Slide 1: Dexus Industria REIT ASX release: 2026 Half year results presentation
Dexus Industria REIT (ASX:DXI) ASX release 11 February 2026 2026 Half year results presentation and property synopsis Dexus Industria REIT (DXI) provides its 2026 half year results presentation. An investor conference call will be webcast today at 10.00am at www.dexus.com/investor-centre The propert
Slide 2: Half year results
Half year results 11 February 2026 Dexus Asset Management Limited ACN 080 674 479, AFSL 237500 as responsible entity for Industria Trust No. 1, Industria Trust No. 2, Industria Trust No. 3 and Industria Trust No. 4, Industria Company No. 1 Limited ACN 010 794 957 Dexus Asset Management Limited | ACN
Slide 3: Acknowledgement of Country
Acknowledgement of Country Dexus Industria REIT acknowledges the Traditional Custodians of the Lands on which our business and assets operate, and recognises their ongoing contribution to Land, waters and community. We pay our respects to First Nations Elders past and present. Artwork: The Land and
Slide 4: Agenda
Agenda 01 02 03 Introduction Financial Portfolio performance and highlights overview and market dynamics Page 4 Page 10 Page 14 04 05 Summary Appendices Page 20 Page 22 3 | 2026 Half Year Results
Slide 5: Introduction and highlights
ASCEND at Jandakot, WA 01 Introduction and highlights 4 | 2026 Half Year Results
Slide 6: DXI Portfolio overview
DXI Portfolio overview Strategic national industrial portfolio of scale 88 strategically located assets $1.4b Queensland diversified portfolio of scale $63m 4% 2 Western Australia $225m 80% $517m 36% 63 South Australia of population reached within 60 minutes1 $65m 5% 4 New South Wales $363m 25% 3 76
Slide 7: DXI investment proposition
DXI investment proposition Generate strong risk-adjusted returns from Australian industrial real estate Secure, growing income Active portfolio Prudent capital Aligned manager with management structure deep real asset capability - Well-located, national industrial - Accretive development and - 26.2%
Slide 8: HY26 highlights
HY26 highlights Successfully repositioned as a pure-play industrial REIT FY26 FFO guidance Strong operating Continued development update performance momentum − FY26 FFO guidance slightly upgraded from − 7.4% like-for-like income growth1 – 24,100sqm of development completions 17.3 to 17.4cps − 7.6% l
Slide 9: Delivering secure, income growth with development upside
Delivering secure, income growth with development upside Secure income Embedded growth Development upside Diversified expiry profile – potential reversion ~87% of income subject to at least 3% $225 million Jandakot total estimated upside1 increases project cost1,2 positioned to enhance value (% by i
Slide 10: Sustainability progress
Sustainability progress Aligned to Dexus Sustainability Strategy Dexus Sustainability Strategy DXI focus DXI initiatives Enable tenants to accelerate the energy transition through solar and battery deployment Sustainability initiatives Solar installations at our sites progressing, including a 532kW
Slide 11: Financial overview
140 Sharps Road, Tullamarine VIC 1-2 WesTrac Drive, Tomago, NSW 02 Financial overview 10 | 2026 Half Year Results
Slide 12: HY26 financial result
HY26 financial result Solid operational result underpinning FY26 guidance Profit & loss HY26 HY25 Change Increase driven by portfolio like-for-like income growth of 7.4%3 supported by contracted rent reviews and re-leasing spreads, partly offset by reduced income from Property FFO ($m) 42.5 41.7 1.8
Slide 13: Balance sheet and capital management
Balance sheet and capital management Strong capital position provides flexibility for value-enhancing investment Key metrics1 31 Dec 2025 30 Jun 2025 Balance sheet gearing 18.9% 22.1% Look-through gearing2 26.2% 29.0% Refinanced and Debt maturity profile Strong balance sheet Cost of debt3 4.9% 4.3%
Slide 14: Portfolio valuations
8 Centurion, ASCEND at Jandakot, WA Portfolio valuations Valuation uplifts supported by market rent growth and development momentum Rental growth, supported Pace of industrial cap rate Industrial assets by moderate supply and softening has eased, with continue to attract low vacancy, offset the only
Slide 15: Portfolio performance and market dynamics
Reece, ASCEND at Jandakot WA 03 Portfolio performance and market dynamics 14 | 2026 Half Year Results
Slide 16: Portfolio performance
Portfolio performance Well-located portfolio supporting organic growth and strong leasing outcomes Active leasing driving growth Secure income base 55,098sqm1 leased across Successful development pre-leasing across 99.7% 5.3 years 41,548sqm1 and seven stabilised leasing deals occupancy (by income) W
Slide 17: Capital recycling
Capital recycling Redeployment of BTP sale proceeds into higher quality assets with value enhancement potential from active management Investing in supply constrained markets to enhance rental growth Core-plus: future repositioning opportunity Core-plus: under-renting Core-plus: lease up Glendenning
Slide 18: Jandakot development pipeline
