Cromwell Property Group · ASX:CMW
Cromwell Property — FY2026 Earnings Presentation
33 slides from Cromwell Property's earnings presentation, Aug 27, 2026
Slide 1: FY26 results presentation
Cromwell Property Group FY26 results presentation 27 August 2026 CROMWELL PROPERTY GROUP | FY26 RESULTS 1
Slide 2: Important information & disclaimer
Important information & disclaimer Important information and disclaimer CROMWELL PROPERTY GROUP | FY26 RESULTS 2
Slide 3: Agenda
Agenda Introduction Dr Gary Weiss, Chairman Results overview Jonathan Callaghan, CEO Financial results and capital management Michelle Dance, CFO Acknowledgement of Country Segment performance Cromwell Property Group acknowledges and Rob Percy, CIO pays respects to past, present, and future Traditio
Slide 4: FY26 Highlights
FY26 Highlights CROMWELL PROPERTY GROUP | FY26 RESULTS 400 George Street, Brisbane, QLD lobby refurbishment 4
Slide 5: Building scale through strategic growth
Building scale through strategic growth Group platform FUM growth Institutional capital growth Growth in FFO2 +11.4% on FY25 $748m1 in new mandates +5% to $110.3m Expanded platform capability Strengthened capital relationships Improved Investment Management Acquired a specialist industrial platform,
Slide 6: Reliable operational performance underpinning growth
Reliable operational performance underpinning growth Positive progress on performance Balance sheet supporting growth Investment Portfolio underpins stability Funds from Operations1 up 5.0% Low gearing, well within range1 Increased portfolio valuations1,2 $110.3 million 31.6% $2.1 billion (Equivalen
Slide 7: Established platform with deep market expertise
Established platform with deep market expertise Group assets under management: $4.7 billion Australia New Zealand Balance sheet Investment Management Oyster $2.3 billion $1.7 billion $0.7 billion Total AUM1,2 Total AUM2 Total AUM AUSTRALIA Townsville 1 8 13 $4.0 billion 390+ Brisbane 2 properties1 p
Slide 8: ESG Highlights
ESG Highlights Strong governance and responsible Engaged people and Environmental performance investment credentials communities Improved S&P Global Corporate Employee engagement score Lower Scope 1 & Scope 2 Maintained Investment Portfolio rank (market-based) emissions Sustainability Assessment sco
Slide 9: Sentiment not reflective of medium-term outlook
Sentiment not reflective of medium - term outlook Resilient demand and limited new supply bode well for a tightening of vacancy rates across commercial property, supporting the outlook for rental growth Capital sentiment remains cautious Supply constraints underpin positive outlook Portfolio well -
Slide 10: Financial results and capital management
Financial results and capital management CROMWELL PROPERTY GROUP | FY26 RESULTS Kilsyth Connect Logistics Park, VIC 10
Slide 11: FY26 financial summary
FY26 financial summary Overview Statutory profit1 FFO NTA Liquidity4 $135.8 million $110.3 million / 4.2 cps 57.5 cps $370.8 million (FY25: ($22.6 million)) (FY25: 105.0 million / 4.0 cps) (FY25: 56.0 cps) (FY25: $504.3 million) Distributions AFFO Weighted average debt maturity5 Weighted average deb
Slide 12: FY26 like-for-like earnings overview
FY26 like - for- like earnings overview FFO activity FY26 1 FY25 1 Change ($’M) ($’M) (%) 5.6 15.3 1.0 110.3 105.0 6.4 Investment portfolio EBIT 149.9 157.4 (4.8%) ← Investment portfolio EBIT marginally declined, due largely to a temporary 9-month downtime of 7,000sqm at George Street with new occu
Slide 13: Balance sheet positioned to support growth
Balance sheet positioned to support growth FY26 FY25 Assets ($M) ($M) Significant covenant headroom supporting future capital deployment and growth opportunities Investment property 2,108.7 2,015.0 Co-investments Development Inventory 82.9 21.2 23.8 ← Increase due to CIP co-investment ← Increase i
Slide 14: Investment Portfolio
Investment Portfolio CROMWELL PROPERTY GROUP | FY26 RESULTS 400 George Street, Brisbane, QLD 14 14
Slide 15: Resilient Investment Portfolio fundamentals
Resilient Investment Portfolio fundamentals • Investment Portfolio’s 7 stable assets demonstrated valuation resilience in FY26, with valuations Portfolio value1,2 Properties1,2 increasing by 4.7%. $2.2 billion 8 • The portfolio's weighted average cap rate expanded to 7.20% (FY25 7.07%) influenced by
Slide 16: Active asset management supports valuations
Active asset management supports valuations • More than 28.7k sqm of new or renegotiated leases were secured during the • Strong income security is supported by a diversified, high-quality tenant mix financial year, representing more than 11% of total NLA. and consistent occupancy, with the top five
Slide 17: Investment management
Investment management CROMWELL PROPERTY GROUP | FY26 RESULTS 100 Creek Street, Brisbane, QLD, office fitout 17
Slide 18: Investment Management platform overview
