Ram Essential Services Property Fund · ASX:REP
Ram Essential Services Property Fund — H1 FY26 Earnings Presentation
27 slides from Ram Essential Services Property Fund's earnings presentation, Feb 26, 2026
Slide 1: H1 FY26 Operating Results & Update
RAM ESSENTIAL SERVICES PROPERTY FUND H1 FY26 Operating Results & Update 26 February 2026 REAL ASSET MANAGEMENT I PAGE 1
Slide 2: Agenda
AGENDA 1. Overview………………………………………………………………. P3-4 2. Healthcare Fundamentals……………………………..……… P5-8 3. Portfolio Performance………………………………………….. P9-12 4. Financial Performance……………………………………......... P13-14 5. Portfolio Transition & Growth Opportunities………. P15-18 7. Outlook & Summary…………………………………………….. P
Slide 3: Overview
1. OVERVIEW Mayo REAL ASSET MANAGEMENT Private I PAGE 3 Hospital (NSW)
Slide 4: 1H FY26 Highlight
1H FY26 HIGHLIGHT Continued strong performance and focus on strategic objectives Portfolio Operations Financial Performance Transactions and Active Management Inbuilt Portfolio Growth Portfolio Continues to Perform Retail Divestment Programme $ Term sheet agreed with institutional Strong leasing out
Slide 5: Healthcare Fundamentals
2. HEALTHCARE FUNDAMENTALS North West REAL ASSET MANAGEMENT I PAGEPrivate 5 Hospital (TAS)
Slide 6: Reinforcing Our Expertise in Healthcare
REINFORCING OUR EXPERTISE IN HEALTHCARE Enhancing institutional expertise to support our portfolio transition Tactical Observations George Websdale Long-term fundamentals (ageing population, per capita utilisation, proportionate expenditure growth) continue to outpace broader GDP growth Executive Di
Slide 7: Strategic Re-weight Towards Healthcare
STRATEGIC RE-WEIGHT TOWARDS HEALTHCARE Strong fundamentals continue and operators are stabilising in previously tightly held sectors presents a compelling opportunity for REP PRIVATE SURGICAL PRIVATE HOSPITAL HOSPITALS ANCHORED SCHEMES SPECIALIST SERVICES MENTAL HEALTH HOSPITALS HEALTHCARE AND PREVE
Slide 8: Amplifying the Positive Characteristics of Healthcare
AMPLIFYING THE POSITIVE CHARACTERISTICS OF HEALTHCARE An improved and diversified healthcare mix to drive portfolio performance Strong Industry Relationships Existing tenants with new deals Diversified tenant base provides an opportunity to benefit from both public and private sector investment into
Slide 9: Portfolio Performance
3. PORTFOLIO PERFORMANCE REAL ASSET MANAGEMENT ISpringfield PAGE 9 Fair (QLD)
Slide 10: Portfolio Summary
PORTFOLIO SUMMARY Diversified portfolio generating secure and stable income with increase in WALE Key Portfolio Metrics Tenant Mix Income Exposure 31 December 25 Medical & Essential Formula, Number of Properties 26 Wellness, Retail, 45.99% Fixed, 18.37% 18.04% 46.88% CPI+1%, Total Property Value $67
Slide 11: Valuations Have Stabilised With Eyes on Market Transactions
VALUATIONS HAVE STABILISED WITH EYES ON MARKET TRANSACTIONS Medical Essential Retail Total 20%1 of the portfolio externally valued Number of Properties 19 7 26 during HY26 valuations 31 December 2025 Book 75%1 of the portfolio has been externally $333.5m $342.0m $675.5m Value ($m) valued within last
Slide 12: Portfolio Occupancy and Leasing
PORTFOLIO OCCUPANCY AND LEASING Strong leasing outcomes drive income growth Leasing spreads of +6.1% average across 20 deals continue to outpace inflation Comparable NOI Growth1 +2.1% Stable Occupancy2 C. 60%3 net leases provide a hedge against rising 98% 98% 97% operational costs 31 Dec 2023 31 Dec
Slide 13: Financial Performance
4. FINANCIAL PERFORMANCE REAL ASSET MANAGEMENT Keppel Bay Plaza (QLD) I PAGE 13
Slide 14: Funds From Operations (FFO)
FUNDS FROM OPERATIONS (FFO) Financial metrics align with strategic portfolio recycling transition Funds from Operations HY261 HY252 (FFO net of adjustments) Year-on-year comparison is impacted by $m $m transaction activity and shift in GAV, affecting like- for-like analysis Property NOI 18.9 21.1 FF
