Dexus Convenience Retail Reit · ASX:DXC
Dexus Convenience Retail Reit — FY2025 Earnings Presentation
30 slides from Dexus Convenience Retail Reit's earnings presentation, Aug 11, 2025
Slide 1: Dexus Convenience Retail REIT 2025 Annual results presentation
Dexus Convenience Retail REIT (ASX:DXC) ASX release 11 August 2025 2025 Annual results presentation and property synopsis Dexus Convenience Retail REIT (ASX:DXC) provides its 2025 Annual results presentation. An investor conference call will be webcast today at 10.00am on www.dexus.com/investor-cent
Slide 2: Full year results
Full year results 11 August 2025 Dexus Asset Management Limited ACN 080 674 479 AFSL 237 500 209a Westphalen Drive, Warrego, QLD as responsible entity for Dexus Convenience Retail REIT 60 Hawkins Crescent, Bundamba QLD
Slide 3: Acknowledgement of Country
Acknowledgement of Country Dexus Convenience Retail 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: Chan
Slide 4: Agenda
01 Introduction and highlights Page 4 02 Financial overview Page 11 Agenda 03 Summary Page 17 04 Appendices Page 19 3 | 2025 Full Year Results
Slide 5: Introduction and highlights
187 South Pine Road, Brendale, QLD 01 Introduction and highlights 4 | 2025 Full Year Results
Slide 6: Strategic national network
Strategic national network 91 Queensland strategically located assets $425m 52 Western Australia 608,500sqm $64m 10 South Australia total site area $106m 16 New South Wales 65 DXC network $123m 11 specialty retail tenancies 91 properties Value # properties 77% Victoria weighted to eastern seaboard $
Slide 7: Defensive income with embedded growth
Defensive income with embedded growth Quality portfolio with long leases, high occupancy and secure annual rent increases Income resilience Embedded growth High-quality portfolio No significant lease expiries until 2030+ Attractive property rental increases per annum 86% metro and highway sites (% b
Slide 8: Investment proposition
Investment proposition Providing investors with exposure to defensive income with embedded growth Defensive and growing Active portfolio Prudent capital Aligned manager with deep income management structure real asset capability − High-quality national and − Continuing to explore deployment − Manage
Slide 9: FY25 highlights
FY25 highlights Improved portfolio quality with capacity to fund FFO and NTA growth initiatives Delivered FY25 Resilient income growth in Executed $38.8 million of guidance uncertain market strategic divestments − FY25 FFO and distributions of − +2.9% like-for-like income growth − Improving overall
Slide 10: Enhanced tenancy mix over time
Enhanced tenancy mix over time Exposure to major operators investing in network growth and convenience retail capability Tenant expansion via acquisitions2 IPO (July 2017) June 2025 − Acquired OTR & Coles Express for $1.5bn to become % of income % of income integrated fuel & convenience retailer − G
Slide 11: Sustainability progress
Sustainability progress Aligned to Dexus Sustainability Strategy Dexus Sustainability Strategy DXC future focus DXC initiatives Maximise value creation by supporting tenants with their Maintained carbon Embedded initiatives strategies for decarbonisation, neutral position across into Glass House Mou
Slide 12: Financial overview
185 Brays Road, Griffin, QLD 02 Financial overview 11 | 2025 Full Year Results
Slide 13: FY25 financial result
FY25 financial result FFO and distributions slightly above guidance Profit & loss FY25 FY24 Change Lower income from divestments in FY24 and FY25, partially offset by like-for-like Property FFO ($m) 44.0 45.2 (2.4)% income growth of 2.9% Management fees ($m) (4.6) (4.9) 5.7% Lower average portfolio
Slide 14: Balance sheet and capital management
Balance sheet and capital management Strengthened capital position to support growth initiatives and development pipeline Key metrics 30 Jun 2025 30 Jun 2024 Gearing1 29.4% 32.9% Cost of debt2 4.5% 4.2% Leveraged Dexus Undertook $66 million Continued to platform to extend hedging during 2H FY25 mana
Slide 15: Portfolio valuations
Portfolio valuations Valuation uplift underpinned by contracted rent growth and capitalisation rate compression Property portfolio valuation summary – 30 June 2025 June 2025 reflects first instance of capitalisation rate compression 30 June 2025 Cap rate since 2022 Total reval Total reval Cap rate P
