Arena Reit · ASX:ARF
Arena Reit — HY2026 Earnings Presentation
31 slides from Arena Reit's earnings presentation, Feb 11, 2026
Slide 1: Arena REIT Half Year 2026 Results Presentation
ARENA REIT HALF YEAR 2026 RESULTS PRESENTATION 11 FEBRUARY 2026 Better Communities. Together. r Title
Slide 2: Agenda
Agenda 03 Highlights 05 Financial Results 10 Portfolio Update 16 Outlook 18 Corporate Directory 19 Appendices 31 Important Notice Arena REIT acknowledges the traditional custodians of the lands on which our business and assets operate, and recognises their ongoing connection to land, waters and comm
Slide 3: HY2026 Financial Highlights
HY2026 Financial Highlights Positive six months with FY2026 DPS guidance of 19.25 cents (+5.5%) reaffirmed1 Financial Results Net operating profit Operating earnings per security (EPS)2 • Statutory net profit of $110 million; net operating profit $39 million, up 9% on pcp $39 million 9.70 cents +9%
Slide 4: HY2026 Portfolio Highlights
HY2026 Portfolio Highlights Strong results underpinned by disciplined investment and active portfolio management Portfolio WALE Portfolio occupancy4 Portfolio Activity • Actively curating portfolio – $53.5 million in transactions, with six ELC 17.9 years 100% properties divested and three operating
Slide 5: Financial Results
Financial Results Gareth Winter CHIEF FINANCIAL OFFICER Footer Title Better Communities. Together. 11 February 2026 | 5 r Title
Slide 6: Financial Performance
Financial Performance EPS growth supported by rent growth and disciplined capital management HY2026 HY2025 Change Change • Property income continues to increase due to: • Contracted rental growth from annual $’000 $’000 $’000 % rent increases and market rent reviews; • ELC developments completed dur
Slide 7: Contributors to EPS Growth
Contributors to EPS Growth Annual rent escalations, acquisitions & development completions driving EPS growth 12 -0.14 -0.14 0.48 -0.10 10 0.40 9.70 9.20 8 6 HY2025 EPS Contracted like-for- Developments and Asset disposals Net operating Funding mix and costs HY2026 EPS like rental income acquisition
Slide 8: Financial Position
Financial Position Strong balance sheet with capacity to fund future investment opportunities As at 31 Dec 2025 30 June 2025 Change • Growth in total assets continues from ELC acquisitions and development project capex and ELC revaluation uplift • Expanded debt facility by $100 million with undrawn
Slide 9: Capital Management
Capital Management Facility expanded and extended; capacity to fund pipeline and future investment • Debt facility increased to $700 million and duration extended: As at 31 Dec 2025 30 Jun 2025 Change • $200 million expiring 31 May 2029 • $250 million expiring 31 May 2030 Borrowings $475m $437m $38m
Slide 10: Portfolio Update
Portfolio Update Carla Hayes HEAD OF INVESTMENT & PORTFOLIO Footer Title Better Communities. Together. 11 February 2026 | 10 r Title
Slide 11: Portfolio Overview
Portfolio Overview Quality portfolio with long WALE and 100% ocupancy1 Tenant diversification (by income) • Long-term triple net leases with annual rent reviews and periodic market reviews 20% • Portfolio 100% occupied1 and WALE of 17.9 years 24% Goodstart • National portfolio supported by a diversi
Slide 12: Lease Expiry Profile
Lease Expiry Profile WALE of 17.9 years underpins secure, long-term income stream Portfolio lease expiry profile (by income) (%) 40% >60% of income 30% 28.5% 20% 8.6% 7.9% 8.1% 10% 5.4% 6.0% 5.6% <1% of income 3.8% 3.4% 4.2% 3.9% 3.5% 3.6% 2.7% 2.5% 1.3% 0.4% 0.2% 0.3% 0% FY48+ FY26 FY27 FY28 FY29 F
Slide 13: Rent Review Profile
Rent Review Profile Attractive CPI-linked rent review structures with embedded income growth • Attractive rent review profile with ~95% of FY2026 - FY2029 rent Rent review profile (by income) (%) reviews contracted to CPI, higher-of CPI or an ‘agreed fixed amount’, or market reviews 100% 8% 6% 11% 1
Slide 14: Transactions and Development Activity
Transactions and Development Activity Data and investment discipline driving portfolio curation and development Transactions: Taking opportunities to recycle capital into well Development program: Develop to own strategy delivering well- located, higher quality properties located purpose-built prope
Slide 15: Early Learning and Healthcare Sector Updates
Early Learning and Healthcare Sector Updates Social and macroeconomic drivers continue to support early learning and healthcare Early Learning sector Arena ELC portfolio – net rent to gross operator revenue3 • Federal and State governments continue to legislate and implement announced reforms focuse
Slide 16: Outlook
