Slides
Page 1
Charter Hall GroupCharter Hall Industrial Charter Hall Retail REIT 2026 Half Year Results ASX:CQR For personal use only
Page 2
Charter Hall Retail REIT 2026 Half Year Results Acknowledgement of Country Charter Hall acknowledges the Traditional Custodians of the lands on which we work and gather. We pay our respects to Elders past and present and recognise their continued care and contribution to Country. Agenda 1. Highlights and Strategy 2. Financial Performance 3. Operational Performance 4. Outlook and Guidance 5. Annexures 2 Cover: Southport Village, Gold Coast, QLD Ampol, Dee Why, NSW Bunnings Garden State Hotel, Melbourne VIC Agenda NAIDOC Week – Drawing us together, Gateway Plaza, Leopold, VIC For personal use only
Page 3
Charter Hall Group 2025 Full Year Results Harris Farm, Pacific Square, Maroubra, NSW 3 Highlights and Strategy 1 For personal use only
Page 4
Charter Hall Retail REIT 2026 Half Year Results 1H FY26 half year highlights Highlights and Strategy Property performance Financials Capital management Property Investment value $4.6bn High quality convenience retail portfolio NTA per unit $4.91 +5.8% on June 25 Balance sheet gearing 29.2% Portfolio occupancy 99.1% +0.2% on June 25 Operating earnings 13.0cpu +3.4% on 1H FY25 Debt margin reduction 40bps Following debt refinance Same property NPI growth 3.0% Shopping centre +3.1%, net lease +2.7% Distribution 12.8cpu +4.1% on 1H FY25 Weighted average cost of debt 4.8% 4 Operating Earnings FY25 delivered 25.4cpu FY26 guidance 26.4cpu +4.0% growth Highlands Marketplace, NSW Gateway Plaza, VIC Carnes Hill, NSW ↑ For personal use only
Page 5
Charter Hall Retail REIT 2026 Half Year Results Convenience Retail CQR Convenience Retail Strategy To deliver the highest property income and earnings growth from the convenience retail sector Highlights and Strategy 5 Continued Portfolio Curation Enhanced by: Active Asset Management Prudent Capital Management Non-discretionary focus which is resilient through economic cycles Income growth driven by diverse rent review structures Capital and outgoings efficient net leases Strategic locations with high visibility, convenient access and low site coverage High quality tenant covenants with long term tenure Australia’s largest Convenience Retail platform For personal use only
Page 6
Charter Hall Retail REIT 2026 Half Year Results Charter Hall is Australia’s largest convenience retail platform Fully integrated property model with a nationwide presence for end-to-end service offering 6 Highlights and Strategy 13 QLD SA NT TAS 118 NSW & ACT 23 VIC 13 WA 1. Includes Bunnings 2. As ranked by Charter Hall retail tenants – Annual CentreSAT survey through Monash Business School’s ACRS Research unit 167 Retail specialists across functions & states $17bn Funds under management1 >900 Convenience retail properties #1 Preferred landlord amongst peers for four years +2 For personal use only
Page 7
Charter Hall Retail REIT 2026 Half Year Results 100% 100% 100% 100% 100% 86% 79% 78% 75% 71% 61% 51% - - - - - 14% 21% 22% 25% 29% 39% 49% $2.2bn $2.5b $2.8b $2.8b $3.0b $3.3b $3.6b $4.3b $4.3b $4.0b $4.8b $4.6b - $1.0b $2.0b $3.0b $4.0b $5.0b $6.0b FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H FY26 Shopping centre retail Net lease retail Total convenience retail APT1 & APT2 bp AU LWIP2 Z Energy + Gull 7 Curation towards net lease has significantly improved tenant covenant and resilience of CQR’s income Highlights and Strategy Portfolio curation and diversification Strategic shift to a diverse range of major anchor tenants and rent review mechanisms to underpin income growth in all cycles bp NZ For personal use only
Page 8
