Stride Property Group · NZX:SPG
Stride Property — FY2026 Earnings Presentation
36 slides from Stride Property's earnings presentation, May 2026
Slide 1: Stride Property Group Annual Results FY26
Stride Property Group Annual Results for the year ended 31 March 2026 (FY26)
Slide 2: Contents
Contents 3 Overview 4 Financial overview 5 Key achievements 6 Our sectors 7 Investment management business 11 Products 18 Sustainability 20 FY26 consolidated financial results 23 Capital management 26 Outlook 28 Glossary 30 Appendices Capitalised and technical terms are defined in the glossary on pa
Slide 3: Overview
Overview Stride Property Group as at 31 Mar 26 Stride’s look-through1 Investment Portfolio Value WACR WALT Occupancy $1.4bn 6.2% 6.6 years 94% Investment management business Total AUM Open-ended external2 AUM External management fees $3.3bn $2.0bn $22.9m up 12% on FY25 Capital management Balance she
Slide 4: Financial overview
Financial overview Stride Property Group Profit after income tax $31.3m up +$9.6m on FY25 Distributable profit after current income tax $49.1m up +$0.8m on FY25 Distributable profit per share 8.78cps up +0.14cps on FY25 SIML management fee income $22.9m up +$2.5m on FY25 Net tangible assets (NTA) as
Slide 5: Key achievements
Key achievements 20 Customhouse Quay, Wellington Stride made meaningful strategic progress in FY26, enhancing resilience, operating strength and future growth optionality Execution on funds management business ✓ Expansion of Investore’s investment mandate to capture convenience-based retail, unlocki
Slide 6: Our sectors
Our sectors Office Town centres • Auckland prime and A sectors continue to outperform B grade • MAT +5.4% on FY25 • Leased space per employee is stabilising at 11sqm, compared • Specialty GOC reduced to ~12% from ~14% LFL to 13sqm pre-COVID and 17sqm 20 years ago1 between 31 Mar 25 and 31 Mar 26, dr
Slide 7: Investment management business
Investment management business Stride Property Group | Annual Results FY26 7
Slide 8: Diversified portfolio and revenue sources
Diversified portfolio and revenue sources Stride combines a property investment FY26 look-through revenue sources2 business (SPL) with an investment management business (SIML) 5% Activity SPL’s weighted look-through portfolio value 16% fees Recurring as at 31 Mar 261 $2,424m management fees 36% Offi
Slide 9: FY26 management fee income
FY26 management fee income FY26 external management fee income $22.9m (+$2.5m on FY25), with $14.3m from open-ended Products, $5.9m from closed-ended Products, and $2.7m from salary and wages recovery • $200m+ growth in open-ended Products AUM over FY26, driven by the completion of Industre’s Wickha
Slide 10: Share price gap to net tangible assets
Share price gap to net tangible assets SPG’s $1.15 share price1 represents a 32% discount to the $1.69 31 Mar 26 reported NTA per share, or a 40% discount to SPG’s $1.92 adjusted NTA An 8.0cps dividend offers a compelling 6.9% cash yield, or 10.4% pre-tax for a 33% taxpayer, on the current share pri
Slide 11: Products
Products Stride Property Group | Annual Results FY26 11
Slide 12: Products
Products Stride has AUM of $3.3bn over four Products Portfolio composition by value as at 31 Mar 26 $1,128m Property categorised as ‘Development and Other’ $879m $850m Town centre $175m $137m $1,109m $446m Office $670m $712m $423m Sector focus: Office and town centre Convenience-based retail Industr
Slide 13: FY26 highlights
Bunnings New Lynn, Auckland FY26 highlights • LFL Rental Growth of +4.7% across 110,000sqm • Portfolio valuation of $1.1bn, +$140m on 31 Mar 25 • Acquired Bunnings New Lynn for $43m and Silverdale Centre for $114m. Supported by $62.5m subordinated convertible note capital raise • Divested Woolworths
Slide 14: FY26 highlights
14-20 Favona Road, Auckland FY26 highlights • LFL Rental Growth of +3.5% across 143,000sqm • Total portfolio valuation of $850m, +4.7% net fair value gain over FY26 • Development updates: − $27m (excl. land) project at 16A Wickham Street, Hamilton, completed in Oct 25; lease with Wattyl delivered a
Slide 15: FY26 highlights
Queensgate Shopping Centre, Wellington FY26 highlights • LFL Rental Growth of +2.1% across 54,000sqm • LFL MAT up +2.4%, with foot traffic up +2.9% • Specialty GOC for the portfolio reduced to 12.5% at 31 Mar 26 • Occupancy and WALT remain robust at 97% and 2.9 years • Total portfolio valuation of $
Slide 16: SPL Town centre portfolio
SPL Town centre portfolio FY26 highlights1 • LFL Rental Growth of +0.9% across 21,000sqm • LFL specialty MAT stabilised at +0.2% against FY25, with Mar 26 quarter showing return to growth at +5.6%. Specialty GOC remains low at ~12% • 31 leasing transactions completed equating to 21% of specialty ten
Slide 17: SPL Office portfolio
SPL Office portfolio FY26 highlights • LFL Rental Growth of +2.0% across 57,000sqm, including +6.2% for repositioned assets • Repositioning progress: − 34 Shortland Street: Works largely complete. ~4,700sqm of new lettings now complete, ~1,800sqm remaining − 215 Lambton Quay: Lobby, café and end of
