Slides
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Annual General Meeting Presentation ASX:CVC 12 November 2025 Year Ended 30 June 2025 For personal use only
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CVC | Annual General Meeting Presentation 2 Chairman’s Introduction Formal Business of the Meeting CEO’s Presentation Questions Agenda For personal use only
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CVC | Annual General Meeting Presentation 3 Chairman’s Introduction For personal use only
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CVC | Annual General Meeting Presentation 4 Our value proposition CVC is a differentiated real estate investment platform that provides exposure to institutional-scale, land-based investments with the potential to generate capital growth Secure Identify and structure high conviction land investments with embedded upside potential Add value Utilise proprietary capability to navigate complex planning processes and deliver strategic developable land parcels Monetise Crystalise profit and release capital via the development and / or disposal of de-risked landholdings The investment model CVC has a proven track record of generating attractive risk adjusted returns underpinned by the security of freehold land For personal use only
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CVC | Annual General Meeting Presentation 5 Financial Results – 30 June 2025 Net Profit After Tax to Shareholders • No ability to account for market value increases which have occurred across most of the portfolio • Given portfolio composition, accounting standards and business strategy, annual profits are not smooth Assessed Market Value Per Share Growth $0.5m $0.33 • Accounts for the change in the market assessed value of major property related assets ($2.95 FY25 v $2.62 FY24) • Reflects valuation on an ‘as is’ basis without allowance for upside resulting from CVC’s strategic objectives FY2025 financial summary For personal use only
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CVC | Annual General Meeting Presentation 6 FY2025 was a milestone year, positioned for growth Tactical entry to the data centre land market via the unlock of a rare, multi-site urban precinct in a power-rich location Material planning outcomes have also been achieved for Marsden Park, Officer South and Liverpool in FY2025 1 July 2024 – 30 June 2025 Entry to the data centre land market with the unlock of a 250MW+ urban precinct Entered • Rare, de-risked urban data centre land play • Highly strategic power-rich location Two new institutional scale industrial investments secured on compelling terms Completed • Truganina and Laverton: adds to short and medium term industrial pipeline in Melbourne's western growth corridor • Potential for substantial data centre opportunity over time Key industrial planning pathways and rezoning outcomes successfully achieved Confirmed • Marsden Park North designated as a State Assessed Rezoning • Truganina land Precinct Structure Plan process commenced • Officer South successfully rezoned to allow industrial development Development Management Agreement Norwell Valley, QLD Executed • Nationally significant greenfield project • Over 4 years of effort to amalgamate over 60 landowners Public Exhibition of Liverpool Project Achieved • Significant milestone • Designated as a State Assessed Rezoning For personal use only
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CVC | Annual General Meeting Presentation 7 Events Subsequent Continued positive planning momentum New strategic land addition Capital management initiatives to optimise balance sheet Post Period Update Commencement of Planning Process for Truganina Achieved • Precinct structure plan underway, major milestone • Pathway to rezoning now in place Formal Council Support for Norwell Valley Project Confirmed • Council has formally resolved to progress the project in collaboration with Queensland Government New Investment into land in Officer South, VIC Completed • Executed contract to add further property to land amalgamation. Settlement 2029. Reworked debt facilities on several projects Executed • Unlocked project equity and extended debt maturities on Marsden Park, South Morang and Burleigh Waters projects. For personal use only
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CVC | Annual General Meeting Presentation 8 Formal Business of Meeting For personal use only
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CVC | Annual General Meeting Presentation 9 Proxy Votes Resolution 1 – Adoption of Remuneration Report Resolution 2 – Election of Mr John Leaver as a Director of the Company Resolution 3 – Approval of on-market buyback For Against Abstain Discretion Excluded Total 1,110,691 54.37% 53,368 2.61% N/A 878,858 43.02% N/A 2,042,917 For Against Abstain Discretion Excluded Total 1,157,779 56.72% 11,529 0.57% N/A 871,929 42.71% N/A 2,041,237 For Against Abstain Discretion Excluded Total 1,165,023 57.03% 5,965 0.29% N/A 871,929 42.68% N/A 2,042,917 For personal use only