Slide 16: Transaction market
Transaction market Direct property market remains liquid with pricing improving Transaction volumes and average cap rate1 Number of transactions (#) Average yield (%) 140 6.4% Fuel and convenience property transaction volumes year-to-date are tracking in line with 2024, despite a 120 6.2% slow 1Q CY
Slide 17: Glass House Mountains fund-through redevelopment
Glass House Mountains fund-through redevelopment Northbound site on track and expected to deliver strong returns Development continues at the 25,000 sqm Northbound site Northbound redevelopment which will include a new expanded On The Run convenience retail offering on the Viva Energy site, c. $24m
Slide 18: Summary
Glass House Mountains Northbound Redevelopment - Artist Impression Bruce Highway, Glass House Mountains, QLD 03 Summary 17 | 2025 Full Year Results
Slide 19: Attractive investment proposition
690-694 Lower North East Road, Paradise, SA Attractive investment proposition Well placed to generate defensive income with embedded rental growth and capacity for future growth Focused on value-enhancing activities, including the redevelopment of Glass House Mountains, potential pipeline restocking
Slide 20: Appendices
28 Supply Road, Bentley Park, QLD 04 Appendices 19 | 2025 Full Year Results
Slide 21: Lease expiry profile
Lease expiry profile Strong income visibility Lease expiry DXC WALE: % by income 7.9 years Completion of Glass House Mountains Northbound redevelopment will enhance WALE by a further 0.4 years 23% 14% 12% 12% 9% 7% 6% 6% 3% 2% 2% 2% 2% FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38
Slide 22: Australian fuel sales
Australian fuel sales Solid fuel sales volumes and fuel-reliant vehicle sales Fuel sales volumes stable Sales volumes of petroleum products (megalitres, thousands)1 60,000 50,000 40,000 30,000 20,000 10,000 14 Commercial 0 Road, Sheidow Park SA FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Slide 23: Australian car sales
Australian car sales Consumer behaviour indicates gradual adoption of EVs New car sales Cumulative new car sales since 2020 Australian car sales (m) Australian car sales (m) 1.4 7.0 1.2 6.0 1.0 5.0 0.8 4.0 0.6 3.0 0.4 2.0 0.2 1.0 - - 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 2025 2020 2021 202
Slide 24: FY25 divestments
FY25 divestments $38.8 million of divestments settled at 1.8% average discount to prior book values Divestments Settlement DIVESTED DIVESTED 25 Bolam Street, Garbutt QLD 23 September 2024 77-79 Bowen Street, Rosslea QLD 6 November 2024 49 Tolga Road, Atherton QLD 25 November 2024 921 Nambour Connect
Slide 25: Portfolio optimisation
Portfolio optimisation Enhanced portfolio resilience through capital recycling activity Recent portfolio curation activity Enhanced portfolio metrics FY22 – FY24 FY25 13 9 assets sold assets sold +4% +16% +10% increase in increase in increase in highway and average average $61 million $39 million me
Slide 26: Consolidated profit & loss statement
Consolidated profit & loss statement $’000 FY25 FY24 Net property income1 46,445 48,350 Interest income 102 155 Total revenue 46,547 48,505 Management fees (4,641) (4,920) Finance costs (11,412) (11,123) Corporate costs (932) (954) Total expenses (16,985) (16,997) Net operating income 29,562 31,508
Slide 27: FFO reconciliation
FFO reconciliation $’000 FY25 FY24 Statutory net profit / (loss) after tax for the period 39,374 3,407 Adjusted for: Net fair value (gain) / loss on investment properties (16,648) 23,661 Net fair value (gain) / loss on derivatives 6,836 4,440 Incentive amortisation and rent straight-line (2,679) (3,
Slide 28: Consolidated balance sheet
Consolidated balance sheet $’000 30 Jun 2025 30 Jun 2024 Cash and cash equivalents 2,396 1,918 Investment properties 728,410 740,680 Other assets 5,631 11,260 Total assets 736,437 753,858 Borrowings (215,507) (243,204) Provisions (9,325) (9,113) Other liabilities (9,762) (10,625) Total liabilities (
Slide 29: Important information
Important information This presentation (“Material”) has been prepared by Dexus Asset Management Limited (ACN 080 674 479, AFSL No. 237500) ("DXAM") as the responsible entity of Convenience Retail REIT No.1 (ARSN 101 227 614), Convenience Retail REIT No.2 (ARSN 619 527 829) and Convenience Retail RE
Slide 30: Dexus
dexus
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