Property For Industry Limited · NZX:PFI
Property For Industry — H1 FY26 Earnings Presentation
50 slides from Property For Industry's earnings presentation, Feb 24, 2026
Slide 1: Interim Results Briefing
FY26 INTERIM RESULTS WELCOME TO THE FY26 INTERIM RESULTS BRIEFING .
Slide 2: Contents
FY26 INTERIM RESULTS 1. HIGHLIGHTS 2. DELIVERING STRONG, STABLE RETURNS CONTENTS 3. PORTFOLIO 4. FY26 INTERIM RESULTS 5. CAPITAL MANAGEMENT 6. SUSTAINABILITY 7. MARKET 8. OUR PRIORITIES 9. REVIEW & QUESTIONS
Slide 3: Highlights
FY26 INTERIM RESULTS HIGHLIGHTS 01 .
Slide 4: Interim Results Highlights
FY26 INTERIM RESULTS INDUSTRIAL VALUATIONS GROWING, SUPPORTED BY INTERIM RESULTS REALISED RENTAL GROWTH Valuation growth building through the cycle across PFI’s $2.25bn portfolio, 19 ▪ Profit after tax of $46.9m, up $18.2m on the prior interim properties revalued at the half-year, fair value gains o
Slide 5: Delivering Strong, Stable Returns
FY26 INTERIM RESULTS DELIVERING STRONG, STABLE RETURNS 02 .
Slide 6: Strong, Stable Returns
FY26 INTERIM RESULTS STRONG , STABLE RETURNS . ~ 9.27 1 % AVERAGE ANNUAL TOTAL RETURN TOTAL RETURNS SINCE INCEPTION SINCE INCEPTION PFI offers investors the opportunity to gain exposure to a TO 31 DECEMBER 2025 wide selection of hard-working industrial properties through shares listed on the NZX. $1
Slide 7: Growing Dividend Income
FY26 INTERIM RESULTS GROWING DIVIDEND INCOME . AT LEAST 5.2 % EXPECTED FY26 DIVIDENDS SINCE INCEPTION 1 DIVIDEND GROWTH Regular and growing income is important to many investors. Our policy is to distribute the majority of our cash profits, with the aim of delivering a reliable income stream 9 CPS f
Slide 8: Delivering Value Through Market Cycles
FY26 INTERIM RESULTS DELIVERING VALUE THROUGH MARKET CYCLES . $ 2.88 NTA PER SHARE AS AT 31 DECEMBER NET TANGIBLE ASSETS PER SHARE 2025 While valuations will fluctuate with market conditions, since listing in 1994, PFI has grown Net Tangible Assets or NTA per share through multiple cycles. Our focus
Slide 9: Portfolio
FY26 INTERIM RESULTS PORTFOLIO 03 .
Slide 10: Portfolio Snapshot
FY26 INTERIM RESULTS PORTFOLIO SNAPSHOT 94 125 $ 116.3 m 99 .9 % 5 .37 years PROPERTIES TENANTS CONTRACT RENT OCCUPANCY WALT ▲ June 2025: 91 ▼ June 2025: 126 ▲ June 2025: $112.3m ◄► June 2025: 99.9% ▼ June 2025: 5.47 years 10
Slide 11: Valuations
FY26 INTERIM RESULTS VALUATIONS 19 PROPERTIES REVALUED AT H 1 FY 26 : H1 FY26 VALUATION MARKET RENTAL CAP RATE UPLIFT GROWTH 1 COMPRESISON +$ 17.1m 3 .2 % ▼ 0 .8 bps ( ▲3 .2 % ) ENTIRE PORTFOLIO : PORTFOLIO VALUE PORTFOLIO UNDER - STABILISED CAP RENTING 2 RATE $ 2 .25 bn ~ 9 .1% 5 .74 % ▼ 2.4% on 30
Slide 12: Leasing
FY26 INTERIM RESULTS LEASING ▪ Total of $6.7m of contract rent secured in H1 FY26 CONTRACT RENT ($) WEIGHTED AVERAGE LEASE TERM (WALT) ▪ $0.1m of contract rent secured in H1 FY26 relates to newly $ 6 .7 M 7.0 years developed or acquired properties1 ▪ Of the $6.6m of stabilised contract rent secured
Slide 13: Expiries
FY26 INTERIM RESULTS EXPIRIES FY27 LEASE EXPIRIES EXCLUDING DEVELOPMENT OPPORTUNITIES ($10.2M, 8.8% OF CONTRACT RENT ) ▪ Portfolio occupancy remains stable at 99.9% (0.1% vacancy) ▪ All material FY26 expiries leased, with just 0.1% of contract rent due to expire during the remainder of FY26 (chart b
Slide 14: Rent Reviews
FY26 INTERIM RESULTS RENT REVIEWS FY26 LEASE EVENTS % OF CONTRACT RENT ▪ 57 rent reviews during H1 FY26 delivered an increase of 8.0% on ~$46.2m 40% of contract rent (~7.3% annualised) EXPIRIES 0.1% − 36 fixed percentage reviews delivered an increase of 3.8% on 35% MARKET 6.6% $7.9M OF CONTRACT RENT
Slide 15: FY26 Interim Results
FY26 INTERIM RESULTS FY26 INTERIM RESULTS 04 .
