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25 AUGUST 2026 FY26 RESULTS PRESENTATION A MILESTONE MEASURED
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2 Overview01 ABACUS GROUP FY26 RESULTS Outlook and guidance04 Key financial metrics and capital management02 Operating performance03 Steven Sewell, Managing Director Evan Goodridge, CFO Kevin George, Group General Manager - Commercial & Fund Manager ABG Steven Sewell, Managing Director Agenda Abacus Group | FY26 Results Presentation
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FY26 METRICS TOTAL ASSETS GGGGG $2.5bn 5.1% on FY25 STATUTORY LOSS $74.5m $101.4m on FY25 NET TANGIBLE ASSETS $1.59ps 7.6% on FY25 DPS3 8.50cps Flat on FY25 GEARING S 36.2% 170bps on FY25 WEIGHTED AVG CAP RATE1 6.70% 7bps on FY25 FFO $81.2m 1.9% on FY25 FFO PER SECURITY 9.08cps 1.9% on FY25 OCCUPANCY2 GGGGGG 91.2% 90bps on FY25 LEASING DEALS4 49,687sqm 0.3% on FY25 1. Cap rate applied to 30 June 2026 investment properties of $1,826m. 2. Excludes development affected asset (Virginia Park, Bentleigh East VIC). 3. 50% of the distribution is fully franked. FY25: 50%. 4. Commercial leasing deals, based on 100% ownership. 3 Abacus Group | FY26 Results Presentation
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Investment Management 4Abacus Group | FY26 Results Presentation ABACUS STRATEGY: PRIMED FOR ACCELERATION A focused Commercial REIT with a path to sustainable income growth Invest in assets in major markets with a clear path to sustainable income growth • Concentrate investment activity in Australian East Coast markets, particularly Sydney and Brisbane • A-grade Office focus oriented to SME customers • Consider value-add opportunities that enhance portfolio composition Provide Commercial space solutions with compelling value propositions for our customers • Execute targeted repositioning and refurbishment opportunities • Prioritise operational control Through close engagement with customers, deliver best-in-class Commercial property services to meet their evolving needs • Strengthen customer relationships through Voice of Customer insights and improved NPS to support retention and performance Post-ASK internalisation, Abacus Group is accelerating its strategy to unlock new opportunities • Concentrate on select Commercial real estate sectors that deliver long-term returns • Sustainable outcomes through active investment and asset management • Stronger focus on customer requirements Asset Management Customer Management Simplified structure STRATEGY IN ACTION Sector management focus Well-defined portfolio priorities Clearer capital allocation framework
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KEY BUSINESS PRIORITIES Disciplined execution to simplify the business, strengthen the platform and position for sustainable earnings growth Abacus Group | FY26 Results Presentation 5 Simplify Strengthen Grow IMMEDIATE Drive income and earnings growth • Pure play Commercial REIT structure • Sector specialisation • Simplified operations • Continue to optimise organisational efficiencies • Reset distribution to a payout ratio that is more sustainable through the cycle • Focus on East Coast Commercial markets • A-grade Office focus oriented to SME customers MEDIUM TERM • Targeted repositioning, refurbishment and value- add opportunities • Operational control and customer insight to support leasing, retention and income quality • Explore opportunistic growth initiatives SHORT TERM • Focused management of the core portfolio • Disciplined non-core asset sales • Capital recycling to optimise portfolio focus • Reduce gearing levels and optimise free cash flow • Further reduce management expenses through a leaner operating model
