Slide 1: FY26 Annual Results Briefing
FY26 ANNUAL RESULTS WELCOME TO THE FY26 ANNUAL RESULTS BRIEFING .
Slide 2: Contents
FY26 ANNUAL RESULTS 1. HIGHLIGHTS 2. STRONG, STABLE RETURNS 3. PORTFOLIO CONTENTS 4. FY26 ANNUAL RESULTS 5. CAPITAL MANAGEMENT 6. SUSTAINABILITY 7. MARKET 8. OUR PRIORITIES 9. REVIEW & QUESTIONS
Slide 3: Highlights
FY26 ANNUAL RESULTS HIGHLIGHTS 01 .
Slide 4: Stable valuations and resilient cashflows
FY26 ANNUAL RESULTS STABLE VALUATIONS AND RESILIENT CASHFLOWS ANNUAL RESULTS Stable valuations across PFI's $2.30b industrial property portfolio despite ongoing economic and geopolitical volatility, fair value gains on properties of $16.1m or ▪ Profit after tax of $77.7m, down $28.3m on FY25, incorp
Slide 5: Strong, stable returns
FY26 ANNUAL RESULTS STRONG, STABLE RETURNS 02 .
Slide 6: Strong, stable returns
FY26 ANNUAL RESULTS STRONG , STABLE 1 1 RETURNS . ~ 10.22 % ~ 9.24 % FY26 TOTAL AVERAGE ANNUAL RETURN TOTAL RETURN TWELVE MONTHS SINCE INCEPTION TO 30 JUNE 2026 TO 30 JUNE 2026 PFI offers investors the opportunity to gain exposure to a wide selection of hard-working industrial properties through TOT
Slide 7: Growing dividend income
FY26 ANNUAL RESULTS GROWING DIVIDEND INCOME . 10.5 % ~ 2.6 – FY26 DIVIDEND GROWTH 3.7 % EXPECTED FY27 DIVIDEND GROWTH Regular and growing income is important to many investors. 1 Our policy is to distribute the majority of our cash profits, with DIVIDENDS SINCE INCEPTION the aim of delivering a reli
Slide 8: Delivering value through market cycles
FY26 ANNUAL RESULTS DELIVERING VALUE THROUGH MARKET 2.3 % $ 2.90 NTA PER SHARE NTA PER SHARE CYCLES . GROWTH TWELVE MONTHS TO 30 JUNE 2026 AS AT 30 JUNE 2026 While valuations will fluctuate with market conditions, since listing in 1994, PFI has grown Net Tangible Assets or NTA NET TANGIBLE ASSETS PE
Slide 9: Portfolio
FY26 ANNUAL RESULTS PORTFOLIO 03 .
Slide 10: Portfolio snapshot
FY26 ANNUAL RESULTS PORTFOLIO SNAPSHOT 78 SPRINGS ROAD – STAGE 2 94 124 $ 121.0 m 98 .7 % 5 .04 years PROPERTIES TENANTS CONTRACT RENT OCCUPANCY WALT ▲ June 2025: 91 ▼ June 2025: 126 ▲ June 2025: $112.3m ▼ June 2025: 99.9% ▼ June 2025: 5.47 years 10
Slide 11: Leasing
FY26 ANNUAL RESULTS LEASING CONTRACT RENT WEIGHTED AVERAGE ▪ Total of $14.0m of contract rent secured in FY26 SECURED ($) LEASE TERM (WALT) ▪ $2.5m of contract rent secured in FY26 relates to $ 14.0 m 6.9 years newly developed or acquired properties1 ▪ Of the $11.5m of stabilised contract rent secur
Slide 12: Expiries
FY26 ANNUAL RESULTS EXPIRIES LEASE EXPIRY PROFILE - PORTFOLIO 25% 20% 18.4% ▪ Portfolio occupancy of 98.7% (1.3% vacancy) following the completion of the speculative component of Stage 2 of 78 15% Springs Road (1.2% of vacancy) 13.4% 12.0% 12.4% 10.8% 10.8% 10.3% 10% ▪ Excluding development opportun
Slide 13: Managing FY27 lease expiries
