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Half year results 18 February 2026 Dexus Funds Management Limited | ABN 24 060 920 783 AFSL 238163 as responsible entity for Dexus 2026 For personal use only
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Dexus acknowledges the Traditional Custodians of the Lands on which our business and assets operate, and recognises their ongoing contribution to Land, waters and community. We pay our respects to First Nations Elders past and present. Artist: Amy Allerton, Indigico Creative, a Gumbaynggir and Bundjalung woman Artwork: The Places Where We Thrive Artwork description: The artwork tells the story of a vision for our communities, both large and small, where they are all thriving and strong as they build lives, homes and legacies for present and future generations. Every community is connected by spirit and by country, surrounded by flourishing waterways and vibrant land that is enriched and cared for by its people. Communities are empowered to unlock potential, find new ways to build and expand, as they dream and innovate to create tomorrow. Acknowledgement of Country | Dexus 2026 Half Year Results Presentation2 For personal use only
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Agenda 01 02 03 04 05 Overview Ross Du Vernet, Group CEO & Managing Director Financial results Keir Barnes, Chief Financial Officer Funds management Michael Sheffield, EGM Funds Management Investments Summary Office portfolio Andy Collins, EGM Office Industrial portfolio Chris Mackenzie, EGM Industrial Ross Du Vernet, Group CEO & Managing Director 06 Appendices 3 | Dexus 2026 Half Year Results Presentation 480 Queen Street Brisbane QLD For personal use only
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Australasian fully integrated real asset group Dexus today Investment portfolio: $15.3b Third-party FUM: $36.2b Dexus total FUM: $51.5b Data as at 31 December 2025. Real estate securities account for c.$0.4b of total FUM. Unlisted high net worth investors inclu de private wealth groups, platforms and high net worth registered holders. | Dexus 2026 Half Year Results Presentation4 150+ unlisted institutional investors 530+ unlisted high net worth investors 3,900+ unlisted registered retail investors Office $20.5b Industrial $10.5b Retail $9.8b Growth markets $10.3b Infrastructure, Healthcare, Alternatives Multi-disciplined team with expertise across the real asset spectrum Equity capital pools of scale and diversity: >35,800 listed investors Third-party FUM to Investment portfolio: 2.4xFor personal use only
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| Dexus 2026 Half Year Results Presentation5 Our strategy To unlock potential and create tomorrow WHY WE EXIST OUR VISION To be globally recognised as Australasia’s leading real asset manager WHAT WE WILL BE KNOWN FOR INVESTMENT PARTNER OF CHOICE Trusted partner and aligned long-term co-investor for third party capital ACTIVE MANAGEMENT APPROACH Access to quality opportunities and outperformance via active asset management DEEP LOCAL SECTOR EXPERTISE Specialist sector teams with deep local knowledge and end-to-end capability KEY MEASURES OF SUCCESS HOW WE WILL ACHIEVE THIS By delivering superior risk-adjusted returns for Dexus Security holders and our capital partners by owning, managing and developing quality real estate and infrastructure assets HOW WE OPERATE Collective talent Trusted governance Sustainability impact Client mindset Constant evolution WHERE WE WILL INVEST LEVERAGE MULTI-SECTOR SKILLSET ABILITY TO ACHIEVE LEADERSHIP LARGE, GROWING MARKETS OFFICE | INDUSTRIAL | RETAIL | HEALTHCARE | INFRASTRUCTURE | ALTERNATIVES Investment performance Capital strength & efficiency Customer satisfaction Employee engagement Adjusted funds from operations For personal use only
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HY26 highlights 1. Includes all transactions which exchanged or settled post 30 June 2025 (including transactions that have been secured post 31 December 2025). | 2. Includes Dividend Reinvestment Plan participation. | Dexus 2026 Half Year Results Presentation6 Dexus Funds Results in line with expectations, progress against strategic action items 95,300sqm Leased by area Total office leasing volumes almost double HY25 Waterfront 71% pre-leased +8.7% Industrial LFL income growth c.+33% releasing spreads 99.7% Rent collections $253.3m AFFO 19.3 Distribution cents per security $348.5m Statutory net profit after tax $0.4b investments c.$0.8b divestments including recently agreed sale of 100 Mount St, North Sydney, reflecting $1.4b progress against c.$2b divestments earmarked for FY25-27 c.$1.2b Dexus transactions1 Positive valuation uplift c.$2.7b fund transactions1 Delivering performance c.$1.3b acquisitions c.$1.4b of divestments, reducing the real estate redemption queue by c.$1b and enhancing portfolio quality DWPF continued to outperform its benchmark over all time periods DWSF outperformed its benchmark since joining the Dexus platform DWAPF delivered 7.9% p.a. net return since inception 40 years ago Raised c.$640m of third party equity commitments Over $950m successful equity raisings2 Facilitated >$280m secondary unit transactions Fund specific actions Established DSIT1 Closed DREP2 above target Significantly reduced real estate redemption queue Continued to rationalise sub-scale funds Second 6-month period of positive property portfolio valuations, up $122.2m NTA increased to $8.95 For personal use only
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Dexus office (+5.7%) and industrial (+8.8%) portfolios delivered positive total returns over 12-month period. Continued strong performance for DWPF and DWSF Continue to execute opportunity fund strategy (DREP1 realisation and DREP2 deployment) Resolve fund-specific matters including orderly satisfaction of redemptions and APAC litigation Increase fund inflows via existing and select new scalable products Deliver strong asset performance across sectors for Dexus and capital partners Maintain high customer NPS across sectors Continue to invest in people and capabilities to drive performance Progress against FY26 strategic action items Strategic priority areas Further enhance quality and resilience of Investment portfolio including progressing developments c.$2 billion of Dexus divestments earmarked across FY25-FY27 Improve capital efficiency of investment portfolio and new investments Transitioning balance sheet Maximising funds contribution Unlocking deep sector expertise | Dexus 2026 Half Year Results Presentation7 Identified action items HY26 progress Achieved Progressed Seed investment of $170m into DSIT1, targeted to reduce to c.$50m during CY26 Transactions and developments continue to enhance the portfolio. Waterfront Brisbane reached a key milestone with the Riverwalk now open and pre -leasing increased to 71%. Atlassian Central remains on track for late 2026 completion c.$0.8b Dexus divestments, with c.$1.4b secured since 30 June 2024 c.$390m equity commitments for DREP2’s strategy, taking total commitments to $870m (>$600m initial target, including a $200m sidecar investment) Reduced real estate redemption queue by c.$1b. Continued to rationalise sub-scale funds. Expect to make further progress on infrastructure redemptions post the APAC court date scheduled for April 2026 Established new fund series, Dexus Strategic Investment Trust (DSIT) Customer net promoter score measured annually (FY25 +41 (out of -100 to +100)) Continued focus on strengthening leadership capability and future skills of our people For personal use only