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FY26 HIGHLIGHTS 6 Solid operating performance across Commercial sectors, alongside the completion of a significant corporate transaction Abacus Group | FY26 Results Presentation 99 Walker Street, North Sydney NSW Office Platform efficienciesRetail +5.5% Leasing spreads growth Broad based growth, driven by new deals and renewals +8.4% Leasing spreads growth Continued strong demand at Oasis, reflecting its prime location -5.0% Lower cost base Reduced Admin & Other expenses through organisational simplification Targeting a 25% reduction in FY27 admin expenses primarily via head count reduction Corporate Transactions ~$3.9bn entity ASK Internalised FY21: Acquisition of SK Platform FY23: De-staple of ASK FY26: Internalisation of ASK Culmination of multi-year growth strategy
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EVAN GOODRIDGE KEY FINANCIAL METRICS & CAPITAL MANAGEMENT 459 - 471 Church Street, Richmond VIC
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Includes FY26 FY25 Change Comments FY27 Impact Office operating earnings1 89.6 92.6 (3.2%) Driven by rent reviews and leasing spreads, offset by reduced surrender fees of $0.9m (FY25: $8.3m) Retail LFL operating earnings1 30.0 28.7 4.5% Driven by rent reviews and leasing spreads Self Storage (ASK / SKG return on investment) 16.1 16.8 (4.2%) Equity return on the Group’s 19.7% ownership of ASK Distribution income from SKG investment Investment management & other income 27.0 27.1 - ASK management/development management fee ($14.6m/$4.7m), Commercial management fees ($1.0m), JV income ($2.8m), finance income ($2.9m), realised gains from investments ($0.7m) & other investment income ($0.3m) Removal of SKG management and development fee revenue Total LFL operating earnings 162.7 165.2 (1.5%) Retail non-LFL operating earnings 1 0.1 2.2 (97.0%) Divested assets (Ashfield Mall and Market Central, Lutwyche) Total operating earnings 162.8 167.4 (2.7%) Administrative and other expenses (32.0) (33.7) (5.0%) Includes approximately $8.4 million of staff and operating costs associated with ASK management activities Targeting a 25% reduction in admin expenses primarily via head count reduction EBIT 130.8 133.7 (2.2%) Net finance costs (44.2) (49.7) Reflects FY26 WACD of 4.5% (FY25: 5.1%) Guiding to WACD of 5.25% 2 Tax expense (5.4) (1.3) Carry forward FFO tax losses exhausted in FY26 FFO 81.2 82.7 (1.9%) FFO per security (cents) 9.08 9.26 Distribution per security (cents) 8.50 8.50 Franking credit distribution per security (cents) 1.82 1.82 Payout ratio 93.6% 91.8% OPERATING EARNINGS SUMMARY FY26 operating earnings Office, 55% Retail, 18% Self Storage, 10% Investment Management, 13% Other, 4% 8Abacus Group | FY26 Results Presentation $162.8 million 1. Operating earnings (rental income less property expenses). 2. FY27 guidance for average cost of drawn debt 5.25% assuming average floating rate of 4.5%.
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FY26 BALANCE SHEET ALLOCATION 56% $2.6bn Total Assets 30 June 2025 OFFICE $1.5bn Office Retail ASK $1,457m $419m $460m 30 June 2026 14 properties 2 properties 19.8% shareholding in ASK 16%RETAIL $0.4bn 18%ASK $0.5bn 10% OTHER $0.3bnOther $252m Non-property assets2and two greenfield assets (Riverlands and Camellia) 1. Non-core asset 241 Adelaide St, Brisbane QLD was divested on 19 February 2026. 2. Includes cash, cash equivalents, goodwill, intangibles, deferred tax and other assets. 3. Valued at $12.5 million as at 30 June 2026. 4. Valued at $55.0 million as at 30 June 2026. As reported at HY26, the Group has entered into a contract for the sale of Camellia NSW, with settlement due by the end of September 2026, subject to the satisfaction of contractual conditions. 9Abacus Group | FY26 Results Presentation 59% $2.5bn Total Assets OFFICE $1.4bn Office Retail ASK $1,448m $434m $348m 13 properties1 2 properties 19.7% shareholding in ASK 18%RETAIL $0.4bn 14%ASK $0.3bn 9% OTHER $0.2bnOther $228m Non-property assets2 and two greenfield assets (Riverlands3 and Camellia4)
