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CROMWELL PROPERTY GROUP | FY26 RESULTS 1 Cromwell Property Group FY26 results presentation 27 August 2026
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CROMWELL PROPERTY GROUP | FY26 RESULTS 2 Important information & disclaimer Important information and disclaimer
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CROMWELL PROPERTY GROUP | FY26 RESULTS 3 Acknowledgement of Country Cromwell Property Group acknowledges and pays respects to past, present, and future Traditional Custodians of Australia. We respect their elders past and present, and honour the cultural, spiritual, and educational practices of Aboriginal and Torres Strait Islander peoples. Agenda Introduction Dr Gary Weiss, Chairman Results overview Jonathan Callaghan, CEO Financial results and capital management Michelle Dance, CFO Segment performance Rob Percy, CIO Key Priorities Jonathan Callaghan, CEO 3
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CROMWELL PROPERTY GROUP | FY26 RESULTS 4 FY26 Highlights 4400 George Street, Brisbane, QLD lobby refurbishment
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CROMWELL PROPERTY GROUP | FY26 RESULTS 5 Building scale through strategic growth Group platform FUM growth +11.4% on FY25 Rent reversion Investment Portfolio future rental reversion of 8.7%3 Strengthened capital relationships Established relationships with PAG and Straits, expanding access to institutional capital Development on track Barton1 on track, positioning the project for a partial institutional sell-down and capital recycling Strategic co-investments 19.9% CIP and 5% 100 Creek Street, creating exposure to asset performance and reinforcing partner alignment Expanded platform capability Acquired a specialist industrial platform, adding industrial development expertise and broadening investment management capabilities Institutional capital growth $748m1 in new mandates Growth in FFO2 +5% to $110.3m Strong portfolio performance $93.7 million valuation uplift leading to 3.6% increase in NTA Distribution guidance Expecting to pay 3.1 cps per annum in FY27 (FY26: 3.0 cps) Ongoing partnership discussions Active engagement with new capital partners across aligned sectors and investment strategies 1. Includes the $478 million Cromwell Industrial Partnership acquisition, $113 million in additional industrial mandates, and the $157 million Creek Street venture. 2. Cromwell has chosen to adopt Funds From Operations (FFO) as the primary earnings measure from FY26, moving away from Operatin g Profit. This provides a clearer view of operating performance and improving comparability with industry peers. 3. Including a provision for an outstanding market rent review at 400 George Street, Brisbane. Improved Investment Management performance • Corporate costs decreased 17% • New revenue streams • Performance fees
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CROMWELL PROPERTY GROUP | FY26 RESULTS 6 Reliable operational performance underpinning growth 1. Excluding 475 Victoria Ave, Chatswood, sold 14 July 2026. 2. Includes 7 stabilised assets, excludes Barton1 carrying value. 3. Percentage hedged includes an interest rate swap that commenced 06/07/2026 for a term of two years with a notional of $60.0m. It excludes a $70.5m swap, commencing 04/08/2026 for four years. This swap will be novated to the acquirer of 100 Creek St upon se ttlement of the acquisition. Excludes 475 Victoria Ave Chatswood. Low gearing, well within range1 31.6% Interest rate hedging3 85.5% Liquidity $370.8 million Balance sheet supporting growth Positive progress on performance Investment Portfolio underpins stability Funds from Operations1 up 5.0% $110.3 million (Equivalent to 4.2 cps) Assets under management1 $4.7 billion (+11.4% on FY25) NTA up 3.6% 57.5 cps (FY25: 56 cps) Increased portfolio valuations1,2 $2.1 billion (+4.7% on FY25) WALE1 4.6 years (FY25: 5.0 years) High occupancy1 maintained 95.6% (FY25: 97.6%)
