GARDA Property Group · ASX:GDF
GARDA Property — FY26 Earnings Presentation
46 slides from GARDA Property's earnings presentation, Jul 30, 2026
Slide 1: Results Presentation 30 July 2026
For personal use only Property Group R E S U L T S P R E S E N T A T I O N 3 0 J u l y 2 0 2 6 1
Slide 2: For personal use only
01 2H26 Highlights 02 Corporate Overview 03 For personal use only Lending 04 Industrial Property Portfolio 05 Capital Management 06 Outlook and Guidance 07 Financials 2
Slide 3: 2H26 Highlights
For personal use only 2H26 Highlights 3
Slide 4: FY26 Financial Outcomes
FY26 Financial Outcomes Core earnings, distributions and balance sheet measures have all improved year-on-year FFO PER SECURITY DISTRIBUTIONS PER SECURITY PAYOUT RATIO 11.1 cps 8.5 cps 77.0 % For personal use only FY26 RESULT FY26 RESULT FY26 RESULT FY25: 7.2 cps FY25: 7.2 cps FY25: 84.9% +54% vs FY
Slide 5: Half Year Operational Outcomes
Half Year Operational Outcomes Five key results delivered across the six months to 30 June 2026 01 02 Lending Increased to $134 million 03 $8.2 million Increase in Property Values Loan receivables nearly doubled in the half to Property valuations continue to strengthen as FFO Outperformance June 202
Slide 6: Corporate Overview
For personal use only Corporate Overview 6
Slide 7: The Garda Model
The Garda Model Capital allocation and real estate expertise Garda is a disciplined allocator of capital into real estate through lending and ownership For personal use only WHAT WE DO WHERE WE PLAY OUR EDGE WHAT'S NEXT Our Core Home Turf How We Win Our Future • Real estate lender — originates, • So
Slide 8: Garda Overview
Garda Overview Real estate lending and investment REAL ESTATE LENDING PROPERTY PORTFOLIO SEQ Residential & industrial development funding Brisbane industrial assets For personal use only LOANS DEPLOYED PROPERTY VALUE $ $134 million $340 million $ % LOAN WALT COMMITTED LOANS AVG. LOAN RETURN CAP RATE
Slide 9: Group Revenue Composition
Group Revenue Composition Group revenue mix has altered significantly over the past years as capital re-allocated to Lending Lending Property Other GROUP REVENUE ($m) AND LENDING CONTRIBUTION (%) Group Revenue Contribution 60 Total Group Revenue ($m) Lending Revenue ($m) 49% 49% 2% 50 41.9 41.2 40 G
Slide 10: Garda: Key Drivers
Garda: Key Drivers Garda invests in real estate through credit opportunities and ownership predominantly in Southeast Queensland 01 02 Targeting Australia's Fastest Growing Property Market 03 Two Activities Exposed To Southeast Queensland’s Growth Proven Loan Origination Established in Brisbane, Gar
Slide 11: Lending
For personal use only Lending 11
Slide 12: Lending: Real Estate Expertise
Lending: Real Estate Expertise THE GARDA DIFFERENCE Garda originates, structures and underwrites project funding for real estate projects Not just capital 01 02 03 Real Estate Expertise Enabling Capital Whole of Project Funding Expertise and As an owner and developer of real Garda seeks to allocate
Slide 13: Lending: Risk and Revenue Contribution
Lending: Risk and Revenue Contribution Deployed loans represent 27% of Group assets, with the higher leverage positions currently ~13% of Group assets % in band cumulative Corporate / Group Level REVENUE GROWTH 13% 100% ~32% of Early Stage / Pref. Equity committed loan book is in early $7.7m → $20.6
Slide 14: Lending: Capital Movements
Lending: Capital Movements Net $66.4 million increase in deployed lending capital during the half-year to $134.1 million. A further $66.3 million of commitments scheduled for deployment in 1H27, with $32.8 million expected to be repaid 250.0 Loan drawdowns +$40.1m Lending Capital Movements ($m) Majo
Slide 15: Loan Book Overview
Loan Book Overview Borrower LVR Group Location Sector Loan Limit LVR Facility Comment Project Progress (post sales) 1 East Brisbane Residential 376,250 65% 65% Single facility Top of a $5.2m senior facility Affordable rental facility Completion imminent ~Sept 26. LVR includes additional external 2 B
Slide 16: Case Study: 94.8% Return on Capital in Months
Case Study 1 94.8% Return on Capital in 24 Months Higher Leverage Senior Brisbane South Industrial Project II Loan term 24 mths 22 mths Facility Amount $3.7 million + $0.5 million $7.5 million Capital Source Garda External Interest Rate 22% 8.75% Line Fee 2.0% $2.7 million Structuring Fee 2.0% For p
Slide 17: Case Study: Sunshine Coast Townhouse Project
