Cromwell Property Group · ASX:CMW
Cromwell Property — FY2025 Earnings Presentation
36 slides from Cromwell Property's earnings presentation, Aug 28, 2025
Slide 1: FY25 results presentation
Cromwell Property Group FY25 results presentation
Slide 2: Important information & disclaimer
Important information & disclaimer This presentation including its appendices (Presentation) is dated 28 August 2025 and has been prepared by Cromwell Property Group (‘Cromwell’ or ‘the Group’), which comprises Cromwell Corporation Limited (ACN 001 056 980) and the Cromwell Diversified Property Trus
Slide 3: Acknowledgement of Country and Agenda
Acknowledgement of Country Cromwell Property Group acknowledges and pays respects to past, present, and future Traditional Custodians of Australia and their Elders. We respect the cultural, spiritual, and educational practices of Aboriginal and Torres Strait Islander peoples. CROMWELL PROPERTY GROUP
Slide 4: Key highlights
Key highlights For the financial year ended 30 June 2025 Sector leading portfolio management Investment Portfolio occupancy of 97.6%: demonstrates Cromwell's effective leasing strategy execution 55% of FY26 vacancy under HOA: strong leasing underwrites future earnings and value. Investment portfolio
Slide 5: Key highlights
CROMWELL PROPERTY GROUP. Key highlights For the financial year ended 30 June 2025 Strengthened Investor diversific financial position and market liquidity Strong balance sheet with Group gearing at 28.2%!: below target gearing range, providing capacity for deployment into growth initiatives. ESR sol
Slide 6: Strong platform to support growth initiatives
Strong platform to support growth initiatives Group assets under management: $4.2 billion! Australia Investment Portfolio Funds Management $2.1 billion Total AUM? Total AUM! 72+ 101: tenant-customers tenant-customers 8 8 Properties? properties 235k+ 116k+ sqm of NLA? sqm of NLA 1. Excluding 475 Vict
Slide 7: ESG Highlights
ESG Highlights Environmental Social Governance 1 1% Decrease in absolute emissions Py FY24 Group tenant satisfaction * ESG embedded in enterprise risk management, compared to FY24. % score (Peer Index 82) assessed alongside financial and operational risks. Scope 2 purchased electricity * Reporting a
Slide 8: Financial results and capital management
Financial results and capital management
Slide 9: FY25 financial summary
FY25 financial summary Overview Statutory loss? $22.6 million (equivalent to loss of 0.9 cps) Distributions 3.0cps Assets under management? $4.2 billion Underlying operating profit+ $108.6 million (equivalent to 4.1 cps) FFO §105.7 million (equivalent to 4.0 cps) AFFO $66.6 million (equivalent to 2.
Slide 10: FY25 headline results
FY25 headline results * Statutory loss for the financial year to 30 June 2025 of $22.6 million was driven by: * Operating profit of $108.6 million, equivalent to 4.1 cps, represents a 20.6% decrease on FY24, principally due to a $12.3 million distribution received in prior year from the Campbell Par
Slide 11: FY25 earnings overview
FY25 earnings overview Operating profit (millions) 136.7 -12.3 42.5 | -11.3 -54.7 g x & go & é 20 eo ba es 80 x é ¢ £8 S s < & FE x & & > s ss 6 $ ¢ ¥ & &s & g& &§ & g€ vk § 8S g & S$ $F g & @ 2s 1. Net of Corporate costs 2. Net Finance Costs includes interest expense and interest revenue FY25 FY24
Slide 12: Debt levels significantly reduced to support growth strategy
Debt levels significantly reduced to support growth strategy $2,500 Millions $2,000 $1,500 $1,000 $500 so FY22 lll Group net debt $ Group net debt and gearing 60% 50% 40% 30% 20% 10% 0% HY23 FY23 HY24 FY24 HY25 FY25? ——Headline gearing —Look-through gearing Coo Target Gearing Range Gearing? 28.2% (F
Slide 13: Debt facility renegotiation reduces overall debt and funding costs
Debt facility renegotiation reduces overall debt and funding costs * Renegotiation of secured bilateral facilities in June 2025 has resulted in more favourable terms and covenants as well as longer duration. * The renegotiation has resulted in a decrease in Cromwell’s weighted average credit margin,
Slide 14: Investment Portfolio
PROPERTY GROUP Investment Portfolio CoLab Space at 207 Kent Street, Sydney
Slide 15: Improving fundamentals point to office recovery