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Sustainability strategy priority areas Sustainability leadership Global recognition in sustainability performance | Dexus 2026 Half Year Results Presentation8 Customer Prosperity – Maintained strong NABERS average ratings across the Platform’s office portfolio – Added over 2MW of solar capacity across the Platform, bringing our capacity to over 12MW Climate Action – Maintained net zero across Scope 1 and 2 emissions for the managed protfolio 1 – Continued 100% renewable electricity sourcing for the managed portfolio under our RE100 commitment and expanded solar generation and storage capacity across the Platform Enhancing Communities – Participated in the Black Dog One Foot Forward Challenge and the Foodbank Australia donation drive – Continued to expand local activations and volunteering with community partners across the managed portfolio 4.8 stars NABERS Energy rating Platform office portfolio 4.2 stars NABERS Water rating Platform office portfolio 5.5 stars NABERS Indoor Environment rating Platform office portfolio Sustainability performance S&P Global ESG score Dexus ranked 2nd among REIT peers, in the top 5% globally GRESB leadership DXS and three funds maintained their 5-star rating Five funds ranked in top 5 in Australia for their category 1. Covers Scope 1 and 2 emissions across the managed portfolio. Net emissions for the six months to 31 December 2025 include off sets purchased and allocated for retirement during the half year and up to the date of this announcement. For personal use only
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Financial results 02 | Dexus 2026 Half Year Results Presentation9 Investments 76% (FY25: 83%) 1 Bligh Street, Sydney NSW Trading profits 9% FY25: <1% Office 54% FY25: 61% Co-invest 7% FY25: 8% Industrial 15% FY25: 14% Management operations 15% FY25: 17% HY26 FFO Composition For personal use only
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AFFO per security 23.6 cents 23.4 cents 0.6% Distribution per security 19.3 cents 19.0 cents 1.6% HY26 $m HY25 $m Change Investments Office property FFO 256.3 278.7 (8.0)% Industrial property FFO 70.1 63.9 9.7% Co-investments in pooled funds1 35.2 34.5 2.0% Total Investments FFO 361.6 377.1 (4.1)% Management operations 69.3 77.7 (10.8)% Group corporate costs (30.9) (31.5) (1.9)% Net finance costs (78.6) (79.0) (0.5)% Other2 (10.1) (7.4) 36.5% Underlying FFO 311.3 336.9 (7.6)% Trading profits (post tax) 40.9 0.9 nm FFO 352.2 337.8 4.3% Maintenance and leasing capex (98.9) (86.0) 15.0% Adjusted Funds from Operations (AFFO) 253.3 251.8 0.6% Distribution payout (% AFFO) 82.0% 81.2% 0.8ppt Distribution 207.6 204.4 1.6% AFFO in line with expectations, positioned to deliver FY26 guidance HY26 financial results 1. Includes distribution income from Dexus’s co-investment stakes in pooled funds and excludes joint venture and partnership income , which is proportionately consolidated in Note 1 Operating Segments within Dexus’s Financial Statements. See slide 39 in Appendices for further detail. 2. Other FFO includes non-trading related tax expense and other miscellaneous items. Office property FFO decreased, primarily due to divestments of 172 & 189 Flinders St, 100 Harris St, 145 Ann St, 130 George St and lower average occupancy, partly offset by contracted rent growth. Industrial property FFO increased due to the impact of higher occupancy, development completions and contracted rent growth, partly offset by divestments. Management operations FFO decreased predominately due to lower FUM as a result of divestments and slightly lower performance fees (HY26 $19.1m vs HY25 $23.5m), with c.$16.4m further performance fees secured for 2H26. Minimal performance fees are anticipated in FY27. Net finance costs were relatively flat, with higher debt costs largely offset by higher interest income. Trading profits increased as expected following the sale of 3 Brookhollow Ave, Baulkham Hills, 149 Orchard Rd, Chester Hill and continuing construction at 28 Yarrunga St, Prestons, securing FY26 guidance. Trading profits are expected to be materially lower in FY27. Maintenance and leasing capex is skewed to the first half of the year, primarily due to the impact of incentives on deals secured in prior periods as well as the timing of maintenance capex. | Dexus 2026 Half Year Results Presentation10 For personal use only
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45% 19% 26% 10% Industrial estate Distribution centre Business park Land and other 77%13% 6% 5% 31% 57% 12% Premium A grade B grade and other 61% 35% 4% Office portfolio2 FY19 HY26 Industrial portfolio2 FY19 HY26 6m movement Total val movement Total portfolio valuation attribution1 Stabilised cap rate Property portfolio1 $122.2m 1.0% 6.03% cap rate - Office $71.3m 0.7% 6.19% cap rate +1bps Industrial $50.9m 1.6% 5.55% cap rate -1bps -0.6% 2.8%-1.5% | Dexus 2026 Half Year Results Presentation11 -0.4% 2.3% 0.1% -1.0% Valuations improved across high quality portfolio Second 6-month period of portfolio valuation improvement 1. Total portfolio valuation movement includes the impact of development assets and investments classified as debt in Austral ian trusts. Valuation movement excludes co-investments in pooled funds and equity investments in Australian managed funds and infrastructure assets. Excludes other property revaluation loss of $5.1m and leas ed assets and right of use assets revaluation gain of $0.6m. Capitalisation rate and rent growth refer to stabilised portfolio. Other includes the impact of discount rate expansion, held for sale assets, fair value ali gnment and all other items. | 2. Excluding co-investments. Portfolio composition by grade c.90% Core industrial, up from 64% in FY19. 96% Prime grade (61% Premium), up from 88% Prime (31% Premium) in FY19. 77% located in core CBDs, up from 61% in FY19. 0.4% 0.7% 0.6% For personal use only
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Solid financial position Material hedging and diversified funding sources Key metrics 31 Dec 2025 30 Jun 2025 Net Tangible Assets (NTA) per security $8.95 $8.81 Covenant gearing2 (covenant <55%) 27.0% 30.6% Gearing (look-through)3 33.9% 31.7% Headroom (including cash) $2.5b $3.0b Cost of debt4 4.7% 4.2% Average maturity of debt 4.6 years1 4.3 years Hedged debt (including caps)5 95% 86% S&P/Moody’s credit rating A-/A3 A-/A3 Look-through gearing maintained toward the lower end of the 30-40% target range, providing capacity to fund committed developments Manageable near-term debt maturities following >$1b new and extended 1 bank debt funding with tenors out to seven years 1. Includes subordinated notes to first optional redemption date and $850m of bank facility extensions executed post 31 December 2025. | 2. As per public bond covenants | 3. Includes subordinated notes and adjusted for cash and debt in equity accounted investments, excluding Dexus’s share of co -investments in pooled funds. Look-through gearing including Dexus's share of equity accounted co -investments in pooled funds adjusted for subor dinated note 50% intermediate equity content was 34.2% as at 31 December 2025. | 4. Weighted average for the period, inclusive of fees and margins. | 5. Average for the period. $1.6bn committed developments estimated cost to completion | Dexus 2026 Half Year Results Presentation12 $1.2b Dexus committed developments estimated cost to completion All committed projects through fixed price contracts Issued A$500 million of subordinated notes at attractive rates and diversifying funding sources 358 521 326 $0m $500m $1,000m 2H26 FY27 FY28 and beyond For personal use only
