Annual financial statement
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Centuria Industrial REIT and its subsidiaries ARSN 099 680 252 Centuria Annual Financial Report For the year ended 30 June 2026 Centuria Property Funds No. 2 Limited ABN 38 133 363 185 is the Responsible Entity for Centuria Industrial REIT .
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Centuria Industrial REIT Table of contents For the year ended 30 June 2026 Contents Page Directors' report 1 Auditor's Independence Declaration 7 Consolidated financial statements 8 Directors' declaration 38 Independent auditor's report 39 Corporate governance statement 43 Additional stock exchange information 44
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Directors' report For the year ended 30 June 2026 The directors of Centuria Property Funds No. 2 Limited, the Responsible Entity of Centuria Industrial REIT (CIP) present their report, together with the consolidated financial statements of CIP and its subsidiaries (the Trust) for the year ended 30 June 2026 and the independent auditor's report thereon. Directors of the Responsible Entity The directors of Centuria Property Funds No. 2 Limited during or since the end of the financial year are: Name Appointed Roger Dobson 01 Oct 2017 Peter Done 26 Jun 2017 Natalie Collins 29 Jul 2020 Jennifer Cook 01 Jul 2021 The company secretary of Centuria Property Funds No. 2 Limited during or since the end of the financial year was: Name Appointed Anna Kovarik 05 Jul 2018 Refer to Note D2 of the annual financial report for directors' unit holdings in the Trust. No director holds a right or option over interests in the Trust. No options over any issued or unissued units in the Trust have been issued to any director. There are no contracts to which any director is a party to under which a director is entitled to a benefit and/or confers a right to call for or be delivered interests in the Trust. Principal activities The Trust is a registered managed investment scheme domiciled in Australia. The principal activity of the Trust is investment in industrial property within Australia. There have been no significant changes in the nature of the Trust's activities since the date of the Trust's establishment. The Trust did not have any employees during the financial year. Significant changes in the state of affairs In the opinion of the Responsible Entity there were no significant changes in the state of affairs of the Trust that occurred during the financial year. Review of operations Results The results of the operations of the Trust are disclosed in the consolidated statement of profit or loss and other comprehensive income of these financial statements. The Trust's statutory profit from continuing operations for the year ended 30 June 2026 was $160,382,000 (30 June 2025: $133,061,000). As at 30 June 2026, the Trust's Net Tangible Assets (NTA) was $4.01 per unit, representing a 9.0 cents per unit (cpu) increase from the prior year (30 June 2025: $3.92). Funds From Operations (FFO) for the year ended 30 June 2026 was $114,103,000 (30 June 2025: $110,890,000). Centuria Industrial REIT 30 June 2026 1
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Directors' report Review of operations (continued) Results (continued) The following table provides a reconciliation from the consolidated statement of profit or loss and other comprehensive income to the funds from operations for the year: 30 June 2026 $'000 30 June 2025 $'000 Net profit for the year 160,382 133,061 t Adjustments: Net gain on fair value of investment properties (72,203) (47,416) Straight-lining of rental income (11,454) (8,782) Loss on fair value of derivative financial instruments 12,132 8,098 Rent free and abatement 22,824 20,717 Amortisation of incentives and leasing fees 5,673 5,383 Transaction costs 336 105 Adjustment for non FFO equity accounted items (3,587) (276) Funds from operations 114,103 110,890 Investment property valuations The Trust externally revalued 33 investment properties as at 30 June 2026. The total value of the Trust's portfolio including investment properties held for sale and co-owned assets as at 30 June 2026 was $3,934.1 million (30 June 2025: $3,890.2 million), an increase of 3.2% for the year on a like for like basis. The weighted average capitalisation rate for the portfolio firmed by 6 basis points to 5.80% as at 30 June 2026 (30 June 2025: 5.86%). The Trust publishes a Property Compendium that includes valuation and other details of the Trust's property portfolio along with the financial report. The Property Compendium can be found on the Centuria website. Leasing and occupancy The Trust secured 226,199 square metres (sqm) of leases across 30 transactions for the year ended 30 June 2026. This represented 18% of the portfolio's gross lettable area. At 30 June 2026, the Trust's portfolio was 95.2% occupied and the remaining lease expiry for the upcoming financial year ending 30 June 2027 represents 2.7% of portfolio income. CIP's weighted average lease expiry ('WALE') as at 30 June 2026 was 7.0 years (30 June 2025: 7.1 years). Capital management During the year, the Trust repurchased and cancelled $300.0 million Exchangeable Notes. This was funded by $325.0 million of new Exchangeable Notes issued by the Trust on 3 September 2025. As at 30 June 2026, the Trust had debt facilities and Exchangeable notes totalling $1,827.1 million (30 June 2025: $1,805.0 million) with a weighted average expiry of 3.6 years (30 June 2025: 3.1 years). Drawn borrowings and Exchangeable notes totalled $1,383.1 million (30 June 2025: $1,363.0 million), and the all-in interest cost (made up of interest expense and line fees) as at 30 June 2026 was 4.7% (30 June 2025: 4.5%). The Trust had 50.4% of its drawn debt hedged (30 June 2025: 80.7%) through a combination of swaps and fixed rate borrowings. The Trust's gearing ratio as at 30 June 2026 was 34.9% (30 June 2025: 34.7%). Moody's Investor Services has maintained the Trust at a Baa2 issuer rating with a stable outlook. Centuria Industrial REIT 30 June 2026 2
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Directors' report Review of operations (continued) Outlook The Responsible Entity’s strategy and ongoing focus remains unchanged. Management continues to focus on portfolio leasing to ensure occupancy and income are maximised through active asset management, risk mitigation and repositioning strategies. The Responsible Entity gives consideration to acquire quality assets in order to enhance existing stable and secure income streams. The Trust's Funds From Operations (FFO) guidance for the year ending 30 June 2027 is expected to be between 18.8 - 19.2 cpu. The distribution guidance for the year ending 30 June 2027 is expected to be 17.3 cpu which will be paid in quarterly instalments. Distributions Distributions paid or payable in respect of the financial year were: 30 June 2026 30 June 2025 Cents per unit $'000 Cents per unit $'000 September quarter 4.200 26,497 4.075 25,873 December quarter 4.200 26,225 4.075 25,873 March quarter 4.200 26,225 4.075 25,873 June quarter 4.200 26,225 4.075 25,873 Total 16.80 105,172 16.300 103,492 Key dates in connection with the 30 June 2026 distribution are: Event Date Ex-distribution date 29 June 2026 Record date 30 June 2026 Distribution payment date 14 August 2026 The Trust paid distributions of 16.8 cpu during the 2026 financial year which was in line with guidance provided as part of the June 2025 year end result. Distribution reinvestment plan The Trust did not activate the Distribution Reinvestment Plan (DRP) during the year ended 30 June 2026. Climate-related disclosures and sustainability and environmental regulation The Trust is subject to environmental laws and regulations under Commonwealth, State and Territory legislation applicable to its operations. The Trust has processes in place to ensure compliance with applicable environmental regulations and complied with all such regulations during FY26. The Trust will be required to prepare a sustainability report in accordance with the Corporations Act 2001 (Cth) and AASB S2 Climate-related Disclosures, with its first mandatory reporting period having commenced on 1 July 2026, for the FY2027 reporting year. Centuria Capital Group, or CNI (the ultimate parent of the Responsible Entity), intends to release its FY26 voluntary report on climate-related risks and opportunities in November 2026. The Trust’s approach to meeting climate-related disclosure obligations is closely aligned with that adopted by CNI, as outlined in the report. Prepared in response to certain aspects of AASB S2, the report will highlight the progress made by both CNI and the Trust towards meeting future mandatory climate-related disclosure requirements. Options granted Other than the existing Exchangeable notes, no other options were granted over unissued units in the Trust during or since the end of the financial year. No unissued units in the Trust were under option as at the date of this report. No units were issued in the Trust during or since the end of the financial year as a result of the exercise of an option over unissued units in the Trust. Centuria Industrial REIT 30 June 2026 3
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Directors' report Events subsequent to the reporting date On 9 July 2026, the Trust settled on the acquisition of 65 Beverage Dr, Tullamarine VIC for $13.9 million (plus costs). This was acquired from an entity related to the Responsible Entity at arm's length and on commercial terms and conditions. On 30 July 2026, the Trust established a new swap with a face value of $50.0 million. The Trust's loan facilities that are on a fixed interest basis increased to $750.0 million and 54.0% of drawn debt is fixed through swaps and fixed rate borrowings. There are no other matters or circumstances which have arisen since the end of the financial year and the date of this report, in the opinion of the Responsible Entity, which significantly affect the operations of the Trust, the results of those operations, or the state of affairs of the Trust, in future financial years. Likely development and future prospects The Trust will continue to pursue its strategic objective of delivering sustainable and growing income returns to unitholders through active asset management, disciplined capital allocation, and selective acquisitions. The Responsible Entity is dedicated to enhancing portfolio quality, maintaining high occupancy levels, and actively managing assets to maximise value-add opportunities and optimise the Trust's performance. Investment property portfolio The Trust’s assets are mainly positioned in key urban infill locations offering last-mile fulfilment, with easy access to major infrastructure. The portfolio is diversified by geography and various industrial subsectors. The Trust aims to leverage its national footprint to identify value-accretive opportunities that align with its investment mandate. Market risk remains a key consideration, particularly in relation to valuation volatility and tenant demand. The Trust will continue to manage these risks through proactive leasing strategies and asset repositioning initiatives. Co-Investments The Trust holds joint venture interests and co-owned assets with strategic partners. These arrangements deliver returns