FY26 ANNUAL RESULTS MANAGING FY27 LEASE EXPIRIES SIGNIFICANT FY27 LEASE EXPIRIES ▪ Two significant FY27 lease expiries, with current tenants indicating they will 670 - 680 ROSEBANK ROAD 7 - 9 NIALL BURGESS ROAD vacate, together representing ~3.9% of AVONDALE MOUNT WELLINGTON contract rent ▪ Current
Slide 14: Rent reviews
FY26 ANNUAL RESULTS RENT REVIEWS FY27 LEASE EVENTS % OF CONTRACT RENT ▪ 123 rent reviews during FY26 delivered an increase of 7.2% on 90% ~$92.1m of contract rent (~6.9% annualised) EXPIRIES 10.2% 80% $24.6M OF CONTRACT RENT − 76 fixed percentage reviews delivered an increase of 3.0% on MARKET 10.0%
Slide 15: Valuations
FY26 ANNUAL RESULTS VALUATIONS FY 26 REVALUATION : ENTIRE PORTFOLIO : FY26 VALUATION PORTFOLIO UPLIFT VALUE +$ 16.1m (▲0.7%) $ 2 .30 b MARKET RENTAL PORTFOLIO GROWTH 1 UNDER - RENTING 2 1.6 % ~ 7.1% ▼4.4% on 30 June 2025 CAP RATE STABILISED COMPRESSION CAP RATE 78 SPRINGS ROAD – STAGE 2 ▼ 1.9 bps 5
Slide 16: Rental growth
FY26 ANNUAL RESULTS RENTAL PORTFOLIO UNDER - RENTING GROWTH $130m ▪ At 30 June 2025, PFI’s portfolio was ~11.5% under-rented1 ▪ On a like-for-like basis, market rents grew by ~1.6% over the ~7.1 % year to 30 June 2026, while PFI achieved 6.5% growth in those same contract rents ~11.5% ▪ As a result,
Slide 17: FY26 Annual Results
FY26 ANNUAL RESULTS FY26 ANNUAL RESULTS 04 .
Slide 18: Net rental income
FY26 ANNUAL RESULTS NET RENTAL INCOME $125m +1.5 ▪ Net rental income1 of $123.2m up $15.2m or 14.1% +1.6 123.2 -0.7 on FY25 ($108.0m) +2.4 -0.3 -0.1 ▪ Positive leasing activity contributed to an increase $120m +3.6 totalling +$9.4m (rent reviews & fixed rent adjustments +$7.1m, new leases & renewals
Slide 19: Adjusted funds from operations
FY26 ANNUAL RESULTS ADJUSTED FUNDS FROM OPERATIONS 13.0 cps ▪ AFFO of 10.93 cps, 1.34 cps or 14.0% up on FY25 +2.79 +0.01 ▪ Net rental income (including AFFO adjustments) up $14.1m on FY25, reflecting the early lease surrender at 12.0 cps 92-98 Harris Road and other positive leasing activity ▪ Inter
Slide 20: Earnings, dividends, guidance
FY26 ANNUAL RESULTS EARNINGS, DIVIDENDS, GUIDANCE EARNINGS FY26 CPS FY25 CPS CHANGE ▪ FY26 cash dividends total 9.50 cps, up 0.90 cps or 10.5% on FY25 dividends +2.21 cps or FUNDS FROM OPERATIONS 12.90 10.69 +20.7% ▪ After normalising FY26 earnings for the early lease +1.34 cps or surrender payment
Slide 21: Investment properties
FY26 ANNUAL RESULTS INVESTMENT PROPERTIES $2,350m ▪ Portfolio value of $2.30b at June 2026 +16.1 +3.4 +55.0 2,299.9 ▪ 11C Norris Avenue, Hamilton, acquisition settled in $2,300m -19.0 August 2025, 505 & 507 Mt Wellington Highway, Mt $2,250m +78.2 Wellington, acquisitions settled in December 2025, 16
Slide 22: Net tangible assets
FY26 ANNUAL RESULTS NET TANGIBLE ASSETS 295 ▪ NTA per share increased by 6.4 cps or 2.3% to $2.90 +2.9 +0.3 290.0 290 ▪ Change in NTA per share driven by increases in the +3.2 fair value of investment properties (+3.2 cps) and retained earnings (+2.9 cps), alongside a fair value 285 283.6 gain on de
Slide 23: Capital management
FY26 ANNUAL RESULTS CAPITAL MANAGEMENT 05 .