Charter Hall Retail REIT 2026 Half Year Results Delivering on Strategy – 1H FY26 Transactions Strategic portfolio curation and asset recycling into accretive higher quality assets 88 Highlights and Strategy Acquisitions Divestments Active Asset Management - As previously announced in August 25, to assist funding HPI acquisition, CQR divested four 100% owned assets together with its 49.9% investment in RP1 and RP2 to CCRF for $679m - Continued portfolio curation with divestment of $154m of assets: - 85% of Gordon Centre, NSW to CCRF - 100% of Mareeba Square, QLD - $435m investment in Charter Hall Convenience Retail Fund (CCRF) reflecting 17.2% ownership. CCRF is a $2.5bn fund comprising 17 metro shopping centres and 12 metro net lease assets (Bunnings) - 100% acquisition of four Bunnings assets for $151m - Bunnings Toowoomba, Cairns and Airlie Beach 1 in QLD and Bunnings Goulburn in NSW - Diversification of net lease portfolio following 100% acquisition of Eagers Kirrawee, NSW and completion of Tesla Red Hill, QLD for $115m at an average yield of 6.0% with rent review of greater of CPI or 3.5% - CQR's first Harris Farm Markets opened at Pacific Square, Maroubra in December 2025 reflecting the portfolio's demand from high quality Tenant Customers - Completed amenity upgrade projects across six shopping centre assets - Pad site development pipeline continues momentum with fast food and vehicle servicing usages Bunnings Goulburn, Goulburn, NSW Gordon Centre, Gordon, NSW Harris Farm, Pacific Square, NSW 1. Settlement to occur in March 2026 For personal use only
Page 9
Charter Hall Retail REIT 2026 Half Year Results $1.9bn $2.0bn $2.1bn $2.2bn $2.3bn $2.4bn $2.5bn $2.6bn 4.00% 4.50% 5.00% 5.50% 6.00% 6.50% 7.00% 7.50% 8.00% Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Portfolio Valuation (RHS) Convenience Shopping Centre Retail (Cap Rate) (LHS) Convenience Net Lease Retail (Cap Rate) (LHS) 9 Highlights and Strategy CQR 5 year like-for-like cap rates and valuations1 1. Like-for-like valuation metrics for assets owned at both 30 June 2020 and 31 December 2025 Five Year Valuation Cycle - On a like-for-like basis1 weighted average cap rates have expanded by the same amount they compressed from 30 June 2020 to 30 June 2022 - Despite cap rate changes, like-for-like capital values across CQR’s portfolio are on average 28.5% higher in 2025 compared to 2020 - CQR portfolio valuations since 2020 reflect strong income growth - 28.1% valuation growth for shopping centre retail - 30.1% valuation growth for net lease retail - Net lease retail now represents 49% of CQR portfolio value as the portfolio is curated toward higher income growth assets LFL portfolio valuation growth +28.5% Cap rate compression underway For personal use only
Page 10
Charter Hall Group 2025 Full Year Results Bunnings Toowoomba, Toowoomba, QLD 10 Financial Performance 2 For personal use only
Page 11
Charter Hall Retail REIT 2026 Half Year Results Financial Performance Earnings and Distributions - Same property portfolio NPI growth of 3.0% - Like-for-like convenience shopping centre retail NPI growth of 3.1% - Same property convenience net lease retail NPI growth of 2.7% - Accretive transactions include HPI, Bunnings and net impact of CCRF - Higher finance costs largely driven by growth in acquisitions - Distribution of 12.8cpu is 4.1% higher than prior comparative period Look through basis $m 1H FY25 1H FY26 % change Net property income from shopping centre retail – LFL 57.7 59.5 3.1% Net property income from net lease retail - LFL 27.2 27.9 2.7% Net property income – assets transacted 32.1 38.6 Total net property income 117.0 126.0 7.7% Finance costs (32.8) (39.1) 19.2% Other expenses (11.1) (11.3) 1.8% Operating earnings 73.1 75.6 3.4% Operating earnings per unit (cents) 12.6 13.0 3.4% Distribution per unit (cents) 12.3 12.8 4.1% Payout ratio1 97.8% 98.4% 0.8% Statutory earnings2,3 105.7 240.7 127.7% 1. Distribution (cpu) divided by operating earnings (cpu) 2. See Annexure 1 for reconciliation of statutory earnings to operating earnings 3. December 2025 results reflect the early adoption of AASB 18. Prior periods have been retrospectively restated 1111 For personal use only
Page 12