to the Trust in line with the anticipated performance of the property investment which it wholly owns. However, joint decision-making introduces potential governance and operational risks. The Trust mitigates these risks through formal co-ownership agreements and regular engagement with partners to ensure alignment on asset strategy and performance. Development pipeline The Trust’s portfolio includes assets with redevelopment and value-add potential. Future developments will be subject to rigorous feasibility assessments, with consideration given to construction costs, tenant demand, project timelines, and contractor reliability. The Trust’s experienced development team will continue to manage execution risk through detailed planning, contractor selection, and ongoing project oversight. Leasing and occupancy Maintaining high occupancy and lease tenure remains a priority. The Trust will continue to implement active leasing strategies to mitigate income volatility and optimise tenant mix. Market-driven factors such as tenant demand and rental growth will be closely monitored, with asset-level initiatives deployed to enhance leasing outcomes. Capital management The Trust will continue to access diversified funding sources, including debt and equity markets, to support acquisitions and capital expenditure. Financial risks associated with interest rate movements, liquidity, and covenant compliance will be managed through prudent hedging strategies and ongoing monitoring of gearing levels. Risk Management and Liability Events The Trust’s assets are subject to operational risks including damage, tenant default, and compliance breaches. These risks are managed through comprehensive insurance coverage, a robust risk management framework, and oversight by the Audit, Risk and Compliance Committee. The Trust continues to monitor emerging risks and adapt its controls accordingly. Centuria Industrial REIT 30 June 2026 4
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Directors' report Indemnifying officers or auditors Indemnification Under the Trust's constitution, the Responsible Entity, including its officers and employees, is indemnified out of the Trust’s assets for any loss, damage, expense or other liability incurred by it in properly performing or exercising any of its powers, duties or rights in relation to the Trust. The Responsible Entity has not indemnified or agreed to indemnify any auditor or other officer of the Trust, or any related body corporate. Insurance premiums The Responsible Entity has paid insurance premiums in respect of directors’ and officers’ liability and legal expense insurance contracts, for current and former directors and officers, including senior executives of the Responsible Entity. Trust information in the directors' report Responsible Entity interests The following were transactions with the Responsible Entity and related parties during the financial year: 30 June 2026 $'000 30 June 2025 $'000 Management fees 23,899 23,023 Development management fees 4,456 5,999 Leasing fees 1,976 3,717 Property management fees 3,593 2,955 Facility management fees 2,054 2,393 Custodian fees 1,875 1,814 Project management fees 276 179 Due diligence acquisition fees 50 33 38,179 40,113 The Responsible Entity and/or its related parties have held units in the Trust during the financial year are outlined in D2 to the financial statements. Centuria Industrial REIT 30 June 2026 5
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Directors' report Trust information in the directors' report (continued) Other Trust information The number of units in the Trust issued during the financial year, and the balance of issued units at the end ofthe financial year are disclosed in Note C8 to the financial statements. The recorded value of the Trust’s assets as at the end of the financial year is disclosed in the consolidated statement of financial position as “Total assets” and the basis of recognition and measurement is included in the notes to the financial statements. Auditor's independence declaration The auditor's independence declaration requiredunder Section 307C ofthe Corporations Act 2001 is set out on page 7 and forms part of the Directors' report for theyear ended 30 June 2026. Rounding of amounts The Trust is a scheme of the kind referred to in ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2026/183, related to the 'rounding off' of amounts in the Directors' Report and the annual financial report. Amounts in the Directors' Report and the annual financial report have been rounded off, in accordance with the instrument, to the nearest thousand dollars, unless otherwise indicated. This report is made in accordance with a resolution of Directors. Natalie Collins Director Peter Done Director Sydney 11 August 2026 Centuria Industrial REIT 30 June 2026 6
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7 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation. Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 To the Directors of Centuria Property Funds No.2 Limited as the Responsible Entity of Centuria Industrial REIT I declare that, to the best of my knowledge and belief, in relation to the audit of Centuria Industrial REIT for financial year ended 30 June 2026 there have been: i. no contraventions of the auditor independence requirements as set out in the C orporations Act 2001 in relation to the audit; and ii. no contraventions of any applicable code of professional conduct in relation to the audit. KPM_INI_01 KPM G Travis Bowman Partner Sydney 11 August 2026
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Centuria Industrial REIT Annual Financial Report For the year ended 30 June 2026 Consolidated statement of profit or loss and other comprehensive income 9 Consolidated statement of financial position 10 Consolidated statement of changes in equity 11 Consolidated statement of cash flows 12 Notes to the financial statements 13 A About the report 13 A1 General information 13 A2 Material accounting policies 14 A3 New accounting standards and interpretations 14 B Trust performance 16 B1 Distribution 16 B2 Revenue 16 B3 Finance cost 17 B4 Earnings per unit 17 C Trust's assets and liabilities 18 C1 Trade and other receivables 18 C2 Investment properties 19 C3 Investment properties held for sale 21 C4 Equity accounted investments 22 C5 Trade and other payables 24 C6 Borrowings 24 C7 Derivatives 26 C8 Issued capital 27 C9 Contingent assets, liabilities and commitments 27 C10 Cash and cash equivalents 28 D Trust structure 29 D1 Interest in material subsidiaries 29 D2 Related parties 31 D3 Parent entity disclosures 33 E Other notes 34 E1 Auditor's remuneration 34 E2 Financial instruments 34 E3 Events subsequent to the reporting date 37 E4 Additional information 37 Directors' declaration 38 Independent auditor's report 39 Centuria Industrial REIT 30 June 2026 8
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Consolidated statement of profit or loss and other comprehensive income For the year ended 30 June 2026 Notes 30 June 2026 $'000 30 June 2025 $'000 Revenue Rent and recoverable outgoings B2 248,337 233,316 Total revenue from continuing operations 248,337 233,316 Other income Interest income 1,246 1,364 Net gain on fair value of investment properties C2 72,203 47,416 Share of net profit of equity accounted investments C4 6,969 3,468 Total other income 80,418 52,248 Total revenue from continuing operations and other income 328,755 285,564 Expenses Rates, taxes and other property outgoings 61,366 58,312 Finance costs B3 65,949 58,967 Management fees D2 23,899 23,023 Net loss on fair value of derivative and other financial instruments 12,132 8,098 Other expenses 5,027 4,103 Total expenses 168,373 152,503 Profit from continuing operations for the year 160,382 133,061 Net profit for the year 160,382 133,061 Other comprehensive income Other comprehensive income for the year - - Total comprehensive income for the year 160,382 133,061 Basic and diluted earnings per unit Basic earnings per unit (cents per unit) B4 25.6 21.0 The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes. Centuria Industrial REIT 30 June 2026 9
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Consolidated statement of financial position As at 30 June 2026 Notes 30 June 2026 $'000 30 June 2025 $'000 ASSETS Current assets Cash and cash equivalents C10 12,974 15,038 Trade and other receivables C1 13,843 22,149 Other assets 2,044 - Derivative financial instruments C7 1,123 - Investment properties held for sale C3 98,000 42,000 Total current assets 127,984 79,187 Non-current assets Investment properties C2 3,761,900 3,777,555 Equity accounted investments C4 74,702 71,168 Derivative financial instruments C7 1,272 510 Total non-current assets 3,837,874 3,849,233 Total assets 3,965,858 3,928,420 LIABILITIES Current liabilities Borrowings C6 422,075 300,000 Trade and other payables C5 40,743 40,646 Derivative financial instruments C7 - 575 Distributions payable B1 26,225 25,873 Total current liabilities 489,043 367,094 Non-current liabilities Borrowings C6 956,757 1,059,202 Derivative financial instruments C7 14,058 14,845 Total non-current liabilities 970,815 1,074,047 Total liabilities 1,459,858 1,441,141 Net assets 2,506,000 2,487,279 EQUITY Issued capital C8 1,803,999 1,840,488 Retained earnings 702,001 646,791 Total equity 2,506,000 2,487,279 The above consolidated statement of financial position should be read in conjunction with the accompanying notes. Centuria Industrial REIT 30 June 2026 10
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Consolidated statement of changes in equity For the year ended 30 June 2026 Notes Issued capital $'000 Retained earnings $'000 Total $'000 Balance at 1 July 2025 1,840,488 646,791 2,487,279 Net profit for the year - 160,382 160,382 Total comprehensive income for the year - 160,382 160,382 Distributions provided for or paid B1 - (105,172) (105,172) Units buyback costs C8 (51) - (51) Units buyback C8 (36,438) - (36,438) Balance at 30 June 2026 1,803,999 702,001 2,506,000 Notes Issued capital $'000 Retained earnings $'000 Total equity $'000 Balance at 1 July 2024 1,840,488 617,222 2,457,710 Net profit for the year - 133,061 133,061 Total comprehensive income for the year - 133,061 133,061 Distributions provided for or paid B1 - (103,492) (103,492) Balance at 30 June 2025 1,840,488 646,791 2,487,279 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes. Centuria Industrial REIT 30 June 2026 11
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Consolidated statement of cash flows For the year ended 30 June 2026 Notes 30 June 2026 $'000 30 June 2025 $'000 Cash flows from operating activities Receipts from customers 260,358 250,973 Payments to suppliers (106,607) (101,174) Distribution received 4,531 2,754 Interest received 1,246 1,364 Interest paid (63,852) (58,041) Net cash generated by operating activities C10 95,676 95,876 Cash flows from investing activities Payments for investment properties (135,774) (92,911) Proceeds from sale of investment properties 176,690 86,029 Net cash generated by/(used in) investing activities 40,916 (6,882) Cash flows from financing activities Distribution paid (104,820) (103,016) Proceeds from borrowings 590,000 82,000 Repayment of borrowings (567,000) (67,000) Payments for borrowing costs (20,347) (2,476) Payments for units buyback (36,438) - Unit buyback costs (51) - Net cash used in financing activities (138,656) (90,492) Net decrease in cash and cash equivalents (2,064) (1,498) Cash and cash equivalents at beginning of the year 15,038 16,536 Cash and cash equivalents at end of financial year C10 12,974 15,038 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes. Centuria Industrial REIT 30 June 2026 12
