Cromwell Property Group · ASX:CMW
Cromwell Property — HY26 Earnings Presentation
32 slides from Cromwell Property's earnings presentation, Feb 26, 2026
Slide 1: HY26 results presentation
Cromwell Property Group HY26 results presentation 26 February 2026 C R O M W E L L P R O P E R T Y G R O U P | H Y 2 6 R E S U L T S 1
Slide 2: Important information & disclaimer
Important information & disclaimer Important information and disclaimer C R O M W E L L P R O P E R T Y G R O U P | H Y 2 6 R E S U L T S 2
Slide 3: Agenda
Agenda Introduction Jonathan Callaghan, CEO Results overview Jonathan Callaghan, CEO Financial results and capital management Michelle Dance, CFO Acknowledgement of Country Segment performance Cromwell Property Group acknowledges and Jonathan Callaghan, CEO pays respects to past, present, and future
Slide 4: Half-year result December 2025
Half-year result 31 December 2025 C R O M W E L L P R O P E R T Y G R O U P | H Y 2 6 R E S U L T S Barton1, ACT, Artist Impression 4
Slide 5: HY26 delivers solid growth
HY26 delivers solid growth Operational momentum Financial flexibility for growth Strong Investment Portfolio backed by a strong balance sheet High levels of interest rate protection supports growth strategy AUM increased Low gearing1 Investment Portfolio valuations up $5.0 billion (+13.6% on FY25) 3
Slide 6: Delivering growth through steady, considered execution
Delivering growth through steady, considered execution New and existing product growth Platform expansion New wholesale office fund Acquisition of Terre Property launched Partners (TPP) Integrating a highly skilled industrial team A capital raise of ~$102 million with a strong value-add track record
Slide 7: Current market conditions underpin strategic objectives
Current market conditions underpin strategic objectives Ongoing demand and limited new supply bode well for a tightening of vacancy rates across commercial real estate, supporting the outlook for rental growth Development largely unfeasible Dynamic to persist over the medium-term Supply pipeline hea
Slide 8: Strong locally focused platform
Strong locally focused platform Group assets under management: $5.0 billion Australia New Zealand Investment Portfolio Investment Management Oyster $2.2 billion $2.0 billion $0.8 billion Total AUM1 Total AUM2 Total AUM AUSTRALIA Townsville 1 72+ 145+ $4.2 billion1,2 415+ Brisbane 2 tenant-customers
Slide 9: Financial results and capital management
Financial results and capital management C R O M W E L L P R O P E R T Y G R O U P | H Y 2 6 R E S U L T S Nexus North Industrial Estate, Salisbury South, SA 9
Slide 10: HY26 financial summary
HY26 financial summary Overview Financial position Statutory profit1 Operating profit1 NTA per unit Liquidity3 $99.3 million $55.9 million $0.58 $418.0 million (equivalent to profit of 3.79 cps) (equivalent to 2.13 cps) (FY25: $0.56) (FY25: $504.3 million) Distributions FFO Gearing4,5 Weighted avera
Slide 11: HY26 earnings overview
HY26 earnings overview HY26 HY25 Change Operating profit ($’M) ($’M) (%) 3.6 0.1 1.5 55.9 55.1 13.7 Investment portfolio EBIT 76.4 78.0 (2.1%) -1.6 Reflects higher fees from funds managed by Investment and asset management EBIT 7.6 4.0 90.0% Cromwell’s Phoenix Portfolios JV as well as fees in re
Slide 12: Balance sheet positioned to support growth
Balance sheet positioned to support growth HY26 FY25 Assets ($M) ($M) Valuation gain of assets in the Investment Portfolio of $72.0 million, +3.6% Weighted average Investment property 2,087.0 2,015.0 on 30 June 2025 valuations. hedge maturity4 Equity accounted investments Inventories 70.7 42.6 21.2
Slide 13: Investment Portfolio
Investment Portfolio C R O M W E L L P R O P E R T Y G R O U P | H Y 2 6 R E S U L T S 700 Collins Street, Melbourne, VIC 13 13
Slide 14: Strong portfolio fundamentals
Strong portfolio fundamentals • Valuations at 31 December 2025 up $72 million (+3.6% since FY25), driven largely Portfolio value1,2 Core assets across key East Coast markets1 by leasing at 400 George Street, Brisbane. $2.1 billion • Portfolio cap rate expanded by 8bps to 7.15%, offset by leasing pro
Slide 15: Active asset management supports valuations
Active asset management supports valuations • Over 23,702 sqm of new or renegotiated leases over last 6 months, representing • A resilient, high-quality tenant mix and steady occupancy underpin income ~10% of total NLA. security, with the top five tenants accounting for more than 68% of portfolio in
Slide 16: Capital investment aligns to current and future occupier needs
Capital investment aligns to current and future occupier needs 540 Wickham Street, Fortitude Valley 207 Kent Street, Sydney 400 George Street, Brisbane Landlord works Speculative fit-out and refurbishment Building Management System (BMS) upgrade • Landlord works completed following major FY25 • Refu
Slide 17: Investment management
