Slide 1: HY26 Results Presentation
HY26 RESULTS PRESENTATION 24 FEBRUARY 2026 201 Elizabeth 14 MartinStreet, Place, Sydney NSW
Slide 2: Agenda
ABACUS GROUP HY26 RESULTS Agenda 01 Overview 02 Key financial metrics and capital management 03 Operating performance 04 Outlook and guidance Steven Sewell, Evan Goodridge, Kevin George, Steven Sewell, Managing Director CFO Group General Manager - Managing Director Commercial & Fund Manager ABG Abac
Slide 3: HY26 Metrics
HY26 METRICS TOTAL ASSETS WEIGHTED AVG GEARING NET TANGIBLE OCCUPANCY2 GGGGG CAP RATE1 S ASSETS GGGGGG $2.6bn 6.81% 34.5% $1.73ps 91.3% 1.1% on FY25 4bps on FY25 Flat on FY25 0.6% on FY25 80bps on FY25 STATUTORY PROFIT FFO FFO PER SECURITY DPS3 YTD LEASING DEALS4 $47.6m $40.1m 4.49cps 4.25cp
Slide 4: Consistent Strategy
CONSISTENT STRATEGY CREATING SPACES FOR NOW INVESTING FOR YOUR FUTURE VISION STRATEGY VALUES To create exceptional value for our To concentrate on select real estate sectors that deliver long-term, sustainable We are entrepreneurial and deliver customers and stakeholders through outcomes through act
Slide 5: Net Tangible Asset Composition
NET TANGIBLE ASSET COMPOSITION Strategic focus to simplify the portfolio and close the security price gap to NTA Composition of net tangible asset per security ($) 0.25 • The Group is committed to 0.52 portfolio curation and simplification, with a focus on Other1 institutional, A-Grade and (27%) 0.4
Slide 6: HY26 Highlights
99 Walker Street, North Sydney NSW HY26 HIGHLIGHTS Commercial portfolio proving resilient in early stages of market recovery Office Retail Self Storage Non-core sales +7.2% +5.3% +1.1% ~$75m Leasing spreads growth Leasing spreads growth ASK NTA growth Asset sales exchanged1 Broad based growth, drive
Slide 7: Key Financial Metrics & Capital Management
KEY FINANCIAL METRICS & CAPITAL MANAGEMENT EVAN GOODRIDGE 201 Elizabeth Street, Sydney NSW
Slide 8: Operating Earnings Summary
OPERATING EARNINGS SUMMARY $ millions HY26 HY25 Change Comments Office LFL operating earnings1 44.3 44.0 0.6% Driven by rent reviews, offset by lower surrender fees of $0.3m (HY25: $2.4m) Retail LFL operating earnings1 15.0 14.4 4.5% Supported by strong leasing spreads of 5.3% Self Storage (ASK retu
Slide 9: Capital Management
CAPITAL MANAGEMENT Sufficient liquidity with strong acquisition capacity NTA1 Total assets Acquisition capacity2 HY26 avg. cost of debt3 Gearing4 Debt term to maturity $1.73ps $2.6bn >$200m 4.5% 34.5% 2.9yrs Debt expiry profile Interest rate hedging – Hedging profile expiry drawn debt Interest Rate
Slide 10: Valuation Update
VALUATION UPDATE Stabilised office valuations Commercial $1,802m $10m $15m $0m $1,816m ($11m) FY25 investment Market income Cap rate Capex & Divestments HY26 investment property value growth expansion other property value WACR: 6.77% WACR: 6.81% Abacus Group | HY26 Results Presentation 10 11 201Bowd
Slide 11: Operating Performance
OPERATING PERFORMANCE KEVIN GEORGE 99 Walker Street, North Sydney NSW
Slide 12: Office Snapshot