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250 250 250 175 11 76 125 $- $55 $110 $165 $220 $275 FY27 FY28 FY29 FY30 FY31 FY32 Drawn bank debt ($m) Available bank facility ($m) CAPITAL MANAGEMENT 81.1% hedged NTA1 $1.59ps Total assets $2.5bn Funding capacity2 >$150m FY26 avg. cost of debt3 4.5% Gearing4 36.2% Debt term to maturity 3.2yrs 64% 52% 38% 22% 1% 3.5% 3.6% 3.9% 4.1% 4.1% 3.0% 4.0% 5.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% FY27 FY28 FY29 FY30 FY31 Interest Rate Swaps Weighted Average Fixed Rate Debt expiry profile Hedging profile expiryInterest rate hedging – drawn debt 1. NTA calculated as: (net assets less goodwill less DTA plus DTL) divided by total securities as at 30 June 2026. 2. Based on target gearing of up to 40%. 3. FY27 guidance for average cost of drawn debt 5.25% assuming average floating rate of 4.5%. 4. Calculated as bank debt less cash ($873m) divided by total assets less cash ($2.4bn). Sufficient liquidity with over $150 million in acquisition capacity 10Abacus Group | FY26 Results Presentation DRAFT
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201 Elizabeth Street, Sydney NSW 11Abacus Group | FY26 Results Presentation WACR: 6.77% Commercial ($36m) $19m $36m $5m$1,802m $1,826m FY25 investment property value Net income growth Cap rate contraction Capex & other Acquisition FY26 investment property value WACR: 6.70% VALUATION UPDATE Commercial portfolio valuation uplift driven by improving fundamentals and cap rate compression across Office and Retail 99 Walker Street, North Sydney NSW
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KEVIN GEORGE OPERATING PERFORMANCE 710 Collins Street, Melbourne VIC
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OFFICE SNAPSHOT Portfolio of 13 Office assets valued at $1.4 billion as at 30 June 2026 OCCUPANCY1 89.2% FY25: 91.1% SME CUSTOMERS2,5,6 59% FY25: 59% LEASING DEALS2 71 FY25: 89 WALE1 3.6yrs FY25: 3.6yrs A-GRADE BUILDINGS4 76% FY25: 77% CUSTOMERS2,5 315 FY25: 344 WACR 6.80% FY25: 6.82% 452-484 Johnston Street, VIC2 King Street, Fortitude Valley QLD LFL RENT GROWTH1,3 2.0% FY25: 4.3% 1. Excludes development affected asset (Virginia Park, Bentleigh East VIC). 2. On a 100% basis. 3. Excluding intra period vacancy, LFL income growth is 3.2%. 4. Excludes Virginia Park, Bentleigh East VIC (part Industrial). 5. Includes managed properties. 6. By number of customers. 13Abacus Group | FY26 Results Presentation 2 King Street, Fortitude Valley QLD 2 King Street, Fortitude Valley QLD
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Market profile: Geography1 Asset profile: Grade1 Asset profile: Life cycle1 Customer profile: Top 5 industries3 Customer profile: SME customers4 Sydney CBD & Fringe Melbourne CBD & Fringe Brisbane CBD & Fringe Other A B+ Stabilised Active Management Other Professional Services Financial Non- Banking Government Real Estate Construc tion SME 59% Other 41% OFFICE PORTFOLIO Predominantly an A-grade portfolio in premium locations underpinned by a diversified SME customer base 94% exposed to the Eastern Seaboard1 76% A-grade1 +35 NPS across managed Office assets5 77 Castlereagh Street, Sydney NSW 1. By fair value. 2. Other includes Canberra CBD, Adelaide CBD and suburban Melbourne. 3. By total gross income. 4. By count. 5. Completed by 72% of total customers across managed Office assets. Development & Repositioning 2 14Abacus Group | FY26 Results Presentation
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OFFICE LEASING METRICS Improved customer NPS of +35 (FY25: +27) supported positive leasing outcomes 53% new 47% renewals 33% average gross incentive 35% on new deals 25% on renewals 5.5% net face leasing spreads 6.7% on new deals 4.0% on renewals 3.6% average rent review 99% fixed 1% CPI $836psm average net face rent2 $1,037 average CBD $534 average fringe FY25: 44,458 sqm FY25: 33% FY25: 5.8% FY25: 3.7% FY25: $810psm 46,628 sqm leased1 51 Allara Street, Canberra ACT 1. Based on 100% ownership. 2. As at 30 June 2026. Sydney and Melbourne assets excluding development affected asset (Virginia Park, Bentleigh East VIC). 15Abacus Group | FY26 Results Presentation 51 Allara Street, Canberra ACT
