Argosy Property Limited · NZX:ARG
Argosy Property — H1 FY2026 Earnings Presentation
40 slides from Argosy Property's earnings presentation, Nov 19, 2025
Slide 1: FY26 Interim Results: Green, Diversified, Resilient
FY26 Interim Results: Green, Diversified, Resilient 19 November 2025
Slide 2: Agenda
Agenda Strategy 4 Peter Mence, CEO Dave Fraser, CFO Results summary 5 Portfolio 6 Financials 12 Leasing & sector commentary 22 Outlook 26 Appendices 29 Note: This results presentation should be read in conjunction with the NZX release dated 19 November 2025. Due to rounding, numbers presented in thi
Slide 3: CEO quote on sustainable assets and leasing
“Argosy’s focus on high-quality, sustainable assets has helped us maintain solid occupancy. The recent increase in leasing activity is a positive indicator for the rest of this financial year.” Peter Mence, CEO Argosy Property Limited 3
Slide 4: Building a better future
Building a better future Proactive delivery of sustainable growth A business culture that is environmentally focused Executing green Value Add portfolio opportunities A diversified portfolio by sector and region to drive earnings and capital growth A diversified asset allocation across sectors to A
Slide 5: Results Summary
Results Summary $61.2m $31.3m 1.6625c Net property income up 4.9% Revaluation gain to 30 September Q2 dividend declared $1.56 NTA per share, up from $1.53 $61.1m Interim net profit after tax 35.9% Debt to total assets within the target 30-40% band Argosy Property Limited 5
Slide 6: Portfolio Highlights
Portfolio Highlights 95.6% 5.4yrs 4.1% Occupancy (by rent) Weighted Average Lease Term Annualised growth on rent reviews 88.7% Tenant retention rate 31.6% Government sector rental income 47.3% Weighting to Auckland Industrial Argosy Property Limited 6
Slide 7: Portfolio at a glance
Portfolio at a glance Sector by value % Region by value % Asset mix by value % 10 3 7 9 26 36 54 71 84 1 2 Targets: Industrial (60-70%) Office (20-30%) LFR (5-15%) Auckland (70-80%) Wellington (15-25%) Regional (0-10%) Core (75-90%) Value Add Divest 1. Large format retail. 2. Regional North Island a
Slide 8: Revaluations
Revaluations FURTHER MODEST CAP RATE FIRMING 30 Sep 25 30 Sep 25 Sep 25 Mar 25 Book Value1 Valuation Cap rate2 Cap rate3 • An independent desktop review was $m % ($m) ($m) % % performed by Colliers on the portfolio as at Auckland 1,531.1 1,549.0 17.8 1.2% 6.34% 6.27% 30 September. Wellington 5
Slide 9: Value Add & Green Developments
Value Add & Green Developments SUSTAINABLE ASSETS, STRONGER Value Add Property Sector Location Valuation @ PORTFOLIO 30 Sep 25 • The Mt Richmond development reinforces 8-14 Mt Richmond Drive, Mt Wellington Underway Industrial Auckland 127.0 Argosy’s long-term growth strategy, focused 32 Bell Avenue,
Slide 10: Neilson Street Development
224 Neilson Street Development 5,412m2 6 Green Advanced NLA for Warehouse B completed Star Design & As Built rating negotiations for Warehouse A (12,076m2 of on programme and leased to achieved for Warehouse B warehouse/office) Bascik Transport 6 Green $110m $11.1m Star Design & As Built rating valu
Slide 11: 8-14 Mt Richmond Drive Development (3 stages)
8-14 Mt Richmond Drive Development (3 stages) 5,833m2 16,365m2 8,155m2 Stage 1 leased to Viatris Limited on a 10 of platforms for next phase leased will be added across two buildings year lease, with completion expected May in Stage 2 2026 9.4% 6 Green $36m forecast IRR on completion Star Design & A
Slide 12: Financials
Financials Argosy Property Limited 12
Slide 13: Gross Property Income Waterfall
Gross Property Income Waterfall ANNUALISED RENT REVIEWS UP 4.1% Like for like rental growth of 4.0% 80.0 2.7 0.9 69.4 70.0 66.6 (0.8) 60.0 Rental income $m 50.0 40.0 30.0 20.0 10.0 - Gross Property Income Like for like Developments Disposals Gross Property Income 30 Sep 2024 rental growth 30 Sep 202
Slide 14: Financial Performance