Slide 16: Net Rental Income
FY26 INTERIM RESULTS NET RENTAL INCOME $66m ▪ Net rental income1 of $62.6m up $10.7m or 20.6% on H1 FY25 ($51.9m) $64m +1.6 +0.2 62.6 ▪ Additional income from the early lease surrender at $62m +1.6 -0.4 -0.1 -0.1 92-98 Harris Road (+$4.3m) $60m +3.5 ▪ Positive leasing activity contributed to an incr
Slide 17: Adjusted Funds From Operations
FY26 INTERIM RESULTS ADJUSTED FUNDS FROM OPERATIONS 6.9 cps ▪ AFFO of 5.39 cps, 1.04 cps or 23.9% up on H1 FY25 ▪ Net rental income (including AFFO adjustments) up 6.4 cps +0.15 $9.2m on H1 FY25, reflecting the early lease +1.83 surrender at 92-98 Harris Road and other positive leasing activity 5.9
Slide 18: Earnings, Dividends, Guidance
FY26 INTERIM RESULTS EARNINGS, DIVIDENDS, GUIDANCE EARNINGS H1 FY26 CPS H1 FY25 CPS CHANGE ▪ H1 FY26 cash dividends total 4.40 cps FUNDS FROM OPERATIONS 6.40 4.84 +1.56 cps or +32.2% ▪ Reflecting H1 FY26 performance and current trading conditions, PFI expects to declare FY26 ADJUSTED FUNDS FROM OPER
Slide 19: Investment Properties
FY26 INTERIM RESULTS INVESTMENT PROPERTIES $2,300m ▪ Portfolio value of $2.25bn at December 2025 +17.1 +0.7 2,252.8 ▪ 11C Norris Avenue, Hamilton, acquisition settled in $2,250m +30.2 August 2025 +38.6 $2,200m ▪ 505 & 507 Mt Wellington Highway, Mt Wellington, 2,166.2 acquisition settled in December
Slide 20: Net Tangible Assets
FY26 INTERIM RESULTS NET TANGIBLE ASSETS 300 ▪ NTA per share increased by 4.7 cps or 1.7% ▪ Change in NTA per share driven by increases in the 290 +3.4 +1.5 288.3 fair value of investment properties (+3.4 cps) and 283.6 -0.2 retained earnings (+1.5 cps), partly offset by a fair value loss on derivat
Slide 21: Capital Management
FY26 INTERIM RESULTS CAPITAL MANAGEMENT 05 .
Slide 22: Funding, Covenants, Interest Rates
FY26 INTERIM RESULTS FUNDING, COVENANTS, INTEREST RATES DECEMBER 2025 JUNE 2025 FUNDING ▪ PFI020 Bonds ($100m) repaid in October 2025 BANK FACILITIES DRAWN $570.9m $406.9m ▪ Tranche C of PFI’s syndicated bank facility ($100m, expiring August 2027) reclassified as ‘Green’ debt BANK FACILITIES LIMIT $
Slide 23: Debt Maturity Profile, Hedging
FY26 INTERIM RESULTS DEBT MATURITY PROFILE, HEDGING $350m $300m 25.0 $250m ▪ PFI’s debt instruments have an average term to $200m expiry of ~3.2 years (top chart), with adequate $150m 275.0 unutilised bank facility capacity 150.0 $100m 200.0 150.0 $50m 50.0 50.0 25.0 $m FY26 FY27 FY28 FY29 FY30 FY31
Slide 24: Committed Gearing
FY26 INTERIM RESULTS COMMITTED GEARING 38.0% ▪ December 2025 gearing of 34.2% lifting to ~36.3% +0.1% after all committed acquisitions, divestments and 37.0% +0.3% development projects +0.3% +0.8% 36.3% ▪ Spedding Road land acquisition settled post 36.0% -0.4% balance date +1.1% − PFI the beneficiar
Slide 25: Sustainability
FY26 INTERIM RESULTS SUSTAINABILITY 06 .
Slide 26: Sustainability Targets
FY26 INTERIM RESULTS SUSTAINABILITY TARGETS GREEN STAR SOLAR POWER LED LIGHTING TARGET: TARGET: TARGET: All significant new buildings to target minimum 5 Increase solar installations across the portfolio Install full LED lighting at 80% of tenancies by the Green Star certification to 1.4MW by the en
Slide 27: Market
FY26 INTERIM RESULTS MARKET 07 .