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OFFICE LEASING EXPIRY1 Manageable near-term lease expiry profile 11% 5% 11% 18% 13% 15% 27% Vacant Short Term FY27 FY28 FY29 FY30 FY31+ NSW QLD VIC SA ACT Major Vacancies: 710 Collins St (3.1%) 201 Elizabeth St (1.7%) 99 Walker St (1.6%) Major Expiries: 51 Allara St (3.4%) 99 Walker St (1.3%) 14 Martin Pl (0.3%) Major Expiries: 324 Queen St (2.5%) 14 Martin Pl (2.1%) 459 Church St (2.0%) Major Expiries: 77 Castlereagh St (3.8%) 99 Walker St (3.7%) 324 Queen St (3.6%) Major Expiries: 452-484 Johnston St (2.1%) 91 King William St (2.0%) 99 Walker St (1.9%) Major Expiries: 77 Castlereagh St (3.4%) 99 Walker St (2.7%) 201 Elizabeth St (2.4%) 1. By income and excludes one development affected asset as at 30 Jun 2026 (Virginia Park, Bentleigh East VIC) . 2. Office space available for lease that has been spec fitted or has existing fitouts. 65% vacant Office area fitted2 16Abacus Group | FY26 Results Presentation Major Expiries: 201 Elizabeth St (4.8%) 452-484 Johnston St (3.6%) 324 Queen St (3.5%)
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RETAIL SNAPSHOT Portfolio of 2 Retail assets (1 centre and 1 CBD asset) valued at $0.4 billion as at 30 June 2026 OCCUPANCY 97.4% FY25: 95.5% WALE 4.8yrs FY25: 5.2yrs NET FACE LEASING SPREADS 8.4% FY25: 3.1% WACR 6.25% FY25: 6.46% AVG. RENT REVIEW 3.6% FY25: 3.9% The Oasis, Broadbeach, Gold Coast QLD LFL RENT GROWTH 4.4% FY25: 3.5% 17Abacus Group | FY26 Results Presentation Myer, Melbourne VIC
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STEVEN SEWELL OUTLOOK AND GUIDANCE 459 - 471 Church Street, Richmond VIC
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OUTLOOK & GUIDANCE Owning and managing an Australian eastern seaboard focused Commercial portfolio 19Abacus Group | FY26 Results Presentation Abacus Group Active customer focused asset management driving better leasing and income growth Outlook We remain confident that the Group is well positioned to leverage our key enablers and deliver recurring income and create value creation over the medium to long term FY27 Guidance • Abacus Group FY27 distribution guidance of 6.70 cents per security • Targeting a full year payout ratio of 80% - 90% of FFO • 67% of the FY27 distribution is expected to be fully franked, up from 50% in FY26 Our guidance is predicated on no material deterioration in current business conditions
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STATUTORY EARNINGS RECONCILIATION SLIDE 21 PROFIT AND LOSS OVERVIEW SLIDE 22 BALANCE SHEET OVERVIEW SLIDE 23 DEBT FACILITIES SLIDE 24 INVESTMENT PORTFOLIO METRICS SLIDE 25 ESG SLIDE 26 COMMERCIAL PORTFOLIO SLIDE 27 GLOSSARY SLIDE 28 IMPORTANT INFORMATION SLIDE 29 CONTENTS 77 Castlereagh Street, Sydney NSW
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STATUTORY EARNINGS RECONCILIATION Performance metrics ($m) FY26 FY25 Statutory profit (74.5) 26.9 Fair value adjustments 120.1 31.9 Depreciation, amortisation & impairment 18.6 4.1 Rent straight-lining, incentives & one-off adjustments 21.3 14.1 Tax (expense)/benefit on FFO items (4.3) 5.7 FFO 81.2 82.7 Maintenance capex 12.6 13.6 Tenant incentives (capex) 10.3 8.3 Tenant incentives (rent abatement) 18.1 17.6 Term Definition Funds from operations (FFO) FFO is in line with the PCA’s definition and comprises net profit/loss after tax attributable to stapled security holders, calculated in accordance with Australian Accounting Standards and adjusted for: property revaluations, impairments and reversal of impairments, derivative and foreign exchange mark-to-market impacts, fair value movements on investment properties accounted for at fair value, fair value of interest bearing liabilities, amortisation of tenant incentives, gain/loss on sale of certain assets, straight line rent adjustments, non -FFO tax expenses, certain transaction costs, one-off significant items, amortisation of intangible assets, movements in right-of-use assets and lease liabilities, rental guarantees and coupon income. 21Abacus Group | FY26 Results Presentation