Charter Hall Retail REIT 2026 Half Year Results Balance Sheet - Convenience shopping centres movement attributed to favourable valuation increase of $87m and capital spend of $14m offset by net transactions of -$670m - Convenience net lease retail increase predominantly driven by 100% acquisition of three Bunnings assets $135m, together with Bunnings portfolio in CCRF $97m and favourable valuation increase of $66m - NTA per unit of $4.91 increased by $0.27 or 5.8% driven by favourable net valuation uplift Portfolio analysis $m Jun 25 Dec 25 Convenience shopping centre retail investment properties 2,934 2,365 Convenience net lease retail investment properties 1,876 2,264 Total investment properties 4,810 4,629 Cash 52 127 Other assets 132 159 Total assets 4,994 4,915 Borrowings (2,074) (1,865) Distribution payable (72) (37) Other liabilities (154) (159) Total liabilities (2,299) (2,060) Net Tangible Assets (NTA) 2,694 2,855 Units on issue (million) 581.2 581.2 NTA per unit ($) 4.64 4.91 Financial Performance 1212 For personal use only
Page 13
Charter Hall Retail REIT 2026 Half Year Results Property Valuations - 100% of the portfolio was externally revalued at 31 December 2025. - Convenience shopping centre net valuation uplift of 3.8% or +$87m. Shopping centre cap rates have compressed by 12bps to 5.94% - Convenience net lease retail valuation growth of 3.0% or $66m. Net lease retail cap rates have compressed by 10bps to 5.14% - Portfolio weighted average cap rate of 5.55% has firmed 11bps on a like for like basis Financial Performance 13 $m Convenience shopping centre retail Convenience net lease retail Total portfolio June 2025 portfolio value 2,934 1,876 4,810 Net transactions (670) 309 (361) Capital spend 14 13 27 Valuation movement 87 66 153 December 2025 portfolio value 2,365 2,264 4,629 June 2025 weighted average cap rate 6.06% 5.24% 5.74% December 2025 weighted average cap rate 5.94% 5.14% 5.55% For personal use only
Page 14
Charter Hall Retail REIT 2026 Half Year Results 186.9 272.6 786.5 289.5 210.0 121.4 63.6 88.1 248.0 FY26 FY27 FY28 FY29 FY30+ Drawn bank debt facilities Non-recourse JV drawn bank debt Undrawn debt Capital Management - Post balance date CQR finalised terms to refinance its balance sheet debt platform of $1.6bn across eight lenders - Refinance will lower debt margins by 40bps and extend weighted average debt maturity to 4.0 years - Post refinance CQR’s LVR covenant will be 65% (previously 50%) - Highly hedged position with 60% hedging across FY26 and 68% across FY27 Financial Performance 14 Key metrics Debt summary Weighted average cost of debt2 4.8% Weighted average debt maturity 4.0 years Balance sheet gearing 29.2% 1. Reflects post refinance debt maturity profile for CQR balance sheet debt 2. Reflects BBSY of 3.87% at 5 Feb 2026 and FY26 average hedging of 60% at an average hedge rate of 3.1% Long-term debt maturity profile1 60% 68% 51% 3.1% 3.4% 3.5% FY26 FY27 FY28 Look through average hedging profile and average hedged rate For personal use only
Page 15
Charter Hall Group 2025 Full Year Results Sunnyside Mall, Murwillumbah, NSW 15 Operational Performance 3 For personal use only
Page 16
Charter Hall Retail REIT 2026 Half Year Results Portfolio Summary Operational Performance – $4.6bn diversified convenience retail portfolio across shopping centres $2.4bn (51%) and net lease $2.2bn (49%) – Portfolio occupancy at 99.1% – Portfolio WALE of 7.1 years with majors WALE of 8.9 years – MAT growth of 2.9%1 – Tenant arrears of less than 0.3% Portfolio value by segment Convenience retail portfolio snapshot Jun 25 Dec 25 Value ($m) 4,810 4,629 Weighted average cap rate 5.74% 5.55% Number of assets 699 719 Occupancy 98.9% 99.1% WALE 7.0 years 7.1 years 16 Portfolio value by state 1. Excludes specialty tobacco sales NSW 33% QLD 29% WA 12% VIC 13% NZ 8% ACT, TAS, SA 5% Metro shopping centres $1.0bn 22% Non metro shopping centres $1.4bn 29% Energy and Convenience $1.2bn 26% Hospitality $0.8bn 18% Bunnings $0.2bn 5% For personal use only
Page 17
Charter Hall Retail REIT 2026 Half Year Results 1.3% 1.4% 2.4% 3.6% 4.6% 4.9% 9.5% 10.0% 11.5% 12.8% Operational Performance 17 Credit Rating: BBB Credit Rating: A+ Credit Rating: BBB+ Credit Rating: A- Baa1 Baa2 Non-discretionary spend supporting resilient cashflows Supported by strong tenant covenants Income by category Top 10 tenant customer groups (by base rent) 1.0% 1.7% 2.1% 2.5% 3.7% 4.3% 4.5% 4.9% 5.2% 5.8% 18.8% 20.0% 25.0% Mobile phones Leisure/Jewellery Other retail Apparel Food/Liquor retail General retail Non retail Retail services Mini-majors (SC) Food catering Hospitality Energy & Convenience Majors (SC) 62% of rent For personal use only
