GARDA Property Group · ASX:GDF
GARDA Property — HY26 Earnings Presentation
34 slides from GARDA Property's earnings presentation, Feb 4, 2026
Slide 1: Interim Results Presentation
For personal use only Property Group I N T E R I M R E S U L T S P R E S E N T A T I O N 4 F e b r u a r y 2 0 2 6
Slide 2: 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 3: For personal use only
01 Corporate Overview 02 HY26 Highlights For personal use only 03 Financials and Capital Management 04 Industrial Property Portfolio 05 Lending 06 Outlook and Guidance
Slide 4: Corporate Overview
For personal use only Corporate Overview
Slide 5: Garda Overview
Garda Overview Garda provides exposure to a high-quality Brisbane industrial property portfolio, complemented by a lending operation focused on residential and industrial project lending, predominantly in South-east Queensland. For personal use only Property Value Cap Rate WALE Occupancy $332 millio
Slide 6: Investment Activities
Investment Activities Garda allocates capital to develop to own, acquire established property, or lend within its preferred real estate sectors. Residential Lend to entry level townhouses and apartments 3 through to high end apartment projects For personal use only INVESTMENT PORTFOLIO Industrial In
Slide 7: Allocation, Sector and Contribution
Allocation, Sector and Contribution Group Capital Allocation Group Revenue – FY26 Forecast 4% 2% 14% 11% 14% $494m $39m 52% 35% For personal use only 68% Property Income Lending - Interest Cash Property Drawn Loans Committed Loans Lending - Fees Corporate Other Loans – Sector composition Group – Sec
Slide 8: Relative Financial Performance
Relative Financial Performance Garda securities trade at a 28% discount to NTA of $1.60, an $84 million discount to book value, or an implied capitalisation rate of 7.8% (WACR 5.83%). 7.4% DPS Yield 85% 9.6% For personal use only 43% 39% 8.0% 7.4% FFO Payout Ratio 34% -17% 6.4% -23% 28% -28% 18.1% 5
Slide 9: HY26 Highlights
For personal use only HY26 Highlights
Slide 10: Half Year Operational Outcomes
Half Year Operational Outcomes FY26 FFO and DPS Guidance Upgrade 1 FY26 FFO has been upgraded 10% to 10 cps, with distributions upgraded to 8.5 cps, representing an 85% For personal use only 2 FFO payout ratio. $77.5 million Cairns Office Sale Settlement occurred on 1 October 2025 with net sale proc
Slide 11: Financials and Capital Management
Financials and Capital Management For personal use only
Slide 12: Funds From Operations
Funds From Operations Dec-25 Dec-24 Net profit/(loss) after tax 6,782 (10,193) FFO adjustments – property investment: Fair value loss/(gain) (2,178) 13,928 Loss of sale 2,186 26 For personal use only Net lease contract and rental items 946 537 FFO Adjustment – lending: Fair value loss from remeasure
Slide 13: Income Statement
Income Statement Dec-25 Dec-24 Revenue Rental and recovery revenue ❶ 10,271 12,074 Fee and interest revenue ❷ 4,228 1,795 Gain on commercial loans at fair value ❸ 3,086 1,288 Other income 579 392 Net gain on fair value of investment property 2,178 - Total revenue and other income 20,342 15,549 For p
Slide 14: Balance Sheet
Balance Sheet Dec-25 Jun-25 Current assets Cash and cash equivalents 19,984 24,136 Trade and other receivables 2,328 40 Commercial loans ❶ 49,864 22,202 Investment properties held for sale ❷ 2,000 191,411 Other assets 2,478 1,964 Non-current assets Commercial loans ❶ 17,858 21,851 For personal use o
Slide 15: Capital Management
Capital Management Asset sales have reduced both variable rate debt interest exposure and balance sheet gearing, whilst providing facility headroom for further lending or property investment. $60m Debt For personal use only $166m Facility 20.8% Refinanced Headroom Gearing Garda’s syndicated facility
Slide 16: Debt and Hedging
Debt and Hedging Hedging arrangements ensure Garda’s cost of debt will be lower than market through to 2030. Dec-25 Jun-25 Facility Limit ($m) 166.0 270.0 Hedging Strategy Drawn Debt ($m) 106.0 269.9 Cash ($) 20.0 24.1 o The evolving emphasis on Garda’s lending activities impacts its Current loans r
Slide 17: Industrial Property Portfolio
Industrial Property Portfolio For personal use only
Slide 18: Industrial Property Portfolio
Industrial Property Portfolio 100% South-East Queensland Industrial. 1 Implied Cap Rate 7 of 9 properties were independently valued in June 2025 for financial reporting. Richlands was the only asset to undergo an independent valuation in December 2025. The 7.8% valuation increased by $1.3 million to