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CROMWELL PROPERTY GROUP | FY26 RESULTS 7 7 Established platform with deep market expertise $2.3 billion Total AUM1,2 $1.7 billion Total AUM2 Oyster New Zealand Australia $0.7 billion Total AUM 390+ tenant-customers Balance sheet Investment Management 32 properties 8 properties1 1. Includes all assets from the balance sheet, inclusive of Barton1, ACT, currently under construction. 2. Excluding 475 Victoria Ave, Chatswood, sold 14 July 2026. 13 properties Group assets under management: $4.7 billion 2 1 1 Adelaide 6 Townsville 1 Canberra 2 3 AUSTRALIA $4.0 billion Brisbane Sydney Melbourne 1 1 Investment Portfolio properties Investment Management properties Under construction 3 234k+ sqm of NLA 287k+ sqm of NLA 65+ tenant-customers 120+ tenant-customers
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CROMWELL PROPERTY GROUP | FY26 RESULTS 8 CROMWELL PROPERTY GROUP | FY26 RESULTS ESG Highlights Achieved 5-star ratings in all applicable categories Maintained Public Disclosure Rating of ‘A’ Investment Portfolio achieved 5/5 rating Scoring 90/100 (GRESB average 79/100) (FY24: 3/5 and 78/100) Gender pay gap 24%1 (FY25: 24%) Employee engagement score 71% (FY25: 70%) Tenant satisfaction 87% (FY25: 87%) Engaged people and communities Strong governance and responsible investment credentials 1. This data has been subject to independent limited assurance by a third party. Refer to the Independent Limited Assurance Repo rt available on the Cromwell website. Environmental performance Lower Scope 1 & Scope 2 (market-based) emissions ↓96% Increased solar PV capacity 115% 2,450kW (FY25: 1,140kW) Improved energy intensity 104.0kWh/m2 (FY25: 121.3 kWh/m2) Improved water intensity 0.38kL/m2 (FY25: 0.41 kL/m2) Maintained Green Star Performance rating 4.0 Star (FY25: 4.0 Star) Released Reflect Reconciliation Action Plan 592 tCO2e, down from FY22 baseline of 15,080 tCO2e (FY25: 1,143 tCO2e) Improved S&P Global Corporate Sustainability Assessment score FY26: 65/100 (FY25: 64/100) Maintained Investment Portfolio rank in NABERS Office Energy SPI 2026 =3rd 5.4 NABERS energy rating (FY25: 3rd, 5.5)
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CROMWELL PROPERTY GROUP | FY26 RESULTS 9 Other (incl. data centres) Retail Industrial Office 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 Value of Building Work in the Pipeline (% of GDP) Source: ABS; Cromwell. Data to Mar-26 Barton Western Corridor (Sydney CBD) Docklands 0% 5% 10% 15% 20% 25% 30% 35% Office Vacancy Rate by Precinct Market Vacancy Rate Cromwell Vacancy Rate Source: JLL (Jun-26); Cromwell 2021 2022 2023 2024 2025 2026 0 10 20 30 40 50 60 Q1 Q2 Q3 Q4 $ Billions Cumulative Transaction Volume (Retail, Industrial, and Office) Source: Cromwell analysis of JLL data to Jun-26. Includes Retail, Office, and Industrial. Portfolio well - positioned and outperforming Supply constraints underpin positive outlook • Development will remain largely unfeasible until rents/valuations sufficiently appreciate – data centres the exception • Rent growth may accelerate as available space becomes scarcer • Capital is looking at commercial property but wary of macroeconomic and geopolitical uncertainty • Strong deal activity in 2026 year-to-date highlights recovery potential once conditions stabilise • Headline data continue to obscure varied fundamentals and location/asset-specific opportunities • Cromwell’s portfolio is more concentrated in better- performing precincts • Cromwell assets typically outperform their market Sentiment not reflective of medium - term outlook Capital sentiment remains cautious Resilient demand and limited new supply bode well for a tightening of vacancy rates across commercial property, supporting the outlook for rental growth
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CROMWELL PROPERTY GROUP | FY26 RESULTS 10 Financial results and capital management 10Kilsyth Connect Logistics Park, VIC
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CROMWELL PROPERTY GROUP | FY26 RESULTS 11 CROMWELL PROPERTY GROUP | FY26 RESULTS 1. See Appendix for further details of segment results, operating profit and reconciliation to statutory profit. 2. Excluding 475 Victoria Ave, Chatswood, sold 14 July 2026. 3. Calculated as (Total borrowings less cash) / (Total tangible assets less cash). Total tangible assets excludes Right to Use a ssets recorded in accordance with AASB16 Leases. 