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Investments 03 | Dexus 2026 Half Year Results Presentation13 Waterfront Brisbane QLD (artist impression) Office 63% Industrial 21% Co-investments & other 16% For personal use only
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| Dexus 2026 Half Year Results Presentation14 Office portfolio 80 Collins Street, Melbourne VIC For personal use only
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High-quality, well-located portfolio at above market occupancy with select vacancies Office portfolio performance1 | Dexus 2026 Half Year Results Presentation15 remains well above market average of 85.2%3 below market and reflecting deals in Perth, Brisbane & North Sydney markets primarily reflecting downtime on select vacancies at 80 Collins St and 30 Hickson Rd during the period 81,100sqm Stabilised leasing by area5 across 144 transactions (HY25: 48,500sqm) 28.4% Average incentives4 FY25: 26.8% 92.2% Occupancy2 FY25: 92.3% 4.1 years WALE FY25: 4.2 years (2.3)% Effective LFL income Face: (1.5)% +5.7% Portfolio one-year total return at 31 December 2025 Historical leasing (incl. development leasing) 0 100 200 300 400 500 0 100,000 200,000 300,000 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26 sqm Stabilised area leased sqm Development area leased sqm Leasing deals Total stabilised and development leasing volumes of 95,300sqm were almost double those achieved in HY25 (48,500sqm) $9.8 billion Dexus office portfolio 1. Dexus portfolio performance statistics exclude co-investments in pooled funds. | 2. By income. Occupancy by area was 91.4% | 3. Australian CBD average by Property Council of Australia at January 2026. | 4. Average incentives excluding effective deals were 29.9%. 58 effective deals in HY26. | 5. Excludes development leasing of 14,200sqm across one transaction. For personal use only
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0% 5% 10% 15% Available FY26 FY27 FY28 FY29 FY30 Sydney Melbourne Brisbane Perth Staggered expiry profile and diversified tenant base support resilient income streams Office property portfolio expiry profile 1. Dexus portfolio performance statistics exclude co-investments in pooled funds. Dexus office portfolio lease expiry profile (by income)1 FY26 key expiries 240 St Georges Tce (0.7%) 480 Queen St (0.5%) 25 Martin Pl (0.4%) FY28 key expiries 123 Albert St (1.5%) One Farrer Pl (1.5%) 80 Collins St (1.1%) FY30 key expiries 80 Collins St (1.9%) One Farrer Pl (1.7%) 240 St Georges Tce (1.7%) FY27 key expiries Australia Square (1.6%) 100 Mount St (1.3%) 385 Bourke St (1.2%) Key vacancies 80 Collins St (2.2%) 30 Hickson Rd (1.8%) Australia Square (0.6%) FY29 key expiries One Farrer Pl (1.5%) 240 St Georges Tce (1.2%) 480 Queen St (1.1%) 13% target threshold 7.8% 3.2% 13.0% 11.6% 10.5% 13.8% | Dexus 2026 Half Year Results Presentation16 For personal use only
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Development pipeline Enhancing portfolio quality | Dexus 2026 Half Year Results Presentation17 Office developments › Two city-shaping developments underway that will become next generation assets and enhance portfolio quality for Dexus and its capital partners › Construction progressing for Atlassian Central, Sydney, with completion on schedule for late 2026 › Waterfront Brisbane has achieved an important development milestone with Riverwalk open earlier this month and the vertical structure coming out of the ground › Fixed price contracts with Tier 1 contractors with material collateral and security in place › Developments are externally valued at least semi-annually, with office portfolio valuation movements to date reflected in carrying values and NTA › 83% of committed development book is pre-leased, with contracted 3.7% average fixed annual income increases – Atlassian Central: 100% pre-leased, 15-year lease with 4% p.a. fixed annual income increases – Waterfront Brisbane: 71% pre-leased1, with the most recent lease deal struck at a net effective rent 40% above the prior deal from two years earlier. Brisbane market outlook remains strong over the medium term › High threshold to commence new development projects Atlassian Central, Sydney NSW 1. Includes Heads of Agreement. For personal use only
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Well-located high-quality assets best positioned to benefit from recovery cycle Office outlook | Dexus 2026 Half Year Results Presentation18 Sources: Dexus Research using JLL Research data, CBRE Research data. Dexus Research net effective rental growth expectations. › Office demand continues to gain momentum, driven by employment growth and centralisations › Net absorption strongest in Premium assets › >15% net effective rent growth achieved across the DXS Sydney A-Grade Portfolio on comparable leasing deals 12 months apart › Upcoming office supply is low, with Sydney and Melbourne supply additions as a percent of total stock over the next three years less than half the long run average, providing scope for vacancy rates to fall and rents to grow Net effective rental growth expectations (FY26-29 inclusive) 0% 2% 4% 6% 8% 10% 12% Sydney Premium Sydney A Grade Melbourne Premium Melbourne A Grade Brisbane Prime Perth Prime % pa CAGRNet effective rent growth (p.a.) Australian office markets by vacancy level and growth (FY25) Syd Midtown Syd Southern Syd Western corridor Docklands Melb North Eastern Melb Western Core Canberra Perth CBD Adelaide Darwin CBD Bris Fringe Parramatta North Syd St Kilda Road West Perth Syd Core Melb Eastern Core Bris CBD -10% -5% 0% 5% 10% 15% 0% 5% 10% 15% 20% 25% 30% 35% Vacancy Low vacancy High vacancy For personal use only
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Industrial portfolio | Dexus 2026 Half Year Results Presentation19 Horizon 3023, Ravenhall VIC For personal use only
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Strong releasing spreads and under-renting to support future rent growth Industrial portfolio performance1 | Dexus 2026 Half Year Results Presentation20 Primarily driven by leasing in Melbourne West and Sydney Outer West Portfolio 8.9% under-rented and circa 20% of portfolio set to access rental reversion upon expiry by FY27 172,000sqm Stabilised leasing by area3 across 30 transactions HY25: 239,700sqm 21.5% Average incentives FY25: 16.3% 97.0% Occupancy2 FY25: 96.2% 4.4 years WALE2 FY25: 4.5 years +8.7% Effective LFL income Face: +8.8% +8.8% Portfolio one-year total return At 31 December 2025 Historic leasing (incl. development leasing) 1. Dexus portfolio performance statistics exclude co-investments in pooled funds. | 2. By income. | 3. Excludes development leas ing of 62,800sqm across 10 transactions. | 4. CBRE Australian national average occupancy rate by area at 31 December 2025 was 97.2%. Strong c.+33% releasing spreads achieved across the stabilised portfolio Industrial developments › 101,900sqm completed with construction continuing across 109,600sqm at 8 projects › 68% of committed development book is pre-leased, with contracted average fixed annual income increases of 3.5% Result of strong leasing success in Sydney, Melbourne and Perth. Occupancy by area at 97.5% remains above the National average4 As expected following leasing success during FY25 and HY26 $3.6 billion Dexus industrial portfolio - 50 100 150 - 200,000 400,000 600,000 800,000 FY19 FY20 FY21 FY22 FY23 FY24 FY25 HY26 Stabilised area leased sqm Development area leased sqm Leasing deals For personal use only