Slide 18: Sustainability
Sustainability Stride Property Group | Annual Results FY26 18
Slide 19: Progress on sustainability
Progress on sustainability 79/100 GRESB score achieved during FY26, an improvement of +10 points from the prior year Energy efficiency software installed in Auckland office assets, targeting efficiency improvement of HVAC Auckland Transport’s Fareshare programme implemented Town Centre at Stride’s h
Slide 20: FY26 consolidated financial results
FY26 consolidated financial results Stride Property Group | Annual Results FY26 20
Slide 21: Financial performance
Financial performance Stride Property Group (Stride) - Consolidated Change 31 Mar 26 31 Mar 25 $m $m $m % Net rental income 58.9 69.1 (10.1) (14.7) Management fee income 22.9 20.4 +2.5 +12.2 Total corporate expenses (22.1) (21.3) (0.8) (3.5) Profit before net finance expense, other (expense)/income
Slide 22: Distributable profit
Distributable profit Stride Property Group (Stride) - Consolidated Change 31 Mar 26 31 Mar 25 $m $m $m % Profit before income tax 39.9 32.5 +7.5 +23.0 Non-recurring, non-cash and other adjustments: - Net change in fair value of investment properties 34.1 29.5 +4.6 +15.5 - Share of profit in equity-a
Slide 23: Capital management
Capital management Stride Property Group | Annual Results FY26 23
Slide 24: Capital management – debt facilities
Capital management – debt facilities • Bank debt facilities refinanced and extended. No debt facilities maturing until FY30 As at As at Syndicated debt facilities 31 Mar 26 31 Mar 25 • 33.6% bank LVR1 as at 31 Mar 26, down from 38.7% as at 31 Mar 25 Debt facility limit $460m $460m • 23.8% balance sh
Slide 25: Capital management – cost of debt
Capital management – cost of debt Weighted average cost of debt at 5.0% vs 4.9% at 31 Mar 25. Offsetting movements included: As at As at Cost of debt 31 Mar 26 31 Mar 25 • $75m of hedging with 1.6% average rate matured over the year Weighted average cost of debt 5.0% 4.9% (incl. margins & line fees)
Slide 26: Outlook
Outlook Stride Property Group | Annual Results FY26 26
Slide 27: Outlook
Outlook • Recent offshore developments have reintroduced inflation pressures and market uncertainty, weighing on business and consumer confidence • Should Diversified investors seek liquidity in FY27, associated project fees offset lost management fee income in near term with a 5-6% impact to DPPS o
Slide 28: Glossary
Glossary Stride Property Group | Annual Results FY26 28
Slide 29: Glossary
Glossary AUM Assets under management Contract Rental Contract Rental is the amount of rent payable by each tenant, plus other amounts payable to SPL (or the relevant landlord) by that tenant under the terms of the relevant lease as at the relevant date, annualised for the 12 month period on the basi
Slide 30: Appendices
Appendices Stride Property Group | Annual Results FY26 30
Slide 31: Appendix 1: Total AUM
Appendix 1: Total AUM Stride’s strategy is to AUM movements over FY26 create a group of Products in core +$37m ~+$70m1 +$35m $3,302m ~$3,338m commercial property $3,190m +$160m +$38m $(35)m sectors which form the basis of its investment $(156)m $879m $879m $1,010m management business Total AUM is $3
Slide 32: Appendix 2: Investment Portfolio by sector
Appendix 2: Investment Portfolio by sector Overview Convenience- Town centre/ As at Mar 26 Total Office Industrial based retail retail shopping centres Office and town centre portfolio Properties (no.) 8 6 2 Net Contract Rental ($m) 53.4 40.1 13.3 WALT (years) 5.9 6.7 3.6 Occupancy (% by area) 88 86
Slide 33: Appendix 3: SPL Office and town centre portfolio
Appendix 3: SPL Office and town centre portfolio As at As at SPL Overview 31 Mar 26 31 Mar 25 Location by Contract Rental Properties (no.) 8 9 Tenants (no.) 190 222 Net Lettable Area (sqm) 107,977 131,019 Net Contract Rental ($m) 53.4 60.6 Wellington 36% WALT (years) 5.9 5.9 Auckland Occupancy (% by
Slide 34: Appendix 4
Appendix 4 Net Contract Rental $60.6m $1.5m $1.2m $(2.1)m $53.4m $(7.7)m As at Rent reviews Net leasing impact Other items Silverdale Centre As at 31 Mar 25 (includes unrecovered opex disposal 31 Mar 26 due to vacancies) Profit before other (expense)/income and income tax $49.3m $2.5m $0.8m $41.7m $
Slide 35: Appendix 4 (cont.)
Appendix 4 (cont.) Net Tangible Assets per share $0.07 $0.06 $(0.02) $1.72 $(0.06) $1.69 $(0.08) As at Profit before other Income tax Net change in Share of profit in Dividends As at 31 Mar 25 (expense)/income and expense fair value of equity-accounted paid 31 Mar 26 income tax investment properties
Slide 36: Thank you
Thank you Stride Property Group Level 12, 34 Shortland Street Auckland 1010, New Zealand PO Box 6320 Victoria Street West Auckland 1142, New Zealand P +64 9 912 2690 W strideproperty.co.nz Important Notice: The information in this presentation is an overview and does not contain all information nece