Slide 24: Funding, covenants, interest rates
FY26 ANNUAL RESULTS FUNDING, COVENANTS, INTEREST RATES REFINANCE JUNE 2026 JUNE 2025 ▪ Bank facilities refinanced in July 2026 (post FUNDING balance date), reducing overall bank facilities by $75m to $600m and introducing adjustable Green BANK FACILITIES DRAWN - $386.7m $406.9m tranche limits, allow
Slide 25: Debt maturity profile, hedging
FY26 ANNUAL RESULTS DEBT MATURITY $500m PROFILE, $400m HEDGING $300m 250.0 $200m 25.0 250.0 ▪ Post refinance, average term to expiry of bank facilities $100m 25.0 200.0 150.0 and bonds (top chart) of ~4.5 years1, with over $200 100.0 million of bank facility liquidity available $m FY27 FY28 FY29 FY3
Slide 26: Committed gearing
FY26 ANNUAL RESULTS COMMITTED GEARING 37.0% ▪ June 2026 gearing of 34.2% lifting to ~35.7% after committed acquisitions and development projects ▪ PFI is the beneficiary of a deferred settlement 36.0% structure on Totara Creek Estate land acquisition, +0.2% +0.1% 35.7% with remaining payments due in
Slide 27: Sustainability
FY26 ANNUAL RESULTS SUSTAINABILITY 06 .
Slide 28: Sustainability
FY26 ANNUAL RESULTS SUSTAINABILITY TARGETS: 78 SPRINGS ROAD – STAGE 2 GREEN STAR Significant new buildings to target minimum 5 Green Star certification 100 % ON TRACK SOLAR POWER Achieve 1.4MW of solar capacity by the end of FY27 793 .7 kW INSTALLED 20 % LED LIGHTING 80% of PFI’s tenancies to have f
Slide 29: Market
FY26 ANNUAL RESULTS MARKET 07 .
Slide 30: Market update
FY26 ANNUAL RESULTS MARKET UPDATE AUCKLAND INDUSTRIAL NET ABSORPTION AND VACANCY 1 400,000 3.50% FORECAST 3.00% ▪ CBRE1 expects Auckland industrial vacancy to 300,000 2.50% increase in 2026, reflecting the well-signalled 2.00% completion of a significant volume of speculative sqm 200,000 1.50% devel
Slide 31: Our priorities
FY26 ANNUAL RESULTS OUR PRIORITIES 08 .
Slide 32: Our portfolio
OUR PORTFOLIO Mt Wellington, including 505, 507 & 509 Mt Wellington Highway 32
Slide 33: Strategic allocations
FY26 ANNUAL RESULTS STRATEGIC ALLOCATIONS CORE GENERIC DEVELOPMENT SPECIALISED NON - CORE HOLDINGS OPPORTUNITIES ASSETS HOLDINGS ▪ Core Generic assets are typically ▪ Targeting initial yields-on-cost of ~6.5% ▪ Specialised Assets, such as cold ▪ Non-Core holdings fall outside the established, well-l
Slide 34: Development opportunities
FY26 ANNUAL RESULTS DEVELOPMENT OPPORTUNITIES 78 ▪ Stage 2 achieved practical completion in April 2026, now considered a ‘Core- SPRINGS ROAD Generic’ asset EAST T Ā MAKI ▪ Demolition and asbestos removal at the last existing warehouse at 78 Springs Road is expected to be completed in H1 FY28, enabli
Slide 35: 78 Springs Road Stage 2
FY26 ANNUAL RESULTS 78 SPRINGS ROAD STAGE 2 STAGE ONE STAGE ONE COMPLETED OCTOBER 2024 ~$ 55 m ~$ 66 m ~ 60 % STAGE THREE EST. PROJECT COST VALUATION LEASED STAGE TWO (FULLY LEASED, (JUNE 2026, COMMENCEMENT COMPLETED TBC INCL LAND) INCL VACANCY) APRIL 2026 > 6.5 % $ 3.7 m ~ 16,000 m 2 EST. YIELD ON
Slide 36: Totara Creek Estate Stage 1
FY26 ANNUAL RESULTS TOTARA CREEK ESTATE STAGE 1 ~$ 40 m ~ 6.5 % ~$ 2.5 m EST PROJECT COST TARGET YIELD ESTIMATED RENT (INCL LAND) ON COST ON COMPLETION Q4 FY27 ~ 8,500 m 2 EST. COMPLETION 5 GREEN STAR TARGETED WAREHOUSE 2 1 3 Image taken August 2026 MASTER PLAN LAYOUT 36
Slide 37: 92-98 Harris Road Stage One
FY26 ANNUAL RESULTS 92 - 98 HARRIS ROAD STAGE ONE STAGE TWO STAGE ONE COMMENCEMENT TBC ~$ 35 m ~$ 25 m ~ 6.5 % ESTIMATED PROJECT ESTIMATED TARGET YIELD TARGET COST (INCL LAND) INCREMENTAL ON COST 1 COMMENCEMENT CAPEX SPEND Q2 FY27 TENANT ~$ 2.1m NEGOTIATIONS ~ 7,700 m 2 ESTIMATED RENT ON COMPLETION
Slide 38: Neilson Street Estate
FY26 ANNUAL RESULTS NEILSON STREET ESTATE 304, 316 & 318 304 NEILSON STREET 318 NEILSON STREET ~$ 80 m ~ 6.5 % ~$ 4.7 m ESTIMATED TARGET YIELD ESTIMATED PROJECT ON COST RENT ON COST (INCL LAND) COMPLETION 316 NEILSON STREET DEVELOPMENT TO BE JUL - 27 ~ 14,000 m 2 TENANT - DEMOLITION TO 5 GREEN STAR
Slide 39: Development pipeline projects
FY26 ANNUAL RESULTS DEVELOPMENT PIPELINE PROJECTS COST & DURATION 686 Rosebank Road $20 - 23m ▪ PFI’s development pipeline comprises 11 planned projects spanning Auckland’s 9 Nesdale Avenue $27 - 31m key industrial precincts 61– 69 Patiki Road $17 – $20m ▪ The total pipeline represents ~$335m of Tot
Slide 40: Review & Questions
FY26 ANNUAL RESULTS REVIEW & QUESTIONS 09 .