Page 18
Charter Hall Retail REIT 2026 Half Year Results 32% 11% 3% 4% 31%10% 8% Other Convenience Net Lease Portfolio - 100% acquisition of three Bunnings assets for $135m (Bunnings Toowoomba and Cairns in QLD and Bunnings Goulburn in NSW) together with CQR’s 17.2% share of CCRF’s Bunnings portfolio - Other includes 100% acquisition of Eagers Kirrawee, NSW for $56m and completion of Tesla Red Hill, QLD $59m – acquired at an average yield of 6.0% and rent review greater of CPI or 3.5% - Net lease portfolio will benefit from higher inflation over FY26 Portfolio Value $’m Number of assets Cap rate WALE (years) Rent review bp Australia 564 215 4.78% 14.0 CPI bp New Zealand 167 70 5.02% 15.0 CPI (0.5%-4%) Ampol1 246 276 5.02% 12.5 CPI (2%-5%) Gull 74 18 5.39% 11.6 CPI (2%-5%) Endeavour (LWIP2) 96 12 4.95% 9.3 CPI QVC/AVC (HPI) 695 58 5.51% 8.6 CPI & Fixed Bunnings 237 14 5.08% 4.7 Fixed / Market Other net lease3 185 7 5.24% 9.1 CPI & Fixed Total 2,264 670 5.14% 10.4 3.1%2 Tenant covenant Operational Performance 18 1. Includes Ampol Australia and Z Energy New Zealand 2. Like for like 2025 gross rent growth 3. Largely CQR 100% owned net lease assets For personal use only
Page 19
Charter Hall Retail REIT 2026 Half Year Results Supermarket Anchors 1. Includes supermarkets with fixed and CPI rent reviews – Supermarkets continued to demonstrate resilience with 2.6% MAT growth – 84% of supermarkets paying turnover rent or within 10% – 12 supermarkets with base rent uplifts in 1H FY26 Supermarket performance Jun 25 Dec 25 MAT growth 2.5% 2.6% Supermarkets in turnover1 69% 68% Supermarkets within 10% of turnover 16% 16% Supermarkets in turnover73 supermarket stores in portfolio Operational Performance 19 32 26 15 65% 66% 62% 62% 62% 67% 70% 73% 71% 69% 68% 17% 17% 18% 18% 19% 18% 13% 13% 16% 16% 16% 82% 83% 80% 80% 81% 85% 83% 86% 87% 85% 84% Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 In turnover Within 10% For personal use only
Page 20
Charter Hall Retail REIT 2026 Half Year Results Specialty Tenants Operational Performance – 186 specialty leases with spreads of +4.1% – 70 new leases (+4.0% leasing spread) – 116 renewals (+4.2% leasing spread) – Retention rate has increased to 88% – Specialty productivity across the portfolio is $11,279 per sqm – Occupancy cost of 11.5% allowing for further growth in market rent Specialty performance Dec 24 Dec 252 MAT growth 2.2% 3.8% Sales productivity (per sqm) $11,278 $11,279 Average gross rent (per sqm) $1,280 $1,296 Specialty occupancy cost 11.3% 11.5% Average rental increase p.a. 4.0% 4.0% Retention rate 84% 88% 20 1. Weighted average of peers 2. MAT growth, sales productivity, average gross rent and speciality occupancy cost excludes specialty tobacco sales Historical shopping centre specialty leasing spreads versus peers1 0.8% 0.9% 1.6% 2.3% 2.5% 2.7% 5.5% 4.1% (3.2%) (7.0%) (4.0%) (3.8%) 2.2% 1.6% 3.0% FY19 FY20 FY21 FY22 FY23 FY24 FY25 1HFY26 CQR Peer Average For personal use only
Page 21
Charter Hall Retail REIT 2026 Half Year Results Sustainability initiatives 21 Operational Performance Achievements in 1H FY26 By integrating sustainability across our platform and leveraging our scale, we attract and retain capital while delivering for our customers and employees – creating enduring value for all. Net Zero1 Operating at Net Zero Scope 1 and Scope 2 emissions from 1 July 2025. Empowering vulnerable women $271k spent with Two Good Co., continuing the ‘Two is Better than One’ campaign, which delivered engaging activations for local families and funded 1,000+ Littles Care Packs for children in need. ESG leadership Maintained 2 nd place among listed Retail entities in Australia and New Zealand in the 2025 GRESB Assessment and maintained an ‘A’ ranking under the GRESB Public Disclosure. Clean energy 17.4MW of solar installed across 72% of shopping centers with suitable roof space. 