OFFICE SNAPSHOT Portfolio of 14 Office assets valued at $1.5 billion as at 31 December 2025 OCCUPANCY1 WALE1 LEASING DEALS2 LFL RENT GROWTH1 89.5% 3.4yrs 33 2.3% FY25: 91.1% FY25: 3.6yrs HY25: 46 HY25: 6.3% WACR A-GRADE BUILDINGS3 CUSTOMERS2,4 SME CUSTOMERS2,4,5 6.87% 76% 345 60% FY25: 6.82% FY25: 7
Slide 13: Office Leasing Metrics
OFFICE LEASING METRICS Strong leasing spreads achieved in a challenging office environment 26,725 34% 7.2% 3.6% $812psm sqm leased1 average gross net face leasing average rent average net face incentive spreads review rent3 HY25: 29,563sqm HY25: 35% HY25: 7.5% HY25: 3.7% FY25: $810psm 48% new 37% on
Slide 14: Office Leasing Expiry
OFFICE LEASING EXPIRY1 Underpinned by geographical diversity NSW QLD VIC SA ACT 36% 83% vacant Office area fitted2 19% 13% 14% 10% 7% 1% Vacant Short Term 2H26 FY27 FY28 FY29 FY30+ Major Vacancies: Major Expiries: Major Expiries: Major Expiries: Major Expiries: Major Expiries: Major Expiries: 710 Co
Slide 15: Retail Snapshot
RETAIL SNAPSHOT Portfolio of 2 Retail assets (1 centre and 1 CBD asset) valued at $0.4 billion as at 31 December 2025 OCCUPANCY WALE NET FACE LEASING SPREADS 97.1% 5.0yrs 5.3% FY25: 95.5% FY25: 5.2yrs HY25: 3.1% LFL RENT GROWTH WACR AVG RENT REVIEW 4.2% 6.50% 3.6% HY25: 3.3% FY25: 6.46% HY25: 4.0% O
Slide 16: Self Storage Snapshot
SELF STORAGE SNAPSHOT 19.7% owner and manager of Self Storage REIT Abacus Storage King (ASX:ASK) ASK REVPAM1 ASK AVG RENT PSM1 ASK OCCUPANCY1 $341psm $377psm 90.5% 1.5% on HY252 1.7% on HY252 20bps on HY252 ASK WACR ASK TOTAL ASSETS ASK FFO PER SECURITY 5.43% $3.7bn 3.12cps 2bps on FY25 2.
Slide 17: Outlook and Guidance
OUTLOOK AND GUIDANCE STEVEN SEWELL 452 - 484 Johnston Street, Abbotsford VIC
Slide 18: Outlook & Guidance
Storage King Prestons, NSW Australia OUTLOOK & GUIDANCE Owning and managing an Australian eastern Abacus Group FY26 Guidance seaboard focused Active asset management and diversified leasing strategies • Abacus Group reaffirms FY26 distribution guidance of 8.501 Commercial portfolio to drive income g
Slide 19: Contents
CONTENTS STATUTORY EARNINGS RECONCILIATION SLIDE 20 PROFIT AND LOSS OVERVIEW SLIDE 21 BALANCE SHEET OVERVIEW SLIDE 22 DEBT FACILITIES SLIDE 23 INVESTMENT PORTFOLIO METRICS SLIDE 24 BALANCE SHEET ALLOCATION SLIDE 25 COMMERCIAL CAPABILITY SLIDE 26 ESG SLIDE 27-28 COMMERCIAL PORTFOLIO SLIDE 29 GLOSSARY
Slide 20: Statutory Earnings Reconciliation
STATUTORY EARNINGS RECONCILIATION Performance metrics ($ millions) HY26 HY25 Term Definition Statutory profit 47.6 (5.7) Fair value adjustments (11.6) 28.5 FFO is in line with the PCA’s definition and comprises net profit/loss after tax attributable to stapled security holders, calculated in accorda
Slide 21: Profit and Loss Overview
PROFIT AND LOSS OVERVIEW Performance metrics ($ millions) HY26 HY25 Comments Rental growth offset by divestment of assets and lower surrender fees compared to Rental income 80.7 81.1 HY25 Fee, finance and other income 11.4 11.1 Increase driven by higher ASK gross asset value Share of profit from equ
Slide 22: Balance Sheet Overview
BALANCE SHEET OVERVIEW HY26 FY25 Investment properties $1,816.4m $1,801.8m PP&E, equity and other investments, financial and other assets $678.6m $671.5m Loans $55.8m $55.9m Cash and cash equivalents $23.8m $23.9m Goodwill and intangibles $32.4m $32.4m Deferred tax assets $11.0m $2.9m Total assets $