Improving fundamentals point to office recovery Cumulative Office Net Absorption (sqm) National CBD Office Annual Net Supply (sqm) 500,000 1,500,000 Cap rates have stabilised following interest rate cuts and pick up in sentiment across capital markets 1,000,000 Mmmm Secondary Mmm Prime Total 500,000
Slide 16: Valuations stabilised
Valuations stabilised As at 30 June 2025, portfolio valuations were up $3.5 million (0.17%) from HY25, reflecting market stabilisation, consistent with broader market trends. Portfolio occupancy improves to sector-leading occupancy rate of 97.6%’, up 3.5% since June 2024, and supported by a diversif
Slide 17: Resilient tenant base supports portfolio stability and growth
Resilient tenant base supports portfolio stability and growth Improved tenant satisfaction metrics Diversification by occupier . . . . . . (Income) Tenant profile remains high quality, with sector leading ; ; ; occupancy levels and secure income streams. Improved tenant satisfaction metrics reflect
Slide 18: Major leasing achievements
Major leasing achievements Active asset management remains key to drive ongoing strong portfolio performance, de-risking expiries through strategic capex spend and asset specific initiatives to support positive leasing outcomes. Lease expiry profile New Leases Renewals (by NLA) 39% 14 = ~34.5k1sqm |
Slide 19: Case study: George Street, Brisbane
Case study: 400 George Street, Brisbane Continued asset improvements across the portfolio ensure relevance and longevity to drive favourable leasing outcomes to underpin income security. Strategic capital expenditure will position this asset as a premier location in the precinct through: * Enhanceme
Slide 20: Building out fund management pipeline
Building out fund management pipeline Barton, ACT Development Development of a 19,800 sqm office building in Barton, ACT on existing Cromwell landholding 100% pre-leased to a major Commonwealth Government department: 15-year lease with a 5-year extension option; and Ensures long-term income stabilit
Slide 21: Funds and asset management
PROPERTY GROUP = a S Funds and asset re Lee | | = management ‘ay
Slide 22: Australia / New Zealand funds management
Australia / New Zealand funds management Key activities Australian funds management Product breakdown by value (M) * §1.3 billion! of third-party funds under management across 8 directly managed products. * Cromwell Direct Property Fund: * High quality portfolio of 8? assets in key markets on Austra
Slide 23: Cromwell Property Group
CROMWELL PROPERTY GROUP > 5d) cod) 7 © a Ww) om J = Oo oe ©
Slide 24: Group strategy
Group strategy Strategic direction Pathway to execution We will be an Organic growth Existing product Platform Australian capital light elena Seu MSIL investment manager Targeted asset acquisitions for ¢ Partnering with like-minded ¢ Growth through new product launches, capital partners to facilitat
Slide 25: Sector opportunities
Sector opportunities za Industrial Onshoring Resilient income Pricing dislocation Market sector recovery Constrained supply pipeline Inflation tailwinds Liquidity constraints Fragmented ownership Consumer recovery Negative sentiment has impacted markets and Demand drivers are broadening beyond e-com
Slide 26: Key priorities
Key priorities * Capital deployment: Opportunity to leverage improving market conditions and Cromwell’s strong capital position to accelerate growth in Funds Management recurring fee income through organic expansion and strategic acquisitions with capital partners. * Maintain strong occupancy: Conti
Slide 27: George Street, Brisbane
400 George Street, Brisbane WE oP ROMER TY GROUP | FY24 RES Ugg For more information, please contact: Jonathan Callaghan Chief Executive Officer jonathan.callaghan@cromwell.com.au Phone: +61 7 3225 7777 Michelle Dance Chief Financial Officer michelle.dance@cromwell.com.au Phone: +61 7 3225 7777 Libb
Slide 28: Appendices
. CROMWELL Appendices peared 29 Operating profit and statutory loss reconciliation 30 Segment results - operating earnings detail 31 Balance sheet 32 Investment Portfolio summary 33 Net property income 34 Movement in book value 35 Balance sheet debt details
Slide 29: FY25 Operating profit and statutory loss reconciliation
FY25 Operating profit and statutory loss reconciliation Appendix FY25 (SM) FY24 (SM) Operating profit 108.6 136.7 Operating EPS 4.15 cps 5.22 cps Gain on sale of investment properties - 1.8 Fair value gains / (losses) Investment properties (117.1) (315.1) Derivative financial instruments (36.3) (23.