Case Study 2 Sold-out townhouse project generating a 14.7% return Sunshine Coast Townhouse Project Higher Leverage Senior Loan Term 12 mths + 4mth extension 12 mths + 4mth extension Facility Amount $3.6 million $9.7 million Capital Source Garda Garda Interest Rate 20.0% 9.75% $11.9 million Line Fee
Slide 18: Case Study: Trade Coast Industrial Project
Case Study 3 Industrial strata project forecast to generate a 20.5% return Trade Coast Industrial Project Higher Leverage Senior Assigned Debt Loan Term 18 mths 18 mths 18 mths Facility Amount $3.8 million $15.1 million $(4.2) million LVR 80% 62.5% n/a Capital Source Garda Garda External Interest Ra
Slide 19: Industrial Property Portfolio
Industrial Property Portfolio For personal use only 19
Slide 20: Industrial Property Portfolio
Industrial Property Portfolio Portfolio valuations continue to strengthen 8 of 9 properties were independently valued in June 2026, resulting in an $8.25 million (2.5%) uplift in carrying values, equivalent to 4 cents per security. Brisbane industrial market rents continue to strengthen, with Garda'
Slide 21: Industrial Property Portfolio: Rents and Expiries
Industrial Property Portfolio Large exposure to annual CPI-linked reviews prior to expiries that will provide access to future potential market rent reversions Passing Rent Market Rent Annual Map Ref. Property NLA Expiry ($/m²) ($/m²) Reviews 1 Pinkenba Vacant 40,434 n/a - 55 - 2 Morningside Vacant
Slide 22: Lease Expiry Profile
Lease Expiry Profile 30% Share of property income by financial year of expiry 01 Acacia Ridge (38-56) 8,018m² 02 Pinkenba 40,434m² Vacant Vacant Following leasing to O’Brien Glass, the 8,018m² Lease was formally disclaimed by liquidator on 8 25% balance of the warehouse remains available for July 20
Slide 23: Southeast Queensland Industrial Market Overview
Southeast Queensland Industrial Market Overview Land values continue to appreciate — constrained industrial land supply is supporting replacement costs and long-term asset values. New supply is moderating — development pipelines have slowed, improving the demand/supply balance. Vacancy remains near
Slide 24: Thynne Rd, Morningside
326 THYNNE RD, MORNINGSIDE Prime Trade Coast · Morningside PROJECT STATUS Transforming a Prime Trade Coast Asset into a Major Earnings Growth Opportunity Building approvals secured Construction has commenced Practical completion expected to occur in December 2026. Annual rental income forecast to do
Slide 25: The Development: Morningside
THE DEVELOPMENT · MORNINGSIDE 326 Thynne Rd, Morningside Expansion and refurbishment underway to deliver 100% increase ($2.1m) of annual rental income THE OPPORTUNITY o Prime 11,475m² industrial facility and 7,660m² development site within Brisbane's Trade Coast precinct, adjoining the 5,522m² facil
Slide 26: Trade Coast / Pinkenba
TRADE COAST / PINKENBA 70-82 Main Beach Road, Pinkenba Releasing campaign launched for the 4 ha Trade Coast property MARKET RENTAL REVERSION OPPORTUNITY Lease formally disclaimed by liquidator on 8 July 2026. Garda is secured by $2.3m bank guarantee representing 11 months rent and outgoings. For per
Slide 27: Brisbane Southern Precinct Properties
Brisbane Southern Precinct Properties For personal use only 38-56 Peterkin St, Acacia Ridge 69 Peterkin St, Acacia Ridge 1-9 Huntress St, Berrinba 67 Noosa St, Heathwood ▪ NLA – 14,777m² ▪ NLA – 6,262m² ▪ NLA – 5,683m² ▪ NLA – 14,777m² ▪ WALE – 10.0 years ▪ WALE – 0.9 years ▪ WALE – 2.7 years ▪ WALE
Slide 28: Brisbane Western Corridor Properties
Brisbane Western Corridor Properties For personal use only 56-72 Bandara Street, Richlands 41 Bivouac Place, Wacol 498 Progress Road, Wacol • NLA – 9,785m² ▪ Fully Let Annual Income – $3.1 million ▪ NLA – 17,601m² ▪ NLA – 13,000m² • WALE – 2.0 years ▪ Major Tenant – Volvo ▪ WALE – 4.9 years ▪ WALE –
Slide 29: Capital Management
For personal use only Capital Management 29
Slide 30: Capital Management
Capital Management Garda’s target gearing range is 30–35% For personal use only $20m Additional 29.8% Capital liquidity Gearing Optionality Garda has re-leveraged to The short 10-month average term The syndicated facility limit $162 million in drawn debt, of Garda's $134.1 million drawn was increase
Slide 31: Debt and Hedging
Debt and Hedging Garda selectively hedges structural property debt Jun-26 Dec-25 Facility Limit ($m) 166.0 166.0 Drawn Debt ($m) 162.0 106.0 How Garda approaches its Hedging Strategy Cash ($) 18.2 20.0 o Garda’s property ownership and external lending activities exhibit distinct Loan receivables ($m