14.7MWh of battery capacity installed at eight sites, an uplift of 5.7MWh from FY25. First Nations Won the SCCA Community Award for the ‘Drawing Us Together’ campaign, delivered across 17 centres and engaging 1,100+ students in stories from 13 First Nations authors. Independent benchmarking Progressed towards maintaining Green Star Performance certification for the shopping centre retail portfolio under the updated rating tool. Circular economy 17% uplift in waste diverted from landfill across the shopping centre retail portfolio since FY22. Giving back during the festive season Donated over $26k to The Salvation Army Christmas Appeal through the ‘Elf-mas Hunt’ activation, with centres contributing $5 per participant to provide food, gifts and essential to families facing hardship. Responsible supply chain Enhanced grievance reporting processes, strengthened frontline employees' capability to identify and respond to modern slavery risks, and deepened industry collaboration to support ongoing knowledge-sharing. Further detail is available in our sixth Modern Slavery Statement 1. Scope 1 and Scope 2 emissions for existing assets that fall under the operational control of the responsible entity for CQR a nd subject to surrender of large-scale energy certificates and nature-based carbon offsets. Environment Governance Social For personal use only
Page 22
Charter Hall Group 2025 Full Year Results Outlook & Guidance 4 Ampol, Dee Why, NSW 22 For personal use only
Page 23
Charter Hall Retail REIT 2026 Half Year Results Transactions to settle in 2HFY26 Strategic portfolio curation supporting enhanced earnings growth 2323 Outlook and Guidance Shopping centre transactions - Upweight of CQR’s investment in CH Ampol partnership 1 from 5% to 50%, which equates to a CQR equity commitment of ~$203m - Triple net, high quality portfolio heavily weighted to eastern seaboard (~85%), metropolitan (~73%) and commuter metro (~10%) - 100% occupancy to Ampol Australia on 14.1 year WALE - Settlement will occur in late March 2026 funded by available capacity and net transactions opposite - 100% acquisition of convenience shopping centre assets for $251m at an average yield of 6.7% (Gympie Central and Whitsunday Plaza in QLD, and Armidale Central, NSW). Settlement will occur in late February 2026 - Disposal of three metro shopping centres to CCRF for $208m at an average yield of 5.3% (Arana Hills QLD, Kings Langley, NSW and Butler WA). Settlement will occur by 30 June 2026 - Disposal of Lansell Square, Bendigo (VIC) for $110m with settlement to occur in March 2026 Whitsunday Plaza, Cannonvale, QLD Ampol, Seven Hills, NSW Whitsunday Plaza Lansell Plaza, Bendigo, VIC Net lease portfolio upweight For personal use only
Page 24
Charter Hall Retail REIT 2026 Half Year Results Outlook and Guidance Outlook and Guidance 24 1. Based on FY26 DPS guidance of 25.5cps divided by CQR share price of $3.84 as at 5 February 2026 Australian population growth Limited supply driving down retail space per capita Portfolio curation enhancing earnings quality Strong earnings growth Continued growth in income & NTA Based upon information currently available and barring unforeseen events CQR has now curated its portfolio to its target 50% shopping centre and 50% net lease convenience retail Reaffirm FY26 guidance upgrade FY26 operating earnings of no less than 26.4 cpu FY26 distribution per unit of no less than 25.5 cpu This represents a distribution yield1 of 6.6% OEPS growth over FY25 +4.0% DPS growth over FY25 +3.3% Paying quarterly distributions from Q1 FY26 onwards Diverse range of NPI growth - CPI linked, fixed % & turnover rent/market reviews For personal use only
Page 25
Charter Hall Group 2025 Full Year Results Rockdale Plaza, Rockdale, NSW 25 Annexures 5 For personal use only
Page 26
Charter Hall Retail REIT 2026 Half Year Results Annexures Annexures 1 Investment in property joint ventures 2 4 Lease expiry profile Property valuations 6 Convenience shopping centre retail portfolio historical performance Convenience shopping centre MAT analysis 7 Reconciliation of statutory profit to operating earnings 5 26 3 Glossary For personal use only