Slide 41: Review & Questions
FY26 ANNUAL RESULTS REVIEW & PFI’s FY26 result reflects the resilience of our industrial property portfolio, with strong leasing outcomes and high- quality cashflows driving double-digit FFO and AFFO QUESTIONS earnings growth. With embedded rental growth, strong portfolio fundamentals, a high-qualit
Slide 42: Thank you for attending
THANK YOU FOR ATTENDING FY26 ANNUAL RESULTS
Slide 43: Appendix 1 – FFO and AFFO calculations
FY26 ANNUAL RESULTS APPENDIX 1 – FFO AND AFFO CALCULATIONS FUNDS / ADJUSTED FUNDS FROM OPERATIONS FOR THE 12-MONTHS ENDED FOR THE 12-MONTHS ENDED (UNAUDITED, $000s, UNLESS NOTED) 30 JUNE 2026 30 JUNE 2025 Profit/(loss) and total comprehensive income after income tax attributable to the shareholders
Slide 44: Appendix 2 – Payout ratios
FY26 ANNUAL RESULTS APPENDIX 2 – PAYOUT RATIOS FFO AND AFFO DIVIDEND PAY - OUT RATIOS FY26 FY25 Full year dividends per share (cents) 9.50 8.60 FFO dividend pay-out ratio (%) 74% 80% AFFO dividend pay-out ratio (%) 87% 90% ROLLING THREE -YEAR AFFO DIVIDEND PAY - OUT RATIOS 1 EARNINGS FY26 FY25 FP24
Slide 45: Appendix 3 – Net rental income
FY26 ANNUAL RESULTS APPENDIX 3 – NET RENTAL INCOME NET RENTAL INCOME 1 FOR THE 12-MONTHS ENDED FOR THE 12-MONTHS ENDED ($000s, UNLESS NOTED) 30 JUNE 2026 (AUDITED) 30 JUNE 2025 (AUDITED) GROSS RENTAL RECEIPTS 121,046 101,518 FIXED RENTAL INCOME ADJUSTMENTS 3,541 1,775 CAPITALISED LEASE INCENTIVE ADJ
Slide 46: Appendix 4 – Development opportunities
FY26 ANNUAL RESULTS APPENDIX 4 – DEVELOPMENT OPPORTUNITIES NEAR -TO - MEDIUM TERM DEVELOPMENT OPPORTUNITIES 1 CURRENT SITE % OF TOTAL CURRENT LEASE EST PROJECT START EST PROJECT COST (EXCL JUNE 2026 VALUE SITE AREA (SQM) COVERAGE CONTRACT RENT EXPIRY DATE LAND) Totara Creek Estate – Stage 1 $14.6m 1
Slide 47: Appendix 5 – Development pipeline, maintaining gearing
FY26 ANNUAL RESULTS APPENDIX 5 – DEVELOPMENT PIPELINE MAINTAINING GEARING ▪ PFI expects to fund its ~$335m Green Star development GEARING CONSIDERATIONS pipeline while maintaining gearing near the mid-point of its target range $250m $201m ▪ On completion of the current development pipeline, PFI $200
Slide 48: Disclaimer
FY26 ANNUAL RESULTS DISCLAIMER: The information included in this presentation is provided as at 24 August 2026 and should be read in conjunction with the Annual Report, NZX results announcement, Fact sheet, NZX Form –Results Announcement and NZX Form –Distribution Notice issued on that same day. Pro