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Notes to the financial statements For the year ended 30 June 2026 A About the report A1 General information Centuria Industrial REIT is a registered managed investment scheme under the Corporations Act 2001 and is domiciled in Australia. The principal activity of the Trust is disclosed in the Directors' report. Statement of compliance The consolidated financial statements are general purpose financial statements which have been prepared in accordance with Australian Accounting Standards adopted by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. The consolidated financial statements comply with International Financial Reporting Standards (IFRS) adopted by the International Accounting Standards Board (IASB). For the purposes of preparing the financial statements, the Trust is a for-profit entity. The financial report was authorised for issue in accordance with a resolution of the board of directors of Centuria Property Funds No. 2 Limited (CPF2L), the Responsible Entity, on 11 August 2026. Basis of preparation The consolidated financial statements have been prepared on the basis of historical cost, except for investment properties and derivative financial instruments at fair value through profit and loss, which have been measured at fair value at the end of the reporting period. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, which is the Trust’s functional currency, unless otherwise noted. (i) Going concern The financial report has been prepared on a going concern basis, which assumes continuity of normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business. (ii) Net current liability position As at the reporting date, the Trust has current liabilities which exceed its current assets primarily due to the Trust’s Exchangeable Notes which have a carrying value of $322.1 million and are classified as a current liability, and a $100.0 million loan tranche expiring in December 2026. The Exchangeable Notes may be converted into units at the option of the Noteholders, at their face value, at any time up until 10 days prior to their final maturity on 3 September 2030. If converted this will result in a reduction in liabilities of the Trust matched by an equal increase in its equity, increasing the net assets of the Trust by the face value of the notes converted. Alternatively, the Noteholders may exercise an option commencing from 3 September 2028 to redeem the Exchangeable Notes at face value, resulting in an outflow of cash and a reduction of liabilities, and potentially a reduction in the net assets of the Trust in the event that the carrying value of the Exchangeable Notes at the exercise date are less than face value. As of 30 June 2026, the Trust had $444.0 million of unused facilities available (Note C6). The $100 million expiring loan tranche will be repaid from existing available facilities. After taking into account all available information, the Directors have concluded that there are reasonable grounds to believe the preparation of the financial report on a going concern basis is appropriate. Rounding of amounts The Trust is a scheme of the kind referred to in ASIC Legislative Instrument 2026/183, related to the 'rounding off' of amounts in the Directors' Report and the annual financial report. Amounts in the Directors' Report and the annual financial report have been rounded off, in accordance with the instrument, to the nearest thousand dollars, unless otherwise indicated. Centuria Industrial REIT 30 June 2026 13
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About the report A2 Material accounting policies The accounting policies and methods of computation in the preparation of the consolidated financial statements are consistent with those adopted in the previous financial year ended 30 June 2025 with the exception of the adoption of new accounting standards outlined below or in the relevant notes to the consolidated financial statements. When the presentation or classification of items in the consolidated financial statements has been amended, comparative amounts are also reclassified, unless it is impractical. Accounting policies are selected and applied in a manner that ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events are reported. These financial statements contain all material accounting policies that summarise the recognition and measurement basis used and which are relevant to provide an understanding of the financial statements. Accounting policies that are specific to a note to the financial statements are described in the note to which they relate. Use of estimates and judgements In the application of the Trust's accounting policies, the Responsible Entity is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The judgements, estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period; or in the period of the revision and future periods if the revision affects both current and future periods. The key estimates and judgements in the financial report relate to the valuation of investment properties (per Note C2), the Exchangeable notes (per Note C6) and derivative financial instruments (per Note E2). Judgements made by the Responsible Entity that have significant effects on the financial statements and estimates with significant risk of material adjustments in the next year are disclosed, where applicable, in the relevant notes to the financial statements. Segment reporting The Trust operates in one segment, being investment in Australian industrial property through direct and indirect investments. The Trust has determined its one operating segment based on the internal information that is provided to the chief operating decision maker and which is used in making strategic decisions. The Responsible Entity has been identified as the Trust’s chief operating decision maker. A3 New accounting standards and interpretations Adoption of new and revised accounting standards The AASB has issued new or amendments to standards that are first effective from 1 July 2025. The following amended standards and interpretations that have been adopted do not have a significant impact on the Trust’s consolidated financial statements. Standards now effective: • AASB 2023-5 Amendments to Australian Accounting Standards – Lack of Exchangeability • AASB 2026-1 Amendments to Australian Accounting Standards – Disclosure about Uncertainties in the Financial Statements Centuria Industrial REIT 30 June 2026 14
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About the report A3 New accounting standards and interpretations (continued) New standards and interpretations not yet adopted A number of new standards are effective for annual periods beginning after 1 July 2025 and earlier application is permitted; however, the Trust has not early adopted the new or amended standards in preparing these consolidated financial statements. The following new and amended standards are not expected to have a significant impact on the Trust’s consolidated financial statements. Standards not yet effective: • AASB 2024-2 Amendments to Australian Accounting Standards– Classification and Measurement of Financial Instruments • AASB 2024-3 Amendments to Australian Accounting Standards– Annual Improvements Volume 11 • AASB 2014-10 Amendments to Australian Accounting Standards– Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The following new standard is not expected to have a material impact on financial results, however some changes in the presentation of items in the statement of comprehensive income will be required. • AASB 18- Presentation and Disclosure in Financial Statements Centuria Industrial REIT 30 June 2026 15
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B Trust performance B1 Distribution 30 June 2026 30 June 2025 Cents per unit $'000 Cents per unit $'000 September quarter 4.200 26,497 4.075 25,873 December quarter 4.200 26,225 4.075 25,873 March quarter 4.200 26,225 4.075 25,873 June quarter 4.200 26,225 4.075 25,873 Total 16.80 105,172 16.300 103,492 Key dates in connection with the 30 June 2026 distribution are: Event Date Ex-distribution date 29 June 2026 Record date 30 June 2026 Distribution payment date 14 August 2026 Distribution and taxation Under current Australian income tax legislation, the Trust is not liable for income tax for the financial year as the Trust has fully distributed its distributable income as determined under the Trust’s constitution, whilst its unitholders are presently entitled to the income. Distributions paid and payable are recognised as distributions within equity. A liability is recognised where distributions have been declared but have not been paid. Distributions paid are included in cash flows from financing activities in the consolidated statement of cash flows. B2 Revenue 30 June 2026 $'000 30 June 2025 $'000 Rental income 189,136 182,863 Recoverable outgoings 47,747 41,671 Straight-lining of lease revenue 11,454 8,782 248,337 233,316 Recognition and measurement Revenue is measured at the fair value of the consideration received or receivable to the extent it is probable that the economic benefits will flow to the Trust and the revenue can be reliably measured. (i) Rental income Rental income from investment property is recognised in profit or loss on a straight line basis over the term of the lease. Rental income not received at reporting date is reflected in the Consolidated statement of financial position as a receivable. If rents are paid in advance these amounts are recorded as payables in the Consolidated statement of financial position. Lease incentives granted are recognised as an integral part of the net consideration agreed for the use of the leased premises, irrespective of the incentive's nature or form or the timing of payments. The aggregate cost of lease incentives are recognised as a reduction of rental income on a straight-line basis over the lease term. Contingent rents based on the future amount of a factor that changes other than with the passage of time are only recognised when charged. (ii) Recoverable outgoings The Trust recovers the costs associated with general building and tenancy operation from lessees in accordance with specific clauses within lease agreements. These are invoiced monthly based on an annual estimate. The consideration is due 30 days from the invoice date. Should any adjustment be required based on actual costs incurred, this is recognised in the statement of profit or loss and other comprehensive income within the same reporting period and billed annually. Centuria Industrial REIT 30 June 2026 16
