024 LFL net property income growth Occupancy by area 98.4% 99.5% Dec-24 Dec-25 WALE by income 5.0 yrs 5.1 yrs Post Balance Date - 31
Slide 27: Logistics platform growth drivers
Logistics platform growth drivers • Continued investor appetite for Australian logistics given strength of market fundamentals • Expect balanced market demand / supply dynamics, with vacancy rates expected to stabilise before trending down • Demand underpinned by population growth and rising ecommer
Slide 28: 2026 Guidance
Experience First 2026 Highpoint Shopping Centre, VIC Guidance
Slide 29: 2026 Guidance
2026 Guidance Barring unforeseen circumstances, the Group expects to deliver FY 2026 FFO of approximately 35.4 cents per security, representing approximately 4% growth on FY 2025 (approximately 5.7% growth excluding trading profits), and a FY 2026 distribution of 24.5 cents per security. 42 Cox Plac
Slide 30: Appendices
Experience First Appendices
Slide 31: Group platform
Experience First Group platform GPT Head Office, 2 Park Street, Sydney
Slide 32: Overview
Overview Group platform geographic spread by AUM % and number The GPT Group is a leading, diversified real estate 1971 First listed on Australian investment manager with Securities Exchange assets under management QLD 3 2 15 1 16% (AUM) of $39.8 billion across ~20 years WA the retail, office, logist
Slide 33: Group assets under management
Group assets under management RETAIL State GPT ownership % OFFICE State GPT ownership % Investment property Investment property Charlestown Square NSW 100.0 Australia Square NSW 50.0 Rouse Hill Town Centre NSW 50.0 2 Park Street NSW 50.0 Westfield Penrith NSW 50.0 Darling Park 1 & 2 NSW 25.0 Highpoi
Slide 34: Group assets under management (continued)
Group assets under management (continued) OFFICE State GPT ownership % LOGISTICS State GPT ownership % Pooled fund - GWOF 21.6 Investment property 181 William & 550 Bourke Streets (50%) VIC 128 Andrews Road, Penrith NSW 100.0 51 Flinders Lane VIC 407 Pembroke Road, Minto NSW 50.0 One One One Eagle S
Slide 35: Group assets under management (continued)
Group assets under management (continued) LOGISTICS State GPT ownership % LOGISTICS State GPT ownership % Investment property Partnership - GPT QuadReal Logistics Trust 1 (GQLT1) 1 50.1 Foundation Estate, Truganina VIC 100.0 1 Hurst Drive, Tarneit VIC 143 Foundation Road, Truganina VIC 100.0 Keylink
Slide 36: Financials
Experience First Financials 2 Ironbark Close, Berrinba, QLD
Slide 37: Segment financial performance
Segment financial performance 12 months to 31 December $m 2025 2024 FFO to AFFO reconciliation Retail Investment property net income 278.0 275.9 12 months to 31 December $m 2025 2024 Co-investment net income 66.3 40.7 Business segment income 944.6 897.9 Investment portfolio 344.3 316.6 Corporate cos
Slide 38: Group financial metrics
Group financial metrics Interest Cover Gearing $m 31 Dec 2025 31 Dec 2024 $m 31 Dec 2025 31 Dec 2024 FFO 650.5 616.3 Total assets 16,927.8 15,629.8 Add: taxes deducted 15.8 20.2 Less: Intangible assets (36.3) (21.0) Add: Finance costs for the period1 226.4 209.0 Less: Right of use asset (18.5) (7.2)
Slide 39: Debt metrics
Debt metrics Key metrics Debt maturity profile $m As at 31 December $m 2025 2024 Change ` ` Undrawn Bank Facilities Interest cover 3.9x 4.0x (0.1 x) Drawn Bank Facilities Medium Term Notes Net gearing 31.1% 28.7% +240bp US Private Placements Look-through gearing 34.1% 31.2% +290bp CPI Bonds Commerci
Slide 40: Investment portfolio
Experience First Investment portfolio Australia Square, Sydney
Slide 41: Key operating metrics
Key operating metrics GPT’s $16.1 billion Investment portfolio spans the Australian retail, office and logistics sectors, comprising $12.2 billion of Investment property on balance sheet and $3.9 billion of co-investments in pooled funds and partnerships alongside our capital partners. Investment po
Slide 42: Environmental metrics
Environmental metrics NABERS Ratings Key metrics Dec 2025 Jun 2025 Dec 2024 Assured as at 31 December 2025 2024 2023 Office Energy Energy 5.0 stars 5.0 stars 5.0 stars Energy intensity (MJ/m2) 266 274 272 Water 4.3 stars 4.5 stars 4.3 stars Greenhouse gas emissions Retail Scope 1 – (tCO2e) 7,874 7,1
Slide 43: Retail
Experience First Retail Parkmore Shopping Centre, VIC
Slide 44: Overview
Overview GPT's Retail Investment portfolio comprises ownership in 11 high quality assets with a total investment of $6.3 billion. The portfolio includes $5.0 billion of Investment property on balance sheet, and $1.4 billion of co-investments in the GPT Wholesale Shopping Centre Fund (GWSCF) and the
Slide 45: Operating performance metrics
