Charter Hall Group · ASX:CHC
Charter Hall — H1 FY2026 Earnings Presentation
49 slides from Charter Hall's earnings presentation, Feb 19, 2026
Slide 1: 2026 Half Year Results
Charter Hall Group 2026 Half Year Results ASX:CHC Charter Hall Group 2025 Full Year Results
Slide 2: Agenda
Agenda 1. Highlights and Strategy 2. Group Funds Management 3. Property Investment 4. Development Investment 5. Financial Results 6. Guidance 7. Additional Information Woodstock Avenue Industrial Centre, Glendenning (CPIF) Acknowledgement of Country Charter Hall acknowledges the Traditional Custodia
Slide 3: Highlights and Strategy
Highlights and Strategy 1 Charter Hall Group 2025 Full Year Results MidWest Logistics Hub, Truganina (CPIF) 3
Slide 4: Group highlights 1H FY26
Highlights and Strategy Group highlights 1H FY261 Group Returns Property Investments Funds Management Platform Investment FY26 Earnings Guidance Capacity EPS +22.9% $239 million $2.8bn $90.3bn $7.8bn Operating earnings Co-investment portfolio Group FUM4 Group investment capacity2 81.4cps ↑ 100.0cps
Slide 5: Our Strategic Pillars
Highlights and Strategy Access Deploy Manage Invest Our Strategic Pillars Accessing equity from listed, Creating value through attractive Funds management, asset Investing alongside our wholesale and retail investors investment opportunities management, leasing and capital partners development servi
Slide 6: Operating earnings and distributions growth
Highlights and Strategy Operating Operating earnings and distributions growth DPS (cash paid) earnings growth DPS (grossed up) OEPS (post-tax) - Doubling of net equity inflows 115.6cps driving FUM growth that underpins ongoing growth in FM EBITDA 1 10 Year CAGR (post-tax) of 12.6% 100.0cps 2 - Cumul
Slide 7: Distributions growth
Highlights and Strategy Distributions growth Strong and consistent growth in distributions FY26 Annualised Distribution of - 15 consecutive yearly dividend 50.7cps increases - 30 semi-annual dividends declared - CAGR of 7.8% over 15 years - Dividends have grown materially above the rate of major US
Slide 8: Group Funds Management
Group Funds Management 2 Charter Hall Group 2025 Full Year Results 130 Lonsdale Street, Melbourne (CPOF) 8
Slide 9: Scale and diversification
Group Funds Management Scale and diversification $6.0bn of FUM growth from $84.3bn to $90.3bn – Diversification of equity sources and sector – 30% Industrial & Logistics, 29% Office, 21% Listed Equities, 16% Convenience Retail and 4% Social Infrastructure Group FUM by equity source Group FUM by sect
Slide 10: Property Funds Under Management (FUM) growth
Group Funds Management Property Funds Under Management (FUM) growth Property FUM growth of 10% Property FUM growth ($bn) Property FUM by equity source ($bn) 5-year Property FUM CAGR of 9.1% $73.6bn1 Wholesale 11.0% $1.2bn $0.4bn $1.9bn Listed 6.4% $6.6bn $73.6bn1 Direct 3.7% $71.9bn $71.7bn ($3.2bn)
Slide 11: Property funds management portfolio
Group Funds Management Property funds management portfolio Wholesale FUM increased by $4.6bn to $50.7bn Largest diversified property portfolio in Australia Portfolio value Lettable area No. of Net rent WARR WALE Occupancy WACR Property FUM ($bn) (m sqm) Properties ($m) (%) (years) (%) (%) 31 Decembe
Slide 12: Equity inflows
Group Funds Management Equity inflows - Diverse sources of equity across ($m) FY23 FY24 FY25 1HY26 Wholesale, Listed and Direct 1 - Wholesale flows driving 95.3% of Wholesale pooled funds 817 305 2,054 2,221 new equity inflows across both partnerships and pooled funds Wholesale partnerships & mandat
Slide 13: Industrial & Logistics
