Property For Industry Limited · NZX:PFI
Property For Industry — FY2025 Earnings Presentation
46 slides from Property For Industry's earnings presentation, Aug 25, 2025
Slide 1: Welcome to the FY25 Annual Results Briefing
Slide 2: Basis of comparison following change in balance date
Following the change in PFI and its subsidiaries’ balance date from 31 December to 30 June, throughout this presentation (and the accompanying annual results announcement), in order to provide a useful basis for comparison, the audited FY25 annual results (FY25) have been compared to the unaudited r
Slide 3: FY25 Annual Results agenda
FY25 ANNUAL RESULTS HIGHLIGHTS PORTFOLIO ANNUAL RESULTS CAPITAL MANAGEMENT SUSTAINABILITY MARKET OUR PRIORITIES ie om REVIEW & QUESTIONS
Slide 4: Highlights
PFi FY25 ANNUAL RESULTS HIGHLIGHTS O1
Slide 5: FY25 highlights
Positive momentum continuing across PFI’s $2.17b industrial portfolio, fair value gains on properties of $70.7m or 3.4%, net tangible assets (NTA) up 4.7% to $2.84 Profit after tax of $106.0m, up $152.1m on the pcp, incorporating per share fair value gains on properties of $70.7m, as compared to los
Slide 6: Portfolio
PFi FY25 ANNUAL RESULTS PORTFOLIO
Slide 7: Portfolio key metrics
◄► June 2024: 91 ◄► June 2024: 126 ▲ June 2024: $99.7m ▲ June 2024: 98.6% ▲ June 2024: 5.07 years 7
Slide 8: Portfolio valuation metrics and market rents
▲ ▲9 bps on 30 June 2024 ▼14 bps on 30 June 2024 1 Average increase in valuer assessed like-for-like market rents between 30 June 2024 and 30 June 2025, 2 Based on 30 June 2025 passing rent to independent valuer assessed market rents, excludes active development projects. 8
Slide 9: Stabilised, developments and acquisitions leasing
▪ Total of $21.6m of contract rent secured in FY25 DEVELOPMENTS STABILISED TOTAL & ACQUISITIONS ▪ $9.3m of contract rent secured in FY25 relates to newly CONTRACT RENT ($) $12.3m $9.3m $21.6m developed or acquired properties1 % OF PORTFOLIO BY CONTRACT RENT 10.9% 8.3% 19.2% ▪ Of the $12.3m of stabil
Slide 10: Occupancy and lease expiry profile
▪ Portfolio is 99.9% occupied (0.1% vacancy) and just 1.2% of contract rent is due to expire in FY26 (chart below) ▪ No large expiries in next 12 months. Largest single expiry (40.8% of FY26 expiries) is $554k, or 0.5% of contract rent (chart on right) ▪ Post-balance date, early lease surrender agre
Slide 11: Rent reviews delivered in FY25
▪ 110 rent reviews during FY25 delivered an increase of 6.2% on ~$73.2m of contract rent (~5.3% annualised) 90% − 69 fixed percentage reviews delivered an increase of 2.7% on ~$47.0m of contract rent (~2.6% annualised) 80% − 14 rent reviews were completed where rents had been pre-agreed in 70% the p
Slide 12: Portfolio under-renting
▪ At 30 June 2024, PFI’s portfolio was ~16.2% under-rented1 ▪ On a like-for-like basis, market rents grew by ~1.7% over the year to 30 June 2025, while PFI achieved 6.9% growth in those same rents ▪ As a result, PFI’s portfolio under-renting gap closed by ~4.7% to ~11.5% at 30 June 2025 ▪ Portfolio
Slide 13: Annual Results
FY25 ANNUAL RESULTS PFi i = 5 rT) ul cc FY25 ANNUAL O03
Slide 14: Net rental income movement
$120m ▪ Net rental income1 of $108.0m up $12.1m or 12.7% on the pcp ($95.8m) +2.9 +0.6 +0.2 $110m +5.1 108.0 ▪ Additional income from the completion of 5 Green -2.3 -0.7 Star development projects at 30-32 Bowden Road +6.3 and Stage 1 of 78 Springs Road contributed to an $100m increase of +$6.3m 95.8
Slide 15: AFFO movement
12.4 cps ▪ AFFO of 9.59 cps, 0.72 cps or 8.1% up on the pcp +0.52 11.4 cps +2.05 ▪ Net rental income (including AFFO adjustments) was up $10.3m on the pcp, reflecting the 10.4 cps -0.79 completion of developments at 30-32 Bowden 9.59 Road and 78 Springs Road and other positive -0.76 leasing activity
Slide 16: Earnings and dividends
EARNINGS FY25 CPS PCP CPS CHANGE ▪ FY25 cash dividends total 8.60 cps, up 0.30 cps or 3.6% on annualised FP24 dividends FUNDS FROM OPERATIONS 10.69 10.14 +0.55 cps or +5.4% ▪ FY26 dividend guidance of at least 8.90 cps, an ADJUSTED FUNDS FROM OPERATIONS 9.59 8.87 +0.72 cps or +8.1% expected increase
Slide 17: Portfolio value movement
$2,200m +8.5 ▪ Portfolio value of $2.17b at June 2025 +13.0 2,166.2 +36.1 ▪ Increase from annual independent valuations of $2,150m -12.7 +70.7 $70.7m or 3.4% $2,100m ▪ Capex at 30-32 Bowden Road and 78 Springs Road (5 Green Star developments), 212 Cavendish Drive 2,050.5 $2,050m (sustainable refurbi
Slide 18: Net tangible assets movement
290 cps +1.6 -2.8 ▪ NTA per share increased by 12.9 cps or 4.7% +14.1 285 cps 283.6 ▪ Change in NTA per share driven by increases in the fair value of investment properties (+14.1 cps) and 280 cps retained earnings (+1.6 cps), partly offset by a decrease in net fair value asset for derivative 275 cp
Slide 19: Capital Management
PFi FY25 ANNUAL RESULTS CAPITAL MANAGEMENT 04.