Financial Performance NET PROFIT UP ON PRIOR 1H26 1H25 COMPARABLE PERIOD $m $m Net property income 61.2 58.4 • Net property income for the period of $61.2 million, up by 4.9% on the prior Administration expenses (5.6) (5.6) comparable period. Profit before financial income/(expenses), other gains/(l
Slide 15: Distributable Income
Distributable Income SOUND RESULT 1H26 1H25 $m $m • Net distributable income (NDI) for the Profit before income tax 66.1 38.9 period was $30.7 million compared to Adjustments: $27.5 million in the prior comparable period, an increase of 11.7%. Revaluation (gains)/losses on investment property (31.3)
Slide 16: Adjusted Funds From Operations (AFFO)
Adjusted Funds From Operations (AFFO) AFFO UP ON PRIOR YEAR BY 10.4% 1H26 1H25 $m $m • After adjustments for incentives/leasing Net distributable income 30.7 27.5 costs and maintenance capex, AFFO Amortisation of tenant incentives and leasing costs 1.6 1.1 was 3.45 cents per share, compared Share ba
Slide 17: Investment Property Waterfall
Investment Property Waterfall PORTFOLIO VALUE LIFT TO $2.2 BILLION 2,400 31 2,219 2,200 40 2,179 2,149 (1) (40) Investment Properties ($m) 2,000 1,800 1,600 1,400 Balance at Capitalised costs Change in fair value Change in capitalised Balance 30 Sep 2025 Right of use asset Balance 30 Sep 2025 1 Apri
Slide 18: Balance Sheet Management
Balance Sheet Management DEBT TO TOTAL ASSETS IN THE 1H26 FY25 MID-RANGE OF TARGET BAND $m $m Investment properties 2,219.3 2,148.9 • The balance sheet is in good shape. Other assets 12.5 13.3 • At 30 September 7 properties regarded as Total assets 2,231.7 2,162.2 non Core (valued at $148m). Right o
Slide 19: Interest Rate Management
Interest Rate Management 1H26 FY25 FIXED RATE COVER OF 57% $m $m • Weighted average interest rate at 30 Weighted average interest rate1 4.8% 5.1% September 2025 reduced to 4.8% from Interest Cover Ratio 2.6x 2.5x 5.1%. % of fixed rate borrowings 57% 63% • Fixed rate cover at 57% of debt. Weighted av
Slide 20: Debt Profile
Debt Profile GREEN BOND DIVERSIFICATION 34% 400 • Bank debt refinanced in July, with new 7 year tranche. 350 • The total amount of the bank facility is 300 $625m, with the nearest tranche expiring Facilities ($m) in October 2028 (FY29). 250 • The first bond matures in March 2026, and 200 225 we will
Slide 21: Dividends
Dividends STEADY DIVIDEND • A 2nd quarter dividend of 1.6625 cents per 6.80 share has been declared with 0.263343 6.60 6.65 6.65 6.65 6.65 cents per share imputation credits attached. 6.55 6.40 6.45 • Overseas investors will receive an additional 6.35 6.20 6.28 supplementary dividend of 0.119500 cen
Slide 22: Leasing & sector commentary
Leasing & sector commentary Argosy Property Limited 22
Slide 23: Leasing Outcomes
Leasing Outcomes 37,382m2 9yr 18 of NLA leased to 30 September MBIE lease extension at 15 Stout Street lease transactions including 8 new leases, 6 renewals and 4 extensions 7,186m2 6yr 49 new lease to Visy Global Logistics NZ Post lease renewal at 7WQ rent reviews over the period with at 4 Henderso
Slide 24: Lease Expiry & Rent Review Profile
Lease Expiry & Rent Review Profile LEASE EXPIRY PROFILE IS WELL MANAGED 20% 19.3% 19.0% • Total expiry until 31 March 2027 18% (2H26 & FY27) is ~7.6%. 16% Percentage of portfolio (by income) • Largest expiry in FY28 is break clause for General Distributors at Favona Road 14% (7.6%), which is a futur
Slide 25: Market Insights
Market Insights INDUSTRIAL OFFICE LARGE FORMAT RETAIL • As economic conditions improve, the imbalance between • Many organisations have settled into hybrid models. • Retail surveys indicate confidence is improving. supply and net absorption (demand) will correct. • Notwithstanding this, there is a g
Slide 26: Outlook
Outlook Argosy Property Limited 26
Slide 27: Outlook
