Slide 1: 2026 Annual results presentation and property synopsis
Dexus (ASX: DXS) ASX release 20 August 2026 2026 Annual results presentation and property synopsis Dexus provides its 2026 Annual results presentation. An investor conference call will be webcast at 10.00am today available on www.dexus.com/investor-centre The 2026 property synopsis excel workbook is
Slide 2: Annual results 2026
Annual results 2026 20 August 2026 For personal use only Dexus Funds Management Limited | ABN 24 060 920 783 AFSL 238163 as responsible entity for Dexus
Slide 3: Acknowledgement of Country
Acknowledgement of Country For personal use only Dexus 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. Artist: Amy All
Slide 4: Agenda
Agenda 01 02 03 04 05 06 Overview Financial results Investments Funds management Summary Appendices Ross Du Vernet Keir Barnes Office portfolio Michael Sheffield Ross Du Vernet Group CEO & Chief Financial Officer Andy Collins EGM Funds Management Group CEO & Managing Director EGM Office Managing Dir
Slide 5: Dexus today
Dexus today A leading Australasian fully integrated real asset group Multi-disciplined team with expertise across the real asset spectrum For personal use only Dexus total FUM: $51.4b Investment portfolio: $15.3b Third-party FUM: $36.1b Growth markets Office Industrial Retail $10.3b Third-party FUM
Slide 6: Key takeaways
Key takeaways Delivered guidance Strong Addressing For personal use only & progressed foundations headwinds strategic actions Focus on value creation Short-term focus on closing the gap between security price and underlying value, including through implementing the securities buy back. High-quality
Slide 7: FY26 highlights
FY26 highlights Results in line with expectations, progress against strategic action items For personal use only Dexus Funds $483.9m AFFO c. $1.9b Dexus Delivering performance Fund specific actions divestments4 DWPF continued to outperform its Established DSIT1 37.0 Distribution (cps) benchmark over
Slide 8: FY26 strategic action items
FY26 strategic action items Progress delivering key priorities announced at FY25 result Identified action items FY26 progress For personal use only Transactions and developments continue to enhance the portfolio. Atlassian Central v Further enhance quality and resilience of Investment remains on tra
Slide 9: Update on APAC and strategic review of infrastructure funds
Update on APAC and strategic review of infrastructure funds Investment proposition Supporting investors and determining the path forward For personal use only Context Action taken Next steps and platform implications Funded Dexus Bloc investors’ legal Outcomes will be determined fund action and comm
Slide 10: Financial results
02 Financial results Industrial 15% FY25: 14% Investments 81% Co-invest 9% FY25: 8% Management operations 14% FY25: 17% FY25: 83% For personal use only Trading profits 5% FY25: <1% FY26 FFO composition Office 57% FY25: 61% One Farrer Place, Sydney NSW 9 Dexus 2026 Annual Results Presentation
Slide 11: FY26 financial results
FY26 financial results AFFO and distributions in line with guidance For personal use only FY26 $m FY25 $m Change Investments Office property FFO decreased impacted by divestments (including Flinders Gate, 100 Harris St, 145 Ann St) and Office property FFO 517.5 548.0 (5.6) % lower average income-pro
Slide 12: Valuations stabilised across high quality portfolio
Valuations stabilised across high quality portfolio Market rent growth partly offset by marginal capitalisation rate expansion 12m Total val Stabilised For personal use only Portfolio composition by sector and quality Total portfolio valuation attribution1 movement movement cap rate Cap rate mvmt Re
Slide 13: Strong financial position
Strong financial position Balance sheet strength with prudent headroom For personal use only $1b Dexus committed developments estimated cost to completion Look-through gearing maintained Issued A$500 million of Manageable near-term debt toward the lower end of the subordinated notes at maturities fo
Slide 14: Investments
03 Investments Co-investments & For personal use only other 16% Office 63% $15.3bn Industrial 21% Artist impression: Waterfront Brisbane QLD 13 Dexus 2026 Annual Results Presentation
Slide 15: Office portfolio
Office portfolio Office portfolio FY26 Prime grade 95% 5% Premium 59% For personal use only $9.8bn A grade 36% B grade and other Excluding co-investments 14 Dexus 2026 Annual Results Presentation
Slide 16: Office portfolio performance