Slide 20: Funding
JUNE 2025 JUNE 2024 FUNDING ▪ $700m of facilities refinanced or established during FY25, including $150m 5.5-year PFI030 bonds BANK FACILITIES DRAWN $406.9m $450.5m issued in March 2025 BANK FACILITIES LIMIT $725.0m $675.0m ▪ PFI010 Bonds ($100m) repaid in November 2024 BANK FACILITIES HEADROOM $318
Slide 21: Debt maturity and hedging profile
$350m $300m 25.0 $250m ▪ PFI’s debt instruments have an average term to expiry of ~3.4 years (top chart), with adequate $200m unutilised bank facility capacity $150m 275.0 150.0 $100m 200.0 150.0 $50m 100.0 50.0 50.0 $m 25.0 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 Bank Debt Bonds Pricoa Facility $70
Slide 22: Sustainability
PF A FY25 ANNUAL RESULTS SUSTAINABILITY vue i 4
Slide 23: Sustainability achievements
• 5 Green Star Design1 ratings awarded for Stage 2 of 78 Springs Road, expected to three new buildings complete in Q4 FY26, targeting a 5 Green • Property Industry Award for Sustainable Star rating. This ~$37m project (excluding Building Excellence awarded to 30-32 land) will deliver ~16,000 sqm of
Slide 24: Refreshed sustainability targets
All significant new buildings to Increase solar installations Install full LED lighting at target minimum 5 Green Star across the portfolio to 1.4MW 80% of tenancies by the certification by the end of FY27 end of FY28 Having achieved our previous solar and metering targets, PFI has refreshed its sus
Slide 25: Market
PFi FY25 ANNUAL RESULTS MARKET OG.
Slide 26: Re-leasing spreads and rent forecasts
▪ PFI’s core portfolio continued to deliver significant re-leasing spreads of approximately ~20% in FY25 (top chart) ▪ FY26 expiries and market reviews ($17.6m, 15.6% of contract rent) ~13% under-rented at June 2025 after factoring in review caps ▪ PFI’s defensive portfolio is well positioned – Jun-
Slide 27: Our Priorities
PFi FY25 ANNUAL RESULTS OUR PRIORITIES ® O07
Slide 28: Our portfolio: strategic allocations
FY25 ANNUAL RESULTS OUR PORTFOLIO STRATEGIC ALLOCATIONS: REFRESHED DURING FY25 @ ) CORE GENERIC CURRENT: 83. e ( = rotons CURRENT: 2.. Va DEVELOPMENT CURRENT: / 7p) OPPORTUNITIES / 2 @ * 8. / — y, —\_ SPECIALISED CURRENT: O al ASSETS -1 % ‘AUCKLAND | OUT OF AUCKLAND : CURRENT: 87. ; CURRENT: 13: \ 2
Slide 29: Development returns and rationale
Development projects are currently targeting initial yields- With feasibility studies showing development margins of on-cost of ~6.5% (including land), materially higher than ~15–20% across the current pipeline, PFI is able to generate the low-to-mid 5% cap rates seen in the direct acquisition addit
Slide 30: Development project updates
▪ Stage 1 achieved practical completion in October 2024, now considered a ‘core-generic’ asset ▪ Construction of Stage 2 (~11,300 sqm of warehouse) expected to complete in Q4 FY26 ▪ Stage 3 (~17,500 sqm warehouse) could involve an investment of ~$60m, is likely to be tenant-led, and could commence a
Slide 31: Springs Road
PFi 78 SPRINGS ROAD FY25 ANNUAL RESULTS ~$55m ~$3.7m $69m ~60~% >6.5% ~16,000m 31
Slide 32: Spedding Road Stage 1
PFi SPEDDING ROAD ~$40m ~6.5% FY25 ANNUAL RESULTS ~$2.5m Q3 FY26 ~10,800m STAGE1 32
Slide 33: 92-98 Harris Road
PFi ~$65m ~$4,0m FY25 ANNUAL RESULTS 92-98 HARRIS ROAD ~14,500m Q3 FY26 33
Slide 34: Development pipeline
9 Nesdale Avenue Spedding Road Stage 3 45 Cryers Road Spedding Road - Land Settlement 3 ▪ PFI’s development pipeline comprises 11 planned projects 61-69 Patiki Road spanning Auckland’s key industrial precincts 304, 316, 318 Neilson Street ▪ The total pipeline represents ~$350m of committed and poten