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Trust performance B3 Finance cost Finance costs Finance costs include interest expense and amortised borrowing costs. 30 June 2026 $'000 30 June 2025 $'000 Interest expense 64,351 57,833 Amortisation of borrowing costs 1,598 1,134 65,949 58,967 Recognition and measurement Finance costs are recognised in the profit or loss statement as they accrue. Finance costs are recognised using the effective interest rate applicable to the financial liability. B4 Earnings per unit 30 June 2026 30 June 2025 Basic earnings per unit (cents per unit)* 25.6 21.0 Earnings used in calculating basic earnings per unit ($'000) 160,382 133,061 Weighted average number of units ('000) 627,539 634,931 * At balance date, the equity conversion option of the Trust's Exchangeable notes are out of the money and anti-dilutive. As a result, basic and diluted earnings per unit are the same. Centuria Industrial REIT 30 June 2026 17
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C Trust's assets and liabilities C1 Trade and other receivables 30 June 2026 $'000 30 June 2025 $'000 Current Trade debtors 5,386 3,120 Expected credit loss provision (1,019) (655) Prepayments and other current receivables 9,476 19,684 13,843 22,149 Refer to Notes E2 for details on fair value measurement and the Trust's exposure to risks associated with financial assets (other receivables are not considered to be financial assets). Recognition and measurement Loans and receivables are initially recognised at fair value and subsequently amortised cost using the effective interest rate method less any allowance under the expected credit loss (ECL) model. Refer to the policy application below for further details. Recoverability of loans and receivables At each reporting period, the Trust assesses whether financial assets carried at amortised cost are ‘credit-impaired’. A financial asset is ‘credit-impaired’ when one or more events that has a detrimental impact on the estimated future cash flows of the financial asset have occurred. The Trust recognises loss allowances at an amount equal to lifetime ECL on trade and other receivables. Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of the trade receivables and are a probability-weighted estimate of credit losses. Credit losses are measured as the difference between cash flows due to the Trust in accordance with the contract and the cash flows that the Trust expects to receive. Centuria Industrial REIT 30 June 2026 18
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Trust's assets and liabilities C2 Investment properties 30 June 2026 $'000 30 June 2025 $'000 Opening balance 3,777,555 3,702,400 . . Purchase price of investment properties (1) 60,200 19,580 Stamp duty and other transaction costs 3,394 1,267 Capital improvements and associated costs 17,524 37,091 Capital developments and associated costs 49,124 21,865 130,242 79,803 Net gain on fair value of investment properties 72,203 47,418 Add back: sale costs and other investment properties activities for properties sold during the year 7,354 6,857 Gain on fair value of investment properties 79,557 54,275 Change in deferred rent and lease incentives 10,278 5,462 Change in capitalised leasing fees 1,906 4,365 Disposal at sale price (2) (139,638) (26,750) Closing gross balance 3,859,900 3,819,555 Transfer to investment properties held for sale (98,000) (42,000) Closing balance* 3,761,900 3,777,555 * The carrying amount of investment properties includes components related to deferred rent, capitalised lease incentives and leasing fees amounting to $93.3 million (2025: $81.0 million). (1) Investment properties acquired by the Trust during the year: Acquisition Date 30 June 2026 $'000 Lot 1, Pipe Street, Wellcamp QLD 30 January 2026 30,000 1 Hardie & 2-8 Cawley Rd, Yarraville VIC 7 April 2026 30,200 60,200 (2) Investment properties disposed by the Trust during the year: Disposal Date 30 June 2026 $'000 42 Hoepner Road, Bundamba QLD 9 December 2025 11,813 680 Boundary Road, Richlands QLD 30 April 2026 38,000 40 Scanlon Drive, Epping VIC 1 June 2026 12,125 32-54 Kaurna Avenue, Edinburgh SA 12 June 2026 27,700 50-64 Mirage Road, Direk SA 19 June 2026 50,000 139,638 Centuria Industrial REIT 30 June 2026 19
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Trust's assets and liabilities C2 Investment properties (continued) Properties portfolio 30 June 2026 $'000 30 June 2025 $'000 Consolidated investment properties (including investment property held for sale) 3,859,900 3,819,555 Investment properties equity accounted* 74,205 70,635 Investment properties portfolio 3,934,105 3,890,190 Portfolio valuation Total properties externally valued as at year end 1,842,195 1,635,325 Consolidated investment properties 3,934,105 3,819,555 Total properties externally valued as at year end (%) 48.35% 42.81% * Represents the Trust's 51% ownership interest at fair value. Leases as lessor The Trust leases out its investment properties under operating leases. The future minimum lease payments receivable under non-cancellable leases are as follows: 30 June 2026 $'000 30 June 2025 $'000 Less than one year 212,273 201,182 Between one and five years 649,985 635,052 More than five years 963,583 998,431 1,825,841 1,834,665 Recognition and measurement Investment properties are properties held either to earn rental income or for capital appreciation or for both. Investment properties are initially recorded at cost which includes stamp duty and other transaction costs. Subsequently, the investment properties are measured at fair value with any change in value recognised in profit or loss. The carrying amount of investment properties includes components relating to deferred rent, lease incentives and leasing fees. An investment property is derecognised upon disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognised. Valuation techniques and significant unobservable inputs The fair values of the investment properties were determined by the directors of the Responsible Entity or by an external, independent valuation company having an appropriate recognised professional qualification and recent experience in the location and category of the properties being valued. Fair value is based on market values, being the estimated amount for which a property could be exchanged on the date of valuation between a willing buyer and willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. All valuations were undertaken having regard to a best estimate of the information available at reporting date, noting there has been limited recent transactional evidence, and the valuations have been prepared in accordance with the fair value principles outlined in AASB13 Fair value measurement, which assumes a price that would be paid in an orderly transaction between market participants. The valuations were prepared by considering the following valuation methodologies: • Capitalisation Approach: the annual net rental income is capitalised at an appropriate market yield to arrive at the property's market value. Appropriate capital adjustments are then made where necessary to reflect the specific cash flow profile and the general characteristics of the property. • Discounted Cash Flow Approach: this approach incorporates the estimation of future annual cash flows over a 10 year period by reference to expected rental growth rates, ongoing capital expenditure, terminal sale value and acquisition and disposal costs. The present value of future cash flows is then determined by the application of an appropriate discount rate to derive a net present value for the property. Centuria Industrial REIT 30 June 2026 20
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Trust's assets and liabilities C2 Investment properties (continued) Valuation techniques and significant unobservable inputs (continued) • Direct Comparison Approach: this approach identifies comparable sales on a dollar per square metre of lettable area basis or land area and compares the equivalent rates to the property being valued to determine the property's market value. The valuations reflect, when appropriate, the type of tenants actually in occupation or responsible for meeting lease commitments or likely to be in occupation after letting of vacant accommodation and the market’s general perception of their credit-worthiness; the allocation of maintenance and insurance responsibilities between the lessor and lessee; and the remaining economic life of the property. It has been assumed that whenever rent reviews or lease renewals are pending with anticipated reversionary increases, all notices and, where appropriate, counter notices have been served validly and within the appropriate time. Fair value measurement The fair value measurement of investment property has been categorised as a Level 3 fair value as it is derived from valuation techniques that include inputs that are not based on observable market data (unobservable inputs). Significant unobservable inputs Fair value measurement sensitivity to significant increase in input Fair value measurement sensitivity to significant decrease in input Range of inputs 30 June 2026 30 June 2025 Capitalisation rate Decrease Increase 5.00% - 7.50% 5.00% - 7.50% Discount Rate Decrease Increase 6.50% - 9.00% 6.75% - 9.00% The above unobservable inputs are considered significant Level 3 inputs. Refer to Note E2 for further information. A further sensitivity analysis was undertaken by the Trust to assess the fair value of investment properties values. The table below illustrates the impact on valuation of movements in capitalisation rates: Impact on fair value from change in rate -0.25% +0.25% $'000 $'000 Capitalisation rate 172,300 (158,000) Discount rate 72,240 (71,210) C3 Investment properties held for sale Assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continued use. This condition is regarded as met only when the sale is highly probable and the asset is available for immediate sale in its present condition. 30 June 2026 $'000 30 June 2025 $'000 67-69 Mandoon Road, Girraween NSW* 98,000 - 69 Rivergate Place, Murarrie QLD - 42,000 98,000 42,000 *The sale is subject to a put and call option agreement. The settlement is expected to be completed in December 2026. The Trust sold 69 Rivergate Place, Murarrie QLD for a gross sale price of $42.0 million on 20 August 2025. Recognition and measurement Investment properties are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. These investment properties are carried at fair value. The valuation techniques to determine the fair value of investment properties held for sale are the same as the valuation techniques of investment properties described in Note C2. Where sale completion is delayed by events outside the control of the Trust, and the sale is not completed within one year from the date of classification, the Trust may still classify the asset as held for sale. In this circumstance, there must be sufficient evidence the Trust is committed to sell the asset. Centuria Industrial REIT 30 June 2026 21