Office portfolio performance1 High-quality, well-located portfolio benefiting from improved tenant demand $9.8 billion 95% For personal use only 78% located in core CBDs, up from 61% in FY19 Prime Dexus office portfolio grade Focus on customer diversification to drive stronger returns portfolio 95.7
Slide 17: Office property portfolio expiry profile
Office property portfolio expiry profile Staggered expiry profile and diversified tenant base support resilient income streams Dexus office portfolio lease expiry profile (by income)1 For personal use only Sydney Melbourne Brisbane Perth Threshold 20.0% 13% target threshold 15.9% 15.0% 13.7% 12.1% 1
Slide 18: Development pipeline
Development pipeline Enhancing portfolio quality Office developments For personal use only › Two city-shaping developments underway with Tier 1 contractors. These developments will become next generation assets and enhance portfolio quality for Dexus and its capital partners › Construction progressi
Slide 19: Office outlook
Office outlook Office markets have commenced a recovery cycle › Low levels of supply completions should improve growth outlook › Performance remains hyper local, with the gap particularly evident between premium core CBD assets and the rest of the market For personal use only Sydney CBD net effectiv
Slide 20: Industrial portfolio
Industrial portfolio Industrial portfolio FY26 Core industrial c.89% 9% For personal use only Industrial estate 2% Distribution centre $3.6bn 16% 73% Business park Land and other Excluding co-investments Horizon 3023, Ravenhall VIC 19 Dexus 2026 Annual Results Presentation
Slide 21: Industrial portfolio performance
Industrial portfolio performance1 Repositioned to core logistics with embedded rent growth locked in $3.6 billion For personal use only Portfolio repositioned to core, modern logistics; many secondary and 89% underperforming assets repositioned or divested Dexus industrial portfolio Core industrial
Slide 22: Industrial property portfolio expiry profile
Industrial property portfolio expiry profile Near-term expiry reduced and actively managed - reversion concentrated in prime assets Dexus industrial portfolio lease expiry profile (by income)1 For personal use only NSW VIC SA QLD WA 16.0% 15.0% 13% target threshold 13.3% 11.2% 11.0% 10.0% 8.9% 5.5%
Slide 23: Industrial outlook
Industrial outlook Supply in-check, e-commerce supporting demand, data centre tailwind Data centre demand accelerating Future supply largely committed For personal use only Dexus industrial developments Sydney & Melbourne Data Centre Take-up (hectares) National Industrial Speculative Supply Pipeline
Slide 24: Funds management
04 Funds management For personal use only 33 Alfred Street, Sydney NSW 23 Dexus 2026 Annual Results Presentation
Slide 25: Dexus funds platform
Dexus funds platform A real asset platform of scale and diversity $36.1 billion third party FUM For personal use only FUM by sector exposure FUM by investor type Strategic review of infrastructure funds and platform simplification Office 29% Super & pension funds Industrial 51% Sovereign funds Retai
Slide 26: FY26 equity raising and fund performance
Funds management FY26 equity raising and fund performance For personal use only Raised c.$2.0 billion third party equity1 Continued fund performance › Including one of the largest single investments made in an Australian › DWSF delivered a 12.1% total return2 and ranked 1st among wholesale funds ope
Slide 27: Summary
05 Summary For personal use only 1 Bligh Street, Sydney NSW 26 Dexus 2026 Annual Results Presentation
Slide 28: Refreshed strategic priority areas
Refreshed strategic priority areas Focused objectives to support sustainable growth and long-term value creation Objective Targeted actions For personal use only › Complete Atlassian Central on time and budget, and partially sell down Dexus’s interest Transition Transition to a more diversified, cap
Slide 29: Summary and outlook
33 Alfred Street, Quay Quarter Tower, 25 Martin Place, Sydney NSW and 1 Farrer Place, Sydney NSW Summary and outlook A leading real asset manager with high quality investments For personal use only Delivered guidance and progressed work to position Dexus for long term resilience and growth, while na
Slide 30: Appendices
06 Appendices For personal use only Artist impression: Atlassian Central, Sydney NSW 29 Dexus 2026 Annual Results Presentation
Slide 31: Dexus today