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Strong leasing outcomes improve occupancy and capture reversion on expiries Industrial property portfolio expiry profile 1. Dexus portfolio performance statistics exclude co-investments in pooled funds. Dexus industrial portfolio lease expiry profile (by income)1 | Dexus 2026 Half Year Results Presentation21 13% target threshold 3.0% 5.3% 12.1% 11.4% 10.9% 12.4% 0% 5% 10% 15% Available FY26 FY27 FY28 FY29 FY30 NSW VIC SA QLD WA Key vacancies Military Rd, Matraville (1.1%) Lakes Business Park (0.6%) Dexus Distribution Ctr, Gillman (0.5%) FY26 Key expiries 278 Orchard Rd, Richlands (1.0%) Lakes Business Park (1.0%) 5 Bellevue Ct, Greystanes (0.7%) FY27 Key expiries ASCEND, Jandakot (1.6%) 2A Basalt Rd, Greystanes (1.6%) 12-18 Distribution Dr, Truganina (1.2%) FY28 Key expiries Knoxfield Industrial Estate (1.2%) ASCEND, Jandakot (0.9%) 47 & 57 Momentum Way, Ravenhall (0.8%) FY29 Key expiries ASCEND, Jandakot (2.4%) Dexus Industrial Estate, Greystanes (1.4%) 425 Freeman Rd, Richlands (1.1%) FY30 Key expiries ASCEND, Jandakot (2.2%) Dexus Distribution Ctr, Lara (1.8%) 90 Mills Rd, Braeside (1.3%) For personal use only
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Industrial outlook | Dexus 2026 Half Year Results Presentation22 Supply and demand dynamics remain supportive Source: Dexus Research from JLL Research, CBRE Research, Oxford Economics and NAB. Moderate supply in 2026, remains below historical take-up in most markets Structural (implied) demand boosted by ecommerce growth 0 200 400 600 800 1,000 1,200 Sydney Melbourne Brisbane Perth Adelaide '000 sqm Under construction 5 year average take-up 10 year average takeup 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 2016 2018 2020 2022 2024 2026 2028 2030 Millions Physical Take-up Ecommerce takeup Implied take-up per head added Ecommerce implied take-up 10 year (2016-2025) take-up average 10 year (2016-2025) supply average Anticipate 2.4-2.6m sqm required annually with demand driven by forecast: › Population growth of 340,000 people per year › Growth in online penetration from 14% to 18% by 2030 For personal use only
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Funds management 04 | Dexus 2026 Half Year Results Presentation23 41 George Street, Brisbane QLD (artist impression) For personal use only
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Dexus funds platform A real asset platform of scale and diversity 30% 19% 24% 3% 1% 3% 20% Funds under management ($m)1 $36.2 billion FUM FUM by sector exposure Office Industrial Retail Healthcare RE securities Alternatives Infrastructure 1. Includes total committed capital for DREP2 strategies which is not yet fully deployed. Includes impact of DCIF closure which is currently underway. 2. Source: RBA ‘The future size of the super sector: External estimates, 2024. FUM diversified by sector and investor type 150+ unlisted institutional clients Prudent capital structures with average gearing across pooled funds circa 32% Strong track record of performance, equity raising and governance to support long term FUM growth as the market stabilises Platform attributesFUM by investor type 48% 21% 8% 7% 6% 10% Super & pension funds Multi-manager Sovereign funds Insurance Other institutions Retail & HNW Growth in Pension Capital | Dexus 2026 Half Year Results Presentation24 35.6 36.2 1.1 -0.8 0.2 0.1 0 15 30 45 June 2025 Acquisitions Disposals Revaluations Dev capex & other Dec 2025 Australian superannuation sector assets (A$ trillion)2 3.9 8.1 +108% 2024 2035 1 For personal use only
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Fund specific updates Continued fund performance Funds management HY26 progress – DWPF outperformed its benchmark across all time periods, outperforming by >200bps for the 12 months to 31 December 2025 – DWSF outperformed its benchmark since joining the Dexus platform – DWAPF has delivered a 7.9% net return p.a. since inception 40 years ago – 4 funds and investments achieved 5 Star GRESB ratings. Maintained net zero emissions across Scope 1 and 2 for managed portfolio | Dexus 2026 Half Year Results Presentation25 – c.$390 million equity commitments for DREP2 strategy (including $200m raised via dedicated sidecar) – Total commitments now c.$870 million, exceeding the original >$600m target – $180 million initial third party equity for the first close of DSIT1 – Facilitated >$280 million of secondary unit transactions, supporting liquidity of existing investors and enabling entry of new investors – Launched new investment series, Dexus Strategic Investment Trust (DSIT), with DSIT1 securing 25% interest in Westfield Chermside – Fund investment, Powerco acquired Firstlight Network – DREP2 deployed further capital – Continued to rationalise sub-scale funds – Reduced real estate redemption queue by c.$1b – Expect to make further progress on infrastructure redemptions post the APAC court date scheduled for April 2026 Raised over $950 million1 third party equity 1. Includes Dividend Reinvestment Plan participation. For personal use only
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Summary 05 | Dexus 2026 Half Year Results Presentation26 240 St Georges Terrace Perth WA For personal use only
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Continued improvement in underlying markets Summary and outlook 1. Based on current expectations relating to asset sales, performance fees and trading profits, APAC litigation assumptions, and subject to no material deterioration in conditions. 2. Discount to NTA calculated based on security price as at 16 February 2026. 3. Net of corporate costs. Underlying real asset markets are past the point of inflection and continue to improve, supported by positive business confidence, constrained supply pipelines, stabilisation in asset prices and improvement in transaction volumes, notwithstanding the evolving interest rate environment Barring unforeseen circumstances, for the 12 months ended 30 June 20261, Dexus reaffirms its expectation for: – AFFO of 44.5-45.5 cents per security – Distributions of 37.0 cents per security | Dexus 2026 Half Year Results Presentation27 Horizon 3023, Ravenhall VIC Valuations have turned positive, transaction and fundraising markets are recovering, and our confidence in the long-term fundamentals of the business has strengthened. We are actively exploring opportunities to enhance returns and capital efficiency by increasing third party capital participation in the investment portfolio. This may release capital in addition to the stated divestment target DXS is trading at a c.30% discount to NTA2, before considering value attributed to the funds management business3. There is a sustained disconnect between our equity market valuation and that of our underlying assets and businesses. We have activated an on-market securities buyback of up to 10% of Dexus securities which we expect to execute at a pace consistent with maintaining balance sheet discipline as we progress asset sales and other initiativesFor personal use only
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Appendices 06 | Dexus 2026 Half Year Results Presentation28 Quarrywest, 5 Dolerite Way, Greystanes NSW For personal use only
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| Dexus 2026 Half Year Results Presentation29 $51.5 billion – total platform funds under management Dexus today 64% 24% 3% 7% 2% <1% <1% Dexus portfolio Office Industrial Healthcare Retail Infrastructure Alternatives Real estate securities 30% 20% 24% 19% 3% 1% 3% Funds management portfolio Office Infrastructure Retail Industrial Healthcare Real estate securities & other Alternatives $15.3b $36.2b Dexus portfolio composition is inclusive of co-investments. Excluding the allocation of co-investments by sector, Office comprises 63%, Industrial comprises 21% of FUM, with 16% contribution from co -investments/other. For personal use only
