Slide 1: 2025 Full-year results
2025 Full-year results For personal use only 6 August 2025
Slide 2: Important notice
Important notice For personal use only The information provided in this presentation is not intended to be comprehensive in nature and should be considered together with the financial statements for the period and previous periods, ASX announcements and other information available on BWP’s website.
Slide 3: Acknowledgement of Country
Acknowledgement of Country For personal use only We acknowledge the Traditional Owners of Country throughout Australia and their continuing connection to lands and waterways upon which we depend. We pay our respects to their Elders, past, present, and emerging. PHOTO: HANS WISMEIJER 3 BW P 2 0 2 5 F
Slide 4: Presentation outline
Presentation outline For personal use only Presenters Item Slide Mark Scatena, Managing Director FY25 Portfolio highlights 5 Andrew Ross, Head of Property Financial performance 8 David Hawkins, Head of Finance Strategic framework 11 Transaction update 13 Portfolio optimisation 18 Profitable growth 2
Slide 5: FY25 Portfolio highlights
FY25 Portfolio highlights For personal use only LAKE HAVEN, NSW 5 BW P 2 0 2 5 F U L L - YEAR RE S U L TS
Slide 6: FY25 Portfolio highlights
FY25 Portfolio highlights Continued focus on portfolio optimisation and profitable growth supported increased rental income and distribution growth For personal use only > Like-for-like rental growth (3.0%) > Completion of Bunnings upgrades at > Two property sales advanced – Port Scoresby, VIC and D
Slide 7: FY25 Key portfolio metrics
FY25 Key portfolio metrics Balance sheet strength maintained with portfolio quality and capitalisation rate For personal use only improvement, and WALE, distribution and NTA increases Total income Profit (before revaluations) Full-year distribution Net tangible assets per unit $203.3m 1 $129.7m1 2 1
Slide 8: Financial performance
Financial performance For personal use only DUBBO, NSW 8 BW P 2 0 2 5 F U L L - YEAR RE S U L TS
Slide 9: Financial performance
Financial performance FULL-YEAR ENDED 30 JUNE 2025 30 JUNE 2024 For personal use only INCOME & EXPENSES Total income $m 203.3 174.5 Total expenses $m (73.6) (55.2) Profit before fair value movements $m 129.7 119.3 Add back: one off transaction costs1 $m 3.3 - Amounts released from undistributed inco
Slide 10: Financial performance (continued)
Financial performance (continued) FULL-YEAR ENDED 30 JUNE 2025 30 JUNE 2024 For personal use only INVESTMENT & CASH GENERATION Capital expenditure $m 24.8 41.9 Acquisitions of investment properties $m - 572.0 Free cash flow $m 94.4 105.6 CAPITAL STRUCTURE Total assets $m 3,745.9 3,586.3 Borrowings $
Slide 11: Strategic framework
Strategic framework For personal use only RYDALMERE, NSW 11 BW P 2 0 2 5 F U L L - YEAR RE S U L TS
Slide 12: Strategic framework
Strategic framework For personal use only > Consistent objective > Key focus areas align to strategic pillars – Portfolio optimisation – optimising & leveraging the existing network while managing asset repurposing requirements – Profitable growth – expanding the core portfolio & assessing adjacent
Slide 13: Transaction update
Transaction update Management internalisation, Bunnings lease reset and extension, and capital For personal use only expenditure commitments EASTGARDENS, NSW 13 BW P 2 0 2 5 F U L L - YEAR RE S U L TS
Slide 14: Transaction update: internalisation and Bunnings lease reset
Transaction update Successful implementation of internalisation and Bunnings lease reset For personal use only 8 Jul 2025 28 Jul 2028 October 2024 Meeting booklet and BWP Trust Unitholder 29 Jul 2025 Negotiations replacement Prospectus Last day of ASX trading meeting and commenced released of BWP Tr
Slide 15: Transaction update: unitholder approved transaction
Transaction update Unitholder approved transaction aligned to BWP’s strategic pillars of portfolio For personal use only optimisation and profitable growth, with significant benefits to Unitholders > Non-Executive Directors unanimously recommended the transaction > Independent Expert concluded that
Slide 16: Transaction update: benefits for unitholders
Transaction update Transaction aligns with BWP’s objective of providing Unitholders with a secure For personal use only and growing income stream and capital growth Income and covenant certainty Lowering cost of doing business Platform for growth Accretive to DPS > Increased certainty over future re
Slide 17: Transaction update – pro forma impact
Transaction update – pro forma impact1 Transaction forecast to be 2.0% accretive to FY26 forecast distribution2, with For personal use only Bunnings’ medium-term vacancy and income risk removed with WALE extension Bunnings WALE Portfolio WALE3 NTA 10.0 9.1 10.0 5.0 7.7 3.98 3.85 8.0 8.0 2 4.0 1 6.0
Slide 18: Portfolio optimisation
Portfolio optimisation For personal use only THORNLEIGH, NSW 18 BW P 2 0 2 5 F U L L - YEAR RE S U L TS
Slide 19: Contracted rent escalation & balanced lease structure
Portfolio optimisation Contracted rent escalation & balanced lease structure (fixed & CPI) For personal use only FY25 Average increase FY26 (expected) 7.1% Market/ other1 4.6%1 3.4% Rental income Rental income composition4 composition 53.2% 51.0% ~55.0% Fixed 3.0% 3.0% like-for-like rental growth 39