Dexus today $51.4 billion – total platform funds under management Funds management portfolio For personal use only Dexus portfolio 29% 1% 2% 7% 64% 20% 2% $15.3b $36.1b 19% 24% 3% 1% 3% 25% Office Industrial Healthcare Retail Infrastructure Alternatives Office Industrial Retail Healthcare RE securit
Slide 32: Our strategy
Our OUR VISION To be globally recognised as Australasia’s leading real asset manager strategy HOW WE WILL By delivering superior risk-adjusted returns for Dexus Security holders and our capital partners by For personal use only ACHIEVE THIS owning, managing and developing quality real estate and inf
Slide 33: Sustainability leadership
Sustainability leadership Global recognition in sustainability performance For personal use only Sustainability strategy priority areas Sustainability performance Climate action S&P Global ESG Index Dexus ranked 2nd among REIT peers and in the top 5% – Maintained net zero emissions across Scope 1 an
Slide 34: Capital allocation
Capital allocation Core principles guiding our decisions over the long term For personal use only Guiding principles for capital allocation Alignment with group strategy & vision › Investment preferences and target divestments established based on CAPITAL Capital structure Portfolio settings Asset a
Slide 35: Future growth opportunities
Future growth opportunities Investment proposition Case studies – Boral Ravenhall and ADC For personal use only › Australian Data Centres (ADC) is an established data centre operator with two existing facilities in Canberra › Dexus has a modest investment through a controlling interest in ADC › Alig
Slide 36: Funds management – real estate product offering
Funds management – real estate product offering Retail / HNW Institutional pooled funds pooled funds Listed securities Listed funds JVs and mandates For personal use only DWPF DWSF DHPF DREP1 & 2 DWAPF RES ASX:DXI ASX:DXC Office Dexus Wholesale Dexus Wholesale Dexus Healthcare Dexus Real Estate Dexu
Slide 37: Funds management – infrastructure product offering
Funds management – infrastructure product offering Institutional pooled funds JVs and mandates For personal use only DDIT CommIF DWAF APAFs 4 other Dexus Diversified Dexus Community Dexus Wholesale Series of four funds Separately Managed Infrastructure Trust Infrastructure Fund Airport Fund investin
Slide 38: Funds management development pipeline
Funds management Development pipeline For personal use only $5.9 billion Funds management development pipeline1 $1.5 billion $4.0 billion Funds committed projects Funds uncommitted projects FY26-FY28+ uncommitted project costs in funds management business Office Industrial Retail Other 3 properties
Slide 39: Reconciliation to statutory profit
Financial results Reconciliation to statutory profit 30 June 2026 30 June 2025 For personal use only $m $m Statutory AIFRS net profit after tax 482.2 136.1 Investments and investment property Fair value (gain)/loss of investment properties (157.4) 4.3 Fair value (gain)/loss of investments at fair va
Slide 40: Management operations profit
80 Collins Street, Melbourne VIC Financial results Management operations profit FY26 Funds Property Development Management For personal use only ($m) management management management operations Revenue 218.5 76.9 22.9 318.4 Operating expenses (119.5) (46.4) (24.4) (190.4) FY26 net profit 99.0 30.5 (
Slide 41: Cash flow reconciliation
Financial results Cash flow reconciliation 30 Jun 2026 30 Jun 2025 For personal use only $m $m Cash flow from operating activities 545.5 811.3 add back: payment for inventory acquisition and capex 23.8 35.8 less: cost of sale of inventory (21.6) (94.9) less: tax on trading profits not yet paid (4.1)
Slide 42: Interest reconciliation
Financial results Interest reconciliation 30 Jun 2026 30 Jun 2025 For personal use only $m $m Total statutory finance costs 233.9 209.7 Less: Amortisation of interest bearing liabilities (17.2) (16.0) Add/(less): Finance costs attributable to investments accounted for using the equity method1 8.8 (0
Slide 43: Change in net tangible assets and revaluations
Financial results Change in net tangible assets and revaluations Valuation change Weighted average $m4 $ps Investment portfolio For personal use only $m cap rate Opening net tangible assets (1 July 2025) 9,475.6 $8.81 Dexus office portfolio5 57.4 6.22% Revaluation of real estate 157.4 $0.15 Dexus in
Slide 44: Property portfolio book value movements
Financial results Property portfolio book value movements Office1 Industrial1 Dexus total1 Trading assets2 (inventory) For personal use only $m $m $m $m Opening property portfolio 9,257.5 3,200.6 12,458.1 70.5 Lease incentives3 130.4 17.5 147.9 — Maintenance capex 32.2 5.9 38.1 — Acquisitions — — —