Slide 15: Portfolio Transition & Growth Opportunities
5. PORTFOLIO TRANSITION & GROWTH OPPORTUNITIES Gold Coast REAL ASSET MANAGEMENT I PAGE Surgery 15 Centre (QLD)
Slide 16: Positioned for Strategic Transition
POSITIONED FOR STRATEGIC TRANSITION Update on strategic transition toward a pure-play healthcare REIT through institutional partnership Springfield Hero Shot Institutional Term Sheet Agreed1 Short-Term Asset Enhancement Term sheet agreed with significant institutional investor to acquire 5 assets in
Slide 17: Capital Investment Considerations
CAPITAL INVESTMENT CONSIDERATIONS Strategic allocation of forecasted sale proceeds to deliver the following outcomes CAPITAL MANAGEMENT – DEBT PAYDOWN AND BUY-BACK Application of sale proceeds may be utilised to repay debt targeting gearing towards the mid-point 30-40% range Considering a recommence
Slide 18: Refresh of Value-Add Opportunities
REFRESH OF VALUE-ADD OPPORTUNITIES Continued to monitor the feasibility and potential to progress value-add opportunities Immediate Opportunities Willets Health Precinct Dubbo Private Hospital Punchbowl Plaza Ballina Central Location: Mackay, QLD | Aprx Value : $10m Location: Dubbo, NSW | Aprx Value
Slide 19: Outlook & Summary
7. OUTLOOK & SUMMARY Dubbo REAL ASSET MANAGEMENT Private I PAGE 19 Hospital (NSW)
Slide 20: Summary
SUMMARY A consistent track record since listing in challenging conditions Underlying Strong leasing outcomes with circa 6.1% average spreads on renewals and new deals growth Stable comparable NOI growth of 2.1%1 98%2 of rental income from secure essential service tenants 97%3 occupancy and 7 years W
Slide 21: FY2026 Guidance
FY2026 GUIDANCE 5.00c 1 >9% 2 ~90% In line with consensus Distribution Per Forecast Forecast Distribution Security Distribution Yield Tax Deferred 1. Guidance assumes average 3-month BBSY consensus and implementation of divestments and accretive acquisitions as forecast. 2. Based on a closing price
Slide 22: Other Information
8. OTHER INFORMATION Miami REAL ASSET MANAGEMENT Private I PAGE 22 Hospital (QLD)
Slide 23: FFO Reconciliation
FFO RECONCILIATION HY26 HY25 Statutory net profit/(loss) $m 4.9 (22.9) Adjusted for: Reversal of unrealised fair value (gain) on investment properties $m 2.9 26.7 Reversal of unrealised fair value (gain) on derivatives $m (2.4) 0.9 Reversal of realised fair value (gain) on investment properties $m -
Slide 24: Income Statement
INCOME STATEMENT Revenue HY26 HY25 Rent from investment properties $m 25.9 28.1 Realised gains on derivative financial instruments $m 0.1 - Net unrealised gains on derivative financial instruments $m 2.3 - Interest revenue $m 0.1 0.1 Total revenue $m 28.4 28.2 Expenses Direct property expenses $m (9
Slide 25: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET HY26 HY25 Cash and cash equivalents $m 7.0 3.7 Investment properties $m 675.5 637.9 Other assets $m 12.9 12.2 Non current assets held for sale $m - 25.5 Total assets $m 695.4 679.3 Borrowings $m (280.2) (252.2) Trade and other payables $m (24.7) (22.7) Total liabilities $m
Slide 26: Our ESG Approach
OUR ESG APPROACH At RAM, we prioritise strong risk management in our investments, with a Strong Governance particular focus on ESG risks and disclosures. We recognise that sustainable RAM has built up a growth extends beyond environmental concerns – it also requires a comprehensive and well- commitm
Slide 27: Important Information
IMPORTANT INFORMATION GENERAL ADVICE WARNING: The information contained herein does not have any regard to the specific investment objectives, financial situation or the particular needs of any person. The information in this presentation is not intended to be personal financial advice. This materia
RAM Essential Services Property Fund — H1 FY26 Earnings Presentation on 6ix