Slide 1: Centuria Capital Group HY25 Results
27 FEBRUARY 2025 | ASX: CNI Centuria Capital Group HY25 Results UNLISTED: KATUNGA FRESH GLASSHOUSE, KATUNGA VIC
Slide 2: Speakers
Speakers John McBain Jason Huljich Simon Holt Joint CEO – Centuria Capital Group Joint CEO – Centuria Capital Group CFO – Centuria Capital Group Centuria ASX:CNI 2
Slide 3: Agenda
Acknowledgement of Country Our Group manages property throughout Australia and New Zealand. Accordingly, Centuria pays its respects to the traditional owners of the land in each country, to their unique cultures and to their Elders past and present. AGENDA 1. Group overview 2. Divisional overview 3.
Slide 4: Group overview
Group overview SECTION ONE LISTED: 818 BOURKE STREET, DOCKLANDS VIC
Slide 5: Centuria Capital Group: A leading Australasian ASX funds manager
Centuria Capital Group: A leading Australasian ASX 200 funds manager Group AUM1 $20.5bn Centuria Real estate $19.6bn Life Limited Investment Listed (30%2) $5.9bn Unlisted (70%2) $13.7bn bonds $3.9bn $1.9bn $0.1bn $6.1bn $2.8bn $2.5bn $2.3bn $0.9bn CENTURIA CENTURIA ASSET PLUS SINGLE MULTI-ASSET MULT
Slide 6: HY25 highlights
HY25 highlights $20.5bn $2.3bn $1.9bn $0.4bn Group AUM Centuria Bass Total transaction activity1 Unlisted capital raised (HY24: $21.1bn) Real estate finance AUM (FY24: $1.9bn) • $0.3bn gross inflows • $0.1bn institutional capital $2.2bn 14.5% HY25 earnings ResetData and distributions • Purchased 50%
Slide 7: Centuria's innovative entry into data centres
Centuria’s innovative entry into data centres Complementary and highly scalable real estate-based opportunity Early mover entry to Edge Secured prestigious Australia’s first sovereign AI Data Centre opportunity partnerships factory and AI marketplace • Completed acquisition of 50% • NVIDIA Cloud Par
Slide 8: CNI ESG highlights
CNI ESG highlights Memberships nergy and Climate change emissions • FY24 voluntary climate-related disclosures published. Climate esource and • Targeting zero scope 2 emissions by 2035 for resilience aste Centuria, and 2028 for CIP and COF1. c. 9,600 kW solar across CNI, CIP and COF2. • Targeting th
Slide 9: Strategic Position
Strategic Position Real Estate markets have reached inflection point – highly positive for scaling Centuria verticals Inflection point Office fundamentals Returns • Australian commercial real estate markets at Improvement resulting from: • Improved real estate returns relative to fixed inflection po
Slide 10: Strategic outlook
Strategic outlook Strong growth projected across traditional sectors and alternatives together with new vehicle launches 1 2 3 Scaling up Real Estate Centuria Bass Credit “CBC” ResetData • Traditional unlisted securitisation • Existing wholesale strategy has • Centuria nearing completion of first ma
Slide 11: HY25 activity – scale up for 2H25 and beyond
HY25 activity – scale up for 2H25 and beyond Strong investment in high growth alternatives over FY23/FY24 to diversify and accelerate earnings FY25 and beyond • $1.9 billion total transaction activity1. HY25 Group • Agriculture vertical to $0.7 billion AUM (Centuria Agriculture Fund to $460 million)
Slide 12: Divisional overview
Divisional overview SECTION TWO UNLISTED: MANNING MALL, TAREE NSW (ACQUIRED HY25)
Slide 13: $19.6 billion diversified real estate platform
$19.6 billion diversified real estate platform1,2 REAL ESTATE LARGE FORMAT DAILY NEEDS OFFICE INDUSTRIAL FINANCE RETAIL (‘LFR’) HEALTHCARE RETAIL (‘DNR’) AGRICULTURE $6.2bn $6.0bn $2.3bn $1.6bn $1.4bn $1.3bn $0.7bn AUM AUM AUM AUM AUM AUM AUM ARTIST IMPRESSION UNLISTED: LISTED: UNLISTED: UNLISTED: U