4. Liquidity represents cash and cash equivalents plus available undrawn commitments as at 30 June 2026. Statutory profit1 $135.8 million (FY25: ($22.6 million)) NTA 57.5 cps (FY25: 56.0 cps) Gearing2,3 31.6% (FY25 28.2%) (FY25: 28.2%) Liquidity4 $370.8 million (FY25: $504.3 million) Distributions $78.4 million / 3.0 cps (FY25: $78.4 million / 3.0 cps Weighted average debt cost6 5.0% (FY25: 4.9%) FFO $110.3 million / 4.2 cps (FY25: 105.0 million / 4.0 cps) FY26 financial summary Overview Assets under management2 $4.7 billion (FY25 $4.2 billion) 5. The average remaining term of Cromwell’s debt facilities, weighted by facility size. 6. Weighted average debt cost is a point-in-time, debt-weighted average cost as at 30 June 2026, based on prevailing floating interest rates, current credit margins, commitment fees and the Group’s interest rate hedging portfolio at that date. 7. Percentage hedged includes an interest rate swap that commenced 06/07/2026 for a term of two years with a notional of $60.0m. It excludes a $70.5m swap, commencing 04/08/2026 for four years. This swap will be novated to the acquirer of 100 Creek St upon settlement of the acquisition. Excludes 475 Victoria Ave Chatswood. AFFO $56.0 million / 2.1 cps (FY25: 66.6 million / 2.5 cps) Interest rate hedging7 85.5% (FY25 75.7%) Interest rate hedge term 2.3 years (FY25: 2.6 years) Weighted average debt maturity5 3.2 years (FY25: 2.9 years)
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CROMWELL PROPERTY GROUP | FY26 RESULTS 12 FY26 like - for - like earnings overview 1. FY25 and FY26 earnings excludes 475 Victoria Avenue, Chatswood, sold 14 July 2026, to enable a like -for-like comparison. 2. Net financing costs includes interest expense net of interest revenue. 3. Funds From Operations (FFO) has been adopted as the primary earnings measure from FY26, moving away from Operating Profit. Th is provides a clearer view of operating performance and improving comparability with industry peers. FY26 1 ($’M ) FY25 1 ($’M) Change (%) Investment portfolio EBIT 149.9 157.4 (4.8%) Investment management EBIT 14.7 8.3 77.1% Co-investments EBIT 6.4 0.8 700.0% Total Continuing Segment EBIT 171.0 166.5 2.7% Discontinued EU operations EBIT - 21.1 (100%) Segment EBIT 171.0 187.6 (8.8%) Corporate costs (27.3) (32.9) 17.0% Group EBIT 143.7 154.7 (7.1%) Net financing costs2 (33.3) (48.6) 31.5% Operating income tax expense (0.1) (1.1) 90.9% FFO3 110.3 105.0 5.0% ← Investment portfolio EBIT marginally declined, due largely to a temporary 9-month downtime of 7,000sqm at George Street with new occupation commenced 1 July 2026. ← Sale of the European operations and reduction of onshore expenses. ← Reduction in debt balance following the sale of the European Platform 105.0 (7.5) 6.4 5.6 (21.1) 5.6 15.3 1.0 110.3 FY25 FFO Investment Portfolio Investment Management Co-investments Discontinued EU Operations Corporate Costs Net Financing Costs Income Tax FY26 FFO ← Increase due to purchase of new Industrial platform, development activities and performance fees from Phoenix Funds following improved fund performance. ← Co-investments in CIP and partial recognition of deferred consideration from Campbell Park sale FFO activity
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CROMWELL PROPERTY GROUP | FY26 RESULTS 13 Balance sheet positioned to support growth Assets FY26 ($M) FY25 ($M) Investment property 2,108.7 2,015.0 Co-investments 82.9 21.2 Development Inventory 72.4 23.8 Other 179.9 198.4 Total assets 2,443.9 2,270.4 Liabilities Borrowings (775.4) (675.9) Other (157.6) (140.6) Total liabilities (933.0) (816.5) Net assets 1,510.9 1,453.9 NTA (cps) 57.5 56.0 Gearing1 31.6% 28.2% Look Through Gearing 32.9% 28.2% Liquidity3 370.8 504.3 1. The average remaining term of Cromwell’s debt facilities, weighted by facility size. 2. A point-in-time, debt-weighted average cost as at 30 June 2026, based on prevailing floating interest rates, current credit marg ins, commitment fees and the Group’s interest rate hedging portfolio at that date. 3. Percentage hedged includes an interest rate swap that commenced 06/07/2026 for a term of two years with a notional of $60.0m. It excludes a $70.5m swap, commencing 04/08/2026 for four years. This swap will be novated to the acquirer of 100 Creek St upon settlement of the acquisition. Exclud es 475 Victoria Ave Chatswood. 4. Weighted average hedge maturity is calculated by weighting each hedge’s remaining term by its notional amount relative to the total hedged portfolio. 