Outlook OUTLOOK IS MORE POSITIVE • The domestic economy is expected to gradually improve and there is a significant recent improvement in leasing enquiry. • Restrictive interest rates have eased. • Insurance premiums are falling as the global insurance market softens. • Investment Boost is a positiv
Slide 28: Questions
Questions Argosy Property Limited 28
Slide 29: Appendices
Appendices Argosy Property Limited 29
Slide 30: Balance Sheet Management
Balance Sheet Management DEBT TO TOTAL ASSETS HAS REMAINED COMFORTABLY WITHIN THE BAND THROUGH THE RECESSION 40 36.5 35.9 35.1 35.7 30 31.1 Debt to total assets (%) 20 10 0 FY22 FY23 FY24 FY25 1H26 Argosy Property Limited 30
Slide 31: Hedges, Interest Rates & Debt Maturity
Hedges, Interest Rates & Debt Maturity HEDGES & WEIGHTED AVERAGE DEBT MATURITY PROFILE (FACILITY) & INTEREST RATES (MARCH Y/E) WEIGHTED AVERAGE MARGIN AND LINE FEE 500 6.00% 400 2.00% 2.00% Weighted average margin & Line fee (%) 5.00% Weighted Average Interest Rate (%) 400 350 Face Value of Hedges (
Slide 32: Rent review summary – by type, sector and location
Rent review summary – by type, sector and location Annualised Type # Previous Rent % of rent New Rent Increase Increase Annualised % ($000's) reviewed ($000's) ($000's) % Increase ($000's) Increase Total 49 37,291 100% 40,254 2,963 7.9% 1,522 4.1% By review type Fixed 41 25,860 69% 26,520 660 2.6% 6
Slide 33: Portfolio metrics
Portfolio metrics RENT ROLL BY INDUSTRY TOP 10 CUSTOMERS BY RENT MBIE 1% Government administration 9% 8% General Distributors Limited Transport and storage 8% Cardinal Logistics Limited 9% 32% Manufacturing Statistics New Zealand 6% Kainga Ora Retail trade 52% 6% The Warehouse Limited 14% Property a
Slide 34: Sector Summary
Sector Summary Industrial Office Large format retail Number of buildings Number of buildings Number of buildings 33 13 4 Market value of assets ($m) Market value of assets ($m) Market value of assets ($m) $1,175.5 $795.4 $208.6 Occupancy (by income) Occupancy (by income) Occupancy (by income) 99.4%
Slide 35: Portfolio snapshot
Portfolio snapshot Occupancy (%) WALT (years) 100 6.0 98.7 99.3 96.7 96.5 95.6 5.7 5.0 5.4 5.4 80 5.2 5.1 4.0 60 3.0 40 2.0 20 1.0 0 0.0 FY22 FY23 FY24 FY25 1H26 FY22 FY23 FY24 FY25 1H26 Net Tangible Assets ($ per share) Debt to total assets (%) 2.00 40 35.1 36.5 35.7 35.9 1.50 1.74 30 1.58 1.53 1.5
Slide 36: Portfolio summary - Industrial
Portfolio summary - Industrial Property address Valuation WALT Nett Lettable Area Vacant Space Contract ($000s) (years) (m2) (m2) Yield Auckland 19 Nesdale Avenue, Wiri $75,300 9.1 20,621 - 5.71% 240 Puhinui Road, Manukau $47,200 9.1 13,273 - 5.43% 244 Puhinui Road, Manukau $16,700 9.1 4,353 - 5.21%
Slide 37: Portfolio summary – Industrial (cont.)
Portfolio summary – Industrial (cont.) Property address Valuation WALT Nett Lettable Area Vacant Space Contract ($000s) (years) (m2) (m2) Yield Wellington 54-56 Jamaica Drive, Grenada North $11,500 10.0 1,825 - 6.07% 147 Gracefield Road, Seaview $21,250 2.5 8,018 - 5.39% 19 Barnes Street, Seaview $1
Slide 38: Portfolio summary - Office
Portfolio summary - Office Property address Valuation WALT Nett Lettable Area Vacant Space Contract ($000s) (years) (m2) (m2) Yield Auckland 99-107 Khyber Pass Road, Grafton $16,200 2.1 2,509 - 7.11% 8 Nugent Street, Grafton $48,000 3.2 8,126 314 7.29% 39 Market Place, Viaduct Harbour $8,500 6.3 10,
Slide 39: Portfolio summary – Large Format Retail
Portfolio summary – Large Format Retail Property address Valuation WALT Nett Lettable Area Vacant Space Contract ($000s) (years) (m2) (m2) Yield Auckland Albany Mega Centre and 11 Coliseum Drive, Albany $155,500 4.8 33,791 1,007 6.76% 50 & 54-62 Cavendish Drive, Manukau $31,200 5.7 9,939 - 6.47% 252
Slide 40: Thank you
Thank you DISCLAIMER This presentation has been prepared by Argosy Property Limited. The details in this presentation provide general information only. It is not intended as investment or financial advice and must not be relied upon as such. You should obtain independent professional advice prior to