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Funds management – real estate product offering Institutional pooled funds JVs and mandatesListed funds Retail / HNW pooled funds Listed securities RES - Active portfolio management of listed property securities across Australia and globally - Stable income and consistent returns with lower volatility relative to benchmark Dexus real estate securities $0.4b DHPF - Established 2017 - Unique portfolio of 10 large scale, high-quality, healthcare properties - Stable income profile with high occupancy and long-term leases - Sector first Clean Energy Policy and ESG Statement Dexus Healthcare Property Fund $1.2b ASX:DXC - Listed on the ASX in 2017 - Portfolio of 91 service station and convenience retail assets located across Australia Dexus Convenience Retail REIT $0.7b DREP1 & 2 - Established in 2021 and 2024 - A series of closed-end opportunity funds - Property repositioning, development, special situation opportunities and alternative credit Dexus Real Estate Partnership 1 & 2 $1.0b DWSF - Established 2003 - High-quality portfolio of retail assets - Potential to unlock value through mixed use development pipeline - Outperforming the benchmark over the 2 and 3-year time periods Dexus Wholesale Shopping Centre Fund $2.4b DWAPF - Established 1985 - Diversified portfolio of 19 properties across office, industrial, retail and alternatives - Value-add and mixed-use potential within portfolio Dexus Wholesale Australian Property Fund $1.2b ASX:DXI - Listed on the ASX in 2013 - Portfolio of 88 industrial assets located across Australia Dexus Industrial REIT $1.2b Office $4.2b Industrial and Retail $3.8b DWPF - Established 1995 - Diversified portfolio of 40 assets, predominantly in the office, retail and industrial sectors - Outperformed the benchmark across all reported time periods Dexus Wholesale Property Fund $12.8b | Dexus 2026 Half Year Results Presentation30 For personal use only
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DDIT - Established 1995 - 7 investments across transport, energy, social infrastructure and student accommodation Dexus Diversified Infrastructure Trust $2.0b CommIF - Established 2006 - 18 assets covering health, water, education, corrections, renewables and community Dexus Community Infrastructure Fund $1.3b DWAF - Established 2023 - Owns stake in Australian Pacific Airports Corporation Dexus Wholesale Airport Fund $0.2b APAFs - Established as early as 1997 - Small club style products investing into APAC Series of Melbourne Airport funds (4 in total) $1.8b 4 other - Long-standing relationships averaging over 15 years Separately Managed Accounts $2.0b Funds management – infrastructure product offering Institutional pooled funds JVs and mandates | Dexus 2026 Half Year Results Presentation31 For personal use only
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Funds management $5.2 billion Funds management development pipeline1 | Dexus 2026 Half Year Results Presentation32 Development pipeline $1.7 billion Funds committed projects $3.2 billion Funds uncommitted projects FY26-FY28+ uncommitted project costs in funds management business 1. Includes $0.3 billion concept projects. For personal use only
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Financial results 31 Dec 2025 $m 31 Dec 2024 $m Statutory AIFRS net profit/(loss) after tax 348.5 10.3 Investment property and inventory (Gain)/loss from sales of investment property 0.2 0.3 Fair value (gain)/loss on investment properties (126.7) 137.5 Fair value (gain)/loss of investments at fair value1 11.2 83.8 Financial instruments Fair value (gain)/loss on mark-to-market of derivatives (39.7) 39.8 Incentives and rent straight-lining Incentive amortisation and rent straight-lining 80.3 80.8 Tax Non-FFO tax benefit/(expense) (25.3) 4.0 Co-investments Share of net (profit)/loss of investments accounted for using the equity method (39.8) (32.6) Distributions from financial assets at fair value through profit or loss (4.5) (4.3) Distributions from co-investments 35.2 34.5 Amortisation and impairment Amortisation and impairment of intangible assets 12.7 2.3 Other unrealised or one-off items2 Other items 100.1 (18.6) Funds From Operations (FFO) 352.2 337.8 Maintenance and leasing capex Maintenance capital expenditure (16.7) (11.5) Cash incentives and leasing costs paid (37.9) (31.7) Rent free incentives (44.3) (42.8) Adjusted Funds From Operations (AFFO) 253.3 251.8 Distribution 207.6 204.4 AFFO Payout ratio 82.0% 81.2% Reconciliation to statutory profit/(loss) | Dexus 2026 Half Year Results Presentation33 1. Includes fair value movement on investments classified as debt in Australian trusts. 2. Includes $66.4m of trading profits and performance fees recognised in FFO but not in statutory profit, one -off expenses of $17.3m predominately related to the ongoing APAC litigation and other fund initiatives as well as $16.4m of exchangeable note and debt modification amortisation and unrealise d fair value losses on interest bearing liabilities. For personal use only
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| Dexus 2026 Half Year Results Presentation34 Financial results Management operations profit HY26 ($m) Funds management Property management Development management Management operations Revenue 118.1 40.0 10.9 169.0 Operating expenses (60.9) (25.9) (12.9) (99.7) HY26 net profit 57.2 14.1 (2.0) 69.3 HY26 margin 48% 35% (19)% 41% HY25 margin 56% 31% (50)% 44% | Dexus 2025 Annual Results Presentation34 380 Dohertys Road, Truganina VIC For personal use only
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Cash flow reconciliation Financial results | Dexus 2026 Half Year Results Presentation35 31 Dec 2025 $m 31 Dec 2024 $m Cash flow from operating activities 168.5 264.1 add back: payment for inventory acquisition and capex 14.4 21.2 less: cost of sale of inventory (12.5) (2.8) less: tax on trading profits not yet paid (3.3) (0.3) add back: capitalised interest 15.2 12.9 add back: adjustments for equity accounted distributions 60.1 73.4 add back / (less): other working capital movements 61.7 (62.0) add back: transaction costs and other significant items1 17.0 - Adjusted cash flow from operating activities 321.4 306.5 Add back: rent free income 44.3 42.8 Less: depreciation and amortisation (including deferred borrowing costs) (13.5) (11.5) FFO 352.2 337.8 Less: payments from maintenance capex and incentives2 (98.9) (86.0) AFFO 253.3 251.8 Less: gross distribution (207.6) (204.4) Cash surplus 45.7 47.4 1. Represents non-FFO transaction and other costs. 2. Includes cash and fitout incentives, lease fees and rent -free incentives. For personal use only
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| Dexus 2026 Half Year Results Presentation Interest reconciliation Financial results 36 1. Includes finance costs associated with properties held in investments accounted for using the equity method. 2. Excludes interest income of $28m (HY25: $18.9m) from Atlassian funding fee, Capital Square and general bank interest. 31 Dec 2025 $m 31 Dec 2024 $m Total statutory finance costs 117.6 109.1 Less: Debt modification and movements related to exchangeable notes (8.5) (8.1) Add: Finance costs attributable to investments accounted for using the equity method1 0.6 0.0 Less: AASB 16 interest expense (3.1) (3.1) Finance costs for FFO2 106.6 97.9 Add: Interest capitalised 15.2 12.9 Finance costs for cost of debt purpose 121.8 110.8 For personal use only