5. Weighted average hedge cost represents the notional -weighted average hedge rate of the Group’s interest rate derivatives outstan ding at 30 June 2026, including swaps, caps and collars. For caps and collars, the maximum contractual rate payable is applied. 6. FY25 WAHC is shown as at 01-Jul-25. On 30-Jun-25, hedges with a notional principal of $150m expired, and these hedges had an ef fective rate of 0.275%. On 01-Jul-25, new hedges with a notional principal of $165m commenced with a worst -case rate of 3.61% Interest rate hedging3 85.5% (FY25: 75.7%) Weighted average debt cost2 5.0% (FY25: 4.9%) Interest rate hedge term4 2.3 years (FY25: 2.6 years) Weighted average debt maturity1 3.2 years (FY25: 2.9 years) Weighted average hedge cost5 3.4% (FY25: 3.1%)6 ← Increase due to CIP co-investment Significant covenant headroom supporting future capital deployment and growth opportunities 36.8% LVR (Covenant: 60%) 4.3x ICR (Covenant: 2.0x) 13 ← Increase is due to Barton1 development construction costs
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CROMWELL PROPERTY GROUP | FY26 RESULTS 14 Investment Portfolio 14 14400 George Street, Brisbane, QLD
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CROMWELL PROPERTY GROUP | FY26 RESULTS 15 Resilient Investment Portfolio fundamentals 1. Excluding 475 Victoria Ave, Chatswood, sold 14 July 2026 2. Includes Barton1, currently under development. 3. Including non - binding heads of agreement. New or renegotiated leases during FY26 1,3 28.7k sqm Portfolio occupancy (by NLA)1 95.6% (FY25: 97.6%) Weighted average cap rate1 7.2% (FY25: 7.07%) Portfolio value1,2 $2.2 billion (FY25: $2.1 billion) Weighted average lease expiry1 4.6 years (FY25 5.0 years) 15 Properties1,2 8 • Investment Portfolio’s 7 stable assets demonstrated valuation resilience in FY26, with valuations increasing by 4.7%. • The portfolio's weighted average cap rate expanded to 7.20% (FY25 7.07%) influenced by both market cap rate movements and asset-specific income and leasing positions. • Active asset management and tenant engagement supported leasing outcomes and income stability, with rental reversion of 8.7% achieved over the financial year. • Like-for-like portfolio income down 1.2% due to a 9-month vacancy of 7,000 sqm at 400 George Street, Brisbane. New occupation commenced 1 July 2026. Diversification by tenant type Education (2%) Government Agencies (44%) Media / Entertainment (1%) Medical / Healthcare (1%) Other (3%) Professional Services (13%) Retail (1%) Technology (9%) Transport and logistics (26%) Diversification by State ACT (11%) NSW (47%) QLD (32%) VIC (10%)
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CROMWELL PROPERTY GROUP | FY26 RESULTS 16 Active asset management supports valuations • More than 28.7k sqm of new or renegotiated leases were secured during the financial year, representing more than 11% of total NLA. • Near-term lease expiries and current vacancy provide opportunities to capture rental growth in a strengthening market. • Completion of the lobby upgrade at 400 George Street, Brisbane supported the Queensland State Government’s exercise of its three-year lease option, securing approximately 20,800 sqm of material FY27 lease expiries through to FY30. • Strong income security is supported by a diversified, high-quality tenant mix and consistent occupancy, with the top five tenants accounting for more than 69.1% of portfolio income. • Maintained strong tenant engagement, achieving an 87% tenant satisfaction score and growing digital engagement through the CromwellConnect platform. Top 5 Tenants % of Gross Income Credit Rating 1. Qantas Airways Limited 20.6% Baa2 2. Australian Federal Government 19.0% AAA 3. QLD State Government 13.1% AA+ 4. NSW State Government 11.8% AAA 5. Technology One Limited 4.5% - Total 69.0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Vacant FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 Change to lease expiry profile (year - on - year) 30-Jun-25 30-Jun-26
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CROMWELL PROPERTY GROUP | FY26 RESULTS 17 Investment management 17100 Creek Street, Brisbane, QLD, office fitout