Slide 30: Segment results - operating earnings detail
Segment results - operating earnings detail Appendix Funds and asset Investment Portfolio management Co-investments Cromwell 30 June 2025 $M $M SM $M Segment revenue Rental income and recoverable outgoings 194.0 - 0.8 194.8 Operating profit of equity accounted investments - 1.2 17.9 19.1 Development
Slide 31: Balance sheet
Balance sheet Appendix FY25 ($M) FY24 ($M) Assets Cash and cash equivalents 79.3 292.3 Investment Properties 2,015.0 2,212.0 Disposal group assets held for sale 87.0 439.2 Equity accounted investments 21.2 20.1 Receivables 13.9 25.8 Intangibles 0.2 0.3 Derivative financial assets 4.8 46.7 Investment
Slide 32: Investment Portfolio summary
Investment Portfolio summary Appendix WALE by income from FY25 Value external Property ($M) Cap rate Occupancy valuation NLA (sqm) Major tenants Nabers Energy 400 George St, Brisbane, QLD 352.0 7.75% 98.5% 2.3 43,249 QLD State Government 5.5 HQ North Tower, 540 Wickham 5 Street, Fortitude Valley, QL
Slide 33: Investment Portfolio net property income
Investment Portfolio net property income Appendix FY25 (M) FY24 ($M) Variance ($M) Variance (%) 2-4 Rawson Place, Sydney, NSW 15.7 15.6 0.1 0.2 203 Coward Street, Mascot, NSW 32.0 33.5 (1.5) (4.4%) 700 Collins Street, Melbourne, VIC 18.9 18.4 0.5 2.7% 71 Athllon Drive, Greenway, ACT 18.7 18.0 0.7 4.
Slide 34: Movement in book value
Movement in Appendix book value FY25 FY24.-FY23.—«=s«FY22~—=«CéFY21~—~=«é«*éFYY2O~—=S*F9"—«=*FYS~=—SOFY17.—=é=«*#FYG60~—SC*@FS'~=—=sCFY14~=—SFY13——SsFY12~—=SC#FY11~—SC#FYY10 $M $M $M $M $M $M $M $M SM $M $M $M $M sm SM SM Opening Balance 2,212.0 3,098.2 3,740.0 3,863.5 3,752.3 2,520.9 2,451.1 2,357.
Slide 35: Balance sheet debt details
Balance sheet debt details Appendix Facility Drawn Commitment Maturity Fin Yr Years Covenants SM SM Date Expiry Remaining Bank 1 - 2 Year Facility 75.0 75.0 May-2027 2027 1.9 yrs Bank 2 - 2 Year Facility 125.0 125.0 Jun-2027 2027 1.9 yrs Bank 3 - 2 Year Facility 135.0 135.0 Jun-2027 2027 1.9 yrs Ban
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