Slide 1: 1H25 Results Presentation
1H25 Results Presentation 29 August 2025 Hadyn Stephens – Managing Director and CEO Aditya Asawa – Chief Financial Officer
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer This presentation has been prepared by Waypoint REIT (“WPR” or Industry data and third party market data the inherent regulatory risks in the business of WPR such forward looking “Waypoint REIT”) which is a stapled entity comprising shares in Waypoint This presentatio
Slide 3: WPR Investment Proposition
WPR Investment Proposition Secure rental income with embedded growth, underpinned by long-term leases to top-tier tenants ESSENTIAL ECONOMIC INFRASTRUCTURE ASX-LISTED MAJOR TENANT (VIVA ENERGY) • >7,400 F&C outlets in Australia1, providing an ‘essential • Australia’s largest owned and operated F&C n
Slide 4: Portfolio Snapshot
Portfolio Snapshot High quality portfolio with ~91% weighting to metropolitan and highway locations Book Avg. Avg. Value WACR Value Site WALE Category Description # (Jun-25) (Jun-25) (Jun-25) Area (Jun-25) Key Portfolio Statistics Capital Cities Capitals of the 8 states 271 $2,024.1m 5.28% $7.5m 3,5
Slide 5: Agenda
Agenda 1. 1H25 Highlights 6 2. Financial Results and Capital Management 8 3. Market and Portfolio Update 13 4. Key Priorities and Outlook 18 5. Additional Information 20 6. Glossary 30 5 Image: OTR Pennant Hills (NSW)
Slide 6: 1H25 Highlights
g Director 1H25 Highlights Hadyn Stephens Managing Director and CEO 6 Image: OTR Kingsford (NSW)
Slide 7: 1H25 Highlights
1H25 Highlights 4.7% increase in NTA per security, good progress on non-core asset sales and capital management Financial Performance Property Portfolio Capital Management Other Distributable EPS: 8.31cps1 WACR: 5.66% $50m Buyback Viva Energy Australia (1H25)2,3 +0.4% vs. 1H24 6bp since Dec-24 ~66
Slide 8: Financial Results and Capital Management
Financial Results and Capital Management Aditya Asawa Chief Financial Officer 8 Image: OTR Greystanes (NSW)
Slide 9: Financial Performance
Financial Performance 1H25 DE in line with 1H24, with growth in DEPS driven by impact of security buyback 1H25 1H24 Change $m $m $m Commentary 1 Rental income 82.4 80.3 2.1 1 Like for like rent growth of 3.0% offset by asset disposals 2 Operating expenses (4.9) (4.6) (0.3) 2 Increase primarily due t
Slide 10: Balance Sheet
Balance Sheet 4.7% increase in NTA per security, gearing remains at the lower end of the target range Jun-25 Dec-24 Change $m $m $m Commentary Cash and equivalents 14.4 14.7 (0.3) 1 Increase primarily due to net valuation gain ($96.8m) and capital expenditure ($0.1m) offset by reclassification of fi
Slide 11: Capital Management
Capital Management Prudent capital management position Jun-25 Dec-24 Change Commentary Facility limit ($m) 1,098.6 1,098.6 - 1 Liquidity at 30 June 2025 reduced following deployment into the security buyback Pro forma liquidity4 at 30 June 2025 is $138.1m Drawn debt ($m)1 959.6 931.6 28.0 2 Gearing
Slide 12: Debt and Hedging Profile
Debt and Hedging Profile Next debt maturity in FY27 is covered by available liquidity; high level of hedging to end of FY27 • $200m of bank debt has been extended supporting WPR’s weighted average debt • Progressive increase in hedging levels at prevailing market rates via a combination of: maturity
Slide 13: Market and Portfolio Update
g Director Market and Portfolio Update Hadyn Hadyn Stephens Stephens Managing Director and Chief Executive Managing Director and CEO Officer 13 Image: OTR Baulkham Hills (NSW)
Slide 14: Transaction Market Update
Transaction Market Update Transaction volumes largely unchanged, pricing improving • YTD transaction volumes tracking in line with 2024 National Transaction Volume $700m 6.50% 7.00% 5.95% 5.98% 6.06% 5.66% 5.82% $600m 5.59% 5.40% 6.00% • Weighted average yields have tightened: $500m 5.00% – Improved
Slide 15: Valuations
Valuations1 Contracted rent increases on 94% of the portfolio underpin 1H25 valuation growth # of Gross Value ($m) WACR (%) Number of properties by cap rate band Properties @ 30-Jun-25 Dec-24 Jun-25 Change Dec-24 Jun-25 Change Cap rate Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-242 Jun-253 <=4.00% 60 27
Slide 16: Non-Core Asset Sales
Non-Core Asset Sales Five assets sold for $34.5m (1% discount to Dec-24 book value) • Five non-core assets sold during 1H25 for a combined price of $34.5m, representing a discount of 1.0% to Dec-24 book value Lease Sale Passing Method of Asset State Classification Tenant Expiry Settlement Price Yiel
Slide 17: OTR Conversions / Landlord Funding
OTR Conversions / Landlord Funding Ten conversions completed on WPR sites; no request for funding received to date VEA Commentary1: Consents Sought by Location • 15 OTR stores opened/converted YTD, estimate of 45 in total for FY25 via conversions and new stores • Building pipeline and capability to