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Trust's assets and liabilities C4 Equity accounted investments Set out below were the joint ventures of the Trust as at 30 June 2026 which, in the opinion of the Directors, were material to the Trust and were accounted for using the equity method. The entities listed below have share capital consisting solely of ordinary units, which are held directly by the Trust. The country of incorporation or registration is Australia which is also their principal place of business, and the proportion of ownership interest is the same as the proportion of voting rights held. As of 30 June 2026, the Trust has 51% ownership of these entities. The below tables show the movement in carrying amounts of equity accounted investments for the year ended 30 June 2026. 30 June 2026 Carrying amount of equity accounted investments AIR Erskine Park Trust $'000 AIR Glendenning 2 Trust $'000 CIP Sub Trust No. 33 $'000 Total $'000 Opening balance 19,490 34,142 17,536 71,168 Share of profit 1,384 3,585 2,000 6,969 Distributions received/receivable (821) (1,747) (867) (3,435) Closing balance 20,053 35,980 18,669 74,702 30 June 2025 Carrying amount of equity accounted investments AIR Erskine Park Trust $'000 AIR Glendenning 2 Trust $'000 CIP Sub Trust No. 33 $'000 Total $'000 Opening balance 19,833 34,034 17,148 71,015 Share of profit 524 1,689 1,255 3,468 Distributions received/receivable (867) (1,581) (867) (3,315) Closing balance 19,490 34,142 17,536 71,168 The below tables provide summarised financial information for equity accounted investments. The information disclosed reflects the amounts presented in the consolidated financial statements of the relevant investments and not the Trust's share of those amounts. 30 June 2026 Summarised balance sheet AIR Erskine Park Trust $'000 AIR Glendenning 2 Trust $'000 CIP Sub Trust No. 33 $'000 Total $'000 Current assets 1,117 1,632 882 3,631 Non-current assets 39,000 70,000 36,500 145,500 Current liabilities 793 1,057 777 2,627 Non-current liabilities 6 29 - 35 Total net assets 39,318 70,546 36,605 146,469 Centuria Industrial REIT 30 June 2026 22
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Trust's assets and liabilities C4 Equity accounted investments (continued) 30 June 2025 Summarised balance sheet AIR Ersking Park Trust $'000 AIR Glendenning 2 Trust $'000 CIP Sub Trust No. 33 $'000 Total $'000 Current assets 1,219 2,337 957 4,513 Non-current assets 38,000 66,250 34,250 138,500 Current liabilities 997 1,612 823 3,432 Non-current liabilities 6 29 - 35 Total net assets 38,216 66,946 34,384 139,546 30 June 2026 Summarised statement of comprehensive income AIR Erskine Park Trust $'000 AIR Glendenning 2 Trust $'000 CIP Sub Trust No. 33 $'000 Total $'000 Revenue 2,391 4,279 2,559 9,229 Net gain on fair value of investment properties 1,219 4,085 2,230 7,534 Other expenses (896) (1,336) (866) (3,098) Profit for the year 2,714 7,028 3,923 13,665 Other comprehensive income - - - - Total comprehensive income 2,714 7,028 3,923 13,665 30 June 2025 Summarised statement of comprehensive income AIR Erskine Park Trust $'000 AIR Glendenning 2 Trust $'000 CIP Sub Trust No. 33 $'000 Total $'000 Revenue 2,204 4,229 2,585 9,018 Net gain on fair value of investment properties (417) 474 783 840 Other expenses (760) (1,392) (907) (3,059) Profit/(loss) for the year 1,027 3,311 2,461 6,799 Other comprehensive income - - - - Total comprehensive income 1,027 3,311 2,461 6,799 Centuria Industrial REIT 30 June 2026 23
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Trust's assets and liabilities C5 Trade and other payables 30 June 2026 $'000 30 June 2025 $'000 Current Trade creditors and expenses payable 16,491 22,615 Other current creditors and accruals 24,252 18,031 40,743 40,646 Refer to Notes D2 for amounts payable to related parties. Recognition and measurement Trade payables and other accounts payable are recognised when the Trust becomes obliged to make future payments resulting from the purchase of goods and services and are recorded initially at fair value, net of any attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost. A provision is recognised if, as a result of a past event, the Trust has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (where the effect of the time value of money is material). C6 Borrowings 30 June 2026 $'000 30 June 2025 $'000 Current Unsecured loan - fixed 100,000 - Exchangeable notes at fair value* 322,075 300,000 Total current borrowings 422,075 300,000 Non-current Unsecured loan - variable 611,000 613,000 Unsecured medium term note (A$MTN) - fixed 350,000 350,000 Unsecured loan - fixed - 100,000 Borrowing costs (4,243) (3,798) Total non-current borrowings 956,757 1,059,202 Total borrowings 1,378,832 1,359,202 During the year, the Trust has repurchased and cancelled the existing $300.0 million Exchangeable Notes. * On 3 September 2025, the Trust issued $325 million of new Exchangeable Notes. The Notes are embedded with option contracts which allow the Trust or Noteholders to redeem at 100% of the principal amount. The Trust can call for redemption of all of the Notes, at their face value plus accrued and unpaid interest, if the closing price of the Trust’s units at any time after 18 September 2028 to maturity is at least 130% of the applicable Exchange Price. Noteholders have an option to put the notes to the issuer for face value on or about 3 September 2028 or convert to units at any time commencing from 14 October 2025 to 10 days prior to the final maturity of the Notes on 3 September 2030. In accordance with AASB 2020-1, the new Exchangeable Notes are considered current liabilities, as note holders have the option to redeem them within the next 12 months. Centuria Industrial REIT 30 June 2026 24
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Trust's assets and liabilities C6 Borrowings (continued) The Trust is required to adjust the Exchange price of the Notes when certain events occur that may impact the value of the underlying Units. These events include corporate actions such as consolidations, subdivisions, capitalisations, rights issues, or distributions. If the Trust announces a cash distribution that exceeds a specified threshold of A$0.08 per unit, adjusted for prior changes, the Exchange price will be reduced accordingly. As of 30 June 2026, the adjusted Exchange price is $3.8845 per unit. The Notes can be redeemed at 100% under the two derivative option contracts embedded: Issuer call option and Noteholders put option. Refer to Note C7 for more information. Moody's Investor Services maintains the Trust with a Baa2 issuer rating with a stable outlook. As at 30 June 2026, the Trust had the following debt facilities: 30 June 2026 $'000 30 June 2025 $'000 Unsecured loan facility Facilities limit 1,505,000 1,505,000 Facilities unused (444,000) (442,000) Unsecured loan facilities used 1,061,000 1,063,000 Exchangeable Notes 322,075 300,000 Total loan facility 1,383,075 1,363,000 At the end of the year, the Trust had 50.4% of its drawn debt in fixed rate borrowings (2025: 80.7%). As at 30 June 2026, the Trust had $775.0 million (2025: $750.0 million) of fixed rate borrowings of which $350.0 million has been swapped into a floating rate exposure. At the end of the year, the Trust's drawn debt that is on a fixed interest basis, after the impact of hedging, is $700.0 million (2025: $1,100.0 million). The Trust's unsecured loan facilities comprise multiple debt tranches with maturity dates ranging from 24 December 2026 to 15 December 2030 (2025: 24 December 2026 to 1 July 2030). The loans have covenants in relation to Interest Coverage Ratio (ICR), Gearing Ratio, Priority Debt Ratio, Unencumbered Asset Ratio, Development Ratio and Guarantor Coverage which the Trust has complied with during the year. The Trust remains in compliance with its loan covenants, maintaining significant headroom. Consequently, the likelihood of any non-current borrowings being reclassified as current due to a loan covenant breach within the next 12 months is low. All facilities are interest only facilities and are secured by first mortgages over the Trust's investment properties and a first ranking fixed and floating charge over all assets of the Trust. Recognition and measurement Exchangeable notes issued by the Trust are traded on the SGX-ST and are fair valued at each reporting date, with the resultant adjustment taken through the Consolidated statement of profit and loss. All other borrowings of the trust are recorded initially at fair value, net of any attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest rate method with any difference between the initial and recognised amount and redemption value being recognised in profit or loss over the term of borrowing and are derecognised when the contractual obligations are discharged, cancelled or expire. Refer to Note E2 for details on the Trust's exposure to risks associated with financial liabilities. Centuria Industrial REIT 30 June 2026 25
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Trust's assets and liabilities C7 Derivatives Interest rate swap and swaption contracts Under interest rate swap contracts, the Trust agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Trust to mitigate the risk of changing interest rates on the cash flow exposures on the debt held. Swaptions are derivative financial instruments that provide the counterparty with the right, but not the obligation, to enter into an interest rate swap agreement with the Trust at a future date. The following table details the specific instruments held at reporting date, showing the notional principal amounts and contracted fixed interest rate of each contract: Type of contract Weighted average maturity (years) Weighted average contract rate Notional amount of contract $'000 Fair value of contracts $'000 30 June 2026 Current assets Interest rate swaps - (Floating to Fixed) 0.8 3.52% 175,000 1,123 Total 175,000 1,123 Non-current assets Interest rate swaps - (Floating to Fixed) 1.5 3.56% 100,000 1,272 Total 100,000 1,272 Non-current liabilities Swaption 2.0 3.03% 75,000 - Interest rate swaps - (Fixed to Floating) 1.5 BBSY (350,000) (14,058) Total (275,000) (14,058) Centuria Industrial REIT 30 June 2026 26
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Trust's assets and liabilities C7 Derivatives (continued) Type of contract Weighted average maturity (years) Weighted average contract rate Notional amount of contract $'000 Fair value of contracts $'000 30 June 2025 Non-current assets Swaption 2.0 3.03% 75,000 478 Interest rate swaps - (Floating to Fixed) 1.0 3.03% 75,000 32 Total 150,000 510 Current liabilities Swaption 2.0 3.35% 50,000 43 Interest rate swaps - (Floating to Fixed) 0.8 3.48% 500,000 (618) Total 550,000 (575) Non-current liabilities Swaption 2.0 3.06% 50,000 185 Interest rate swaps - (Floating to Fixed) 2.2 3.72% 200,000 (2,230) Interest rate swaps - (Fixed to Floating) 2.5 BBSY (350,000) (12,800) (100,000) (14,845) NewHeaderRow Recognition and measurement Derivatives are initially recognised at fair value and attributable transaction costs are recognised in profit or loss when incurred. Subsequent to initial recognition, derivatives are measured at fair value, and the resulting gain or loss is recognised in profit or loss. The fair value of interest rate swaps is the estimated amount that the entity would receive or pay to transfer the swap at reporting date, taking into account current interest rates and the current creditworthiness of the swap counterparties. The Trust has not applied hedge accounting to its derivative financial instruments. Refer to Note E2 for details on the Trust's exposure to risks associated with financial liabilities. C8 Issued capital 30 June 2026 30 June 2025 Units '000 $'000 Units '000 $'000 Opening balance 634,931 1,840,488 634,931 1,840,488 Units buyback (10,543) (36,438) - - Equity raising costs - (51) - - Closing balance 624,388 1,803,999 634,931 1,840,488 On 6 August 2025, the Trust announced an on-market buyback program. During the year, the Trust bought back 10.5 million units on market. All units in Trust are of the same class and carry equal rights to capital and income distributions. An equity instrument is any contract that evidences a residual interest in the assets of a Trust after deducting all of its liabilities. Equity instruments issued by the Trust are recognised at the proceeds received, net of direct issue costs. C9 Contingent assets, liabilities and commitments Redevelopment of 51 Musgrave Road, Coopers Plains QLD into a multi-unit industrial estate with an estimated total development cost of $21.2 million plus GST. Centuria Industrial REIT 30 June 2026 27