Page 27
Charter Hall Retail REIT 2026 Half Year Results Annexure 1 Reconciliation of statutory earnings to operating earnings1 Annexures 1. December 2025 results reflect the early adoption of AASB 18. Prior periods have been retrospectively restated. 27 $m 1H FY25 1H FY26 Operating Earnings 73.1 75.6 Net revaluation gain on investment properties 72.4 180.4 Straight lining of rental income and amortisation of incentives (9.9) (5.6) Acquisition and disposal related costs (12.7) (38.6) Net gain/(loss) on derivative financial instruments (14.1) 31.2 Other (3.1) (2.3) Statutory profit 105.7 240.7 For personal use only
Page 28
Charter Hall Retail REIT 2026 Half Year Results Annexure 2 Investment in property joint ventures – operating earnings and balance sheet breakdown 1H FY26 Annexures 28 $m CQR CCRF RP6 Other Convenience shopping centre retail bp portfolios Ampol portfolios Gull portfolio LWIP2 portfolio HPI portfolio CCRF Net Lease Other Net Lease Convenience net lease retail Total Ownership interest 100.0% 17.2% 20.0% 23.6% 40.4% 100.0% 28.9% 50% 17.2% Properties 28 wholly owned 16 metro shopping centres Bass Hill Pacific Square Eastgate Gateway Plaza, Salamander Bay, Gordon 285 in Australia and New Zealand 276 in Australia and New Zealand 18 wholly owned in New Zealand 12 in Australia 58 in Australia 12 in Australia Bunnings, other Energy & Pub assets 1HFY26 operating earnings Net property income 55.8 7.6 3.1 7.9 74.4 17.3 5.9 2.0 2.3 17.6 1.8 4.7 51.6 126.0 Finance costs (26.9) 0.5 (0.9) (0.6) (27.9) (4.2) - - (0.6) (6.5) (0.6) 0.8 (11.1) (39.1) Other expenses (9.5) (0.8) (0.2) (0.2) (10.7) (0.1) (0.1) - - (0.3) (0.2) - (0.7) (11.3) Share of operating earnings 19.4 7.3 2.0 7.1 35.8 13.0 5.8 2.0 1.7 10.8 1.0 5.5 39.8 75.6 % of operating earnings 26% 10% 3% 9% 47% 17% 8% 3% 2% 14% 1% 7% 53% 100% Dec 2025 balance sheet Investment properties 1,693 325 117 229 2,365 731 246 74 96 695 101 322 2,264 4,629 Borrowings (1,246) (25) (38) - (1,309) (203) - - (22) (289) (41) - (555) (1,865) Net other 10 77 (1) - 86 5 - - - - - - 5 90 CQR net investment 457 377 78 229 1,141 533 246 74 74 407 59 322 1,714 2,855 For personal use only
Page 29
Charter Hall Retail REIT 2026 Half Year Results Major tenant WALE 8.9 years Portfolio WALE 7.1 years Specialty and mini-major tenant WALE 3.6 years Annexure 3 Lease expiry profile as at 31 December 2025 0.1% 6.3% 5.6% 4.2% 5.8% 6.2% 6.4% 5.6% 4.0% 55.8% 0% 20% 40% 60% FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35+ 7.4% 14.8% 15.9% 14.0% 13.1% 9.6% 5.4% 3.0% 6.2% 10.4% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35+ Major tenant expiry profile (by income) Specialty and mini-major tenant expiry profile (by income) Annexures 29 For personal use only
Page 30
Charter Hall Retail REIT 2026 Half Year Results Annexure 4 Property valuations as at 31 December 2025 Annexures 30 State Property Location Anchor Tenants Ownership interest (%) NSW Bass Hill Plaza Bass Hill Woolworths, Aldi, Kmart 20.0% Bateau Bay Square Bateau Bay Woolworths, Coles, Aldi, Kmart 8.6% Carnes Hill Marketplace Horningsea Park Woolworths, Big W 8.6% Chullora Marketplace Chullora Woolworths, Coles, Aldi 17.2% Dubbo Square Dubbo Coles, Kmart 100.0% Eastgate Bondi Junction Bondi Junction Coles, Aldi, Kmart 20.0% Gordon Village Centre Gordon Woolworths 29.7% Goulburn Square Goulburn Coles, Kmart 100.0% Highlands Marketplace Mittagong Woolworths, Big W 8.6% Jerrabomberra Village Jerrabomberra Woolworths 100.0% Kings Langley Shopping Centre Kings Langley Coles 100.0% Morisset Square Shopping Centre Morisset Coles 100.0% Mudgee Metroplaza Mudgee Woolworths 100.0% Orange Central Square Orange Coles 100.0% Pacific Square Maroubra Coles, Aldi 20.0% Parkes Metroplaza Parkes Woolworths 100.0% Rockdale Plaza Rockdale Woolworths, Aldi, Big W 17.2% Salamander Bay Square Salamander Bay Woolworths, Coles, Kmart 50.5% Singleton Square Singleton Woolworths, Coles, Big W 100.0% Sunnyside Mall Murwillumbah Coles 100.0% Tamworth Square Tamworth Coles, Kmart 100.0% NSW Total Book Value: $1,117m Cap Rate: 5.80% VIC Burwood One Shopping Centre Burwood East Coles, Aldi Kmart 17.2% Campbellfield Plaza Campbellfield Coles, Aldi, Kmart 17.2% Corio Village Corio Woolworths, Coles, Kmart 8.6% Gateway Plaza Leopold Coles, Aldi, Kmart, Bunnings 50.0% Lansell Square Kangaroo Flat Woolworths, Coles, Kmart 100.0% Mernda Junction Mernda Coles 17.2% Millers Junction Village Altona North Woolworths, Reading 17.2% Waverley Gardens Mulgrave Woolworths, Coles, Aldi 17.2% VIC Total Book Value: $334m Cap Rate: 6.04% For personal use only