Slide 28: Market Update
FY25 ANNUAL RESULTS MARKET UPDATE NEW ZEALAND ONLINE SPENDING OUTLOOK 1 ▪ Despite growth in e-commerce over the last decade, 10 FORECAST 16% New Zealand’s e-commerce penetration as a percentage of total retail 14% 8 percentage of total retail sales remains relatively low Online sales as a 12% 6 10%
Slide 29: Market Update (Continued)
FY26 INTERIM RESULTS MARKET UPDATE (CONTINUED) AUCKLAND INDUSTRIAL NET EFFECTIVE RENTS AND YIELDS 1 20.0% 6.50% FORECAST ▪ CBRE report1 prime Auckland industrial net effective 15.0% 6.00% rents declined ~3.0% in 2025 as incentives expanded 5.50% 10.0% from ~7 to ~9 months on a nine-year lease 5.00%
Slide 30: PFI Positioning
FY26 INTERIM RESULTS PFI POSITIONING PFI WELL POSITIONED TO NAVIGATE NEAR -TERM ▪ PFI’s portfolio remains ~9.1% under-rented at MARKET CONDITIONS AND CAPTURE GROWTH December 2025, with H2 FY26 market reviews ($7.7m, ~6.6% of contract rent) ~15% under-rented after review caps ▪ All material FY26 expi
Slide 31: Our Priorities
FY26 INTERIM RESULTS OUR PRIORITIES 08 .
Slide 32: Our Portfolio
FY26 INTERIM RESULTS OUR PORTFOLIO 28
Slide 33: Development Opportunities
FY26 INTERIM RESULTS OUR PORTFOLIO DEVELOPMENT OPPORTUNITIES ▪ Targeting initial yields-on-cost of ~6.5% (including land), developments offer higher returns than recent direct acquisitions, making them a more accretive use of capital in the current market ▪ Current feasibility studies target develop
Slide 34: Development Opportunities
FY26 INTERIM RESULTS DEVELOPMENT OPPORTUNITIES 78 SPRINGS ROAD, SPEDDING ROAD, 92 - 98 HARRIS ROAD, OTHER EAST TAMAKI WHENUAPAI EAST TAMAKI ▪ Stage 1 achieved practical completion ▪ Spedding Road provides the opportunity ▪ Demolition complete Q3 FY26, site ▪ PFI to commence redevelopment of in Octob
Slide 35: 78 Springs Road
FY26 INTERIM RESULTS 78 SPRINGS ROAD STAGE TWO COMPLETED OCTOBER 2024 STAGE ONE COMMENCEMENT TBC ~$ 55 m ESTIMATED PROJECT $ 69 m AS IF COMPLETE ~ 60 % DEVELOPMENT COST (INCL LAND) VALUATION PRE - LEASED STAGE THREE ESTIMATED COMPLETION (DECEMBER 2025) Q4 FY26 STAGE TWO > 6.5 % TARGET RETURN $ 3.7 m
Slide 36: Spedding Road
FY26 INTERIM RESULTS SPEDDING ROAD STAGE ONE ESTIMATED COMPLETION ~$ 40 m ~ 6.5 % ~$ 2.5 m Q4 FY27 COMMENCEMENT TBC ESTIMATED PROJECT TARGET RETURN ESTIMATED RENT COMMENCEMENT TBC COST (INCL LAND) ON COST ON COMPLETION STAGE TWO STAGE ONE STAGE THREE Q3 FY26 PROJECT TO ~ 8,500 5 GREEN STAR RATED m2
Slide 37: 92-98 Harris Road
FY26 INTERIM RESULTS 92 - 98 HARRIS ROAD ~$ 65 m ~ 6.5 TARGET RETURN % ~$ 4.0 m ESTIMATED PROJECT ESTIMATED RENT COST (INCL LAND) ON COST ON COMPLETION DEVELOPMENT TO BE TENANT - ~ 14 , 500 5 GREEN STAR RATED m2 LED WAREHOUSE MASTER PLAN LAYOUT 37
Slide 38: Development Pipeline
FY26 INTERIM RESULTS DEVELOPMENT PIPELINE COST & DURATION 9 Nesdale Avenue $27 - 30m ▪ PFI’s development pipeline comprises 11 61- 69 Patiki Road $17m – $19m planned projects spanning Auckland’s Spedding Road – Stage 3 $38 - 42m key industrial precincts 45 Cryers Road $9 - 10m ▪ The total pipeline r
Slide 39: Core Generic Holdings
FY26 INTERIM RESULTS OUR PORTFOLIO CORE - GENERIC HOLDINGS ▪ Core Generic assets provide ballast to the portfolio, and are typically established, well-located industrial properties with long- standing tenants and low vacancy risk ▪ Broad tenant appeal ensures a deep leasing pool, and these assets re