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CVC | Annual General Meeting Presentation 10 CEO Presentation For personal use only
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CVC | Annual General Meeting Presentation 11 Net tangible assets per share bridge ($ per share) High conviction value creation pathway CVC is actively executing in-progress property strategies with the objective to deliver significant capital growth Major projects provide flexibility to pursue a range of monetisation strategies once strategic objectives are complete Notes: 1. Reflects the land value of major projects based on ‘as-is’ planning. Based on independent valuation reports with the exception of Truganina (HR) (qualified agent’s assessment) and Laverton North (purchase price). Excludes the potential value of Norwell Valley 2. Reflects the potential future land value of major projects based on CVC’s target planning objectives. Based on independent valuation reports, qualified agent’s assessments or internal feasibility analysis. Excludes the potential value of Norwell Valley 1 2 3 ‘As-is’ market NTA Represents audited, statutory NTA per share as at 30 June 2025 of $1.49 (real estate carried at historical cost), adjusted to reflect major property projects being reset to market value1, net of estimated tax, transaction cost, costs to complete and preferential equity returns (where applicable). ‘Target’ planning market NTA Represents estimated ‘as-is’ planning market NTA, adjusted to reflect major projects being reset to estimated future market value2, net of estimated tax, transaction costs, costs to complete and preferential equity returns (where applicable). Norwell Valley Norwell Valley is a capital light DMA project with potential to support 40,000 dwellings and ~250+ ha of developable industrial and commercial land. CVC and its JV partners are entitled to 90% of project revenues. 3 Targeting full unlock within ~5-7 years ‘As-is’ market value Target uplift from strategic objectives ‘Target’ market value 2 1 $2.99 $2.76 $5.75 For personal use only
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CVC | Annual General Meeting Presentation 12 Current pipeline CVC has assembled significant landbanks deliberately positioned around high-conviction themes Notes: 1. All metrics shown on this page and throughout this presentation are presented on a 100% ownership basis (unless stated otherwise). CVC’s ownership of its major projects ranges from 70.0% to 30.0%. 2. Reflects the current land value of major projects based on ‘as-is’ planning. Based on independent valuation reports with the exception of Truganina (HR) (qualified agent’s assessment) and Laverton North (purchase price). Excludes Norwell Valley. 3. Reflects the potential future land value of major projects based on CVC’s target planning objectives. Based on independent valuation reports, qualified agent’s assessments or internal feasibility analysis. Excludes Norwell Valley. 443 ha site area 12 major projects $1.3bn current land value2 $2.1bn target land value3 Landbank1 Potential to deliver1 ~40,000 DMA residential lots 6 potential data center projects ~7,400 apartments 1.2m sqm industrial GFA ~2,600 ha DMA site area Irreplaceable property portfolio with in-progress value-add strategies currently being executed For personal use only
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CVC | Annual General Meeting Presentation 13 Strategic locations, growth sectors Eastern Seaboard portfolio strategically located in priority growth corridors and exposed to sectors with strong long-term fundamentals Logistics and digital infrastructure 1 Marsden Park North 5 Laverton North 3 South Morang (MR)1 7 Truganina (HR)3 2 5 8 7 6 VIC NSW 10 kms10 kms 9 1 Melbourne Sydney 8 Truganina (BR)4 4 South Morang (WR)2 3 2 Donnybrook 6 Officer South 4 Residential and mixed use 10 Woolloongabba 9 Liverpool 11 Burleigh Waters 12 Norwell Valley QLD 11 12 10 kms Brisbane 10 Landbank has the potential to support scaled digital infrastructure, logistics and residential development Notes: 1. Refers to McDonalds Road, South Morang 2. Refers to Williamsons Road, South Morang 3. Refers to Hopkins Road, Truganina 4. Refers to Boundary Road, Truganina For personal use only