Page 31
Charter Hall Retail REIT 2026 Half Year Results Annexures 31 Annexure 4 continued Property valuations as at 31 December 2025 continued State Property Location Anchor Tenants Ownership interest (%) QLD Arana Hills Plaza Arana Hills Coles, Aldi, Kmart 100.0% Atherton Square Atherton Woolworths 100.0% Bay Plaza Hervey Bay Woolworths 100.0% Bribie Island Shopping Centre Bribie Island Woolworths, Target 17.2% Currimundi Markets Currimundi Woolworths 100.0% Gatton Square Gatton Coles 100.0% Highfields Village Highfields Woolworths 100.0% Southport Park Shopping Centre Southport Woolworths, Coles, Aldi, 17.2% QLD Total Book Value: $378m Cap Rate: 5.62% WA Albany Plaza Albany Coles, Aldi, Kmart 100.0% Butler Central Butler Woolworths 100.0% Esperance Boulevard Esperance Woolworths, Kmart 100.0% Kalgoorlie Central Kalgoorlie Woolworths 100.0% Maylands Coles Maylands Coles 100.0% Narrogin Coles Narrogin Coles 100.0% Secret Harbour Square Secret Harbour Woolworths, Coles, Aldi 100.0% South Hedland Square South Hedland Coles, Kmart 100.0% Swan View Shopping Centre Swan View Coles 17.2% Wanneroo Central Wanneroo Coles, Aldi, Kmart 8.6% WA Total Book Value: $462m Cap Rate: 6.50% Manuka Terrace Manuka Coles 100.0% ACT Total Book Value: $68m Cap Rate: 5.75% Glebe Hill Village Howrah Coles 8.6% TAS Total Book Value: $5m Cap Rate: 5.50% Convenience shopping centre retail portfolio Book Value: $2,365m Cap Rate: 5.94% For personal use only
Page 32
Charter Hall Retail REIT 2026 Half Year Results Annexure 4 continued Annexures 32 Property valuations as at 31 December 2025 continued State Property Location Ownership interest (%) Cap Rate Book Value ($m) bp Australia portfolio Australia 23.3% 4.78% 564 bp New Zealand portfolio New Zealand 24.5% 5.02% 167 Ampol I portfolio Australia 5.0% 4.82% 47 Ampol II portfolio Australia 49.0% 4.68% 67 Z Energy portfolio New Zealand 49.0% 5.28% 131 Gull portfolio New Zealand 100.0% 5.39% 74 LWIP2 portfolio Australia 28.9% 4.95% 96 CHIT (HPI) Australia 50% 5.51% 695 CCRF net lease Australia 17.2% 4.91% 101 Bunnings Australia 100% 5.21% 142 Other net lease Australia 100% 5.25% 180 Convenience net lease retail portfolio 5.14% 2,264 Total portfolio 5.55% 4,629 For personal use only
Page 33
Charter Hall Retail REIT 2026 Half Year Results Mini-majors 20% Sales reporting specialties 70% Non sales reporting specialties 10% Annexure 5 Convenience shopping centre MAT analysis as at 31 December 2025 2 1. Excludes specialty tobacco sales 2. Tenants under SCCA guidelines who do not report sales including banks, medical etc Rental income by specialty and mini-major tenant type Annexures 33 Sales by category % of portfolio sales MAT growth Supermarket 64.0% 2.6% DDS 11.1% 3.4% Majors 75.1% 2.7% Food and food catering 9.2% 3.6% Retail services 3.3% 4.8% General retail 2.3% 5.7% Mobile phones 1.1% 4.4% Non-Discretionary 15.9% 4.2% Clothing and apparel 1.4% (0.2%) Leisure 1.0% 2.4% Jewellery 0.6% 4.8% Homewares 0.2% 4.4% Discretionary 3.3% 1.9% Specialty 19.1% 3.8% Mini-majors 5.7% 1.3% Total portfolio 100.0% 2.9% For personal use only
Page 34