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CROMWELL PROPERTY GROUP | FY26 RESULTS 18 Investment Management platform overview 0 500 1,000 1,500 2,000 2,500 3,000 FY24 FY25 FY26 Millions ($) Investment Management platform growth (value, millions) Asset and Investment Management Platform Joint Ventures Development • Retail property funds Cromwell Direct Property Fund, Cromwell Riverpark Trust, Cromwell Property Trust 12 • Securities funds Cromwell Phoenix Property Securities, Opportunities and Global Opportunities funds • Wholesale and institutional funds and mandates Cromwell Industrial Partnership, 100 Creek St Brisbane venture • Barton1, Canberra Office development pre-leased to Government tenant • Kilsyth Connect Industrial Park Final stage of the redevelopment completed in June 2026 • Cavan Connect Logistics Park Stage 2 commenced in May 2026 • Oyster Property Group (50%) New Zealand real estate funds and asset management platform • Phoenix Portfolios Pty Ltd (45%) Boutique equity investment manager Property management • Property management Day-to-day management across assets • Facilities management Building services, maintenance and compliance obligations • Project management Delivery of fitouts, refurbishments and capital works programs • Leasing Tenant negotiations and renewals supporting occupancy 18% growth since 2024
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CROMWELL PROPERTY GROUP | FY26 RESULTS 19 Investment Management platform highlights • Three assets sold2, with proceeds being returned to investors • Direct property assets valued at $208.5 million in a sale program • Asset realisation and fund wind-up process continues $2.4 billion of funds under management, +17.4% on FY25 • Establishment of Cromwell Industrial Portfolio (CIP) and Brisbane Office Venture Institutional capital growth $7481 million in new mandates DPF wind up continues $268 million assets sold above book value • Completed the final stage of the Kilsyth Connect redevelopment in June 2026 • Commenced Stage 2 of Cavan Connect Logistics Park, after securing a new tenant pre-commit • Barton1 progressing on time and to budget, with completion due prior to end FY27 Development delivery Three projects advanced in FY26 $8.1 $2.5 $0.6 $9.9 Investment Management EBIT contributions (millions) Recurring fees Non-recurring fees Development fees Co-investment income 42% 34% 24% AUM by asset type Office Industrial Listed securities 29% 41% 30% Capital sources Oyster Retail / wholesale Institutional 1. Includes the $478 million Cromwell Industrial Partnership acquisition, $113 million in additional industrial mandates, and the $157 million Creek Street venture. 2. Includes 100 Creek Street, Brisbane, contracted for sale, due for settlement in September 2026.
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CROMWELL PROPERTY GROUP | FY26 RESULTS 20 CROMWELL PROPERTY GROUP | FY26 RESULTS 20 Direct engagement with tenants, contractors and stakeholders, supported by local market knowledge and supply chain insights to build strong partnerships and secure opportunities. Deep local relationships and knowledge Sector experience and specialisation Deep expertise in logistics, manufacturing and science-based industries, including delivery of specialist facilities with complex technical requirements. A proven delivery history since 2018 spanning development, redevelopment and repositioning across multiple markets and asset formats. Established track record 22.3% net levered IRR over 20+ projects1 20+ projects Delivered since 2018 140,000+ sqm Industrial GLA delivered or repositioned since 2018 1. Net levered IRR (post fees, pre-tax & promote) based on Dec 2025 valuations 2. Post tax Industrial capability Delivering value Proactive repositioning of Mountain Highway Business Park 2.2x equity multiple2 on unrealised investments • Developed an execution-ready strategy to reposition and reconfigure 8,000 sqm of office and life science space ahead of a tenant exit, with works scheduled to commence immediately upon vacancy. • A diverse range of fitted tenancy sizes is being delivered through strategic subdivision and refurbishment programme that leverages the existing floorplates and central core amenities. • A phased FY26 capital works programme created opportunities to secure tenants ahead of completion, reducing downtime, staggering future lease expiries and capturing positive renal reversion, with several life sciences and technical occupiers already progressing towards lease commencement following the completion of the works.