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CVC | Annual General Meeting Presentation 14 Major Projects • The Board commissioned a process to gain a market assessment of property values of all major projects • The exercise sought to establish current ‘as is’ and target future values of its major investments (excluding Norwell Valley) Estimate of Asset Values CVC Project Purchase Date Settlement Date Estimated Planning Date Acquisition Price Current Value* Target Value^ CVC Ownership Park Road, Marsden Park, NSW 2012 2013 2026 $9,000,000 $110,000,000 ~$300,000,000+ 66.00% Donnybrook Road, Donnybrook, VIC 2014 2014 Approved $12,675,000 $150,000,000 ~$160,000,000+ 49.00% Heathcote Road, Liverpool, NSW 2016 2027 2026 $165,000,000 $300,000,000 ~$500,000,000+ 66.67% Logan Road, Woolloongabba, QLD 2016 2016 2025 $19,150,000 $45,000,000 ~$50,000,000+ 52.50% Lake Orr Drive, Burleigh Waters, QLD 2021 2023 2026 $40,739,000 $97,815,000 ~$120,000,000+ 60.00% Hopkins Road, Truganina, VIC 2023 2028 2027 $201,000,000 $256,000,000 ~$360,000,000+ 56.35% Lecky Road, Officer South, VIC 2023 2028 Approved $53,000,000 $73,500,000 ~$86,500,000+ 70.00% Boundary Road, Truganina, VIC 2024 2026 2029 $49,275,000 $60,500,000 ~$135,000,000+ 56.35% Leakes Road, Laverton North, VIC 2024 2026 Approved $129,650,000 $129,650,000 ~$200,000,000+ 70.00% South Morang Projects, VIC 2023/2025 2025 2025 $40,357,000 $61,500,000 ~$215,000,000+ 40%/30% $719,846,000 $1,283,965,000 ~$2,126,500,000+ Implied CVC NTA $2.99 ~$5.75+ Notes The above table reflects only the impact on NTA of these projects reaching the value estimates provided (inclusive of project costs) and CVC's proportional equity ownership in each project. * All values supported by independent valuation reports except for Truganina (HR) (qualified agent’s assessment) and Laverton North (purchase price) ^ Target values reflect management estimates of the value of properties following the completion of planning/repositioning processes. They have been formed utilising either valuations, agent assessments or internal feasibility analysis This slide contains certain forward-looking statements regarding the potential future value of CVC’s projects. Such statements are based upon management estimates (utilising either valuations, agents assessments or internal feasibility analysis) however there are uncertainties inherent in such values. Investors are cautioned that forward‐looking statements are not predictions or guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein. Refer to the ‘Disclaimer’ slide for further details. For personal use only
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CVC | Annual General Meeting Presentation 15 Outlook – Strategy and Focus Investment Activity • Substantial workload and opportunity associated with current investment portfolio • New acquisitions are not high priority Forecast Performance • Performance in accounts will be a result of divestment of assets • Management focused on monetisation of assets • Continued confidence that portfolio will increase in value as planning processes conclude on several properties Capital Management • Further reinforcement of balance sheet strength is of high priority • Subject to liquidity outcomes, Board is open to considering dividend payments, however these will be tied to capital flows related to project outcomes Key Strategic Priorities FY 2026 • Marsden Park Industrial Rezoning • Add further value to Laverton North via leasing strategy and achieving approvals • Liverpool Mixed Use Rezoning • South Morang (Williamson’s Road) Data Centre DA approval • Woolloongabba DA approval • Burleigh Waters DA approval • Truganina planning advancement • Norwell Valley planning advancement For personal use only
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CVC | Annual General Meeting Presentation 16 Questions For personal use only
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CVC | Annual General Meeting Presentation 17 Disclaimer IMPORTANT NOTICE This Presentation (as amended) (Presentation) has been prepared and issued by CVC Limited ACN 002 700 361 (CVC). This Presentation must not be copied or distributed to other persons without the prior written consent of CVC, which may be given or withheld in its absolute discretion. This document is not a prospectus and does not contain all of the information which would be required to be disclosed in a prospectus. SUMMARY INFORMATION The information contained in this Presentation is of a general nature and in summary form. Neither CVC (nor any of its respective officers, employees, related bodies corporate, affiliates, agents or advisers) guarantees or makes any representation or warranty, express or implied, as to, or takes responsibility for, the accuracy, or reliability of the information contained in this document. CVC does not represent or warrant that this document is complete or that it contains all material information about CVC or which a prospective investor or purchaser may require in evaluating a possible investment