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Performance metrics ($m) FY26 FY25 Comments Rental income 163.4 168.4 Rental growth offset by divestment of assets and reduced surrender fees Fee, finance and other income 24.2 23.7 Increase driven by higher ASK gross asset value Share of profit from equity accounted investments 18.9 20.2 Decrease due to repositioning of JV assets and lower ASK earnings Total revenue 206.5 212.3 Property expenses (43.7) (44.9) Increase in statutory expenses offset by divestment of assets Operating earnings 162.8 167.4 Administrative and other expenses (32.0) (33.7) Includes approximately $8.4 million of staff and operating costs associated with ASK management activities EBIT 130.8 133.7 Net finance costs (44.2) (49.7) FY26 WACD of 4.5% (FY25: 5.1%) Tax expense (5.4) (1.3) Carry forward FFO tax losses exhausted in FY26 FFO 81.2 82.7 Weighted average securities 893,657,633 893,657,633 PROFIT AND LOSS OVERVIEW 22Abacus Group | FY26 Results Presentation
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BALANCE SHEET OVERVIEW FY26 FY25 Investment properties $1,825.5m $1,801.8m PP&E, equity and other investments, financial and other assets $534.8m $671.5m Loans $49.1m $55.9m Cash and cash equivalents $46.0m $23.9m Goodwill and intangibles - $32.4m Deferred tax assets $2.2m $2.9m Total assets $2,457.6m $2,588.4m Interest bearing liabilities $956.0m $942.1m Other liabilities $78.0m $73.3m Deferred tax liabilities $8.2m $9.7m Total liabilities $1,042.2m $1,025.1m Net assets $1,415.4m $1,563.3m Total securities 893,657,633 893,657,633 23Abacus Group | FY26 Results Presentation
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DEBT FACILITIES Capital management metrics FY26 FY25 Comments Total bank debt facilities $1,136m $1,136m Total bank debt drawn $925m $910m Term to maturity 3.2yrs 3.3yrs 3.6yrs on fully drawn basis (FY25: 3.8yrs) extension of facilities by one year at reduced costs Interest rate hedging 81% 80% Weighted average hedge maturity 2.0yrs 3.0yrs Average cost of debt - drawn 4.5% 5.1% Average cost of debt - fully drawn 4.4% 4.9% Group gearing 36.2% 34.5% Calculated as bank debt net of cash divided by total assets net of cash Look through gearing 36.3% 39.1% Includes impact of JV gearing Gearing calculated for covenant measures/covenant 41.2%/50% 39.4%/50% Total liabilities net of cash divided by total tangible assets net of cash Interest coverage ratio/covenant 2.7x/2.0x 2.5x/2.0x EBITDA divided by interest expense 24Abacus Group | FY26 Results Presentation
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INVESTMENT PORTFOLIO METRICS Portfolio metrics FY26 Office Retail ASK Other1 Total Value ($m) 1,448 434 348 228 2,458 No. of assets 13 2 - 2 17 NLA2,3 (sqm) 142,398 45,205 - - 187,603 WACR (%) 6.80 6.25 - - 6.68 Occupancy2 (% by area) 89.2 97.4 - - 91.2 Average net face rent2 ($ psm) 723 690 - - 714 WALE2 (yrs by $) 3.6 4.8 - - 3.9 Office 59% Retail 18% ASK 14% Other 9% Investment portfolio geographic diversification4 Investment portfolio sector diversification Asset ownership (number of assets) NSW QLD VIC SA ACT 100% owned 5 2 1 - 1 50% owned 1 1 4 1 - <50% owned 1 - - - - 1. Includes cash and other non-property assets. 2. Excludes development affected asset (Virginia Park, Bentleigh East VIC) . 3. Abacus ownership basis. 4. Excludes cash and other non-property assets. NSW 44% QLD 23% VIC 27% SA 4% ACT 2% 25Abacus Group | FY26 Results Presentation