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21 CROMWELL PROPERTY GROUP | FY26 RESULTS 21 Cromwell Industrial Partnership: building long - term value • Valuations on the 7 assets remained stable at $477.7 million, highlighting the high quality of the portfolio. • Targeted leasing campaigns secured eight key leases totaling approximately 9,000 sqm, primarily at 1 Enterprise Drive, Salisbury, South Australia. The successful releasing of facilities developed five years ago demonstrates the enduring value of high-quality assets in strategic infill markets, while capturing rental growth. • Rental spreads on new leases during FY26 were +39%, demonstrating the portfolio's ability to capture market rental growth. • Progressing the strategic repositioning of Mountain Highway Business Park ahead of tenant's lease expiry, targeting life sciences and technical manufacturing occupiers through flexible tenancy offerings and targeted capital investment to enhance amenity. Top 5 Tenants % of Gross Income Credit rating 1 Raytheon 15.5% A- 2 Noumed 12.8% - 3 Coca-Cola 12.2% A+ 4 Siemens 10.1% AA- 5 Incitec Pivot 7.6% BBB Total 58.3% - Portfolio value $477.7 million billion) Core assets 7 Cap rate 6.1% Occupancy 98.6% Weighted average lease expiry 4.7 30% 70% Diversification by state (by valuation) Victoria South Australia 59%19% 7% 4%4% 7% Diversification by tenant type Manufacturing Medical/Healthcare Wholesale/Distribution Professional Services Technology Other
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22 CROMWELL PROPERTY GROUP | FY26 RESULTS 22 Case study: Capital works driving leasing outcomes • Completed a major lobby transformation at 400 George Street, strengthening its position as a premium workplace destination in Brisbane’s North Quarter. • Upgrades include a new street-facing entrance, enhanced shared amenity, collaborative areas, upgraded finishes, artwork and café space. • Delivered with minimal disruption in an operational building, reinforcing Cromwell’s project management expertise. • Supported the Queensland State Government’s ~20,800 sqm lease extension to 2030, improving income security and reducing leasing risk. • Active asset management enabled re-lease of ~7,000 sqm vacancy with minimal downtime of only 9 months. Repositioning works and leasing activity underpinned a $98 million valuation uplift to $450 million at 30 June 2026. 400 George Street, Brisbane
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CROMWELL PROPERTY GROUP | FY26 RESULTS 23 Key priorities 23Noumed, Nexus North Industrial Estate, Salisbury South, SA
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CROMWELL PROPERTY GROUP | FY26 RESULTS 24 FY27 priorities: continue to deliver secure, sustainable growth 24 1 Investment management growth 2 Drive Investment Portfolio performance 3 Disciplined capital and cost management Outlook: Distribution payment of 3.1 cps per security is expected for FY27 • Continue growth through new mandates, partnerships and co-investment opportunities, with a focus on traditional real estate sectors • Progress Barton1 to completion and pursue capital partnerships to realise development value and redeploy into new opportunities to drive further income diversification • Strategic M&A opportunities • Execute key leasing initiatives, retain major tenants and proactively manage lease expiries to support occupancy and income security • Continue embedding ESG considerations to enhance asset relevance and ensure buildings meet the changing needs of existing and prospective tenants • Preserve balance sheet flexibility while focusing on accretive, sustainable earnings growth opportunities • Continued focus on operating costs