in CVC or acquisition of CVC shares. It is not intended to be relied upon as advice to investors or potential investors, and does not contain all information relevant or necessary for an investment decision or that would be required in a prospectus prepared in accordance with the Corporations Act. Statements in this Presentation are made only as of the date of this Presentation unless otherwise stated and information in this Presentation remains subject to change without notice. NOT AN OFFER This Presentation is not a prospectus, disclosure document, product disclosure statement or other offering document under Australian law and does not constitute an invitation to subscribe for or buy any shares in CVC, including in any jurisdiction in which it would be unlawful, or a solicitation to engage in or refrain from engaging in any transaction. NOT INVESTMENT ADVICE OR A RECOMMENDATION This Presentation does not constitute investment or financial product advice, nor is it a recommendation to acquire shares in CVC. It is not intended to be used as the basis for making a financial decision, nor is it intended to constitute legal, tax, accounting or other advice. In particular, this Presentation is not intended to be relied upon as advice to any person and does not take into account the financial situation, objectives or needs of any person. This Presentation may not be relied on to make an investment or other financial decision, and you should make your own assessment and take independent professional advice in relation to the information, before making any investment decision in relation to CVC. FINANCIAL AMOUNTS All dollar values are in Australian Dollars (A$) and financial data is presented as at the date of this presentation unless stated otherwise. CVC’s results are reported under Australian International Financial Reporting Standards, or AIFRS. FUTURE PERFORMANCE This Presentation contains forward looking statements. Forward-looking statements can generally be identified by use of words such as “may”, “should”, “could”, “foresee”, “plan”, “aim”, “will”, “expect”, “intend”, “project”, “estimate”, “anticipate”, “believe”, “forecast”, "target", "outlook", "guidance" or “continue” or similar expressions. Forward looking statements in this Presentation include statements about CVC’s financial condition and performance, results and operations, business plans and objectives or management, capital adequacy, risk management practices and specific or general provisions, including statements on slide 13 regarding the potential value of CVC’s projects. Such statements represent CVC’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant technical, business, economic, competitive, political and social risks, contingencies and uncertainties. These forward‐looking statements are based on assumptions and contingencies that are subject to change without notice and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of CVC and its related bodies corporate and affiliates (and each of their respective directors, securityholders, officers, employees, partners, agents, advisers and management), and could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or any projections and assumptions on which those statements are based. Forward-looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. CVC disclaims any intent or obligation to update any forward‐looking statements, whether as a result of new information, future events or results or otherwise. All forward‐looking statements made in this Presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not predictions or guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein. DISCLAIMER No party other than CVC has authorised or caused the issue, lodgement, submission, dispatch or provision of this Presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this Presentation. Any information or representations not contained in this Presentation may not be relied upon as having been authorised by CVC. Nothing contained in this document nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee, whether as to the past, present or future. Past performance information given in this document is given for illustrative purposes only and should not be relied upon as (and is not) any indication of future performance. To the maximum extent permitted by law, CVC, officers, employees, agents and advisers disclaim all liability for any expenses, losses, damages or costs incurred by you as a result of this presentation being inaccurate or due to information being omitted from this Presentation, whether by way of negligence or otherwise, make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Presentation. The information in this Presentation remains subject to change without notice. For personal use only