Slide 45: Co-investments in pooled funds
Financial results Co-investments in pooled funds Dexus Dexus FY26 Passing distribution Ownership stake co-investment co-investment Occupancy WALE WACR For personal use only yield2 value1 income (%) ($m) ($m) (%) (%) (years) (%) Real estate DWAPF 34.2% $335.5 $19.2 5.9% 98.1% 4.8 6.3% DWSF 15.7% $319
Slide 46: Capital management
Capital management FY26 position For personal use only Debt maturity profile1 Key metrics 30 Jun 2026 30 Jun 2025 $m Total debt2 $4,574m $4,720m 1,600 Headroom (including cash) $2.5b $3.0b 1,400 Gearing (look-through)3 33.4% 31.7% 1,200 Covenant gearing (covenant4 <55%) 27.1% 30.6% 1,000 Interest co
Slide 47: Interest rate hedging profile
Capital management Interest rate hedging profile For personal use only Hedge profile Hedging profile 30 Jun 2026 30 Jun 2025 $m 5,000 5.0% Average amount of debt hedged including caps 91% 86% 4,500 4.5% Average amount of debt hedged excluding caps 65% 73% 4,000 4.0% 3,500 3.5% Weighted average inter
Slide 48: Debt facilities
Capital management Debt facilities1 Facility limit Drawn Maturity Currency Facility limit Drawn For personal use only A$m A$m A$m A$m Bilateral bank debt 100 — FY27 A$ Sub total 7,022 4,437 600 269 FY28 A$ Currency translation and fair value adjustments 160 160 850 173 FY29 A$ Deferred borrowing cos
Slide 49: Office portfolio diversification
Property portfolio Office portfolio diversification For personal use only $20.2 billion Platform office portfolio Office by asset type1 Office by location1 1,441 Prime grade 95% Sydney CBD/fringe 55% Customers 59% 14% 47 properties 7% Across key CBDs $9.8b $9.8b 58% 21% 1.7 million 5% Square metres
Slide 50: Market leading office portfolio
Market leading office portfolio Continuing to benefit from flight to quality and set to benefit from market recovery Key attributes of the Dexus office portfolio1… …underpin the resilient operating performance For personal use only › Circa 78% is located in core CBDs, where occupancy and Dexus’s por
Slide 51: Top office customers
Australia Governor Square Phillip & Macquarie Complex, 264 OneGeorge Street, Farrer Place, Sydney Sydney NSW NSW Property portfolio1 Top 10 customers represent 18.0% of total portfolio income For personal use only % of total Diversity of office customers (by income) property Office top 10 customers
Slide 52: Office portfolio lease expiry profiles by region
Property portfolio Office portfolio lease expiry profiles by region For personal use only Sydney CBD1 By income By area Melbourne CBD1 By income By area 20% 20% 18.7% 16.9%16.7% 16.0% 15.8% 14.4%13.8% 13.4%13.0% 15% 11.2% 11.2% 12.2%12.8% 12.2% 15% 10.6% 9.2% 9.5% 9.3% 10.3%10.9% 10% 10% 7.5% 8.1% 5
Slide 53: Office demand indicators
Office demand indicators White collar industries showing resilience post moderating business conditions For personal use only Professional services firms hiring intentions Business conditions have improved ‘000 Vacancies Professional job vacancies Job Ads (RHS) Index (2019 = 100) Index Business Conf
Slide 54: Sydney CBD occupancy
Sydney CBD occupancy Occupancy and rent growth higher in the core For personal use only One Farrer Walsh Bay Premium occupancy 94% Australia Square Core Sydney CBD premium office effective rents Premium stock 270,054sqm Premium occupancy 93% Premium stock 898,834sqm Western Premium core incentives a
Slide 55: Market outlook: Sydney CBD supply
Market outlook Sydney CBD – future committed supply well below average and mostly pre-committed 120K FY26-FY28 For personal use only - Future 3-year committed completions 100K p.a. only 50% of 10-year average - 69% of supply is pre-committed 80K 60K 40K Withdrawal Mooted 20K Available Pre-committed
Slide 56: Melbourne CBD occupancy
Melbourne CBD occupancy Premium occupancy higher in the Eastern core Docklands Civic North Eastern For personal use only Premium occupancy 87% Premium occupancy 80% Premium occupancy 94% Premium stock 421,609sqm Premium stock 31,411sqm Premium stock 58,500sqm The market occupancy rate of Premium spa
Slide 57: Market outlook: Melbourne CBD supply
Market outlook Melbourne CBD – future committed supply well below average 120K For personal use only FY26-FY28 - Future committed completions p.a. only 10% of 10-year average - 0% of supply is pre-committed 100K 80K Withdrawal 60K Mooted Available Pre-committed 40K 20K 0K 1 26-30 Flinders Street (Ti