Slide 23: Debt Facilities
DEBT FACILITIES Capital management metrics HY26 FY25 Comments Total bank debt facilities $1,136m $1,136m Total bank debt drawn $922m $910m Term to maturity 2.9yrs 3.3yrs 3.3yrs on fully drawn basis (FY25: 3.8yrs) Interest rate hedging 81% 80% Weighted average hedge maturity 2.5yrs 3.0yrs Average cos
Slide 24: Investment Portfolio Metrics
INVESTMENT PORTFOLIO METRICS Portfolio metrics HY26 Office Retail ASK Other1 Total Investment portfolio sector diversification Value ($m) 1,472 423 463 260 2,618 No. of assets 14 2 - 2 18 Office 56% NLA2,3 (sqm) 147,452 45,267 - - 192,719 Retail 16% WACR (%) 6.87 6.50 - - 6.78 ASK 18% Other 10% Occu
Slide 25: HY26 Balance Sheet Allocation
HY26 BALANCE SHEET ALLOCATION 31 December 2025 30 June 2025 $ 2.6bn 56% OFFICE $1.5bn 16% RETAIL $0.4bn 18% ASK $0.5bn 10% OTHER $0.3bn Total Assets $ 2.6bn 56% OFFICE $1.5bn 16% RETAIL $0.4bn 18% $0.5bn 10% $0.3bn ASK OTHER Total Assets Office $1,472m 14 properties Office $1,457m 14 properties Reta
Slide 26: Commercial Capability / Asset Activation
COMMERCIAL CAPABILITY / ASSET ACTIVATION Active asset management with strong income growth potential Asset 99 Walker Street, North 77 Castlereagh Street, 14 Martin Place, 201 Elizabeth Street, Oasis, Sydney NSW1 Sydney NSW Sydney NSW Sydney NSW Broadbeach QLD Occupancy (%) 83.1% 100% 93.4% 80.3% 94.
Slide 27: ESG: Focus
ESG: FOCUS Vision: To concentrate on select real estate sectors that deliver long term and sustainable outcomes through active investment, asset and development management and a strong focus on customer and brand awareness Minimising our environmental Emission intensity: impact through conservation
Slide 28: ESG: Tracking Our Progress
ESG: TRACKING OUR PROGRESS FY19 FY20 FY21 FY22 FY23 FY24 FY25 HY26 Net zero EMISSIONS On track to achieve net zero emissions 2030 by 2030 (Scope 1 & 2) 77% improvement Scope 1 & 2 GHG 0.080 0.069 0.061 0.059 emissions intensity 0.053 ENERGY 0.051 0.031 (t/sqm) 0.018 From FY19 Scope 1 & 2 GHG emissio
Slide 29: Commercial Portfolio
COMMERCIAL PORTFOLIO $2.0bn portfolio, 96% exposed to the Eastern Seaboard 23% QLD $451 million Office 3 $242m 18 Retail 1 $209m 44% NSW $855 million Assets QLD Office 5 $788m 4 Other1 2 $67m SA 2% ACT 1 NSW $40 million ACT 7 Office 1 $40m 1 4% SA VIC 27% VIC 5 $533 million $84 million Office 1 $84m
Slide 30: Glossary
GLOSSARY TERM DEFINITION TERM DEFINITION ABG Abacus Group KL/SQM Kilolitres per square metre ASK Abacus Storage King LFL Like for like ASX Australian Securities Exchange NABERS National Australian Built Environment Rating System CBD Central business district NLA Net lettable area CPI Consumer price
Slide 31: Important Information
IMPORTANT INFORMATION The information provided in this document is general, and may not be suitable for the specific purpose of any user of this document. It is not financial advice or a recommendation to acquire Abacus Group securities (ASX:ABG). Abacus Group believes that the information in this d