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CROMWELL PROPERTY GROUP | FY26 RESULTS 25 Jonathan Callaghan Chief Executive Officer jonathan.callaghan@cromwell.com.au Phone: +61 7 3225 7777 Michelle Dance Chief Financial Officer michelle.dance@cromwell.com.au Phone: +61 7 3225 7777 Libby Langtry Investor Relations Manager libby.langtry@cromwell.com.au Phone: +61 2 8278 3690 25 For more information, please contact: 207 Kent Street, Sydney, NSW , office fitout
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CROMWELL PROPERTY GROUP | FY26 RESULTS 26 27 FFO reconciliation to statutory profit / (loss) 28 Segment results – FFO earnings detail 29 Investment Portfolio summary 30 Net property income 31 Balance sheet debt 32 Hedging profile Appendices 26
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CROMWELL PROPERTY GROUP | FY26 RESULTS 27 FFO reconciliation to statutory profit / (loss) 1. Comprises fair value adjustments included in share of profit of equity accounted entities. 2. During the year-ended 30 June 2026, construction commenced on the Barton1 development. An intercompany arrangement between the a sset owner and developer entitled the developer to fee income for its services in carrying out the development. For financial reporting purposes the fee is eliminated but is reported to the CODM as revenue each month. 3. Comprises depreciation of plant and equipment and right -of-use assets, amortisation of intangible assets, amortisation of loan t ransaction costs, expense / income in relation to the executive performance rights, other transaction costs and for FY26 the fin ancial impact of Victoria Ave, Chatswood classified as held for sale. FY26 ($M) FY25 ($M) FFO 110.3 105.0 FFO EPS 4.2 cps 4.0 cps Fair value gains / (losses) Investment properties 66.3 (117.1) Derivative financial instruments 8.2 (36.3) Assets held for sale 5.3 - Investments at FVTPL 0.1 (1.6) Depreciation, amortisation and impairment (6.3) (2.1) Lease cost and incentive amortisation and rent straight-lining (36.7) (34.3) Relating to non-FFO items from equity accounted investments1 (3.3) 0.4 Net foreign exchange losses (0.7) (0.7) Tax benefit relating to non-FFO items 0.4 0.2 Non-cash or non-recurring items from discontinued operations - 66.0 Intercompany development / project management fee 2 (1.4) - Other non-cash expenses or non-recurring items3 (6.4) (2.1) Net profit / (loss) for the period 135.8 (22.6) Statutory EPS 5.2 cps (0.9) cps
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CROMWELL PROPERTY GROUP | FY26 RESULTS 28 30 June 2026 Investment Portfolio $M Investment Management $M Co - investments $M Cromwell $M Segment revenue Rental income and recoverable outgoings 185.2 - - 185.2 FFO from equity accounted investments - 3.5 1.1 4.6 Investment management fees - 23.8 - 23.8 Distributions - - 5.3 5.3 Total segment revenue 185.2 27.3 6.4 218.9 Segment expenses Property expenses 34.5 - - 34.5 Investment management costs - 10.4 - 10.4 Other expenses 0.8 2.2 - 3.0 Total segment expenses 35.3 12.6 - 47.9 Segment EBIT 149.9 14.7 6.4 171.0 Unallocated items Net finance costs (33.3) Corporate costs (27.3) Income tax expense (0.1) FFO 110.3 Segment results – FFO earnings detail