Slide 14: Office platform
Office platform 62,000sqm+ $332m $6.2bn HY25 lease terms agreed HY25 total transaction activity AUM (33% listed, 67% unlisted) <$100m Estimated A-Grade replacement costs1 of $15,127/s m are double COF’s 31 Dec 2024 valuations of $6,858/sqm Elevated development costs, no new supply currently forecast
Slide 15: Industrial platform
Industrial platform $1.2bn pipeline1 $210m $6.0bn Industrial development pipeline provides access to new generation HY25 total transaction activity AUM (65% listed, 35% unlisted) industrial assets for Centuria funds 158,000sqm+ 45% <$40m HY25 lease terms agreed HY25 avg. re-leasing spreads across Ce
Slide 16: Retail platform
Retail platform $250m+ $461m $2.9bn DNR and LFR single asset unlisted funds launched since FY23 to service growing HY25 total transaction activity AUM (44% Daily Needs ‘DN ’ and investor demand 56% Large format ‘LF ’ retail) 48% 67,000sqm+ DNR income derived from HY25 DNR and LFR lease terms agreed
Slide 17: Growing Centuria Bass
Growing Centuria Bass EBIT ($ millions) 2 Forecast Centuria Bass targets >20% EBIT AUM ($ billions) >20% growth growth in FY25 CNI’s 80% interest in Centuria Bass $2.3bn $24.7m was acquired for $81 million. (FY25 earnings multiple of ~3.5x) $1.9bn 79% 71% CAGR3 CAGR4 Centuria was an early mover into
Slide 18: Real estate finance platform
Real estate finance Second WA NZ 1% platform lien 7% ACT 8% 5% QLD 3% VIC Centuria Bass Credit grows AUM to Security3 15% Geography3 $2.3bn. NSW 68% First lien $285 million warehouse facility with 93% $200 million senior secured commitment from UBS. Other Industrial 1% 3% $490 million of real estate
Slide 19: Healthcare platform
Healthcare platform $245m1 $1.4bn Committed development pipeline provides access to new generation $75m Completion of Kew private AUM hospital as part of the MSREI healthcare assets for Centuria funds partnership <$20m $26m 67 Avg. asset size aids exposure to a HY25 total transaction activity Health
Slide 20: Agriculture platform
Agriculture platform $460m $22m $0.7bn Centuria Agriculture Fund (CAF) Centuria NZ Agriculture Fund AUM <$50m 100% Australia’s largest o ner of real estate glasshouse infrastructure Net or triple net Avg. asset size aids exposure to a leases wider transaction pool 6.42% 14 properties and 13 differen
Slide 21: Investment growth in alternatives
Investment Growth in alternatives Daily needs and Bonds large format retail 4% to $4.9 billion 14% Office REAL ESTATE FINANCE 30% Alternatives: Group healthcare, real 24% $0.2bn estate finance, agriculture, data centres AUM CNI’s roup AUM Alternative property represented by related AUM added 24% alt
Slide 22: Unlisted property of $13.7bn
Unlisted property of $13.7bn Servicing 14,000+ unlisted investors 6-7 $0.1bn $0.3bn $3.9m $97m 49% 36% Funds in the New institutional HY25 unlisted capital HY25 recognised HY25 Latent underlying Unlisted AUM with no expiry Unlisted AUM with no fund top 10 index1 capital raising inflows performance f
Slide 23: Listed property AUM of $5.9bn
Listed property AUM of $5.9bn CIP and COF – Australia’s largest ASX-listed pure play industrial and office REITs 16% 19% CNI co-investment5 CNI co-investment5 highly aligned to an highly aligned to an experienced real experienced real estate funds manager estate funds manager 204-208 BANNISTER ROAD,
Slide 24: Financial results
Financial results SECTION THREE UNLISTED: KATUNGA FRESH GLASSHOUSE, UNLISTED: KATUNGA VICVARSITY LAKES DAY HOSPITAL, VARSITY LAKES QLD