Slide 19: Lease Expiry Profile
Lease Expiry Profile Acacia Ridge | 6,262m² 01 Expiry in May 2027. Limited reversion given expiring rent at $207/m² however any vacancy allows for the DA approved 3,000m² extension. 35% Morningside | 11,475m² 30% 02 Komatsu is vacating in July 2026, allowing the ~6,000m² expansion to For personal us
Slide 20: Brisbane Submarket Vacancy
Brisbane Submarket Vacancy Garda’s key medium-term vacancies in Brisbane submarkets Morningside 2 o 38–56 Peterkin Street (14,772m²) is Garda’s only current vacancy. o Morningside is strategically located within Brisbane's most o The Inner South precinct’s vacancy rate of 3.9% equates to robust indu
Slide 21: 326-340 Thynne Rd, Morningside
326-340 Thynne Rd, Morningside 6,000m² expansion and refurbishment of the existing building. Development approval held. Detailed design underway. Construction to start immediately when tenant vacates in July 2026. For personal use only Practical completion is expected in early CY2027. Marketing and
Slide 22: 326-340 Thynne Rd, Morningside
326-340 Thynne Rd, Morningside Expansion and building refurbishment to deliver revenue upside o 326–340 Thynne Rd, Morningside is a prime grade industrial facility, positioned in Brisbane’s sought-after Trade Coast precinct, and comprises two modern facilities: o 11,475m² leased to Komatsu (vacating
Slide 23: 38-56 Peterkin St, Acacia Ridge
38-56 Peterkin St, Acacia Ridge Successful leasing at Acacia Ridge to deliver revenue upside 38-56 Peterkin St Acacia Ridge Valuation Summary Valuation Date 31 December 2024 Valuation $44.75 million Capitalisation Rate 5.75% For personal use only Discount Rate 7.00% Market Rent $185/m² Vacancy valua
Slide 24: Lending
For personal use only Lending
Slide 25: Lending Composition
Lending Composition Garda participates across the capital stack with the aim of achieving superior risk adjusted returns. Loans Composition (%) Sector Composition (%) FY26 Forecast revenue (%) 4% 2% 8% 32% 12% 38% $142m 40% $142m $18m For personal use only 56% 12% 78% 18% Higher Leverage Drawn Highe
Slide 26: Lending Revenue and Capital Allocated
Lending Revenue and Capital Allocated 1 Forecast FY26 Group revenue is expected to rise to $39.2 million, representing a 19% increase on FY25. Lending and Group Revenue 2 Interest and fee income from lending is forecast to contribute $18.2 million, or 46% of Group revenue in FY26. 3 Investment capit
Slide 27: Lending Capital Movements
Lending Capital Movements Net $23.7 million increase in deployed lending capital during the half-year, with a further $25.0 million of committed loans scheduled for deployment in H2FY26. Lending Capital Movements ($m) Loan drawdowns 100.0 Majority senior facility drawdowns to $9.9m fund construction
Slide 28: Lending Project Showcase
Lending Project Showcase Structure and performance of a targeted Garda loan Higher Leverage Senior Brisbane South Industrial Project Loan term 15 15 Facility Amount $3.03 million $6.18 million Capital Source Garda External Interest Rate 20% 8.75% $2.4 million Line Fee 2.0% For personal use only Stru
Slide 29: Outlook and Guidance
For personal use only Outlook and Guidance
Slide 30: FY26 Earnings Guidance
FY26 Earnings Guidance FY26 FFO guidance has increased 10% to 10.0cps from prior guidance of 9.1 cps. FY26 full-year distribution guidance has been upgraded to 8.5cps, a 6.25% increase. The two-remaining quarterly distributions payable in April and July will increase from the prior FY26 guidance (ie
Slide 31: Key activities to drive earnings in FY27 and FY28
Looking ahead 5 key activities to drive earnings in FY27 and FY28. Embedded Rent Growth Morningside Expansion Lending Growth Expected additional $1.9 million p.a. Continued growth in the loan book, 3.3% weighted average annual net property income, following the the composition of facilities, and the
Slide 32: Our Team: Board of Directors
Our Team Board of D i rec tors For personal use only Matthew Madsen Paul Leitch Andrew Thornton Oliver Talbot Executive Chairman Independent Director Non-Executive Director Non-Executive Director
Slide 33: Our Team: Key Corporate and Commercial Executives
Our Team K ey Corporate and Com m erc i al Ex ec uti ves For personal use only Matthew Madsen David Addis Mark Scammells Paul Wood Paul Brown Executive Chairman and Chief Operating Officer Director, Projects and Head of Lending Head of Treasury Managing Director Acquisitions and Investor Relations
Slide 34: 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