Group Funds Management Industrial & Logistics – Modern, high-occupancy portfolio of 7.2m sqm lettable area – Strong leasing momentum with 418,623 sqm Glendenning Logistics Estate, Glendenning (CLP) Powerlink, TradeCoast Logistics Hub, Pinkenba (CPIF) leased across 40 transactions - 78% repeat tenant
Slide 14: Office
Group Funds Management Office – Modern, high-occupancy portfolio of 2.1m sqm lettable area. Strong leasing momentum with 124,830 sqm leased1 across 134 transactions – Average occupancy over the past 10 years over 95%, consistently exceeding national averages 555 Collins Street, Melbourne (CPOF) 60 K
Slide 15: Convenience Retail
Group Funds Management Convenience Retail – High-occupancy portfolio of 98.9% with 1.7m sqm lettable area Bunnings, Toowoomba (CQR) Bass Hill Plaza, Bass Hill (CQR) – Strong leasing momentum with 56,361 sqm leased across 210 transactions Convenience Shopping Centre Retail – Launched Charter Hall Con
Slide 16: Social Infrastructure
Group Funds Management Social Infrastructure – Properties for essential services with low correlation to economic cycle Western Sydney University (WSU) campus, 1 Parramatta Square, Wise Specialist Emergency Clinic, Robina (CQE) – Strong population growth increasing Parramatta (CQE) demand for all se
Slide 17: Deep, trusted cross sector relationships
Group Funds Management Top 20 platform tenants by net income Deep, trusted cross sector relationships 17.6% Transacted with 7 of the top 20 tenant customers in 1HY26 – Our top 20 tenants represent 53% of Office property platform income Industrial & Logistics – 19% of platform leases are NNN Convenie
Slide 18: 1H FY26 property transaction activity
Group Funds Management 1H FY26 property transaction activity $9.8bn of transaction activity in the half, surpassing FY25 full year transactional activity Convenience Social Industrial & Convenience ($bn) Office Shopping Centre Infrastructure / Total Logistics Net Lease Retail Retail Other Acquisitio
Slide 19: Property Investment
Property Investment 3 Charter Hall Group 2025 Full Year Results Bunnings, Alexandria (CPIF) 19
Slide 20: Property Investment portfolio
Property Investment Property Investment portfolio Property Investment portfolio of $2.8bn Portfolio Value No. of WALE Occupancy WARR WACR WADR ($bn) Properties (years) (%) (%) (%) (%) 31 December 2025 2.8 1,510 8.2 97.1 3.3 5.7 7.0 30 June 2025 2.7 1,542 7.6 97.0 3.2 5.8 7.0 Sector allocation Geogra
Slide 21: Diversified Property Investment earnings
Property Investment Diversified Property Property Investment EBITDA Investment earnings (by sector) Listed Equities - Property Investment portfolio 6% provides growth and resilience given quality and strong tenant customer Social Infrastructure 9% composition - No single asset is more than 5% of por
Slide 22: Development Investment
Development Investment 4 Charter Hall Group 2026 Half Year Results Ascent Logistics Centre, Alexandria (CLP) 22
Slide 23: Driving enhanced returns through our develop to core approach
Development Investment Driving enhanced returns through our develop to core approach – Development completions of $1.3bn over the last 12 months – 94% of Industrial & Logistics and 74% of Office committed projects are pre-leased1 – $5.5bn of on-completion value within planning approved Living incuba
Slide 24: National industrial development pipeline
Development Investment National industrial development pipeline Delivering strategically located essential industrial assets $6.5bn Industrial & Logistics – $515m of industrial development completions across four projects over 1H FY26 with WALE average of 10 years – Project completions 100% leased w
Slide 25: National office development pipeline
Development Investment Committed (Active) Projects: National office development pipeline Chifley Square, North and South Tower, Sydney $5.9bn – Exceptional premium position – Additional ~52,000sqm of Office NLA from South Tower, alongside new retail, tenant amenity and public domain Committed (Activ
