Stride Property Group · NZX:SPG
Stride Property — HY26 Earnings Presentation
37 slides from Stride Property's earnings presentation, Nov 26, 2025
Slide 1: Stride Property Group Interim Results HY26
Stride Property Group Interim Results for the six months ended 30 September 2025 (HY26) Stride Property Group | Interim Results HY26
Slide 2: Contents
Contents 3 Overview 4 Financial overview 5 Sector update 6 Funds management strategy delivery 7 North Wharf development opportunity 9 Investment management business 12 Portfolio 19 Sustainability 21 HY26 consolidated financial results 24 Capital management 27 Outlook 29 Glossary 31 Appendices Capita
Slide 3: Overview
Overview Stride Property Group as at 30 Sep 25 Stride’s look-through Investment Portfolio1 Value WACR WALT Occupancy $1.4bn 6.1% 6.8 years 93% Investment management business Committed2 total AUM Committed2 external AUM External management fees $3.3bn $2.4bn $11.7m for HY26 Capital management2 Balanc
Slide 4: Financial overview
110 Carlton Gore Road, Auckland Financial overview Stride Property Group Profit after income tax $42.6m up +$24.2m from HY25 Distributable Profit after current income tax $24.1m in line with HY25 Distributable Profit per share 4.32cps in line with HY25 SIML management fee income $11.7m up +$2.3m fro
Slide 5: Sector update
Sector update Office Town Centres • Quality of space, location, amenity and sustainability features • SIML managed centres foot traffic up +2.2% vs HY25. continue to be key occupier requirements1 Market data shows credit card spending up +3.2%2, with most sectors showing growth • Lower grade offices
Slide 6: Funds management strategy delivery
Funds management strategy delivery 20 Customhouse Quay, Wellington Since Mar 25 $202m of strategic deals have been transacted1 across the Stride Products, with external AUM increasing from $2.2bn to $2.4bn2 Recent management internalisations illustrate the value of SIML’s management business, which
Slide 7: North Wharf development opportunity
North Wharf development opportunity Conditional contract signed • Stride has entered into a conditional agreement with Auckland Council to acquire a 125-year pre-paid ground lease for $17.5m at North Wharf, located on the waterfront in Wynyard Quarter, Auckland • Stride has also partnered with centr
Slide 8: North Wharf development
North Wharf development Highlights • Prime waterfront location in Wynyard Quarter • Opportunity to create a world-class mixed-use destination • Close proximity to proposed Downtown car park development and Waitematā WynyardTrain Station Quarter Precinct Potential office development at North Wharf In
Slide 9: Investment management business
Investment management business Stride Property Group | Interim Results HY26 9
Slide 10: Diversified portfolio and revenue sources
Diversified portfolio and revenue sources Stride combines a property investment HY26 look-through revenue sources2 business (SPL) with an investment management business (SIML) 5% Activity 15% fees SPL’s weighted look-through portfolio value Recurring as at 30 Sep 251 management fees 34% $2,248m Offi
Slide 11: SIML management fee income
SIML management fee income External management HY26 external management fee income $11.7m (+$2.3m) fees by type • $8.5m recurring fees, up +$0.6m from HY25 $11.7m Activity fees • +$1.3m p.a. additional recurring fees expected $3.2m $9.4m Recurring fees following settlement of Silverdale Centre and $
Slide 12: Portfolio
Portfolio Stride Property Group | Interim Results HY26 12
Slide 13: Products
Products Stride has AUM of $3.3bn over four Products Portfolio composition by value as at 30 Sep 25 Property categorised as ‘Assets classified as held for sale’ Property categorised as ‘Development and Other’ $1,014m $1,012m $114m $20m Town Centre $35m $826m $14m $171m $125m $993m $410m $23m $694m O
Slide 14: HY26 highlights
HY26 highlights • LFL Rental Growth of +4.1% across 19,000sqm • Total portfolio valuation of $1.1bn on a pro forma basis1 • Divested Woolworths Browns Bay for $24.4m (+4.9% on book value 2), and the sale of Woolworths New Brighton became unconditional for $7.4m (+6.2% on book value2) post balance da
Slide 15: HY26 highlights
16A Wickham Street, Hamilton HY26 highlights • LFL Rental Growth of +3.8% across 75,000sqm • Potential reversion to market of +8.9%1, with 15% of net Contract Rental subject to market review or expiry over the next 18 months • Total portfolio valuation of $826m as at 30 Sep 25, +2.0% net gain over H
Slide 16: HY26 highlights
Chartwell Shopping Centre, Hamilton HY26 highlights • LFL Rental Growth of +2.5% across 24,000sqm • Total MAT up +2.1% against 30 Sep 24 • Foot traffic increased +3.6% on HY25, with improved evening visitation • Specialty GOC for the portfolio remained steady at ~13% as at 30 Sep 25 • Total portfoli
Slide 17: SPL Town centre portfolio
SPL Town centre portfolio HY26 highlights1 • LFL Rental Growth of +0.5% across 10,000sqm • Specialty MAT decreased (3.9)% against 30 Sep 24, although MoM for most recent two months shows return to growth. Specialty GOC remains low at ~12% • Leasing strategy focused on remix opportunities which will
Slide 18: SPL Office portfolio