Investment Management platform overview Asset and Investment Management Platform Joint Ventures Investment Management platform growth (value, millions) • Retail property funds • Oyster Property Group (50%) Cromwell Direct Property Fund, Cromwell Riverpark Trust, New Zealand real estate funds and ass
Slide 19: Investment Management platform highlights
Investment Management platform highlights $2.4 billion of funds under management, +17.4% on FY25 Institutional capital growth Investment Management EBIT contributions (millions) $7481 million in new mandates $8.1 $2.5 $0.6 $9.9 • Establishment of Cromwell Industrial Portfolio (CIP) and Brisbane Offi
Slide 20: Industrial capability Delivering value
Industrial capability Delivering value 20+ projects Established track record A proven delivery history since 2018 Proactive repositioning of Mountain Highway Business Park • Developed an execution-ready strategy to reposition and reconfigure 8,000 Delivered since 2018 spanning development, redevelop
Slide 21: Cromwell Industrial Partnership: building long-term value
Cromwell Industrial Partnership: building long - term value Diversification by state Portfolio value • Valuations on the 7 assets remained stable at $477.7 million, highlighting the (by valuation) high quality of the portfolio. $477.7 million • Targeted leasing campaigns secured eight key leases tot
Slide 22: Case study: Capital works driving leasing outcomes
Case study: Capital works driving leasing outcomes 400 George Street, Brisbane • Completed a major lobby transformation at 400 George Street, strengthening its position as a premium workplace destination in Brisbane’s North Quarter. • Upgrades include a new street-facing entrance, enhanced shared am
Slide 23: Key priorities
Key priorities CROMWELL PROPERTY GROUP | FY26 RESULTS Noumed, Nexus North Industrial Estate, Salisbury South, SA 23
Slide 24: FY27 priorities: continue to deliver secure, sustainable growth
FY27 priorities: continue to deliver secure, sustainable growth Outlook: Distribution payment of 3.1 cps per security is expected for FY27 1 Investment management growth 2 Drive Investment Portfolio performance 3 Disciplined capital and cost management • Continue growth through new mandates, • Execu
Slide 25: For more information, please contact:
For more information, please contact: Jonathan Callaghan Chief Executive Officer jonathan.callaghan@cromwell.com.au Phone: +61 7 3225 7777 Michelle Dance Chief Financial Officer michelle.dance@cromwell.com.au Phone: +61 7 3225 7777 Libby Langtry Investor Relations Manager libby.langtry@cromwell.com.
Slide 26: Appendices
Appendices 27 FFO reconciliation to statutory profit / (loss) 28 Segment results – FFO earnings detail 29 Investment Portfolio summary 30 Net property income 31 Balance sheet debt 32 Hedging profile CROMWELL PROPERTY GROUP | FY26 RESULTS 26
Slide 27: FFO reconciliation to statutory profit / (loss)
FFO reconciliation to statutory profit / (loss) FY26 ($M) FY25 ($M) FFO 110.3 105.0 FFO EPS 4.2 cps 4.0 cps Fair value gains / (losses) Investment properties 66.3 (117.1) Derivative financial instruments 8.2 (36.3) Assets held for sale 5.3 - Investments at FVTPL 0.1 (1.6) Depreciation, amortisation
Slide 28: Segment results – FFO earnings detail
Segment results – FFO earnings detail Investment Portfolio Investment Co - investments Cromwell 30 June 2026 $M Management $M $M $M Segment revenue Rental income and recoverable outgoings 185.2 - - 185.2 FFO from equity accounted investments - 3.5 1.1 4.6 Investment management fees - 23.8 - 23.8 Dis
Slide 29: Investment Portfolio summary
Investment Portfolio summary 30 June 2026 30 June 2025 Property WALE by area from external Nabers Occupancy valuation NLA (sqm) Major tenants Energy Value ($M) Cap rate Value ($M) Cap rate 400 George St, Brisbane, QLD 95.1% 4.6 43,145 QLD State Government 5.5 450.0 7.25% 352.0 7.75% HQ North Tower,
Slide 30: Net property income
Net property income Investment Portfolio FY26 ($M) FY25 ($M) Variance ($M) Variance (%) 400 George St, Brisbane, QLD 28.1 34.4 (6.3)1 -18.2% HQ North Tower, 540 Wickham Street, Fortitude Valley, QLD 17.6 17.7 (0.1) -0.8% Qantas HQ, 203 Coward St, Mascot, NSW 33.8 32.0 1.7 5.4% McKell Building, 2-24
Slide 31: Balance sheet debt
Balance sheet debt Debt facility details Debt expiry profile Drawn Facility Limit Maturity Fin Yr Years 600 Facility 30-Jun-26 30-Jun-26 Covenants (AUD $'M) (AUD $'M) Date Expiry Remaining Bank 4 Apr-2028 2028 1.8 yrs 500 14.5 270.0 Bank 5 May-2028 2028 1.9 yrs 5.5 75.0 400 Bank 1 Jun-2028 2028 1.9
Slide 32: Hedging profile at June 2026
Hedging profile at 30 June 2026 700M 4.50% 600M 4.00% 500M Hedging Amount ($) 3.50% Average Rate 400M 300M 3.00% 200M 2.50% 100M 0M 2.00% FY26 FY27 FY28 FY29 FY30 FY31 Swap Cap Collar Average Rate 1. Weighted average hedge cost represents the average coupon on the Group's hedging instruments, weight
Slide 33: CROMWELL PROPERTY GROUP FY26 RESULTS
CROMWELL PROPERTY GROUP | FY26 RESULTS 33
Cromwell Property Group — FY2026 Earnings Presentation on 6ix