Operating performance metrics Like-for-like MAT growth2,3% Specialty2 GPT Capitalisation GLA 100% Total centre Total MAT $ Occupancy As at 31 December 2025 ownership % Valuation1 $m rate % basis (sqm) Occupancy % MAT2 $m centre Specialty psm cost % Investment property Charlestown Square 100.0 890.5
Slide 46: Office
Experience First Office Melbourne Central Tower, Melbourne
Slide 47: Overview
Overview GPT's Office Investment portfolio comprises ownership in 24 high quality assets with a total investment of $5.9 billion. The portfolio includes $3.7 billion of Investment property on balance sheet and $2.2 billion of co-investments in the GPT Wholesale Office Fund (GWOF), and the Grosvenor
Slide 48: Overview (continued)
Overview (continued) Top ten tenants1 Lease expiry by income2% Tenant Income % Government 10.7 16.7% 15.1% IAG 4.6 Amazon Web Services 4.4 12.2% 11.9% 11.0% 11.4% ME Bank 2.8 10.7% 10.9% 10.4% 9.8% 10.2% 10.1% QBE 2.6 CBA 2.0 6.8% ANZ 1.5 4.4% Monash 1.4 EY 1.3 McMillan Shakespeare 1.2 Vacant 2026 2
Slide 49: Operating performance metrics
Operating performance metrics WALE by Capitalisation NLA2 100% income3 As at 31 December 2025 GPT ownership % Valuation1 $m rate % basis (sqm) Occupancy3,4 % (years) Investment property Australia Square, Sydney 50.0 522.8 6.24 50,900 90.2 2.7 2 Park Street, Sydney 50.0 783.0 5.75 72,400 94.8 7.1 DP
Slide 50: Logistics
Experience First Logistics 29-55 Lockwood Road, Erskine Park, NSW
Slide 51: Overview
Overview GPT's Logistics Investment portfolio comprises ownership in 69 high quality assets and a landbank for future development, with a total investment of $3.8 billion. The portfolio includes $3.5 billion of Investment property on balance sheet and $0.37 billion of co-investments in the GPT QuadR
Slide 52: Operating performance metrics
Operating performance metrics Capitalisation GLA 100% WALE by income1 As at 31 December 2025 GPT ownership % Valuation $m rate % basis (sqm) Occupancy1 % (years) Investment property NSW Various 1,543.0 5.39 365,700 96.6 5.1 ACT 100.0 15.5 7.00 3,300 100.0 2.0 VIC 100.0 981.3 5.71 456,700 100.0 4.7 Q
Slide 53: Investment management
Experience First Investment management Highpoint Shopping Centre, VIC
Slide 54: Overview
Overview The Group Investment management platform comprises $27.6 billion of assets under management across the retail, office, logistics and living sectors, on behalf of our pooled funds, strategic capital partnerships and mandates. AUM by sector AUM by capital source $b Retail 42% Office 48% Livin
Slide 55: Investment vehicles
Investment vehicles GPT co-investment As at 31 December 2025 Established AUM (GAV) $b GPT ownership % value $m WACR % Net gearing % Credit rating Pooled funds GWOF Jul 2006 8.5 21.6 1,268.8 6.27 27.4 A- (Stable) GWSCF Mar 2007 3.6 33.2 863.2 5.39 25.6 BBB+ (Stable) Partnerships GQLT1 Nov 2020 0.7 50
Slide 56: Development
Experience First Development Rouse Hill Town Centre development, NSW
Slide 57: Underway projects
Underway projects Earliest practical Estimated project Estimated end GPT ownership % completion date size2 sqm value 2,3 $m Balance sheet RETAIL Rouse Hill Town Centre, NSW 50.0 Q4 2026 10,500 230 Westfield Penrith, NSW 50.0 Q2 2027 1,500 16 LOGISTICS Yiribana Logistics Estate - East, Mamre Road, Ke
Slide 58: Glossary
Experience First Glossary Darling Park, Sydney
Slide 59: Glossary
Glossary Term Meaning A-grade As per the Property Council of Australia’s ‘a guide to office building quality’ Adjusted funds from operations is defined as FFO less maintenance capex, leasing incentives and one-off items calculated in AFFO accordance with the Property Council of Australia ‘voluntary
Slide 60: Glossary (continued)
Glossary (continued) Term Meaning Defined as operating cash flow less maintenance and leasing capex and inventory movements. The Group may make other Free cash flow adjustments in its determination of free cash flow for one-off or abnormal items GAV Gross asset value, includes the market value of al
Slide 61: Glossary (continued)
Glossary (continued) Term Meaning NTA Net tangible assets The proportion of lettable area of a portfolio or asset that is occupied, divided by the asset’s total lettable area. Office and Logistics Occupancy segments report Actual (rent-paying) and Total occupancy (actual plus signed leases plus HoA)
Slide 62: Glossary (continued)
Glossary (continued) Term Meaning WACD Weighted average cost of debt WACR Weighted average capitalisation rate WALE Weighted average lease expiry 61 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - GLOSSARY
Slide 63: Disclaimer
Disclaimer Authorised for release by The GPT Group Board This Presentation (Presentation) has been prepared by The GPT Group comprising To the maximum extent permitted by law, GPT, its related companies, officers, GPT RE Limited (ACN 107 426 504; AFSL 286511), as responsible entity of the General em