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Change in net tangible assets and revaluations Financial results | Dexus 2026 Half Year Results Presentation37 $m $ps Opening net tangible assets (1 July 2025) 9,475.6 8.81 Revaluation of real estate 126.7 0.12 Revaluation of investments at fair value (11.2) (0.01) Retained earnings1 144.6 0.13 Amortisation of tenant incentives2 (80.3) (0.07) Transaction costs and other significant items (91.6) (0.08) Fair value and other movements3 57.8 0.05 Closing net tangible assets4 (31 December 2025) 9,621.6 8.95 Investment portfolio Valuation change $m Weighted average cap rate Dexus office portfolio5 71.3 6.19% Dexus industrial portfolio 50.9 5.55% Total Dexus portfolio6 122.2 6.03% 1. Represents HY26 FFO less distributions excluding reinvestment. 2. Includes rent straight-lining. 3. Includes fair value movements of derivatives and interest -bearing liabilities, non-FFO co-investment income, other amortisation, deferred tax, movement in reserves and other items. 4. Net tangible assets exclude $132.5m deferred tax liability relating to intangible assets. 5. Includes fair value movement on investments classified as debt in Australian trusts. 6. Valuation movement excludes co-investments in pooled funds and equity investments in Australian managed funds and infrastructure assets. Excludes other property revaluation loss of $5.1m and leased assets and right of use assets revaluation gain of $0.6m . For personal use only
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Property portfolio book value movements Financial results | Dexus 2026 Half Year Results Presentation38 Office1 $m Industrial1 $m Other1 $m Dexus total1 $m Trading assets2 (inventory) $m Opening property portfolio 9,257.5 3,200.6 0.0 12,458.0 70.5 Lease incentives 3 72.3 10.0 - 82.3 - Maintenance capex 15.4 2.4 - 17.8 - Acquisitions - - 354.1 354.1 - Developments 4 43.9 46.0 - 89.9 5.4 Disposals 5 (245.3) (113.7) - (359.0) (52.1) Revaluations 80.2 50.9 (5.1) 126.0 - Amortisation (70.3) (9.8) - (80.1) - Rent straight lining (0.6) 0.4 - (0.2) - Closing balance at the end of the period 9,153.1 3,186.8 349.0 12,688.8 23.8 1. Includes Dexus’s share of equity accounted investments except those classified as co -investments and investments at fair value a nd excludes leased assets. 2. Trading assets are included in Industrial and Dexus total amounts. 3. Includes rent free incentives. 4. Includes capitalised interest. 5. At book value. For personal use only
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Financial results Ownership stake (%) Dexus co-investment value ($m)1 Dexus HY26 co-investment income ($m) Passing distribution yield (%)2 Occupancy (%) WALE (years) WACR (%) Real estate DWAPF 32.2% $332.5 $9.6 5.8% 97.6% 4.8 6.3% DWSF 15.2% $307.1 $5.8 4.5% 98.4% 5.3 5.6% DXI3 17.5% $190.7 $4.6 4.8% 99.7% 5.3 5.9% DHPF 16.1% $185.7 $5.5 5.2% 99.7% 17.3 5.6% AUHPT4 7.0% $154.2 $4.0 4.0% 95.1% 15.0 5.5% DXC3 9.0% $47.1 $1.3 7.4% 99.9% 7.9 6.2% Real estate – total $1,217.3 $30.8 Infrastructure CommIF 9.3% $120.6 $4.0 8.7% n/a n/a n/a DDIT 5.1% $108.3 - - n/a n/a n/a DCIF5 13.5% $40.7 $0.4 2.9% n/a n/a n/a Infrastructure – total $269.6 $4.4 Other Opportunity - DREP1 21.3% $56.6 - n/a n/a n/a n/a Opportunity – DREP2 7.6% $9.0 - n/a n/a n/a n/a Other6 n/a $7.7 - n/a n/a n/a n/a Other – total $73.3 - Total co-investments $1,560.2 $35.2 Future co-investments (in establishment phase) DSIT1 49.0%7 $167.87 - n/a 99.3% 3.3 5.1% Co-investments in pooled funds | Dexus 2026 Half Year Results Presentation39 1. Represents the equity accounted investment value or investment at fair value recognised on Dexus balance sheet. 2. With reference to the last announced distribution annualised (except for DHPF which refers to CY25 distributions over the weight ed average unit price), and the closing unit price at 31 December 2025. 3. Passing yield based on the equity accounted book value of Dexus’s co -investment as at 31 December 2025. Passing yield based on m arket value was 6.2% for DXI and 7.4% for DXC based on closing security prices as at 31 December 2025. 4. As reported by Australian Unity Healthcare Property Trust at 31 December 2025. 5. Fund closure underway. External FUM has been excluded from reported third party FUM at 31 December 2025. 6. Represents an investment in RealTech Ventures. 7. Reflects Dexus’s ownership stake in DSIT1 as at 31 December 2025. Dexus is targeting to reduce its ownership stake to c.$50 m illion during CY26. For personal use only
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Capital management HY26 position | Dexus 2026 Half Year Results Presentation40 Key metrics 31 Dec 2025 30 Jun 2025 Total debt2 $4,591m $4,720m Headroom (including cash) $2.5b $3.0b Gearing (look-through)3 33.9% 31.7% Covenant gearing (covenant4 <55%) 27.0% 30.6% Interest cover (covenant4 >2.0x) 3.7x 4.4x Priority debt (covenant4 <30%) 0.0% 0.0% 1. Includes subordinated notes to first optional redemption date and $850m of bank facility extensions executed post 31 Dece mber 2025. | 2. Total debt includes subordinated notes and does not include debt in equity accounted investments or Dexus's share of co-investments in pooled funds. | 3. Includes subordinated notes and adjusted for cash and debt in equity accounted investments, excluding Dexus’s share of co-investments in pooled funds. Look-through gearing including Dexus's share of equity accounted co-investments in pooled funds adjusted for subordinated note 50% intermediate equity content was 34.2% as at 31 December 2025. | 4. As per public bond covenants. Debt maturity profile1 All committed projects through fixed price contractsDrawn basis 39% Bank debt drawn 61% Debt capital markets Diversified sources of debt Facility basis 59% Bank debt facilities 41% Debt capital markets - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 $m DCM Bank 59%2%11% 16% 6% 6% 39% 2% 16% 25% 9% 9% Facilities Bank facilities Commercial paper MTN USPP Exchangeable Notes Subordinated Notes Drawn For personal use only
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0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 FY26 FY27 FY28 FY29 FY30 $m Interest rate hedges Net fixed debt Weighted average hedge rate (excl margin) Interest rate hedging profile Capital management | Dexus 2026 Half Year Results Presentation41 1. Excluding an option that could result in additional hedging of $200m in FY28. 2. Including fixed rate debt (without credit margin). 3. Weighted average for the period, inclusive of fees and margins. Hedging profile 31 Dec 2025 30 Jun 2025 Average amount of debt hedged including caps 95% 86% Average amount of debt hedged excluding caps 68% 73% Weighted average interest rate on hedged debt2 2.9% 2.1% Cost of debt3 4.7% 4.2% Hedge profile 1 For personal use only
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Debt facilities1 Capital management | Dexus 2026 Half Year Results Presentation42 Facility limit A$m Drawn A$m Maturity Currency Bilateral bank debt2 100 100 FY27 A$ 600 172 FY28 A$ 850 250 FY29 A$ 625 151 FY30 A$ 550 300 FY31 A$ 485 217 FY32 A$ 400 - FY33 A$ 150 - FY36 A$ Commercial paper3 100 75 FY26 A$ Medium term notes 130 130 FY27 A$ 200 200 FY30 A$ 500 500 FY32 A$ 30 30 FY39 A$ US senior notes (USPP)4 Series 1 121 121 FY29 US$ Series 2 124 124 FY27 US$ Series 3 229 229 FY27 US$ Series 4 (A$) 100 100 FY28 A$ Series 5 503 503 FY30-FY33 US$ Series 5 (A$) 150 150 FY30-FY33 A$ Series 6 (A$) 75 75 FY39 A$ Exchangeable notes 500 500 FY28 A$ Subordinated notes 500 500 FY31-FY345 A$ Facility limit A$m Drawn A$m Sub total 7,022 4,427 Currency translation and fair value adjustments 197 197 Deferred borrowing costs and debt modifications (19) (19) Exchangeable notes adjustments (14) (14) Total interest-bearing liabilities 7,186 4,591 Bank guarantee facilities (including utilised) (175) Cash 75 Headroom including cash 2,495 1. Does not include debt facilities in equity accounted investments or Dexus's share of co -investments in pooled funds. 2. Includes $850m of bank debt facility extensions executed post 31 December 2025. 3. Based on maturity date of commercial paper standby facility. 4. USPP US$ amount shown at the cross-currency swap contract rate. 5. Reflects the first optional redemption dates. The notes mature in December 2055. For personal use only