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Trust's assets and liabilities C10 Cash and cash equivalents 30 June 2026 $'000 30 June 2025 $'000 Cash and cash equivalents 12,974 15,038 12,974 15,038 Reconciliation of profit for the year to net cash flows from operating activities: t Net profit for the year 160,382 133,061 t Adjustments: Net gain on fair value of investment properties (72,203) (47,416) Loss on fair value of derivatives 12,132 8,098 Change in deferred rent and lease incentives (9,820) (6,430) Change in capitalised leasing fees 4,038 3,030 Borrowing cost amortisation 1,598 1,134 t Changes in operating assets and liabilities: Decrease/(increase) in receivables 4,242 (1,293) Decrease/(increase) in other assets 544 (1,548) (Decrease)/increase in payables (5,237) 7,240 Net cash generated by operating activities 95,676 95,876 Cash and cash equivalents comprise of cash on hand and cash in banks. Centuria Industrial REIT 30 June 2026 28
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D Trust structure D1 Interest in material subsidiaries Recognition and measurement (i) Business combination Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any non-controlling interests in the acquiree. For each business combination, the Trust elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred. When the Trust acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. If the business combination is achieved in stages, any previously held equity interest is remeasured at its acquisition date fair value and any resulting gain or loss is recognised in profit or loss. (ii) Basis of consolidation The consolidated financial statements incorporate the financial statements of the Trust and entities controlled by the Trust. Control is achieved where the Trust is exposed to, or has rights to, the variable returns from its involvement with an entity and has the ability to affect these returns through its power over the entity. The Trust accounts for business combinations using the acquisition method when control is transferred to the Trust. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. When the Trust loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related non-controlling interests and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the date on which control commences until the date on which control ceases. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the consolidated group. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. (iii) Subsidiaries The consolidated financial statements include the assets, liabilities and results of Centuria Industrial REIT and the subsidiaries it controls. Subsidiaries are entities controlled by the Trust in accordance with AASB 10. Control exists when an investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the financial report from the date that control commences until the date that control ceases. The Trust uses the acquisition method of accounting to account for the acquisition of subsidiaries. Intercompany transactions, balances and recognised gains on transactions between Trust entities are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Trust. Name of entity Country of domicile Class of units Equity interest 30 June 2026 % 30 June 2025 % BIPT Preston No. 1 Sub Trust Australia Ordinary 100 100 BIPT Marple Ave Holding Trust Australia Ordinary 100 100 BIPT Marple Ave Sub Trust Australia Ordinary 100 100 BIPT Clarinda Rd Holding Trust Australia Ordinary 100 100 BIPT Clarinda Rd Sub Trust Australia Ordinary 100 100 BIPT Noble Park Holding Trust Australia Ordinary 100 100 BIPT Noble Park Sub Trust Australia Ordinary 100 100 BIPT Scrivener Street Holding Trust Australia Ordinary 100 100 BIPT Scrivener Street Sub Trust Australia Ordinary 100 100 Centuria Industrial REIT 30 June 2026 29
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Trust structure D1 Interest in material subsidiaries (continued) Recognition and measurement (continued) (iii) Subsidiaries (continued) Name of entity Country of domicile Class of units Equity interest 30 June 2026 % 30 June 2025 % Australian Industrial REIT Australia Ordinary 100 100 AIR Somerton Trust Australia Ordinary 100 100 AIR Wetherill Park Trust Australia Ordinary 100 100 AIR Glendening Trust Australia Ordinary 100 100 AIR Ingleburn Trust Australia Ordinary 100 100 AIR Ingleburn 2 Trust Australia Ordinary 100 100 AIR Ingleburn 3 Trust Australia Ordinary 100 100 AIR Eastern Creek Trust Australia Ordinary 100 100 AIR Enfield Trust Australia Ordinary 100 100 AIR Tullamarine Trust Australia Ordinary 100 100 AIR Thomastown Trust Australia Ordinary 100 100 AIR Henderson Trust Australia Ordinary 100 100 AIR Dandenong South Trust Australia Ordinary 100 100 AIR Bibra Lake Trust Australia Ordinary 100 100 AIR ST1 Trust Australia Ordinary 100 100 CIP Sub Trust No. 1 Australia Ordinary 100 100 CIP Sub Trust No. 2 Australia Ordinary 100 100 CIP Sub Trust No. 3 Australia Ordinary 100 100 CIP Sub Trust No. 4 Australia Ordinary 100 100 CIP Sub Trust No. 5 Australia Ordinary 100 100 CIP Sub Trust No. 6 Australia Ordinary 100 100 CIP Sub Trust No. 7 Australia Ordinary 100 100 CIP Sub Trust No. 8 Australia Ordinary 100 100 CIP Sub Trust No. 9 Australia Ordinary 100 100 CIP Sub Trust No. 10 Australia Ordinary 100 100 CIP Sub Trust No. 11 Australia Ordinary 100 100 CIP Sub Trust No. 12 Australia Ordinary 100 100 CIP Sub Trust No. 13 Australia Ordinary 100 100 CIP Sub Trust No. 14 Australia Ordinary 100 100 CIP Sub Trust No. 15 Australia Ordinary 100 100 CIP Sub Trust No. 16 Australia Ordinary 100 100 CIP Sub Trust No. 17 Australia Ordinary 100 100 CIP Sub Trust No. 18 Australia Ordinary 100 100 CIP Sub Trust No. 19 Australia Ordinary 100 100 CIP Sub Trust No. 20 Australia Ordinary 100 100 CIP Sub Trust No. 21 Australia Ordinary 100 100 CIP Sub Trust No. 22 Australia Ordinary 100 100 CIP Sub Trust No. 23 Australia Ordinary 100 100 CIP Sub Trust No. 24 Australia Ordinary 100 100 CIP Sub Trust No. 25 Australia Ordinary 100 100 CIP Sub Trust No. 26 Australia Ordinary 100 100 CIP Sub Trust No. 27 Australia Ordinary 100 100 CIP Sub Trust No. 28 Australia Ordinary 100 100 CIP Sub Trust No. 29 Australia Ordinary 100 100 CIP Sub Trust No. 30 Australia Ordinary 100 100 CIP Sub Trust No. 31 Australia Ordinary 100 100 CIP Funding Pty Ltd Australia Ordinary 100 100 CIP Sub Trust No. 32 Australia Ordinary 100 100 CIP Sub Trust No. 34 Australia Ordinary 100 100 CIP Sub Trust No. 35 Australia Ordinary 100 100 CIP Sub Trust No. 36 Australia Ordinary 100 100 CIP Sub Trust No. 37 Australia Ordinary 100 100 CIP Sub Trust No. 38 Australia Ordinary 100 100 CIP Sub Trust No. 39 Australia Ordinary 100 100 Centuria Industrial REIT 30 June 2026 30
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Trust structure D1 Interest in material subsidiaries (continued) Recognition and measurement (continued) (iii) Subsidiaries (continued) Name of entity Country of domicile Class of units Equity interest 30 June 2026 % 30 June 2025 % CIP Sub Trust No. 40 Australia Ordinary 100 100 CIP Sub Trust No. 41 Australia Ordinary 100 100 CIP Sub Trust No. 42 Australia Ordinary 100 100 CIP Sub Trust No. 43 Australia Ordinary 100 100 CDF Funding Pty Ltd Australia Ordinary 100 100 CDF Sub Trust No. 1 Australia Ordinary 100 - CDF Sub Trust No. 2 Australia Ordinary 100 - CDF Sub Trust No. 3 Australia Ordinary 100 - D2 Related parties Key management personnel The Trust does not employ personnel in its own right. However it is required to have an incorporated Responsible Entity to manage the activities of the Trust and this is considered the key management personnel. The directors of the Responsible Entity are key management personnel of that entity and their names are: Roger Dobson Peter Done Natalie Collins Jennifer Cook No compensation is paid directly by the Trust to any of the directors or key management personnel of the Responsible Entity. Key management personnel loan disclosures The Trust has not made, guaranteed or secured, directly or indirectly, any loans to the key management personnel or their personally related entities at any time during the financial year. Responsible entity fees and other transactions The Responsible Entity is entitled to a management fee which is calculated at 0.65% of the gross value of assets held plus GST, in accordance with the Trust's constitution. The Responsible Entity has elected to charge 0.60% of the gross value of assets held plus GST. Custodian fees are paid to the custodians. Custody fees paid to Centuria Property Funds No. 2 Limited are calculated in relation to some of the Trust's assets and in accordance with the constitution at a rate of 0.05% of the Trust's gross assets. The Trust has lease arrangements with entities related to the Responsible Entity and receives rental income from these entities. All transactions were conducted at arm's length and on commercial terms and conditions. The following were transactions paid and/or payable to the Responsible Entity and its related parties from the Trust and all subsidiaries during the financial year: 30 June 2026 $'000 30 June 2025 $'000 Management fees 23,899 23,023 Development management fees 4,456 5,999 Leasing fees 1,976 3,717 Property management fees 3,593 2,955 Facility management fees 2,054 2,393 Custodian fees 1,875 1,814 Project management fees 276 179 Due diligence acquisition fees 50 33 38,179 40,113 Centuria Industrial REIT 30 June 2026 31