Slide 26: Sustainability initiatives
Environment Development Investment Environment Social Governance Sustainability initiatives Achievements in 1H FY26 Net Zero1 Community partnerships ESG leadership By integrating sustainability Operating at Net Zero Scope 1 and Scope 2 Over $1m spent with social enterprises and Five CHC funds ranked
Slide 27: Financial Results
Financial Results 5 Charter Hall Group 2025 Full Year Results M5M7 Logistics Park, Prestons (CPIF) 27
Slide 28: Earnings summary
Financial Results Earnings summary ($m) 1H FY25 1H FY26 Change % Property Investment (PI) EBITDA1 136.6 168.9 23.7% Development Investment (DI) EBITDA 25.7 38.1 48.0% Funds Management (FM) EBITDA 1,2 142.9 142.3 (0.4%) - PI EBITDA $168.9m generates growth of 23.7%: LFL co-investment Total Segment EB
Slide 29: Funds management earnings
Financial Results Funds management earnings - Funds management revenue increased by 5.3% due to FUM ($m) 1H FY25 1H FY26 Change % growth Funds management revenue 140.5 148.0 5.3% - Transaction and performance revenue of $32.1m reflecting high Transaction and performance revenue 18.8 32.1 70.5% equit
Slide 30: Balance sheet and return metrics
Financial Results Balance sheet ($m) 30 Jun 2025 31 Dec 2025 and return metrics Cash 287 225 PI / DI investment portfolio 2,767 2,846 Receivables 90 121 - Available cash of $225 million Other assets1 255 221 - Strong balance sheet maintained with Intangibles 113 112 low gearing at 7.7% Total assets
Slide 31: Platform debt proactively managed
Financial Results Platform debt proactively managed Funds platform debt metrics 30 Jun 2025 31 Dec 2025 - $7.8bn of available liquidity plus committed and uncalled equity Total facility limits ($m) 30,487 32,330 - $10.0bn of new and refinanced debt facilities Total undrawn debt ($m) 5,102 6,688 - $8
Slide 32: Guidance
Guidance 6 Charter Hall Group 2025 Full Year Results The Regatta Hotel, Toowong (CQR) 32
Slide 33: FY26 operating earnings guidance
Guidance FY26 operating earnings guidance Based on no material change in current market conditions, FY26 FY26 distribution per security guidance is for 6% growth over FY25, guidance for post-tax operating earnings per security of continuing 15 years of DPS growth. approximately 100.0 cents, represen
Slide 34: Additional Information
Additional Information 7 Charter Hall Group 2025 Full Year Results Charter Hall Offices, No.1 Martin Place, Sydney (CHOT) 34
Slide 35: Management bench experience
Additional Information Management bench experience Charter Hall Executive Committee (EXCO) David Harrison Managing Director & Group CEO >35 years industry experience Sean McMahon Anastasia Clarke Avi Anger Carmel Hourigan Steven Bennett Natalie Devlin Richard Stacker Ben Ellis Chief Investment Chief
Slide 36: National expertise
Additional Information National expertise Property FUM by state1 Our local knowledge builds value and ensures success for both our tenants and investors Australia $0.3bn NT $12.1bn Property FUM $4.9bn QLD WA $ 71.7bn $3.1bn SA $31.2bn NSW & ACT Offices across Employees all major cities $17.9bn VIC 5
Slide 37: Charter Hall investment strategies
Additional Information Charter Hall investment strategies Wholesale Listed REITs Direct Funds $68.7bn $12.9bn $8.7bn Pooled Partnerships Listed $14.1bn $6.3bn $18.0bn $6.0bn $3.7bn CPIF Industrial & Logistics PIM ASX:CLW Industrial & Logistics $9.1bn $12.6bn $4.6bn $3.4bn CPOF Office ASX:CQR Office
Slide 38: Charter Hall sector valuation movement – December 2025