Slide 25: Operating earnings and distributions
Operating earnings and distributions HY25 HY24 Statutory NPAT1,2 $m 14.8 45.2 Statutory EPS1,2 cps 1.8 5.6 Operating NPAT1,3 $m 51.1 49.4 Operating EPS1,4 (OEPS) cps 6.2 6.1 DPS cps 5.2 5.0 FY25 guidance OEPS cps 12.0 DPS cps 10.4 1. Attributable to CNI securityholders. 2. Includes fair value moveme
Slide 26: Segment results
Segment results HY25 HY24 Operating profit by segment ($m) ($m) 1 Property funds management1 38.2 39.5 Resilient property funds management income and performance 1 fees, despite reduced transactional activity, and valuations. 1 Performance fees 3.9 4.8 Co-investment earnings 28.0 26.3 Continued AUM
Slide 27: Strong balance sheet supports platform activities
Strong balance sheet supports platform activities HY25 FY24 Operating balance sheet ($m) ($m) $1.75 14.5% $164m Assets Cash and cash equivalents 142.9 184.3 Net asset value per security1 Operating gearing2 Cash realised from the sale and (FY24: $1.79) (FY24: 12.1%) recycling of balance sheet assets
Slide 28: Active debt capital management across Centuria Capital and the platform
Active debt capital management across Centuria Capital and the platform HY25 average margins 174bps1 HY251 FY241 Refinanced 30% of unlisted funds, by facility limit, with Lenders # 26 24 continued positive outcomes across pricing and covenants. Total lending facilities across $bn 7.7 8.1 Active inte
Slide 29: Appendices
ASX:CNI Appendices SECTION FOUR UNLISTED: 43 COLLEGE HILL, AUCKLAND NZ
Slide 30: Group AUM
Group AUM $21.0bn $21.1bn $20.6bn $20.5bn AUM CAGR1 $17.4bn 21% 12.2 12.5 12.3 11.4 Unlisted real estate Total CAGR 31% 10.7 Unlisted real estate and real estate finance 9% $8.8bn Listed real estate 4.0 5.9 Listed real 6.0 6.4 estate 6.8 5.5 4.0 2.3 Real estate 1.9 1.3 finance 0.3 0.8 0.8 0.9 0.8 0.
Slide 31: Group AUM and transactions
Group AUM and transactions AUM ($ billions)1 Gross transaction activity ($ millions) 0.6 0.1 0.1 21.1 -0.1 20.5 Real Gross -1.3 estate Retail Office Industrial Other Healthcare Total finance Acquisition and finance 490 35 - 30 - 1 556 activity Divestment and 225 426 332 180 117 25 1,305 repayments G
Slide 32: Valuation summary
Valuation summary1,2 Value Value Cap Cap movement movement movement movement 12 months to 31 6 months to 12 months to 6 months to WACR Dec 2024 31 Dec 2024 31 Dec 2024 31 Dec 2024 31 Dec 2024 Office (2.02)% (1.17)% 30 bps 15 bps 6.75% Industrial 0.26% 0.91% 30 bps 4 bps 5.96% Healthcare (5.17)% (1.3
Slide 33: Fund and capital allocation across Centuria's platform
Fund and ca ital allocation across Centuria’s latform Diversified funds, capital sources and investor profiles across all sectors Real estate Large format Daily needs Sector Office Industrial Healthcare Agriculture finance retail retail Fund type/ AUM capital source ($bn)1,2 $6.2 $6.0 $2.3 $1.6 $1.4
Slide 34: $2.2bn development pipeline to seed funds
$2.2bn development pipeline to seed funds $0.1bn $2.2bn pipeline1 $1.2bn industrial pipeline CNI strategically uses its balance Adds to Centuria’s future development sheet to seed and expand its HY25 gross development Est. value on completion pipeline completions Committed: $0.5bn2 property funds Fu
Slide 35: $2.2bn development pipeline to seed funds
$2.2bn development pipeline to seed funds HY25 Gross Committed Future Total Completions Pipeline1,2 Pipeline1,3,4 Pipeline Development fees and profits contribute to income Sector $m GLA $m GLA $m GLA $m GLA Industrial - - 53 45,160 1,163 215,520 1,216 260,680 Healthcare 75 4,545 245 19,378 161 8,31