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Trust structure D2 Related parties (continued) Responsible entity fees and other transactions (continued) At reporting date an amount of $759,497 (2025: $914,385) owing to the Responsible Entity and its related parties was included in trade and other payables. The payables are non-interest bearing with payment terms and conditions consistent with normal commercial practices. From time to time the Responsible Entity, its directors or its director-related entities may buy or sell units in the Trust. These transactions are on the same terms and conditions as those entered into by other Trust investors. Some of the related party fees, in particular to leasing fees and development management fees, are related to specific transactions and may change year to year depending on the number of transactions and the size of these transactions incurred during the year. Related party investments held by the Trust At 30 June 2026, the Trust did not hold any units in the related parties of the Responsible Entity (30 June 2025: nil). Units in the Trust held by related parties At 30 June 2026, the following related parties of the Responsible Entity hold units in the Trust: Closing units held Closing interest held 30 June 2026 Centuria Capital No. 2 Industrial Fund 77,319,885 12.38% Centuria Capital No. 5 Fund 21,593,800 3.46% Centuria Property Funds No. 2 Limited 2,181,086 0.35% Centuria Growth Bond Fund 895,191 0.14% Centuria Balanced Fund 385,129 0.06% Roger Dobson 166,746 0.03% John McBain 13,404 -% Simon Holt 6,535 -% Jennifer Cook 5,729 -% Natalie Collins 5,464 -% 102,572,969 16.42% 30 June 2025 Centuria Capital No. 2 Industrial Fund 77,319,885 12.18% Centuria Capital No. 5 Fund 21,593,800 3.40% Centuria Property Funds No. 2 Limited 2,181,086 0.34% Centuria Growth Bond Fund 895,191 0.14% Centuria Balanced Fund 385,129 0.06% Roger Dobson 101,746 0.02% John McBain 13,404 -% Simon Holt 6,535 -% Jennifer Cook 5,729 -% Natalie Collins 5,464 -% 102,507,969 16.14% No other related parties of the Responsible Entity held units in the Trust. Other transactions within the Trust No director has entered into a material contract with the Trust since the end of the previous year and there were no material contracts involving directors’ interests subsisting at year end. Centuria Industrial REIT 30 June 2026 32
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Trust structure D3 Parent entity disclosures As at, and throughout the current and previous financial year, the parent entity of the Trust was CIP. The table below represents the stand alone financial position and performance of CIP. This table does not include the financial position and performance of its subsidiaries and the parent entity's investment in underlying subsidiaries are measured at fair value. Accordingly, the amounts reflected above may be different from the consolidated financial statements. 30 June 2026 $'000 30 June 2025 $'000 Financial position Assets Current assets 6,685 8,782 Non-current assets 3,900,239 3,882,943 Total assets 3,906,924 3,891,725 Liabilities Current liabilities 26,175 30,955 Non-current liabilities 1,374,749 1,373,491 Total liabilities 1,400,924 1,404,446 Net assets 2,506,000 2,487,279 Equity Issued capital 1,803,999 1,840,488 Retained earnings 702,001 646,791 Total equity 2,506,000 2,487,279 Financial performance Profit for the year 160,382 133,061 Total comprehensive income for the year 160,382 133,061 Centuria Industrial REIT 30 June 2026 33
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E Other notes E1 Auditor's remuneration 30 June 2026 $'000 30 June 2025 $'000 KPMG: Audit and review of financials 395 380 Other services 148 20 543 400 E2 Financial instruments The directors of the Responsible Entity consider that the carrying amount of the financial assets and financial liabilities approximate their fair value in the financial statements. All financial instruments are measured at amortised cost with the exception of the derivative financial instruments and the Exchangeable notes. Derivative financial instruments are measured at fair value and have a level 2 designation in the fair value hierarchy. Exchangeable notes are measured at fair value and have a level 1 designation in the fair value hierarchy. There were no transfers between levels of the fair value hierarchy during the period. Independent valuations are obtained from third parties to support the fair value measurement of financial instruments at each reporting date to meet the requirements of International Financial Reporting Standards. (i) Valuation techniques The fair value of financial assets and financial liabilities are determined as follows: • The fair value of interest rate swaps are determined using a discounted cash flow analysis. The future cash flows are estimated based on forward interest rates (from observable yield curves at the end of the reporting period) and contracted interest rates, discounted at a rate that reflects the credit risk of various counterparties. The Trust classifies fair value measurements using a fair value hierarchy that reflects the subjectivity of the inputs used in making the measurements. The fair value hierarchy has the following levels: • Level 1: derived from quoted prices (unadjusted) in active markets for identical assets or liabilities that the Trust can access at the measurement date. • Level 2: derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3: derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. The determination of what constitutes ‘observable’ requires significant judgement by the Responsible Entity. The Responsible Entity considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. Capital management The capital structure of the Trust consists of cash and cash equivalents and the proceeds from the issue of the units of the Trust. The Trust has no restrictions or specific capital requirements on the application and redemption of units, other than the approval of the Responsible Entity. The Trust's overall investment strategy remains unchanged from the prior year. Centuria Industrial REIT 30 June 2026 34
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Other notes E2 Financial instruments (continued) Financial risk management objectives The Trust is exposed to a variety of financial risks as a result of its activities. These potential risks include market risk (interest rate risk), credit risk and liquidity risk. The Trust’s risk management and investment policies seek to minimise the potential adverse effects of these risks on the Trust’s financial performance. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The Trust’s activities expose it primarily to the financial risks of changes in interest rates. The Trust enters into derivative financial instruments to manage its exposure to interest rate risk and these include interest rate swaps that the Trust has entered into to mitigate the risk of rising interest rates. There has been no change to the Trust’s exposure to market risks or the manner in which it manages and measures the risk from the previous year. Interest rate risk management In respect of income-earning financial assets and interest-bearing financial liabilities, the following table indicates their effective interest rates at reporting date: 30 June 2026 30 June 2025 Effective Total Effective Total Financial assets interest rate $'000 interest rate $'000 Cash and cash equivalents 4.50% 12,974 4.00% 15,038 Derivative financial instruments 3.53% 2,395 3.03% 510 15,369 15,548 Financial liabilities Derivative financial instruments BBSY 14,058 BBSY 12,800 Derivative financial instruments - - 3.55% 2,620 Borrowings - fixed (excluding borrowing costs) 3.00% 100,000 3.00% 100,000 Medium term note (A$MTN) - fixed (excluding borrowing costs) 3.03% 350,000 3.03% 350,000 Borrowings - variable (excluding borrowing costs) 5.61% 611,000 5.97% 613,000 Exchangeable notes - fixed (at fair value) 3.50% 325,000 3.95% 300,000 1,400,058 1,378,420 Centuria Industrial REIT 30 June 2026 35
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Other notes E2 Financial instruments (continued) Market risk (continued) Interest rate sensitivity The sensitivity analysis below has been determined based on the Trust’s exposure to interest rates at the reporting date and the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period, in the case of financial assets and financial liabilities that have variable interest rates. At reporting date, if variable interest rates had been 100 (2025: 100) basis points (bps) higher or lower and all other variables were held constant, the impact to the Trust would have been as follows: Sensitivity impact Variable + / - Rate increase $'000 Rate decrease $'000 30 June 2026 Net (loss)/profit 100 bps (13,643) (9,639) (13,643) (9,639) 30 June 2025 Net (loss)/profit 100 bps (14,766) (14,997) (14,766) (14,997) The Trust’s sensitivity to interest rates calculated above is after taking into account the impact of interest rate changes on the interest rate swap fair values. The methods and assumptions used to prepare the sensitivity analysis have not changed during the year. Credit risk The Trust has adopted the policy of dealing with creditworthy counterparties and obtaining sufficient collateral or other security where appropriate, as a means of mitigating the financial risk of financial loss from default. The Trust’s exposure and the credit ratings of its counterparties are continuously monitored by the Responsible Entity. At 30 June 2026, the main financial assets exposed to credit risk are trade receivables. There were no significant concentrations of credit risk to counterparties at 30 June 2026. Refer to Notes C1 for details of trade receivables. The credit risk on receivables is minimal because of the proven remittance history of the counterparties. Credit risk from balances with banks and financial institutions is managed by the Responsible Entity in accordance with the Trust's investment policy. Cash investments are made only with approved counterparties. The carrying amounts of financial assets best represent the maximum credit risk exposure at the reporting date. Liquidity risk The Trust’s strategy of managing liquidity risk is in accordance with the Trust’s investment strategy. The Trust manages liquidity risk by maintaining adequate banking facilities and through the continuous monitoring of forecast and actual cash flows and aligning the profiles of financial assets and liabilities. Centuria Industrial REIT 30 June 2026 36
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Other notes E2 Financial instruments (continued) Liquidity risk (continued) The following tables summarise the maturity profile of the Trust’s financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Trust can be required to pay. The tables include both interest and principal cash flows: Total principal and interest $'000 Less than 1 year $'000 1 to 5 years $'000 5+ years $'000 30 June 2026 Trade and other payables 66,968 66,968 - - Borrowings 1,567,527 160,068 1,407,459 - Derivative financial instruments 11,663 (1,123) 12,786 - 1,646,158 225,913 1,420,245 - 30 June 2025 Trade and other payables 66,519 66,519 - - Borrowings 1,531,384 59,335 1,472,049 - Derivative financial instruments 14,910 65 14,845 - 1,612,813 125,919 1,486,894 - The principal amounts included in the above borrowings is $1,386.0 million (2025: $1,363.0 million), which is inclusive of the Exchangeable note at its face value of $325.0 million. E3 Events subsequent to the reporting date On 9 July 2026, the Trust settled on the acquisition of 65 Beverage Dr, Tullamarine VIC for $13.9 million (plus costs). This was acquired from an entity related to the Responsible Entity at arm's length and on commercial terms and conditions. On 30 July 2026, the Trust established a new swap with a face value of $50.0 million. The Trust's loan facilities that are on a fixed interest basis increased to $750.0 million and 54.0% of drawn debt is fixed through swaps and fixed rate borrowings. There are no other matters or circumstances which have arisen since the end of the financial year and the date of this report, in the opinion of the Responsible Entity, which significantly affect the operations of the Trust, the results of those operations, or the state of affairs of the Trust, in future financial years. E4 Additional information The registered office and principal place of business of the Trust and the Responsible Entity are as follows: Registered office: Principal place of business: Level 41, Chifley Tower, 2 Chifley Square Level 41, Chifley Tower, 2 Chifley Square SYDNEY NSW 2000 SYDNEY NSW 2000 Centuria Industrial REIT 30 June 2026 37