Slide 35: 11C Norris Avenue
PFi 11C NORRIS AVENUE $2.24m 6.65% 3.0 years ~4,824m2 ~1.3ha FY25 ANNUAL RESULTS
Slide 36: Review & Questions
PF A FY25 ANNUAL RESULTS REVIEW & QUESTIONS
Slide 37: Closing summary and FY26 outlook
PFI’s FY25 annual results reflect the successful execution of our strategy and strength of portfolio. With the operating environment improving, PFI enters FY26 well placed to harness its ~$355m development runway, driving long-term value and growing returns for investors. 37
Slide 38: Thank you for attending
PFi THANK YOU FOR ATTENDING FY25 ANNUAL RESULTS
Slide 39: Consolidated statement of comprehensive income
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED FOR THE YEAR ENDED ($000s, UNLESS NOTED) 30 JUNE 2025 (AUDITED) 30 JUNE 2024 (UNAUDITED) Rental and management fee income 127,455 116,491 Business interruption insurance income - 60 Property costs (21,903) (22,989) Net Property Income
Slide 40: Funds / Adjusted Funds From Operations
FUNDS / ADJUSTED FUNDS FROM OPERATIONS FOR THE YEAR ENDED FOR THE YEAR ENDED (UNAUDITED, $000s, UNLESS NOTED) 30 JUNE 2025 30 JUNE 2024 Profit (loss) and total comprehensive income after income tax attributable to the shareholders of the Company 106,022 (46,084) Adjusted for: Fair value (gain) / los
Slide 41: Consolidated statement of cash flows
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED FOR THE YEAR ENDED ($000s, UNLESS NOTED) 30 JUNE 2025 (AUDITED) 30 JUNE 2024 (UNAUDITED) CASH FLOWS FROM OPERATING ACTIVITIES Property and management fee income received 130,142 113,537 Net goods and services tax received (paid) 419 (301) Inter
Slide 42: Consolidated statement of cash flows (financing)
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED FOR THE YEAR ENDED ($000s, UNLESS NOTED) 30 JUNE 2025 (AUDITED) 30 JUNE 2024 (UNAUDITED) CASH FLOWS FROM FINANCING ACTIVITIES Net repayment of syndicated bank facility (43,615) (100,822) Net proceeds from green loan facilities - 150,000 Proceed
Slide 43: Net rental income reconciliation
FOR THE YEAR ENDED FOR THE YEAR ENDED ($000s, UNLESS NOTED) 30 JUNE 2025 (AUDITED) 30 JUNE 2024 (UNAUDITED) GROSS RENTAL RECEIPTS 101,518 96,954 FIXED RENTAL INCOME ADJUSTMENTS 1,775 234 CAPITALISED LEASE INCENTIVE ADJUSTMENTS 4,740 (1,207) IMPACT OF RENTAL INCOME DEFERRED AND ABATED DUE TO THE COVI
Slide 44: Dividend payout ratios
FY25 PCP Full year dividends per share (cents) 8.60 8.301 FFO dividend pay-out ratio (%) 80% 82% AFFO dividend pay-out ratio (%) 90% 94% 1 Reflects annualised FP24 dividends EARNINGS FY25 FP24 2023 2022 2021 Rolling three-year AFFO dividend pay-out ratio (%) 91%2 92%2 90% 91% 92% 2 Calculations refl
Slide 45: Development pipeline project details
CURRENT SITE % OF TOTAL CURRENT LEASE EST PROJECT EST PROJECT JUNE 2025 VALUE SITE AREA (SQM) COVERAGE CONTRACT RENT EXPIRY START DATE COST (EXCL LAND) 78 Springs Road (Stage 2) $34.3m 22,950 - - In-progress Jan-25 ~$30m2 92-98 Harris Road $25.0m 26,339 27% - Vacant Sep-25 $38m – $43m Spedding Road
Slide 46: Disclaimer
DISCLAIMER: The information included in this presentation is provided as at 25 August 2025 and should be read in conjunction with the annual report, NZX results announcement, NZX Form –Results Announcement and NZX Form –Distribution Notice issued on that same day. Property for Industry Limited (PFI)