Additional Information Charter Hall sector valuation movement – December 2025 Valuation movement Valuation movement Cap rate movement Cap rate movement December 2025 (6 months) (12 months) (6 months) (12 months) cap rate Industrial & Logistics 1.7% 2.2% (1 bps) 1 bps 5.3% Office 0.5% (0.2%) 2 bps 9
Slide 39: Recent valuation cycle
Additional Information Charter Hall sector LFL WACR over the last 4.5 years Recent valuation cycle 6.50% Cap rate movements 6.00% more than offset by valuation growth 5.50% 5.00% - Positive valuations growth across most sectors, driven by contracted 4.50% and market rental growth - Minor compression
Slide 40: Sale and leaseback transactions (by tenant industry and partnerships)
Additional Information Sale and leaseback transactions (by tenant industry and partnerships) Transaction origination Our scale and cross sector capability creates significant sale and Government & Capital Goods Universities leaseback opportunities Transportation 3% 2% 6% Retailing 21% Household & Pe
Slide 41: Wholesale pooled funds and partnerships
Additional Information Wholesale pooled funds and partnerships FUM Gearing $ 50.7bn 37.8% Occupancy WALE 96.5% 7.4yrs Cap rate CHC investment 5.5% $ 1.8bn Charter Hall Group 2026 Half Year Results 2 Market Street, Sydney (CHOT & CPOF) 41
Slide 42: Wholesale investment performance (major funds)
Additional Information Wholesale investment performance (major funds) Relative to sector specific IPD/MSCI core wholesale indices 13.2% 12.0% 11.5% 9.8% 8.3% 5.4% 5.1% 5.1% 4.6% 4.6% 2.8% 2.8% CHOT CPOF CPIF CLP LWHP LWIP 10 years 10 years 10 years 10 years 10 years 10 years Office (% p.a) Convenien
Slide 43: Listed REITs
Additional Information Listed REITs ASX:CLW, CQR & CQE FUM Gearing $ 12.9bn 32.3% Occupancy WALE 99.3% 8.8yrs Cap rate CHC investment 5.5% $ 0.7bn Ampol, Dee Why (CQR) Charter Hall Group 2026 Half Year Results 43
Slide 44: Direct property funds
Additional Information Direct property funds FUM Gearing $ 8.1bn 39.5% Occupancy WALE 98.1% 6.5yrs Cap rate CHC investment 6.0% $ 0.4bn TAFE, Robina (LWF & CQE) Charter Hall Group 2026 Half Year Results 44
Slide 45: Direct funds investment performance
Additional Information Direct funds1 investment performance With +90% of funds outperforming the benchmark2 since inception 15% 14.0% 13.6% 12.9% 11.5% 10% 8.8% 8.1% 7.0% 6.3% 6.2% 5.5% 5.6% 5.7% 4.7% 5% 3.9% 3.9% 3.4% 3.2% 1.3% 1.6% 0.2% - (0.3%) (1.0%) (5%) 3, 4 3, 4 3, 4 4 DOF PFA CHOT2 DIF3 DIF4
Slide 46: CHPT Property Investment portfolio
Additional Information CHPT Property Investment portfolio Ownership Charter Hall Charter Hall PI WALE WACR WADR WARR stake1 Investment2 EBITDA Income (years) (%) (%) (%) (%) ($) ($m) Industrial & Logistics 4.2 617.8 28.0 7.9 5.1 6.7 3.0 Office 11.3 1,317.5 80.7 8.4 6.0 7.1 3.5 Convenience Shopping C
Slide 47: Major fund performance review testing periods
Additional Information Major fund performance review testing periods Fund Testing frequency FY26 FY27 FY28 FY29 FY30 Charter Hall DVP Fund (DVP) 7 yearly plus individual asset divestments • Long WALE Hardware Partnership (LWHP) 4 yearly • Charter Hall Direct Industrial Fund No. 4 (DIF4) 5 yearly • C
Slide 48: Fund key and glossary
Additional Information Fund key and glossary Listed entities Wholesale funds (continued) Glossary ASX:CHC Charter Hall Group CHAIT Charter Hall Australian Investment Trust CAGR Compound Annual Growth Rate ASX:CLW Charter Hall Long WALE REIT CHALWF Charter Hall ALDI Logistics Wholesale Fund DI Develo
Slide 49: Further information
Further information Investor Relations Tel 1300 365 585 (within Australia) +61 2 8651 9000 (outside Australia) Email reits@charterhall.com.au Presentation authorised by the Board charterhall.com.au/chc IMPORTANT NOTICE & DISCLAIMER This presentation has been prepared by Charter Hall Funds Management