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CROMWELL PROPERTY GROUP | FY26 RESULTS 29 Property 30 June 2026 30 June 2025 Occupancy WALE by area from external valuation NLA (sqm) Major tenants Nabers Energy Value ($M) Cap rate Value ($M) Cap rate 400 George St, Brisbane, QLD 95.1% 4.6 43,145 QLD State Government 5.5 450.0 7.25% 352.0 7.75% HQ North Tower, 540 Wickham Street, Fortitude Valley, QLD 94.7% 4.3 29,191 AECOM, TechOne, Bechtel 6.0 225.0 7.63% 220.0 7.50% Qantas HQ, 203 Coward St, Mascot, NSW 100% 6.5 47,910 Qantas 5.0 465.0 7.00% 469.0 6.75% McKell Building, 2-24 Rawson Place, Sydney, NSW 100% 2.0 25,251 NSW State Government 5.5 245.0 7.00% 250.0 6.76% 207 Kent St, Sydney, NSW 82.0% 2.6 20,575 Various 5.5 277.0 7.38% 255.0 7.38% Enid Lyons Building, 71 Athllon Drive, Greenway, ACT 100% 6.2 35,881 Federal Government 6.0 241.0 7.38% 252.0 6.63% 700 Collins St, Melbourne, VIC 91.3% 4.3 32,767 Bureau of Meteorology, Metro Trains 5.5 205.7 6.88% 217.0 6.75% Sub-total 95.6% 4.6 234,720 - - 2,108.7 7.20% 2,015.0 7.07% Barton1 (under construction) - - - Federal Government - 72.4 - 23.8 - Total - - 2,181.1 2,038.8 Investment Portfolio summary
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CROMWELL PROPERTY GROUP | FY26 RESULTS 30 Net property income Investment Portfolio FY26 ($M) FY25 ($M) Variance ($M) Variance (%) 400 George St, Brisbane, QLD 28.1 34.4 (6.3)1 -18.2% HQ North Tower, 540 Wickham Street, Fortitude Valley, QLD 17.6 17.7 (0.1) -0.8% Qantas HQ, 203 Coward St, Mascot, NSW 33.8 32.0 1.7 5.4% McKell Building, 2-24 Rawson Place, Sydney, NSW 16.9 15.7 1.2 7.5% 207 Kent St, Sydney, NSW 17.0 15.9 1.1 7.2% Enid Lyons Building, 71 Athllon Drive, Greenway, ACT 19.3 18.7 0.6 3.2% 700 Collins St, Melbourne, VIC 18.6 18.9 (0.3) -1.4% TOTAL NET PROPERTY INCOME2,3 151.3 153.3 (2.0) -1.3% 1. Difference due to a temporary 9 -month vacancy in George Street, Brisbane, with new occupation commenced 1 July 2026. 2. Asset and totals may not align due to rounding. 3. Excluding 475 Victoria Ave, Chatswood, sold 14 July 2026.
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CROMWELL PROPERTY GROUP | FY26 RESULTS 31 Balance sheet debt Facility Drawn 30-Jun-26 (AUD $'M) Facility Limit 30-Jun-26 (AUD $'M) Maturity Date Fin Yr Expiry Years Remaining Covenants Bank 4 14.5 270.0 Apr-2028 2028 1.8 yrs LVR 60% ICR 2.0 x Bank 5 5.5 75.0 May-2028 2028 1.9 yrs Bank 1 125.0 125.0 Jun-2028 2028 1.9 yrs Bank 3 115.0 115.0 Jun-2028 2028 1.9 yrs Bank 2 180.0 180.0 Apr-2030 2030 3.8 yrs Bank 1 110.0 110.0 Jun-2030 2030 3.9 yrs Bank 3 75.0 75.0 Jun-2030 2030 3.9 yrs Bank 6 100.0 100.0 Jun-2030 2030 4.0 yrs Bank 5 50.0 50.0 Jun-2030 2030 4.0 yrs Bilateral Facilities under CTD (Senior Secured) 775.0 1,100.0 3.2 yrs Debt facility details 0 100 200 300 400 500 600 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 $ million Debt expiry profile Drawn debt Undrawn debt
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CROMWELL PROPERTY GROUP | FY26 RESULTS 32 Hedging profile at 30 June 2026 1. Weighted average hedge cost represents the average coupon on the Group's hedging instruments, weighted by the notional a mount of each derivative. 2. Amount hedged includes an interest rate swap that commenced 06/07/2026 for a term of two years, notional of $60.0m, strike of 3.40%. It excludes a $70.5m swap, commencing 04/08/2026 for a four year tenor. This swap will be novated to the acquirer of 100 Creek St upon settlement of the acquisition. Excludes 475 Victoria Ave Chatswood. 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 0M 100M 200M 300M 400M 500M 600M 700M FY26 FY27 FY28 FY29 FY30 FY31 Average Rate Hedging Amount ($) Swap Cap Collar Average Rate
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CROMWELL PROPERTY GROUP | FY26 RESULTS 33