Slide 58: Industrial portfolio diversification
Property portfolio Industrial portfolio diversification For personal use only $10.6 billion Platform industrial portfolio Industrial by asset type 1 Industrial by location 1 397 31% Customers 73% 194 properties 9% $3.6b $3.6b 3.9 million 2% 20% 39% Square metres 16% 3% 7% 3.0 - 3.5 % Average fixed a
Slide 59: Industrial portfolio: a national and customer centric platform
Industrial portfolio: a national and customer centric platform Well-located, high-quality assets and ability to grow with our customers For personal use only High-quality Dexus Industrial portfolio income Focus on › Long-term and multi-lease relationships with high value, By customer type aligning w
Slide 60: Top industrial customers
Horizon 3023, Ravenhall VIC Property portfolio Top 10 customers represent 18.6% of total portfolio income For personal use only % of total Diversity of industrial customers (by income) property Industrial top 10 customers 1 portfolio Wholesale Trade 31.2% income2 Transport, Postal and Warehousing 27
Slide 61: Industrial portfolio lease expiry profiles by region
Property portfolio Industrial portfolio lease expiry profiles by region For personal use only Sydney Income Area Brisbane Income Area 10% 3% 7.6% 2.1% 6.0% 2% 5.0% 1.6% 1.6% 1.6% 5% 3.5% 4.0% 4.0% 3.5% 2.3% 2.5% 0.9% 1.9% 2.2% 1% 0.6% 1.3% 0.3% 0.3% 0.4% 0.5% 0.3% 0.3% 0% 0% Available FY27 FY28 FY29
Slide 62: Industrial market outlook
Industrial market outlook Rent growth normalising, vacancy rising although still low For personal use only Lack of available space has led to a rapid growth in rents Vacancy remains sub 5% in all cities Outer West Sydney West Melbourne South Brisbane South Perth Last 12 Sydney Melbourne Brisbane Per
Slide 63: Dexus completed developments
Development Dexus completed developments For personal use only Pipeline Building area1 Project costs2 Yield on cost Leased Completion date Third party partner ownership sqm $m % % % Industrial 311 South Street, Marsden Park NSW 43,900 87 6.5 % 74 % Oct 2025 49 % ASCEND Industrial Estate, Jandakot, P
Slide 64: Dexus committed developments and fund-throughs
Development Dexus committed developments and fund-throughs For personal use only Pipeline Building area1 Project costs2 Est cost to Yield on cost3 Leased Completion Third party Completion2 date partner ownership sqm $m $m % % % Office Atlassian Central, Sydney NSW4 58,100 1,451 361 4-4.5% 100 % Late
Slide 65: Dexus uncommitted developments
Development Dexus uncommitted developments For personal use only Pipeline1 Building area1,2 Project costs3 Yield on cost4 Third party partner ownership sqm $m % % Office Stage 2, Waterfront Brisbane QLD5 57,500 c.450 5-6% 50 % 60 Collins Street, Melbourne VIC 26,000 c.850 6-7% —% Pitt and Bridge Pre
Slide 66: Real asset transactions
Real asset transactions Dexus transactions For personal use only Dexus acquisitions1 Acquisition price2 Interest Settlement Dexus divestments1 Sale price3 Interest Settlement $m % $m % Other transactions 19.7 3 Brookhollow Avenue, Baulkham Hills NSW 110.0 100% Mar-25 - Jul-25 172 Flinders Street & 1
Slide 67: Environmental metrics
Environmental metrics Office portfolio sustainability metrics Dexus managed platform net emissions1 For personal use only Office NABERS energy ratings2 Office NABERS water ratings2 Emissions Intensity (kg CO2-e/sqm) FY08 BAU Net emissions 100 Operational emission sources 4 Stars 4.5 stars 3 stars 3.
Slide 68: Other information
Other information Exchange and securities used in statutory accounts For personal use only 30 Jun 2026 31 Dec 2025 30 Jun 2025 Closing rates for Statement of Financial Position USD 0.6869 0.6693 0.6550 Average rates for Statement of Comprehensive Income USD 0.6759 0.6504 0.6477 12 mths to 30 Jun 202
Slide 69: Glossary
Glossary For personal use only Distribution payout policy: Policy is to distribute 80-100% of free cash flow for which AFFO is a proxy. FFO is in line with Property Council of Australia definition and comprises net profit/loss after tax attributable to stapled security holders, calculated in accorda
Slide 70: Disclaimer
33 Alfred Street, Sydney NSW Disclaimer Dexus Funds Management Limited (ACN 060 920 783, AFSL 238163) ("Responsible Entity") is the responsible entity of Dexus (ASX code: DXS) (“Dexus” or “Fund”) and issuer of stapled securities in the Fund. The Fund comprises two registered schemes, Dexus Property
Slide 71: For personal use only
For personal use only