Slide 20: Active management of Bunnings market rent review process
Portfolio optimisation Continued active management of Bunnings market rent review process For personal use only PASSING REVIEWED EFFECTIVE PROPERTY LOCATION VARIANCE (%) FY25 RENT ($pa) RENT ($pa) DATE > Twelve Bunnings market rent reviews Balcatta, WA1,2 2,477,363 2,550,000 2.9 24-Sep-23 finalised
Slide 21: Covenant strength driven by Wesfarmers Group and national retailers
Portfolio optimisation Continued covenant strength driven by Wesfarmers Group and national retailers For personal use only (collectively ~97%) with WALE extended and occupancy remaining high > Wesfarmers Group covenant coverage Rental income mix – 80.8% (82.3% at 30 June 2024) % of Total Rent > Nati
Slide 22: Interest rate outlook and transaction activity
Portfolio optimisation Interest rate outlook and alignment between buyer and seller expectations For personal use only supported increased transaction activity in FY25 Transaction capitalisation rates > Transaction volume materially increased over last 12 months 7.00% indicating renewed investor app
Slide 23: Capitalisation rate compression
Portfolio optimisation Capitalisation rate compression of 3 basis points for the half year (14 basis point For personal use only compression over 12 months to 30 June 2025) > 82 properties valued at $3,704.8 million at 30 June 2025, on a weighted average capitalisation rate of 5.40% (December 2024:
Slide 24: Profitable growth
Profitable growth For personal use only COBURG, VIC 24 BW P 2 0 2 5 F U L L - YEAR RE S U L TS
Slide 25: Continued tenant expansion activity in FY25
Profitable growth Continued tenant expansion activity in FY25 with Scoresby, VIC and Dubbo, NSW For personal use only completed and Pakenham, VIC and Midland, WA approved CAPITAL PROPERTY COMMITMENT COMMENTS ($m) > Advancing through planning approval process and legal documentation Pakenham, VIC 14.
Slide 26: Portfolio renewal
Portfolio renewal For personal use only HOXTON PARK, NSW 26 BW P 2 0 2 5 F U L L - YEAR RE S U L TS
Slide 27: Material repositioning works planned in FY26
Portfolio renewal Material repositioning works planned in FY26 reflecting cumulative Bunnings lease For personal use only vacancy impacts FORECAST PROPERTY LEASE EXPIRY COMMENTS CAPEX ($m) Noarlunga, SA 28.0 > Lease expired > Development application for 12,100 sqm large format retail centre with foo
Slide 28: Fountain Gate redevelopment
Portfolio renewal Fountain Gate redevelopment reflects BWP’s repurposing capabilities including feasibility assessment, planning approval, construction and leasing For personal use only Project overview 64-86 Narre Warren North Road, Narre Warren, Address Victoria Current use / GLA Bunnings Warehous
Slide 29: Active divestment activity
Portfolio renewal Active divestment activity with proceeds recycled into growth initiatives For personal use only PROPERTY LEASE EXPIRY COMMENTS Port Kennedy, WA > Expired > Sale and marketing timeline extended reflecting market conditions > Divestment process advanced and party completing due dilig
Slide 30: Capital management: Diversified debt sources and maturities
Portfolio renewal Capital management: Diversified debt sources and maturities For personal use only > Average borrowings for the year $799.9m > As at 30 June 2025: – 36.2% up on pcp, largely due to NPR debt assumed as part of the takeover – Hedging cover of 48.3% – 4.4% weighted average cost of debt
Slide 31: Outlook
Outlook For personal use only PORT MELBOURNE, VIC 31 BW P 2 0 2 5 F U L L - YEAR RE S U L TS
Slide 32: Outlook: FY26 peak impact of Bunnings vacancies
Outlook FY26 sees peak impact of Bunnings vacancies with material site repurposing activity impacting rental income, with capital profit release to support DPU growth For personal use only (prior to benefits of internalisation) ~4x capex spend increase planned in FY26 Bunnings rental income downtime
Slide 33: Outlook: FY26 focus areas
Outlook Internalisation and lease reset implementation improves ability to deliver For personal use only secure & growing income stream & long-term capital growth FY26 focus areas > Transition to internalised model: With transaction > Organic growth initiatives: Active assessment and completion achi
Slide 34: Outlook (continued)
Outlook (continued) Continued focus on BWP’s objective of providing unitholders a secure & growing For personal use only income stream & long-term capital growth Operating market & environment Income generation > Well positioned with rental income comprising largely the > FY26 rent reviews Wesfarmer
Slide 35: Q&A Thank you
Q&A For personal use only Thank you Further Information Responsible entity: BWP Management Limited Tel: +61 8 9327 4356 Email: investorrelations@bwptrust.com.au
Slide 36: Appendices
For personal use only Appendices
Slide 37: Appendix A: Lease expiry profile post transaction implementation
Appendix A Lease expiry profile post transaction implementation For personal use only Weighted average lease expiry profile (at 30 June 2025 – pro forma for transaction) 25% 20% % of Rental Income 15% 10% 5% 0% FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 Beyond Showrooms Bunnings 37 BW P 2 0 2