SPL Office portfolio HY26 highlights • LFL Rental Growth of +2.5% across 32,000sqm • Refurbishment and leasing updates: − 34 Shortland Street: Works largely complete. ~1,500sqm of new lettings closed, ~1,500sqm in advanced negotiations, leaving only ~1,600sqm remaining − 215 Lambton Quay: Lobby, caf
Slide 19: Sustainability
Sustainability Stride Property Group | Interim Results HY26 19
Slide 20: Progress on sustainability
Progress on sustainability Completed GRESB 2025 submission receiving a score of 79 of 100, improving by +10 points from 2024 Energy efficiency software installed in Auckland office assets, targeting efficiency improvement of HVAC Total electricity usage Town Centre stable with HY25 (+1%), while tota
Slide 21: HY26 Consolidated financial results
HY26 Consolidated financial results Stride Property Group | Interim Results HY26 21
Slide 22: Financial performance
Financial performance Stride Property Group (Stride) - Consolidated Change 30 Sep 25 30 Sep 24 $m $m $m % Net rental income 31.1 36.0 (4.9) (13.7) Management fee income 11.7 9.4 +2.3 +24.2 Total corporate expenses (11.2) (10.3) (0.9) (8.8) Profit before net finance expense, other income/(expense) an
Slide 23: Distributable Profit
Distributable Profit Stride Property Group (Stride) - Consolidated Change 30 Sep 25 30 Sep 24 $m $m $m % Profit before income tax 47.5 24.7 +22.8 +92.4 Non-recurring, non-cash and other adjustments: - Net change in fair value of investment properties 4.1 3.6 +0.5 +13.6 - Share of profit in equity-ac
Slide 24: Capital management
Capital management Stride Property Group | Interim Results HY26 24
Slide 25: Capital management – debt facilities
Capital management – debt facilities • Effective 30 Jun 25, bank debt facilities refinanced Pro forma1 as As at As at and extended. No debt facilities maturing until FY30 Syndicated debt facilities at 30 Sep 25 30 Sep 25 31 Mar 25 • 39.7% bank LVR2 as at 30 Sep 25, or 32.1% on a Debt facility limit
Slide 26: Capital management – cost of debt
Capital management – cost of debt • As at 30 Sep 25, SPL had $280m of active interest Pro forma1 rate swaps, representing 97% of drawn debt on a as at As at As at pro forma1 basis Cost of debt 30 Sep 25 30 Sep 25 31 Mar 25 Weighted average cost of debt • Weighted average cost of debt at 4.3%, a decr
Slide 27: Outlook
Outlook Stride Property Group | Interim Results HY26 27
Slide 28: Outlook
Outlook • Macroeconomic conditions remain soft, but starting to see the positive impact of lower interest rates in confidence, activity and spending • Investment market activity is improving, albeit slowly • Near term focus on growing income via our asset repositioning initiatives, capturing reversi
Slide 29: Glossary
Glossary Stride Property Group | Interim Results HY26 29
Slide 30: Glossary
Glossary AUM Assets under management CBR Convenience Based Retail Contract Rental Contract Rental is the amount of rent payable by each tenant, plus other amounts payable to SPL (or the relevant landlord) by that tenant under the terms of the relevant lease as at the relevant date, annualised for th
Slide 31: Appendices
Appendices Stride Property Group | Interim Results HY26 31
Slide 32: Appendix 1: Total AUM
Appendix 1: Total AUM Stride’s strategy is to AUM movements over HY26 create a group of Products in core +$114m commercial property +$44m +$24m +$16m +$12m $3,262m +$18m $3,260m $3,189m - sectors which form the $(135)m $(23)m basis of its investment $900m management business $1,010m $1,014m Total co
Slide 33: Appendix 2: Investment Portfolio by sector
Appendix 2: Investment Portfolio by sector Convenience Town Centre/ Overview Total Office Industrial Based Retail Retail Shopping Centres Office and Town Centre portfolio Properties (no.) 8 6 2 Net Contract Rental ($m) 52.1 38.9 13.1 WALT (years) 6.2 7.0 3.8 Occupancy (% by area) 87 85 93 Portfolio
Slide 34: Appendix 3: SPL Office and Town Centre portfolio
Appendix 3: SPL Office and Town Centre portfolio As at As at SPL Overview 30 Sep 25 31 Mar 25 Location by Contract Rental Properties (no.) 8 9 Tenants (no.) 181 222 Net Lettable Area (sqm) 108,007 131,019 Net Contract Rental ($m) 52.1 60.6 Wellington 37% WALT (years) 6.2 5.9 Auckland Occupancy (% by
Slide 35: Appendix 4
Appendix 4 Net Contract Rental $60.6m $0.9m $0.1m $(1.7)m $52.1m $(7.7)m As at Rent reviews Net leasing impact Other items Asset classified as held for As at 31 Mar 25 (includes casual income) sale 30 Sep 25 Profit before other (expense)/income and income tax $25.4m $2.3m $21.5m $(1.9)m $(0.4)m $(1.
Slide 36: Appendix 4 (cont.)
Appendix 4 (cont.) Net Tangible Assets per share $0.03 $0.04 $0.03 $1.75 $1.72 $(0.01) $(0.04) $(0.01) $(0.01) As at Profit before other Income tax Movement in Net change in Reversal of Share of profit in Dividends As at 31 Mar 25 (expense)/income expense cash flow hedges, fair value of impairment o
Slide 37: Thank you
Thank you Stride Property Group Level 12, 34 Shortland Street Auckland 1010, New Zealand PO Box 6320 Victoria Street West Auckland 1142, New Zealand P +64 9 912 2690 W strideproperty.co.nz Important Notice: The information in this presentation is an overview and does not contain all information nece