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Directors' declaration For the year ended 30 June 2026 In the opinion of the Directors' of Centuria Property Funds No. 2 Limited, the Responsible Entity of Centuria Industrial REIT (the Trust): (a) the consolidated financial statements and notes set out on pages 8 to 37 are in accordance with the Corporations Act 2001, including: (i) complying with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements, and (ii) giving a true and fair view of the Trust's financial position as at 30 June 2026 and of its performance for thefinancial year ended on that date, and (b) there are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become due andpayable. Note A1 confirms that the consolidated financial statements also comply with International Financial Reporting Standards as issued by the International AccountingStandards Board. The Directors have been given the declarations by the Chief Executive Officer and Chief Financial Officer required by section 295A ofthe Corporations Act 2001. This declaration is made in accordance with a resolution of Directors. Natalie Collins Director Peter Done Director Sydney 11 August 2026 Centuria Industrial REIT 30 June 2026 38
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39 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation. Independent Auditor’s Report To the unitholders of Centuria Industrial REIT Opinion We have audited the Financial Report of Centuria Industrial REIT (the Trust). In our opinion, the accompanying Financial Report of the Trust gives a true and fair view, including of the Group’s financial position as at 30 June 2026 and of its financial performance for the year then ended, in accordance with the Corporations Act 2001, in compliance with Australian Accounting Standards and the Corporations Regulations 2001. The Financial Report comprises: • C onsolidated statement of financial position as at 30 June 2026; • Consolidated statement of profit or loss and other comprehensive income, Consolidated statement of changes in equity, and Consolidated statement of cash flows for the year then ended; • Notes, including material accounting policies; and • Directors’ Declaration. The Group consists of the Tr ust and the entities it controlled at the year-end or from time to time during the financial year. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have fulfilled our other ethical responsibilities in accordance with these requirements. Key Audit Matters Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Report of the current period. This matter was addressed in the context of our audit of the Financial Report as a whole, and in
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40 forming our opinion thereon, and we do not provide a separate opinion on this matter. Valuation of Investment Properties ($3,860m) Refer to Note C2 to the Financial Report The key audit matter How the matter was addressed in our audit The valuation of investment properties is a key audit matter due to: • the significance of the balance (being 97.3% of total assets); and • judgement required by us in assessing the Group’s key valuation assumptions, methodologies and the final values given the inherent estimation uncertainty. This leads to additional audit effort due to differing assumptions used by the Group based on asset classes, geographies and characteristics of individual properties. We focused on the significant assumptions and methodologies the Group applied in external and internal valuation models with a consideration to the i mpact of economic uncertainty including: • Discount rates: these are complicated in nature and differ due to asset classes, geographies and characteristics of individual investment properties; and • Capitalisation rates: these reflect the yield that an investor would look to recover on their investment in a particular class of asset. We involved our real estate valuation specialists who understand the economic environment in which the Group operates in. We paid particular attention to knowledge and sources of information available regarding market conditions as at year end. Our procedures included: • Understanding the Group’s process regarding the valuations of investment property; • Assessing the Group’s accounting policies and methodologies used in the valuations of investment property against the accounting standards, industry practice and Group policies; and • Assessing the scope, competence and objectivity of external experts engaged and internal valuers employed by the Group. Working with our real estate valuation specialists we: • Obtained an understanding of prevailing market conditions, including existence of market transactions. • Performed a risk assessment of the investment property portfolio by assessing key assumptions and metrics including the valuation movement, capitalisation rates, discount rates and market rents to identify investment properties with significant valuation movements and outliers in key assumptions. For a sample of investment properties: • Taking into account the asset classes, geographies and characteristics of individual investment properties, we challenged the appropriateness of the discount rate and capitalisation rates, net market rents and other assumptions. We did this with reference to market analysis published by external valuers, recent market transactions, publicly available market evidence as at and post 30 June 2026, inquiries with the Group, including consideration of post year-end information and its impact on the valuation of the Group's investment properties; • Tested other key inputs to the investment property valuations such as passing rent,
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41 occupancy rate, lease terms, for consistency to existing lease contracts; • Where the investment properties were ex ternally valued, we enquired with the external valuers to challenge the investment property valuation methodology and the assumptions applied in the external valuations; and • Where the investment properties were i nternally valued, we compared the weighted ave rage change in capitalisation rates advised by t he external valuers, to the capitalisation rates applied in the internal valuations and challenged an y significant differences. For financial statement disclosure: • Assessed the disclosures in the financial r eport, including checking the sensitivity analysis c alculations, using our understanding obtained f rom our testing, against the requirements of the a ccounting standard. Other Information Other Information is financial and non-financial information in Centuria Industrial REIT’s annual report which is provided in addition to the Financial Report and the Auditor's Report. The Directors of Centuria Property Funds No.2 Limited (the Responsible Entity) are responsible for the Other Information. The Other Information we obtained prior to the date of this Auditor’s Report was the Director’s Report and Additional stock exchange information. The Letter from the Chairman & Trust Manager, Corporate Governance Statement, portfolio overview and portfolio profile are expected to be made available to us after the date of the Auditor's Report. Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not and will not express an audit opinion or any form of assurance conclusion thereon. In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we consider whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. We are required to report if we conclude that there is a material misstatement of this Other Information, and based on the work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have nothing to report. Responsibilities of the Directors for the Financial Report The Directors are responsible for: • preparing the Financial Report in accordance with the Corporations Act 2001, including
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42 giving a true and fair view of the financial position and performance of the Group, and in compliance with Australian Accounting Standards and the Corporations Regulations 2001; • implementing necessary internal control to enable the preparation of a Financial Report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group, and that is free from material misstatement, whether due to fraud or error; and • assessing the Group and Trust’s ability to continue as a going concern and whether the use of the going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Group and Trust or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the Financial Report Our objective is: • to obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement, whether due to fraud or error; and • to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Financial Report. A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf. This description forms part of our Auditor’s Report. KPMG Travis Bowman Partner Sydney 11 August 2026
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Corporate governance statement The corporate governance statement for the Trust was last updated on 19 September 2025 and is available on the Centuria website at https://centuria.com.au/centuria-capital/corporate/sustainability/governance/. Centuria Industrial REIT 30 June 2026 43
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Additional stock exchange information As at 24 July 2026 Distribution of units Holding Number of units Number of holders Percentage of total (%) 1 - 1000 733,089 1,810 0.12 1,001 - 5,000 9,566,621 3,152 1.53 5,001 - 10,000 19,056,689 2,548 3.05 10,001 - 100,000 77,045,033 3,257 12.34 100,001 and over 517,986,639 131 82.96 624,388,071 10,898 100.00 Substantial unitholders Number of units Percentage of total (%) CENTURIA CAPITAL GROUP 102,375,091 16.40 VANGUARD GROUP 54,453,161 8.72 STATE STREET CORPORATE 47,945,549 7.68 BLACKROCK GROUP 31,240,782 5.00 Total 236,014,583 37.80 Testing Employee benefits expense - - Voting rights All units carry one vote per unit without restriction. Top 20 unitholders Number of units Percentage of total (%) HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 126,605,103 20.28 J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 114,511,994 18.34 CITICORP NOMINEES PTY LIMITED 94,583,054 15.15 CENTURIA INVESTMENT HOLDINGS PTY LIMITED 45,136,934 7.23 CENTURIA INVESTMENT HOLDINGS PTY LIMITED 32,182,951 5.15 CENTURIA INVESTMENT HOLDINGS PTY LIMITED 21,593,800 3.46 BNP PARIBAS NOMS PTY LTD 17,689,172 2.83 NETWEALTH INVESTMENTS LIMITED 7,763,084 1.24 BNP PARIBAS NOMINEES PTY LTD 5,154,392 0.83 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 4,950,972 0.79 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C2 4,234,461 0.68 BNP PARIBAS NOMS (NZ) LTD 3,233,979 0.52 BNP PARIBAS NOMINEES PTY LTD 2,712,301 0.43 CENTURIA PROPERTY FUNDS NO. 2 LIMITED 2,181,086 0.35 BNP PARIBAS NOMINEES PTY LTD 2,155,100 0.35 OAKHARBOUR PTY LTD 2,000,000 0.32 BNP PARIBAS NOMINEES PTY LTD 1,982,438 0.32 SAFECORP GROUP LTD 1,510,000 0.24 NETWEALTH INVESTMENTS LIMITED 1,223,697 0.20 MISS YVONNE CATHERINE LYNCH 1,100,000 0.18 492,504,518 78.89 Centuria Industrial REIT 30 June 2026 44