Slide 40: 505 & 507 Mt Wellington Highway Acquisition
FY26 INTERIM RESULTS 505 & 507 MT WELLINGTON HIGHWAY ACQUISITION ~ ~ $ 36 m 5.75 INITIAL YIELD % 5.5 WEIGHTED AVERAGE years PURCHASE PRICE (COMBINED) LEASE TERM (WALT) PURCHASE PRICE 505 MT WELLINGTON HIGHWAY 507 MT WELLINGTON HIGHWAY ~ 13 , 800 SITE AREA m2 ~ 3.3 CONTIGUOUS ha INDUSTRIAL ESTATE 40
Slide 41: Non-Core Holdings
FY26 INTERIM RESULTS OUR PORTFOLIO NON - CORE HOLDINGS ▪ Non-Core holdings fall outside the strategic focus of the portfolio, often held for transitional reasons ▪ While liquidity is typically higher, active management is required to realise value ▪ Asset recycling is a key part of PFI’s capital man
Slide 42: Smart & Foremans Road Divestments
FY26 INTERIM RESULTS SMART & FOREMANS ROAD DIVESTMENTS 41-55 FOREMANS ROAD, 2 SMART ROAD & 18 CONSTANCE CHRISTCHURCH STREET, NEW PLYMOUTH $ 19.05 SALE PRICE (COMBINED) m $ 18.85 LATEST VALUATION m (COMBINED) ~ ~ 6.55 YIELD ON DISPOSAL % 9.8% PROPERTY LEVEL IRR % (COMBINED) (COMBINED) 42
Slide 43: Review & Questions
FY26 INTERIM RESULTS REVIEW & QUESTIONS 09 .
Slide 44: Review & Questions
FY26 INTERIM RESULTS REVIEW & PFI’s interim results highlight the disciplined execution of our long term strategy and the strength of our industrial portfolio. QUESTIONS PFI enters the second half of FY26 focused on harnessing embedded rental growth, advancing its development pipeline and continuing
Slide 45: Thank You for Attending
THANK YOU FOR ATTENDING FY26 INTERIM RESULTS
Slide 46: Appendix 1 – FFO and AFFO Calculations
FY26 INTERIM RESULTS APPENDIX 1 – FFO AND AFFO CALCULATIONS FUNDS / ADJUSTED FUNDS FROM OPERATIONS FOR THE 6-MONTHS ENDED FOR THE 6-MONTHS ENDED (UNAUDITED, $000s, UNLESS NOTED) 31 DECEMBER 2025 31 DECEMBER 2024 Profit (loss) and total comprehensive income after income tax attributable to the shareh
Slide 47: Appendix 2 – Net Rental Income
FY26 INTERIM RESULTS APPENDIX 2 – NET RENTAL INCOME NET RENTAL INCOME 1 FOR THE 6-MONTHS ENDED FOR THE 6-MONTHS ENDED ($000s, UNLESS NOTED) 31 DECEMBER 2025 (UNAUDITED) 31 DECEMBER 2024 (UNAUDITED) GROSS RENTAL RECEIPTS 61,586 49,962 FIXED RENTAL INCOME ADJUSTMENTS 1,751 462 CAPITALISED LEASE INCENT
Slide 48: Appendix 3 – Payout Ratios
FY26 INTERIM RESULTS APPENDIX 3 – PAYOUT RATIOS FFO AND AFFO DIVIDEND PAY - OUT RATIOS FY26 FY25 Full year dividends per share (cents, FY26 = guidance, FY25 = actuals) 9.05 8.60 Pro-rata share of full year dividends per share (cents, FY26 = 50% of guidance, FY25 = 50% of actuals) 4.53 4.30 FFO divid
Slide 49: Appendix 4 – Development Opportunities
FY26 INTERIM RESULTS APPENDIX 4 – DEVELOPMENT OPPORTUNITIES NEAR -TO - MEDIUM TERM DEVELOPMENT OPPORTUNITIES 1 DECEMBER 2025 CURRENT SITE % OF TOTAL CURRENT LEASE EST PROJECT EST PROJECT SITE AREA (SQM) VALUE COVERAGE CONTRACT RENT EXPIRY START DATE COST (EXCL LAND) 78 Springs Road (Stage 2) $58.0m
Slide 50: Disclaimer
FY26 INTERIM RESULTS DISCLAIMER: The information included in this presentation is provided as at 24 February 2026 and should be read in conjunction with the Interim Report, NZX results announcement, NZX Form –Results Announcement and NZX Form –Distribution Notice issued on that same day. Property fo
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