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ESG FOCUS To concentrate on select real estate sectors that deliver long term and sustainable outcomes through active investment and asset management with a strong focus on customer awareness Emission intensity: 79% in scope 1 and 2 GHG emission intensity (vs. FY19) Water reduction: 12% in water intensity (vs. FY19) Customer Net Promoter Score +35, an eight point increase from FY25 Supporting our people: 74% employee engagement score NABERS performance 1: 4.6 stars Energy NABERS rating 4.2 stars Water NABERS rating 1. Office assets under Abacus Group ownership. Aligning our governance approach and structures to support long term success through value creation Building organisational capability to drive sustainable outcomes, ensuring our people are supported and set for success Cultivating strong customer relationships to deliver value and retain long term partnerships Minimising our environmental impact through conservation of resources, reduction in emissions and increased operational efficiencies ABACUS SUSTAINABILITY STRATEGY 26Abacus Group | FY26 Results Presentation
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COMMERCIAL PORTFOLIO 17 Assets QLD 3 ACT 1 SA 1 $1.9bn portfolio, 96% exposed to the Eastern Seaboard NSW 7 1. Riverlands NSW and Camellia NSW. Office assets Retail assets VIC 5 27% VIC $ 522 million Office 4 $308m Retail 1 $214m 2% ACT $ 26 million Office 1 $26m 44% NSW $ 863 million Office 5 $796m Other 1 2 $67m 23% QLD $ 453 million Office 2 $233m Retail 1 $220m 4% SA $ 85 million Office 1 $85m 27Abacus Group | FY26 Results Presentation
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GLOSSARY TERM DEFINITION TERM DEFINITION ABG Abacus Group LFL Like for like ASK Abacus Storage King (Changed to Storage King Group (ASX:SKG) post balance date) NABERS National Australian Built Environment Rating System ASX Australian Securities Exchange NLA Net lettable area CBD Central business district NPS Net Promoter Score CPI Consumer price index NTA Net tangible assets CPS Cents per stapled security PCA Property Council Australia DPS Distribution per stapled security PP&E Property, plant and equipment DTA Deferred tax assets PS Per stapled security DTL Deferred tax liabilities PSM Per square metre EBIT Earnings before interest and taxes REIT Real estate investment trust EBITDA Earnings before interest, taxes, depreciation and amortisation REVPAM Revenue per available square metre ESG Environmental, Social and Governance SK Storage King FFO Funds from Operations SME Small medium enterprise FY Financial year SQM Square metre GAV Gross asset value WACD Weighted average cost of debt GHG Greenhouse gas WACR Weighted average capitalisation rate JV Joint venture WALE Weighted average lease expiry 28Abacus Group | FY26 Results Presentation
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IMPORTANT INFORMATION The information provided in this document is general, and may not be suitable for the specific purpose of any user of this document. It is not financial advice or a recommendation to acquire Abacus Group securities (ASX:ABG). Abacus Group believes that the information in this document is correct (although not complete or comprehensive) and does not make any specific representations regarding its suitability for any purpose. Users of this document should obtain independent professional advice before relying on this document as the basis for making any investment decision and should also refer to Abacus Group’s financial statements lodged with the ASX for the period to which this document relates. This document contains non-AIFRS financial information that Abacus Group uses to assess performance and distribution levels. That information is not audited. Indications of, and guidance on, future earnings and financial position and performance are “forward-looking statements”. Due care and attention has been used in the preparation of forward looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Abacus Group, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. 29Abacus Group | FY26 Results Presentation