Investore Property Ltd. · NZX:IPL
Investore Property — FY2026 Earnings Presentation
30 slides from Investore Property's earnings presentation, May 21, 2026
Slide 1: Annual Results Presentation
Annual Results Presentation For the year ended 31 March 2026 21 May 2026
Slide 2: Contents
Contents Financial overview 03 Key metrics 04 Portfolio 08 Sustainability 15 Financial performance 17 Capital management 20 Looking ahead 23 Glossary 25 Appendices 27 Capitalised and technical terms are defined in the glossary on page 26. Numbers, including charts and tables, may not sum due to roun
Slide 3: Financial overview
Financial overview For the 12 months ended 31 Mar 26 (FY26) $36.6m Profit before other income/(expense) and income tax up $1.4m from FY25 at $35.2m $31.7m Profit after income tax down $(6.6)m from FY25 at $38.4m primarily due to a lower net valuation increase in the portfolio compared with FY25 $30.
Slide 4: Portfolio metrics and capital management
Bunnings, New Lynn Portfolio metrics Capital management $1.1bn 6.6% 4.2% 40.1% Portfolio valuation1 Initial yield Weighted average LVR2 an increase of $140m over 12 months as at 31 Mar 26 as at 31 Mar 26 to 31 Mar 26 cost of debt compared to 4.1% at 31 Mar 25 6.3% 5.9 years 80% $62.5m WACR WALT Debt
Slide 5: Targeted growth
Targeted growth Investore successfully executed on its strategic objective of targeted growth over FY26, with pro forma 1 $225m of gross transactions focused on enhancing portfolio quality, earnings and growth outlook • FY26 acquisitions of Bunnings New Lynn for $43m Transaction metrics1 Assets Asse
Slide 6: Delivery of strategy
Delivery of strategy Accretive transaction activity1 ✓ Increased exposure to leases with structured rental growth to support returns over the medium to long-term ✓ Added scale, with net acquisitions of +$89m ✓ Increased presence in key metro locations, with Auckland exposure2 rising from 41% at 31 M
Slide 7: Partnering with tenants
Partnering with tenants With over 30 Woolworths supermarket properties across New Zealand, Investore maintains a strong relationship with Woolworths which fosters collaboration and investment for the long term Woolworths, Highland Park • Long-standing collaboration with Woolworths across store upgra
Slide 8: Portfolio
Portfolio Bunnings, Westgate Investore Property Limited | FY26 Annual Results Presentation 8
Slide 9: Portfolio growth and diversification
Portfolio growth and diversification Geographical location by Investment Portfolio value 33% 2026 marks 10 years since Investore’s NZX listing Auckland 50% 17% Wellington 12% Over the past decade, Investore’s portfolio has evolved 2% Bay of Plenty through acquisitions, disposals and developments, re
Slide 10: Active portfolio management
Active portfolio management Investment Portfolio metrics • Portfolio value of $1.1bn1 as at 31 Mar 26, an increase of $140m / 14% over the 12 months, As at As at 31 Mar 26 31 Mar 25 primarily due to acquisitions. The average market capitalisation rate remained stable at 6.3% Investment Portfolio val
Slide 11: Lease Expiry Profile
Lease Expiry Profile Lease Expiry Profile by Contract Rental WALT of Anchor Tenants (81% of Contract as at 31 Mar 26 WALT 5.9 years Rental) at 6.4 years creates an underlying base of high certainty income, while 3.8 years 26.1% WALT for specialty and mini major unlocks opportunity to realise higher
Slide 12: Key tenants meeting daily needs
Key tenants meeting daily needs Investore's portfolio consists of quality, convenience-based retail properties with tenants that attract regular visitation, including supermarkets, hardware stores, general merchandise and health & wellbeing Supermarket Woolworths, New World Hardware Bunnings, Mitre
Slide 13: Strategically located portfolio
Strategically located portfolio Investore’s portfolio is primarily located in highly populated urban areas such as Auckland, Wellington, Canterbury, Waikato and the Bay of Plenty, occupied by high quality Anchor Tenants representing 81% of Contract Rental Geographical location by Investment Portfoli
Slide 14: Turnover rent