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Sydney CBD/fringe 49% Sydney suburban 5% 54% 19% 14% 13% NSW VIC QLD WA 61% 35% 4% Premium A grade B grade and other 43 $9.8b Office by asset type Office portfolio | Dexus 2026 Half Year Results Presentation $9.8b Office by location Prime grade 96% $9.8 billion Dexus office portfolio diversification $20.5 billion Platform office portfolio 1,435 Customers 48 properties Across key CBDs 1.8 million Square metres 3.5-4.0% Average fixed annual rental increasesFor personal use only
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85% 90% 95% 100% Continuing to benefit from flight to quality and set to benefit from market recovery Market leading office portfolio 1. Based on Dexus customer composition as at 31 December 2025, compared to listed peers disclosing customer segmentation data as at 30 June 2025. | 2. Historic Dexus occupancy by area. Market occupancy refers to Australian CBD Average by Property Council of Australia. | 3. Dexus office portfolio average incentives excluding effective d eals and developments were 29.9% at HY26. | 4. Market refers to JLL data as at 31 December 2025. Location Customer diversification and quality Proactive management › Circa 77% is located in core CBDs, where occupancy and incentives continue to outperform the wider market Focus on customer diversification to drive stronger returns and reduce income volatility, evidenced through: › Top 10 office customers account for c.25% of office income, significantly less than that of comparable peer portfolios1 › Comparatively lower exposure to large occupiers, with leases to smaller tenants generating higher returns and lower volatility, with average tenancy size of c.1,000sqm › Consistently managing 12-month forward expiries at or below the 13% target risk threshold Asset quality › High quality 96% prime grade portfolio with leading ESG credentials Key attributes of the Dexus office portfolio… …underpin the resilient operating performance Dexus’s portfolio occupancy has consistently outperformed the wider market Prime grade office: DXS incentives3 vs market4 Historic Dexus occupancy vs market2 Dexus’s average incentives are below the wider market in each major CBD | Dexus 2026 Half Year Results Presentation44 20% 25% 30% 35% 40% 45% 50% Sydney CBD (gross) Melbourne CBD (net) Brisbane CBD (gross) Perth CBD Market DXS (net) Dexus Market For personal use only
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Property portfolio | Dexus 2026 Half Year Results Presentation45 Office top 10 customers1 Credit rating2 % of total property portfolio Income3 Commonwealth of Australia AAA 4.9% Woodside Energy Limited BBB+ 3.7% King & Wood Mallesons Pty Ltd Unrated 1.7% Boeing Defence Australia Limited BBB- 1.6% Worley Services Pty Limited BBB 1.5% Herbert Smith Freehills Unrated 1.5% Macquarie Group Services Australia Pty Ltd BBB+ 1.4% HWL Ebsworth Leasing Pty Ltd Unrated 1.3% Wood Group Australia Pty Ltd Unrated 1.1% Public Works (State of Queensland) AA+ 1.1% 16.8% 16.5% 14.4% 9.4% 7.1% 6.5% 5.1% 4.8% 3.5% 3.0% 3.0% 2.8% 2.6% 1.5% 1.4% 0.8% 0.7% 0.1% 0% 5% 10% 15% 20% Legal services Financial and insurance services Professional, scientific and technical services Public admin & safety Electricity, gas, water and waste services Rental, hiring and real estate services Retail trade Accommodation and food services Transport, postal and warehousing Mining Insurance and superannuation funds Construction Information media and telecommunications Wholesale trade Healthcare and social assistance Education and training Agriculture, forestry and fishing Manufacturing 1. Includes executed heads of agreement at 31 December 2025. 2. S&P rating. 3. Annualised income is based on the sum of the passing gross rental and secured gross rental (for signed leases and for signed Heads of Agreement). Top 10 office customers represent 19.8% of total portfolio income Diversity of office customers (by income) Australia Square 264-278 George Street, Sydney NSW For personal use only
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Office portfolio lease expiry profiles by region Property portfolio | Dexus 2026 Half Year Results Presentation46 Dexus Office1 Value ($m) Cap rate (%) Yield2 (%) Sydney CBD 4,168 5.89% 5.24% Sydney suburban 518 7.78% 8.19% Melbourne CBD 1,590 6.22% 5.82% Brisbane CBD 1,204 6.59% 6.58% Perth CBD 1,250 6.47% 6.63% 1. Includes stabilised properties only. 2. Past 12 months rolling FFO yield excluding the effects of one -off income. 0.8% 0.9% 20.2% 14.3% 0.3% 22.3% 0.9% 1.2% 17.6% 16.0% 0.4% 21.1% 0% 10% 20% 30% Available FY26 FY27 FY28 FY29 FY30 Sydney Suburban By income By area 4.2% 6.0% 10.6% 13.9% 15.9% 4.0%3.7% 4.7% 8.7% 15.5% 16.4% 3.8% 0% 5% 10% 15% 20% Available FY26 FY27 FY28 FY29 FY30 Brisbane CBD By income By area 13.1% 1.7% 17.1% 10.8% 10.0% 12.5% 14.8% 1.3% 10.2% 11.1% 10.4% 12.1% 0% 5% 10% 15% 20% Available FY26 FY27 FY28 FY29 FY30 Melbourne CBD By income By area 3.4% 5.0% 7.2% 6.5% 12.9% 16.5% 3.9% 5.6% 7.9% 6.2% 13.6% 16.8% 0% 5% 10% 15% 20% Available FY26 FY27 FY28 FY29 FY30 Perth CBD By income By area 9.4% 2.5% 12.8% 12.7% 9.8% 15.3% 11.9% 2.4% 13.6% 12.9% 10.7% 14.3% 0% 5% 10% 15% 20% Available FY26 FY27 FY28 FY29 FY30 Sydney CBD By income By area For personal use only
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Business conditions remain positive, expected to support office demand Office demand indicators | Dexus 2026 Half Year Results Presentation47 Source: NAB, Oxford Economics, Jobs and Skills Australia, Bloomberg, Dexus Research. White collar employment growth by industry Business conditions A growing share market will support continued growth in office demand Professional services firms hiring intentions 0 50 100 150 200 0 20 40 60 80 100 Professional job vacancies Job Ads (RHS)‘000 Vacancies Index (2019 = 100) -6% -4% -2% 0% 2% 4% 6% 8% 10% Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Total employment AUS Finance and prof. services White collar industries -10 -5 0 5 10 15 20 -10 -5 0 5 10 15 20 Nov-23 May-24 Nov-24 May-25 Nov-25 IndexIndex Business Confidence (LHS) Business conditions 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 -20 0 20 40 60 80 Dec 00 Dec 05 Dec 10 Dec 15 Dec 20 Dec 25 IndexSqm ’000 Accumulative Sydney CBD Net Absorption (LHS) S&P/ASX 200 (RHS) For personal use only
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Occupancy and rent growth higher in the core Sydney CBD occupancy Source: Property Council Australia, Dexus Research. Dexus properties excludes development sites. Premium market incentives in the Sydney core decreased while they have increased in the Western corridor, widening the spread in net effective rents. Sources: CBRE, Dexus Research. | Dexus 2026 Half Year Results Presentation48 Sydney CBD core vacancy is materially lower than non-core precincts. 75% of Dexus’s Sydney portfolio is located in the Sydney CBD core, where tenants want to be. Sydney CBD premium office effective rents Total Sydney CBD Premium occupancy 91% Premium stock 1,586,254sqm Core Premium occupancy 92% Premium stock 898,834sqm 25 Martin Pl 1 Bligh St One Farrer 60 Castlereagh 175 Pitt St Australia Square 30 Hickson 36 Hickson DXS sold (since FY18) DXS A-grade DXS Premium grade DXS prime occupancy 46.8% DXS premium occupancy 95.8% DXS prime occupancy 94.3% DXS premium occupancy 95.8% DXS prime occupancy 90.4% Midtown Premium occupancy 88% Premium stock 240,245sqm Western Premium occupancy 87% Premium stock 177,121sqm Walsh Bay Premium occupancy 94% Premium stock 270,054sqm $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 Dec-15 Dec-17 Dec-19 Dec-21 Dec-23 Dec-25 $/sqm Core Western Corridor For personal use only