Charter Hall Retail REIT 2026 Half Year Results Annexure 6 Convenience shopping centre retail portfolio historical performance Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Dec 24 Jun 257 Dec 257 Number of properties 74 71 58 58 51 50 51 49 45 45 44 49 Value $2.5b $2.8b $2.8b $3.0b $2.8b $2.9b $3.3b $3.2b $2.9b $2.9b $2.9b $2.4b Occupancy 98.0% 98.0% 98.1% 98.1% 97.3% 98.3% 98.5% 98.6% 98.8% 98.7% 98.4% 98.7% Same property NPI growth1 2.2% 1.0% 1.8% 2.1% 2.0% 3 1.9% 3 3.5% 3 3.1% 3.2% 2.5% 5 2.5% 3.1% 5 Major tenant MAT growth1 1.7% 4.0% 2.7% 3.4% 2 5.4% 4.3% 3.2% 4.7% 2.2% 4 2.1% 6 2.6% 2.7% Supermarkets in turnover or within 10% 59% 52% 72% 73% 78% 83% 80% 85% 86% 87% 85% 84% Specialty leasing spread5 1.4% 0.2% 1.3% 0.8% 0.9% 1.6% 2.3% 2.5% 2.7% 3.8% 5.5% 4.1% Renewals5 1.0% 0.0% 1.5% 0.0% 1.1% 0.2% 1.8% 2.7% 2.6% 3.1% 4.9% 4.2% New leases5 3.0% 0.7% 0.9% 2.4% 0.5% 3.8% 3.7% 1.7% 2.7% 5.9% 7.6% 4.0% Number of leasing transactions5 313 393 400 366 345 457 480 420 313 143 272 186 Average specialty gross rent psm7 $953 $985 $1,006 $1,054 $1,131 $1,145 $1,140 $1,191 $1,267 $1,280 $1,301 $1,296 Average specialty sales psm7 $9,828 $9,680 $9,536 $9,672 $9,557 $10,213 $9,894 $10,489 $11,077 $11,278 $11,356 $11,279 Average specialty occupancy cost7 9.7% 10.2% 10.5% 10.9% 11.8% 11.2% 11.5% 11.4% 11.4% 11.3% 11.4% 11.5% 1. Like-for-like 2. Comparable sales, noting some major tenants reported a 53- week year for FY19 (estimated to be approximately 2.3% when adjusted t o 52 weeks) 3. NPI growth prior to provision of $8.1 million in COVID-19 tenant support for the year to Jun 2022, $6.7m for the year to Jun 2021 and $10.7m for the year to Jun 2020 4. FY24 MAT of 2.2% reflects 52 weeks – some major tenants reported a 53-week year for 2024 MAT, if adjusted growth was 4.2% 5. Financial year to date 6. HY25 MAT of 2.1% reflects 52 weeks – some major tenants reported a 53-week year for 2024 MAT, if adjusted growth was 3.9% 7. Average gross rent, sales productivity and specialty occupancy cost excludes specialty tobacco sales Annexures 34 For personal use only
Page 35
Charter Hall Retail REIT 2026 Half Year Results Six months from 1 July 2024 to 31 December 2024 1H FY25 Gross lettable area (in square metres) GLA Base rent and outgoings Gross rent Tenant is paying a percentage of sales in rent (turnover rent) In turnover Joint venture JV Annexure 7 Glossary Moving annual turnover calculated as a sum of rolling 12-month sales MAT Net property income NPI Calculated as the annualised gross rent divided by annual sales Occupancy cost Hotel Property Investments (ASX: HPI) HPI Weighted Average Lease Expiry calculated based on income WALE Six months from 1 July 2025 to 31 December 2025 1H FY26 Annexures 35 Net lease retail Net leases where tenant is responsible for property outgoings, maintenance and capital expenditure IRR Internal rate of return Like for Like LFL For personal use only
Page 36
Charter Hall Retail REIT 2026 Half Year Results charterhall.com.au/ cqr IMPORTANT NOTICE & DISCLAIMER This presentation ("Presentation") has been prepared by and is the sole responsibility of Charter Hall Retail Management Limited (ABN 46 069 709 468, Australian Financial Services Licence Number 246 996) (“CHRML”) as the responsible entity for Charter Hall Retail REIT (ARSN 093 143 965) (“CQR” or “the REIT”). It is a presentation of general background information and CQR’s activities as at 31 December 2025 unless otherwise stated. It is a summary and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. A reader should, before making any decisions in relation to their investment or potential investment in CQR, seek their own professional advice. This presentation is not an offer or invitation for subscription or purchase of securities or other financial products. Indications of, and guidance on, future earnings and financial position and performance are “forward-looking statements”. Due care and attention has been used in the preparation of forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, and other factors, many of which are beyond the control of CQR, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from those expressed or implied in such statements. All information herein is current as at 31 December 2025 unless otherwise stated, and all references to dollars ($) or A$ are Australian Dollars unless otherwise stated. Investor Relations Tel 1300 365 585 (within Australia) +61 2 8651 9000 (outside Australia) Email reits@charterhall.com.au Presentation authorised by the Board Further information For personal use only