Turnover rent Woolworths turnover rent (like-for-like)1 Woolworths leases (53% of portfolio’s Contract Rental) underpin income stability, with turnover rent providing additional upside from store performance $0.1m • For some leases, turnover rent is progressively crystallised into base rent, providi
Slide 15: Sustainability
Woolworths, Waimakariri Junction Sustainability Mitre 10 MEGA, Botany Investore Property Limited | FY26 Annual Results Presentation 15
Slide 16: Sustainability
Sustainability A score of 71 of 100 received on the 2025 GRESB, an improvement of +4 points from 2024. The increase reflects enhanced data coverage across Investore’s properties Investore has continued the programme of replacing all remaining air conditioning units using R22 refrigerant with a lower
Slide 17: Financial Performance
Financial Performance Bay Central Shopping Centre, Tauranga Investore Property Limited | FY26 Annual Results Presentation 17
Slide 18: Financial performance
Financial performance Change 31 Mar 26 31 Mar 25 $m $m $m % Net rental income 65.5 62.3 +3.2 +5.1 Corporate expenses (8.2) (7.9) (0.3) (4.3) Profit before net finance expense, other income/(expense) and income tax 57.2 54.4 +2.9 +5.3 Net finance expense (20.6) (19.2) (1.4) (7.4) Profit before other
Slide 19: Distributable Profit
Distributable Profit Change 31 Mar 26 31 Mar 25 $m $m $m % Profit before income tax 38.8 48.5 (9.8) (20.1) Non-recurring, non-cash items, and other adjustments: - Net change in fair value of investment properties (0.3) (12.1) +11.9 +97.8 - Net change in fair value of convertible notes option (1.0) -
Slide 20: Capital Management
Capital Management Silverdale Centre, Auckland Investore Property Limited | FY26 Annual Results Presentation 20
Slide 21: Proactive capital management
Proactive capital management • Bank debt facilities refinanced and extended, with two new lenders introduced. $100m additional facilities added to support As at As at Silverdale Centre acquisition Debt facilities 31 Mar 26 31 Mar 25 • $62.5m four-year subordinated convertible notes issued to support
Slide 22: Hedging and cost of debt
Hedging and cost of debt As at As at • Weighted average cost of debt as at 31 Mar 26 was 4.2%, Cost of debt 31 Mar 26 31 Mar 25 including convertible notes at a fixed coupon of 6.25% • Tighter margins at the refinancing driven by competitive Weighted average cost of debt (incl. banking market curren
Slide 23: Looking Ahead
Looking Ahead Woolworths, Waimakariri Junction Investore Property Limited | FY26 Annual Results Presentation 23
Slide 24: Looking ahead
Looking ahead • Recent offshore developments have reintroduced inflation pressures and market uncertainty, weighing on business and consumer confidence • Investore remains well positioned, with a portfolio underpinned by high-quality, non-discretionary retail tenants in key metropolitan locations, p
Slide 25: Glossary
Glossary Investore Property Limited | FY26 Annual Results Presentation 25
Slide 26: Glossary
Glossary Anchor Tenants Includes Woolworths, Bunnings, Mitre 10, Briscoes Group, The Warehouse Group and Foodstuffs Contract Rental Contract rental is the amount of rent payable by each tenant, plus other amounts payable to Investore by that tenant under the terms of the relevant lease, annualised f
Slide 27: Appendices
Appendices Woolworths, Greenlane Investore Property Limited | FY26 Annual Results Presentation 27
Slide 28: Appendix A
Appendix A Profit before other income/(expense) and income tax $6.9m $0.6m $0.3m $(4.5)m $(1.4)m $(0.3)m $35.2m $36.6m 31 Mar 25 Net rental increase Net rental decrease Net rental increase Net rental increase Higher net finance Higher management 31 Mar 26 from acquisitions from disposals from existi
Slide 29: Appendix B
Appendix B Net Contract Rental $7.7m $(0.2)m $(1.9)m $0.6m $2.6m $1.9m $(0.2)m $(1.9)m $73.5m $71.6m $63.0m As at Renewals, Return on Turnover rent Disposals Acquisition of Acquisition of Other As at Disposal of Pro forma 31 Mar 25 new lettings and contribution Bunnings New Silverdale 31 Mar 26 Wool
Slide 30: Thank you
Thank you Level 12, 34 Shortland Street Auckland 1010, New Zealand PO Box 6320, Victoria Street West, Auckland 1142, New Zealand P +64 9 912 2690 W investoreproperty.co.nz Important Notice: The information in this presentation is an overview and does not contain all information necessary to make an