Slide 32: Outlook and Guidance
Outlook and Guidance For personal use only 32
Slide 33: FY27 Guidance
FY27 Guidance 10.5 cps 9.0 cps 8.5% ~85% 2.25 cps Earnings per Security Distribution per Security Distribution Yield Payout Ratio Quarterly Distribution For personal use only Conservative payout ratio provides On 9.0 cps guidance and $1.055 ASX scope for upgrades as milestones +5.9% vs 8.5cps prior
Slide 34: Looking Ahead
Looking Ahead 5 key activities to drive earnings in FY27 and FY28 01 02 03 04 05 For personal use only Morningside Acacia Ridge Embedded Rent Growth Lending Growth Lending Exit Fees Expected additional $4.1 million Additional $1.5 million p.a. in net 3.4% weighted average annual Loan run-off through
Slide 35: Compelling Investment Fundamentals
Compelling Investment Fundamentals Strong earnings yield combined with a modest gearing level 10.0% FY27 FFO Yield1 10.8% ~ 85% For personal use only 43% 10.0% FY27 FFO Payout Ratio 37% 36% 34% 30% 5.2% 5.5% 5.6% 5.8% 20.0% -22% 3-year CAGR (FFO) 2 -25% 12.6% -34% -34% -36% FFO Yield (%) Gearing (%)
Slide 36: Trading at Discount to NTA
Trading at Discount to NTA Private market property transactions are occurring at industrial capitalisation rates below 5.5%, while Garda’s implied capitalisation rate is 8.7% Independent Valuations Share Price Implied THE DISCONNECT 5.9% 35.7% 8.7% Actual Cap Rate Discount to NTA Implied Cap Rate Fo
Slide 37: Financials
For personal use only Financials 37
Slide 38: Income Statement
Income Statement Jun-26 Jun-25 Revenue ❶ Property rental and recovery revenue decreased by $5.4 Rental and recovery revenue ❶ 19,015 24,405 million due to the sale of Cairns Corporate Tower on 1 Fee and interest revenue ❷ 11,737 4,359 October 2025. Gain on commercial loans at fair value ❸ 7,586 3,33
Slide 39: Funds From Operations
Funds From Operations Jun-26 Jun-25 Net profit/(loss) after tax 23,832 (6,111) FFO adjustments – property investment: Fair value (gains)/ losses (9,653) 13,635 (Gain)/ loss on sale 2,221 (11) Net lease contract and rental items 1,332 572 Total property investment adjustments (6,100) 14,196 For perso
Slide 40: Balance Sheet
Balance Sheet Jun-26 Dec-25 Current assets Cash and cash equivalents 18,280 24,136 Trade and other receivables 131 40 Commercial loans ❶ 116,970 22,202 Investment properties held for sale - 191,411 Other assets 1,147 1,964 Derivative financial instrument ❷ 1,916 - Non-current assets For personal use
Slide 41: Segment Revenue and Expenses
Segment Revenue and Expenses Segment Property investment Lending Residual corporate Total Adjustments Garda Total $000 $000 $000 $000 $000 $000 Revenue Rental revenue 16,252 - - 16,252 (1,332) 14,920 Recoverable rental outgoings 4,095 - - 4,095 - 4,095 Fee and interest revenue - 11,737 - 11,737 - 11
Slide 42: Segment Assets and Liabilities
Segment Assets and Liabilities Property Residual Segment investment Lending corporate Total Adjustments Garda Total $000 $000 $000 $000 $000 $000 Assets Cash and cash equivalents 8,909 78 9,293 18,280 - 18,280 Trade and other receivables 56 60 15 131 - 131 Commercial loans - 136,510 - 136,510 (2,394
Slide 43: Our Team: Board of Directors
Our Team Board of Directors For personal use only Matthew Madsen Paul Leitch Andrew Thornton Oliver Talbot Lachlan Davidson Executive Chairman Independent Director Non-Executive Director Non-Executive Director Company Secretary and +30 years in real estate and funds Institutional investment and advi
Slide 44: Our Team: Key Corporate and Commercial Executives
Our Team Key Corporate and Commercial Executives For personal use only David Addis Paul Brown Mark Scammells Paul Lohr Paul Wood Chief Operating Officer Head of Treasury and Director, Projects and Head of Asset Head of Lending Investor Relations Acquisitions Management ~35 years in corporate finance
Slide 45: Disclaimer
Disclaimer 01 This presentation (Presentation) has been prepared on behalf of Garda Property Group (GDF or Group or Garda), comprising Garda Holdings Limited (GHL) and its controlled entities and Garda Capital Limited (ACN 095 039 366) (AFSL 246714) (GCL) as responsible entity of the Garda Diversifi
Slide 46: For personal use only
For personal use only Level 21, 12 Creek Street W gardaproperty.com.au Brisbane QLD 4000 E info@gardaproperty.com.au GPO Box 5270 P +61 7 3002 5300 Brisbane QLD 4001 46