Jandakot development pipeline Spreads between market rents and development costs support positive outlook Since Jandakot acquisition, South Perth rents have Supporting increase in yields on cost; with an estimated $225m grown well ahead of construction costs… pipeline2 well positioned for strong per
Slide 19: Jandakot developments
Jandakot developments Strong returns delivered across high-quality developments $107 million development completions Future estimated $225 million development pipeline FY23 – FY25 H1 FY26 Committed activity Uncommitted activity development activity development activity to FY28 to FY30+ 19 Pilatus St
Slide 20: Market fundamentals supported by supply constraints
Market fundamentals supported by supply constraints Developments are being paused or deferred due to cost pressures and planning delays Increase in occupier demand set to return Development feasibility challenges in key states Particularly across spec completions sqm (m) Current market net face rent
Slide 21: Summary
Hello Fresh, ASCEND at Jandakot WA 04 Summary 20 | 2026 Half Year Results
Slide 22: Attractive investment proposition
140 Sharps Road, Tullamarine Attractive investment proposition Well placed to generate organic income growth from attractive contracted rental escalators, with diversified expiry profile providing potential reversion upside Demonstrated momentum in activating high-quality developments. Committed pro
Slide 23: Appendices
8 Clunies, Brisbane Technology Park QLD Amazon, ASCEND at Jandakot, WA 05 Appendices 22 | 2026 Half Year Results 22
Slide 24: Industrial tenant profile
Industrial tenant profile Diversified tenant base underpinning secure cash flows Diversified tenant base across range of sectors Top 10 tenants account for 45% of portfolio income (% of DXI income) (% of DXI income) 18% 5% 15% 19% 4% 2% 9% 3% 18% 3% 16% 3% Remaining tenants representing 55% of portf
Slide 25: Transactions
Transactions Property Price ($m) Interest % Settlement Acquisitions 32 Cox Place, Glendenning NSW 40.0 100% 11 Jul 2025 15-31 Americain Way, Dandenong South VIC 31.5 100% 31 Oct 2025 50 Jayco, Dandenong South VIC 16.0 100% 31 Oct 2025 12 Church Road, Moorebank NSW 49.6 50%1 9 Feb 2026 Total Acquisit
Slide 26: Developments and value-add
Developments and value-add Building area Development projects - Jandakot Building area Leased by Development Est. project Remaining Est. yield Est. final (sqm at DXI (sqm at 100%) area % status costs2 spend1 on cost2 completion ownership) Completed development projects 19 Pilatus Street 7,100 2,400
Slide 27: Valuations
Valuations Occupancy by Reval gain/(loss) Cap rate mvmt Property Book value ($m) Cap rate (%) income (%) ($m) (bps) 80-96 South Park Drive, Dandenong South VIC 100% 45.3 0.1 5.75% 0 15-31 Americain Way, Dandenong South VIC 100% 31.5 (2.1) 6.00% n.a. 50 Jayco Drive, Dandenong South VIC 100% 16.0 (1.1
Slide 28: Valuations (cont'd)
Valuations (cont’d) Occupancy by Reval gain/(loss) Cap rate mvmt Property Book value ($m) Cap rate (%) income (%) ($m) (bps) 5 Butler Boulevard, Adelaide Airport SA 100% 22.5 0.2 6.75% (25) 5b Butler Boulevard, Adelaide Airport SA 85% 15.0 (0.2) 6.75% - 18-20 Butler Boulevard, Adelaide Airport SA 10
Slide 29: Profit & loss and FFO reconciliation
Profit & loss and FFO reconciliation Direct investments (100% owned) Joint ventures1 Total portfolio $’000 HY26 HY25 HY26 HY25 HY26 HY25 Property revenue 34,034 36,446 18,727 16,207 52,761 52,653 Property expenses (5,860) (7,030) (4,415) (3,887) (10,275) (10,917) Property FFO 28,174 29,416 14,312 12
Slide 30: Interest reconciliation
Interest reconciliation $’000 HY26 HY25 Total statutory finance costs 8,227 7,559 Less: Debt modification (322) (890) Add: Finance costs attributable to investments accounted for using the equity method 2,067 1,793 Less: Interest expense on lease liability (741) (749) Finance costs for FFO1 9,231 7,
Slide 31: Balance sheet and gearing
Balance sheet and gearing Look-through balance sheet Gearing $’000 31 Dec 2025 30 Jun 2025 $’000 31 Dec 2025 30 Jun 2025 Cash and cash equivalents 8,032 19,892 Balance sheet gearing Investment properties1 1,434,813 1,463,834 Drawn debt 261,000 313,750 Finance lease receivable2 70,034 67,141 Total ta
Slide 32: Book value reconciliation
Book value reconciliation Direct investments (100% owned) Joint ventures1 Total portfolio $’000 31 Dec 2025 30 Jun 2025 31 Dec 2025 30 Jun 2025 31 Dec 2025 30 Jun 2025 Investment properties 868,375 929,381 - - 868,375 929,381 Investments accounted for using the equity method - - 566,438 534,453 566,
Slide 33: Interest rate hedging profile
Interest rate hedging profile Balance sheet Look-through $400m 61% 61% 42% 5.0% $400m 63% 64% 43% 1% 5.0% 3.8% 3.7% 3.7% 4.0% 3.6% 4.0% 3.6% $300m $300m 3.5% 253 3.0% 256 3.0% 2.9% $200m $200m 175 159 160 2.0% 2.0% 108 $100m $100m 1.0% 1.0% 5 - 0.0% - 0.0% 2H26 FY27 FY28 2H26 FY27 FY28 FY29 Average
Slide 34: Important information
Important information Dexus Asset Management Limited (ACN 080 674 479, AFSL 237500) ("Responsible Entity") is the responsible entity of the registered schemes of Dexus Industria REIT (ASX:DXI) (“DXI” or “Fund”). The Responsible Entity and Industria Company No. 1 Limited (ACN 010 794 957) (“IC1”) tog
Slide 35: dexus
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