Slide 36: $19.6bn diversified Australasian real estate platform
$19.6bn diversified Australasian real estate platform1,2 Top tenants by income (%)3,4 Government 12.5% WA 23% QLD 15% 80 properties and real 79 properties and real estate estate finance loans finance loans valued at $2,796m Woolworths Limited valued at $4,148m ASX/NZX Listed 3.0% Wesfarmers 2.0% ASX
Slide 37: Integrated management capabilities lead to strong asset management success
381 Integrated management capabilities lead to strong Properties1,2 asset management success Weighted average lease expiry (yrs) by income1,2 2,385 11.9 13.2 Tenants1,2 6.6 4.1 4.2 96.1% 3.4 Average occupancy1,2 Large format retail Office Daily needs retail Industrial Healthcare Agriculture 5.6yrs A
Slide 38: CIP, COF and APL portfolio snapshots
ASX CIP: Australia’s largest domestic ASX COF: Australia’s largest NZX APL: Asset Plus pure play industrial REIT pure play office REIT • Delivered HY25 FFO of 8.9 cents per unit • Delivered HY25 FFO of 5.8 cents per unit • Delivered HY25 Distributions of 8.1 cents per unit • Delivered HY25 Distribut
Slide 39: Centuria Life $0.9bn
Centuria Life Flows HY25 HY25 FY24 FY24 change Applications Redemptions $0.9bn Assets under management ($m) ($m) (%) ($M) ($M) AUM Prepaid funeral plans (Guardian)2 555.0 543.5 2.12 20.1 24.1 Unitised bonds (Centuria Life) 218.9 216.7 0.99 2.3 8.9 Centuria LifeGoals 114.5 94.9 20.71 13.3 1.0 TOTAL 8
Slide 40: Reconciliation of statutory profit to operating profit
Reconciliation of statutory profit to operating profit HY25 ($m) HY24 ($m) Statutory net (loss)/profit after tax1,2 14.8 45.2 Statutory EPS (cents)1,2 1.8 5.6 ADJUSTED FOR NON-OPERATING ITEMS Loss/(gain) on fair value movements in derivatives and 36.1 (4.0) investments Transaction and other costs 0.
Slide 41: CNI co-investments
CNI co-investments $675 million of financial assets and interests in associates/JVs1 ~52% ($399 million) aligns CNI as the Primary capital source (%) largest unitholder in listed funds CIP, COF and APL. Listed assets are held as simple investments recorded at balance date share price of each fund. L
Slide 42: Co-investments reconciliation
Co-investments reconciliation Carrying value 31 DEC 24 Distribution income HY25 Carrying value 31 DEC 23 Distribution income HY24 Strong alignment to Co-investments Fund type ($m) ($m) ($m) ($m) Centuria’s listed REITs Centuria Industrial REIT (ASX: CIP)1 Listed 285.1 8.2 328.6 8.1 CNI is the larges
Slide 43: Definitions
Definitions Operating Segments: Group has six reportable operating segments. AUM: Assets under management CPFL: Centuria Property Funds Limited ACN 086 553 639 These reportable operating segments are the divisions which report CAGR: Compound annual growth rate CPF2L: Centuria Property Funds No. 2 Li
Slide 44: Disclaimer
Disclaimer This presentation has been prepared by Centuria Capital Limited and Centuria Funds Management Limited (‘CFML’) as responsible entity of Centuria Capital Fund (together the stapled listed entity CNI). Centuria Property Funds Limited (ABN 11 086 553 639, AFSL 231 149) ('CPFL') and Centuria
Slide 45: Office contact details
AUSTRALIA Sydney (head office) Melbourne (02) 8923 8923 (03) 9616 6500 Level 41, Chifley Tower Level 47 2 Chifley Square 101 Collins Street Sydney NSW 2000 Melbourne Vic 3000 Brisbane Perth (07) 3905 7000 (08) 9321 7133 Level 2 Level 27 348 Edward Street 140 St Georges Terrace Brisbane Qld 4000 Pert