Outlook Justin Bailey MANAGING DIRECTOR Footer Title Better Communities. Together. 11 February 2026 | 16 r Title
Slide 17: Outlook
Outlook FY2026 DPS guidance of 19.25 cents per security reaffirmed1 • Strong social and macroeconomic drivers continue to support demand for early learning and healthcare services Favourable market dynamics • Expanding access to affordable, high quality early education and care remains a government
Slide 18: Corporate Directory
Corporate Directory Please direct enquiries to Susie McPherson susie.mcpherson@arena.com.au JUSTIN BAILEY GARETH WINTER SUSIE MCPHERSON CARLA HAYES Managing Director & CEO Chief Financial Officer Chief Corporate Affairs & Head of Investment People Officer & Portfolio HY2026 Results Better Communitie
Slide 19: Appendices
Appendices Footer Title Better Communities. Together. 11 February 2026 | 19 r Title
Slide 20: Financial Performance
Financial Performance HY2026 HY2025 Change Change $’000 $’000 $’000 % Property income 49,670 44,153 5,517 12% Other income 711 638 73 11% Total operating income 50,381 44,791 5,590 12% Property expenses (346) (335) (11) 3% Operating expenses (3,640) (3,005) (635) 21% Finance costs (7,346) (5,660) (1
Slide 21: Balance Sheet
Balance Sheet 31 Dec 2025 30 June 2025 Change Change Covenant Facility Ratio $’000 $’000 $’000 % requirement Cash 18,065 16,572 1,493 9% Loan to value ratio (LVR) Maximum 50% 25.2% Receivables and other assets 12,698 21,312 (8,614) (40)% Interest cover ratio (ICR) Minimum 2x 5.1x Investment properti
Slide 22: Earnings and Distributions Per Security
Earnings and Distributions Per Security Earnings and distributions per security (cents) 19.25 1 18.55 17.65 18.25 17.1 17.4 16.3 16.8 16.0 14.8 15.2 14.55 14.0 13.5 13.8 12.3 12.8 13.1 12.0 10.9 11.1 10.2 10.0 8.75 8.85 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 DPS (cents) EPS
Slide 23: Portfolio Composition and Movement
Portfolio Composition and Movement Portfolio movements (30 June 2025 to 31 December 2025)1 320 300 12 1 18 14 -6 Number of properties 8 280 260 240 281 284 220 200 30-Jun-25 Development projects Development projects Operating properties Operating properties 31-Dec-25 acquired completed acquired dive
Slide 24: ELC Portfolio Valuations
ELC Portfolio Valuations As at 31 December 2025 Number of Value Passing yield properties1 $m1 % Independent ELC freehold valuations Queensland 20 123.7 5.12% Victoria 13 70.9 4.92% New South Wales 9 45.3 4.56% Western Australia 5 25.9 5.33% South Australia 6 41.7 5.57% Tasmania 3 12.4 5.00% Total in
Slide 25: ELC Portfolio Metrics
ELC Portfolio Metrics 31 Dec 2025 30 June 2025 Change Operating ELCs1 274 271 3 ELC Development sites2 18 14 4 Total ELCs 292 285 7 WALE (by income) (years) 18.7 19.3 (0.5) Tenanted occupancy (%)3 100 100 - Average passing yield (%) 5.32 5.41 (9bps) Portfolio value ($m) 1,732 1,625 6.6% Average rent
Slide 26: Healthcare Portfolio Metrics
Healthcare Portfolio Metrics 31 Dec 2025 30 June 2025 Change Total healthcare properties 10 10 - WALE (by income) (years) 10.3 10.9 (0.6) Tenanted occupancy (%) 100 100 - Average passing yield (%) 6.12 6.09 3bps Property portfolio ($m) 168 167 0.5% Average rental increase (%) 2.8 3.2 (40bps) Portfol
Slide 27: Portfolio Location Map
Portfolio Location Map1 1. Excludes two operating ELC acquisitions and 11 ELC development projects which were conditionally contracted as at 31 December 2025. HY2026 Results Better Communities. Together. 11 February 2026 | 27 r Title
Slide 28: Early Learning Sector
Early Learning Sector Strong social and macroeconomic drivers continue to support early learning sector • The Early Childhood Education and Care (ECEC) sector is designed to provide improved lifelong learning prospects for Australian children, increase workforce participation, improve gender equalit
Slide 29: ELC Market Transactions
ELC Market Transactions NSW passing yields VIC passing yields QLD passing yields 10% 10% 10% 9% 9% 9% 8% 8% 8% 7% 7% 7% 6% 6% 6% 5% 5% 5% 4% 4% 4% 3% 3% 3% 2% 2% 2% 1% 1% 1% 0% 0% 0% Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-2
Slide 30: ELC Sales Yields versus 10 Year Bond
10.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% Jun-11 HY2026 Results Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 r Title Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Better Communities. Together. Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-1
Slide 31: Important Notice
Important Notice This presentation has been prepared by Arena REIT (Arena) comprising Arena REIT Limited (ACN 602 365 186), Arena REIT Management Limited (ACN 600 069 761 AFSL No. 465754) as responsible entity of Arena REIT No.1 (ARSN 106 891 641) and Arena REIT No.2 (ARSN 101 067 878) and is author