Slide 18: Key Priorities and Outlook
g Director Key Priorities and Outlook Hadyn Stephens Managing Director and CEO 18 Image: Caltex West Terrace (SA)
Slide 19: Key Priorities and Outlook
Key Priorities and Outlook FY25 DEPS guidance increased to 16.64 cents1 • Initial phase of VEA rollout has been focused on basic conversions (better suited to tenant-funded approach) OTR Conversions • WPR remains open to being a funding partner on larger-scale OTR conversions, subject to returns • N
Slide 20: Additional Information
Additional Information 20 Image: Shell Reddy Express Brandon Park (VIC)
Slide 21: Reconciliation of Distributable Earnings to Statutory Profit
Reconciliation of Distributable Earnings to Statutory Profit Increase in Statutory Profit driven by revaluation gain in 1H25 1H25 1H24 Change $m $m $m Commentary Distributable Earnings 55.6 55.6 - 1 Net valuation gain of $96.8m this period driven by contracted rental growth and a 6bp firming in the
Slide 22: Portfolio by State / Territory
Portfolio by State / Territory1 Cap rate compression evident in key metro-weighted NSW/VIC/ACT markets (~60% of WPR portfolio) NSW VIC QLD WA SA ACT TAS NT Portfolio 5% 2% 2% 1% 30% 10% % of WPR portfolio value: 20% 30% Cap rate change: 2H22 +41 bp +23 bp +20 bp +17 bp (2 bp) +43 bp +24 bp (45 bp) +
Slide 23: Lease Expiry Profile (30 June 2025)
Lease Expiry Profile (30 June 2025) Portfolio WALE (by income) of 6.6 years with a staggered expiry profile1 WALE 6.6 years 24.8% 19.6% 13.8% 8.0% 8.3% 6.7% 6.0% 6.9% 2 0.7% 1.0% 0.1% 3.9% 0.3% Vacant FY25 FY26 FY27 FY28 FY29 FY30 3 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 26 28 31 28 27 38 58 6
Slide 24: Viva Energy Australia – 1H25 Result
Viva Energy Australia – 1H25 Result1 Challenging trading conditions for Refining and Retail offset by continued strength in Commercial • Group Highlights: 1H25 1H24 Change – EBITDA and NPAT down 33% and 67% respectively on 1H24 Key C&M Stats2: – EBITDA across C&M and C&I of $312.3m was in line with
Slide 25: Retail Fuel Volumes
Retail Fuel Volumes Petrol and diesel volumes broadly flat on the prior year • Petrol and diesel volumes in the 12 months ended 30 June 2025 were down 0.5% on the previous corresponding period • Drivers of the decline in fuel volumes post-COVID include modified mobility habits, cost-of-living pressu
Slide 26: Retail Fuel Prices and Margins
Retail Fuel Prices and Margins Average retail prices have eased, industry margins remain strong • Average fuel price of ~$1.83 per litre, diesel prices decreased 18.2cpl (~9%) decline, petrol prices decreased 15.0cpl (~8%) • Average margins of 17.0cpl consistent with recent corresponding periods (~1
Slide 27: Australian New Vehicle Market
Australian New Vehicle Market New vehicle market broadly flat on 1H24; BEV sales down, but strong growth in PHEV sales • ~607,000 new light vehicles were delivered in 1H25 (~1% decrease on 1H24) New vehicles by power source (2024)2 - Petrol/diesel: sales down ~7% on 1H24 (~72% market share) PHEV 2.0
Slide 28: National Convenience Store Data
National Convenience Store Data Ex-tobacco, industry sales and profit growth remain strong Sales (2024) Sales (1H25) Gross Profit (2024) Avg. C-store Share of Sales (2024) Growth Growth sales of Category $m Share vs. 2023 vs. 1H24 Margin $m Share Growth $1.38m per Packaged beverages 3,090 30.1% 8.3%
Slide 29: National Convenience Store Data
National Convenience Store Data Significant growth in other, higher margin categories has more than offset the decline in tobacco • Industry sales increased by $1.50bn (~17%) between 2019 and 2024, despite an $807m (~24%) decline in tobacco sales; key contributors include packaged beverages, foodser
Slide 30: Glossary
Glossary 30 Image: OTR Strathfield (NSW)
Slide 31: Glossary
Glossary AACS Australian Association of Convenience Stores AIP Australian Institute of Petroleum AMTN Australian Medium-Term Notes ASX Australian Securities Exchange BBSW Bank bill swap rate BEV Battery electric vehicle. Powered by battery, with no secondary source of power bp Basis points C&M Conve
Slide 32: Glossary
Glossary EV General term for electric vehicles, typically including Petrol Hybrid Electric Vehicles, Battery Electric Vehicles and (sometimes) Fuel Cell Electric Vehicles F&C Fuel and Convenience FY Financial year Gearing Net debt (excluding foreign exchange and fair value hedge adjustments) to tota
Slide 33: Glossary
Glossary VEA or Viva Energy Australia Viva Energy Australia Pty Ltd (ABN 46 004 610 459) / Viva Energy Group Limited (ABN 74 626 661 032) (ASX: VEA) Waypoint REIT or WPR Stapled entity comprising one share in Waypoint REIT Limited (ABN 35 612 986 517) and one unit in the Waypoint REIT Trust (ARSN 61
Slide 34: Waye int
aa a Waye int REIT