Investment management C R O M W E L L P R O P E R T Y G R O U P | H Y 2 6 R E S U L T S Incitec Pivot State Distribution Centre, Port Adelaide, SA 17
Slide 18: Growth and diversification in local investment management platform
Growth and diversification in local investment management platform Key activities Investment management product growth by value (million) 3500 • $2.8 billion of funds under management across Cromwell’s Investment Management Cromwell Industrial Partnership platform. 3000 Developments integrated throu
Slide 19: Industrial capability strengthened through platform acquisition
Industrial capability strengthened through platform acquisition • Cromwell completed the acquisition of TPP in December 2025, together with a 19.9% stake in CIP, adding a further $567 million of industrial assets under management. • The TPP team brings deep sector expertise to Cromwell, a strong tra
Slide 20: Co-investment builds industrial scale and supports platform growth
Co-investment builds industrial scale and supports platform growth Portfolio CIP portfolio overview Portfolio value1 diversification $472 million Top 5 Tenants % of Gross Income – 19.9% ownership stake acquired (by state) • Logistics portfolio of 7 assets valued at (FY25: $2.1 billion) 1 Raytheon 15
Slide 21: Growth through de-risked development
Growth through de-risked development Barton1 Timeline and progress Office area • Development of a 19,800 sqm 2025: Construction commencement office building in Barton, ACT on existing Cromwell landholding. 19,800 sqm 2026: Construction delivery: • 100% pre-leased to a major • Core structure is compl
Slide 22: Key priorities
Key priorities C R O M W E L L P R O P E R T Y G R O U P | H Y 2 6 R E S U L T S Mountain Highway Business Park, Bayswater, VIC 22
Slide 23: Key priorities 2H FY26
Key priorities 2H FY26 Ongoing growth of third-party AUM • Continue to expand the Cromwell platform through the launch of new products, focused on industrial, office and retail sectors. • Capital deployment to drive investment management growth via platform acquisitions. • Focus on strategic, value-
Slide 24: For more information, please contact:
For more information, please contact: Jonathan Callaghan Chief Executive Officer jonathan.callaghan@cromwell.com.au Phone: +61 7 3225 7777 Michelle Dance Chief Financial Officer michelle.dance@cromwell.com.au Phone: +61 7 3225 7777 Libby Langtry Investor Relations Manager libby.langtry@cromwell.com.
Slide 25: Appendices
Appendices 26 Operating profit and statutory profit / (loss) reconciliation 27 Segment results – operating earnings detail 28 Investment Portfolio summary 29 Net property income 30 Balance sheet debt 31 Interest rate hedging profile C R O M W E L L P R O P E R T Y G R O U P | H Y 2 6 R E S U L T S R
Slide 26: Operating statutory profit / (loss) reconciliation
Operating statutory profit / (loss) reconciliation HY26 ($M) HY25 ($M) Profit from Operations 55.9 55.1 Operating EPS 2.13 cps 2.10 cps Fair value gains / (losses) Investment properties 56.8 (103.3) Derivative financial instruments 8.6 (31.6) Assets held for sale 1.3 - Lease cost and incentive amort
Slide 27: Segment results – operating earnings detail
Segment results – operating earnings detail Investment and Investment portfolio asset management Co-investments Cromwell 31 December 2025 $M $M $M $M Segment revenue Rental income and recoverable outgoings 93.4 - - 93.4 Operating profit of equity accounted investments - 2.1 0.1 2.2 Investment and as
Slide 28: Investment Portfolio summary
Investment Portfolio summary 31 December 2025 30 June 2025 Property WALE by area from external Nabers Occupancy valuation NLA (sqm) Major tenants Energy Value ($M) Cap rate Value ($M) Cap rate 400 George St, Brisbane, QLD 98.0% 5.1 43,145 QLD State Government 5.5 424.0 7.25% 352.0 7.75% HQ North Tow
Slide 29: Net property income
Net property income Investment Portfolio HY26 ($M) HY25 ($M) Variance ($M) Variance (%) 400 George St, Brisbane, QLD 15.1 17.2 (2.1) (12.2%) HQ North Tower, 540 Wickham Street, Fortitude Valley, QLD 8.9 8.5 0.4 4.7% Qantas HQ, 203 Coward St, Mascot, NSW 16.6 16.1 0.5 3.1% McKell Building, 2-24 Rawso
Slide 30: Balance sheet debt
Balance sheet debt Debt facility details Debt expiry profile Drawn Facility Limit 31 –Dec-25 31-Dec-25 Maturity Fin Yr Years (AUD $M) (AUD $M) Date Expiry Remaining Covenants Bank 1 - 2 Year Facility 75.0 75.0 May-2027 2027 1.3 yrs $700 Millions Bank 2 - 2 Year Facility 125.0 125.0 Jun-2027 2027 1.4
Slide 31: Interest rate hedging profile
Interest rate hedging profile 600 6% 500 5% 400 4% 300 3% 200 2% 100 1% 0 0% 01-Dec-25 01-Mar-26 01-Jun-26 01-Sep-26 01-Dec-26 01-Mar-27 01-Jun-27 01-Sep-27 01-Dec-27 01-Mar-28 01-Jun-28 01-Sep-28 01-Dec-28 01-Mar-29 01-Jun-29 01-Sep-29 01-Dec-29 1. Swap Cap Collar WAHC 1. Weighted average hedge cos
Slide 32: L T S
C R O M W E L L P R O P E R T Y G R O U P | H Y 2 6 R E S U L T S 32