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-60K -40K -20K 0K 20K 40K 60K 80K 100K 120K 121 Castlereagh St (David Jones) ACD House Atlassian Central Chifley Tower South 55 Pitt St Halo - 105- 107 Pitt Street Hunter St Metro - West OSD Toga Central Hunter St Metro - East OSD 175 Liverpool St Pitt & Bridge The O'Connell Precinct FY26 FY27 FY28 FY31 FY32 Mooted Withdrawal Mooted Available Pre-commited Sydney CBD – future committed supply well below average and mostly pre-committed Market outlook | Dexus 2026 Half Year Results Presentation49 Source: Dexus Research. FY26-FY28 - Future 3-year committed completions p.a. only 53% of 10-year average - 69% of supply is pre-committed For personal use only
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Melbourne CBD occupancy Premium occupancy higher in the Eastern core Source: Property Council Australia, Dexus Research. Dexus properties excludes development sites. The market occupancy rate of Premium space in the core of the Melbourne CBD is well above the average for the whole Melbourne CBD All Dexus Premium buildings are located in the core, with average occupancy of 84.7%, higher than the market at 84% Average occupancy of 86.6% across Dexus’s Prime office portfolio in the Melbourne CBD is also higher than the market at 84% | Dexus 2026 Half Year Results Presentation50 Total Melbourne CBD Premium occupancy 84% Premium stock 1,209,783sqm DXS sold (since FY18) DXS A-grade DXS Premium grade Docklands Occupancy 82% Premium stock 450,689sqm Civic Premium occupancy 76% Premium stock 31,411sqm North Eastern Occupancy 100% Premium stock 58,500sqm Eastern Core Premium occupancy 89% Premium stock 184,959sqm Western Core Premium occupancy 85% Premium stock 385,940sqm Spencer Premium occupancy 74% Premium stock 98,284sqm QV Complex 180-222 Lonsdale St 385 Bourke St 180/189 Flinders St 80 Collins St – South Tower 80 Collins St – North Tower Rialto Towers DXS premium occupancy 84.7% DXS prime occupancy 86.6% DXS premium occupancy 71.0% DXS prime occupancy 91.4% DXS premium occupancy 86.6% DXS prime occupancy 81.7% DXS prime occupancy 95.1% For personal use only
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0K 10K 20K 30K 40K 50K 60K 70K 435 Bourke St 299 Bourke St / 280 Little Collins 85-91 Spring Steet 17-23 Bennetts Lane 7 Spencer St 51 Flinders Lane 26-30 Flinders Street OSD South - Swanston St 60 Collins 600 Collins St Queen Victoria Market Dev Southgate Office Tower FY26 FY28 Mooted Withdrawal Mooted Available Pre-commited Melbourne CBD – future committed supply well below average Market outlook | Dexus 2026 Half Year Results Presentation51 Source: Dexus Research. FY26-FY28 - Future committed completions p.a. only 54% of 10-year average - 35% of supply is pre-committed For personal use only
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77% 6% 13% 5% Industrial estate Business park Distribution centre Land $3.6 billion Dexus industrial portfolio diversification | Dexus 2026 Half Year Results Presentation52 Industrial portfolio $3.6b Industrial by asset type $3.6b Industrial by location$10.5 billion Platform industrial portfolio 426 Customers 195 properties 3.9 million Square metres 3.0-3.5% Average fixed annual rental increases 48% 30%6% 1% 16% NSW VIC QLD SA WA For personal use only
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Well-located, high-quality assets and ability to grow with our customers Industrial portfolio: a national and customer centric platform Focus on aligning with high-quality customers › Long-term and multi-lease relationships with high value, growing customers › Partnering with customers to enhance their performance › 85% of income from direct customers (non 3PL) Vertically integrated national platform › Ability to harness multi-lease relationships › Analytics-based selection of our customers’ preferred locations › Vertically integrated sector model promotes alignment › Circa 59% of portfolio was developed by Dexus Asset quality › Large scale curated precincts account for circa 50% of the total industrial portfolio › Clustering and scale benefits and flexible delivery timing › Future-proof facilities with best-in-class attributes › ESG credentials and Green Star rating targeting net zero By geography By customer type Proactive management › Consistently managing 12-month forward expiries below the 13% target risk threshold | Dexus 2026 Half Year Results Presentation53 High-quality Dexus Industrial portfolio income 35% 15%12% 17% 20% Retail / Wholesale 3PL Manufacturing Logistic - other Other 44% 30% 2% 7% 17% NSW VIC SA QLD WA For personal use only
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Property portfolio | Dexus 2026 Half Year Results Presentation54 Top 10 industrial customers represent 3.8% of total portfolio income Industrial top 10 customers1,3 % of total property portfolio income2 Reece Australia Pty Ltd 0.7% Winit AU Trade Pty Ltd 0.5% Symbion Pty Ltd 0.5% Coles Group Limited 0.4% Parratech Group 0.3% AWH Pty Ltd 0.3% Fedex Logistics (Australia) Pty Ltd 0.3% Amazon Commercial Services Pty Ltd 0.3% Real Dairy Australia Pty Ltd 0.3% Ford Motor Company of Australia Pty Ltd 0.3% 32.1% 18.2% 16.8% 12.5% 3.9% 3.5% 2.5% 2.3% 1.9% 1.5% 1.5% 1.1% 0.5% 0.5% 0.4% 0.3% 0.3% - 10% 20% 30% 40% Transport, Postal and Warehousing Wholesale Trade Retail Trade Manufacturing Other Services Professional, Scientific and Technical Services Construction Health Care and Social Assistance Information, media and telecommunications Administrative and Support Services Accommodation and food services Rental, Hiring and Real Estate Services Arts and recreation services Electricity, Gas, Water and Waste Services Mining Education and training Public Administration and Safety 1. Includes executed Heads of Agreement at 31 December 2025. 2. Annualised income is based on the sum of the passing gross rental and secured gross rental (for signed leases and for signed Heads of Agreement). 3. Excludes properties and tenants that have exchanged for divestment. Diversity of industrial customers3 (by income) Velociti, 12 Church Road, Moorebank NSW For personal use only
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Industrial portfolio lease expiry profiles by region Property portfolio | Dexus 2026 Half Year Results Presentation55 Dexus Industrial1 Value ($m) Cap rate (%) Yield2 (%) Sydney 1,332 5.24% 3.97% Melbourne 907 5.80% 5.06% Brisbane 180 5.85% 4.99% Adelaide 25 9.75% 8.07% Perth 456 5.63% 5.40% 1. Includes stabilised properties only. 2. Past 12 months rolling FFO yield excluding the effects of one -off income. 5.0% 7.5% 10.5% 6.3% 13.6% 8.2% 4.2% 7.9% 9.4% 5.3% 14.6% 8.2% - 5% 10% 15% 20% Available FY26 FY27 FY28 FY29 FY30 Sydney Income Area 0.0% 1.9% 14.8% 20.8% 2.7% 19.7% 0.0% 1.7% 13.9% 19.3% 2.2% 25.4% - 10% 20% 30% Available FY26 FY27 FY28 FY29 FY30 Melbourne Income Area 4.5% 14.2% 7.0% 17.3% 22.4% 5.9%4.6% 15.4% 7.0% 19.2% 19.4% 6.2% - 10% 20% 30% Available FY26 FY27 FY28 FY29 FY30 Brisbane Income Area 29.1% 8.7% 45.9% 0.0% 8.7% 7.5% 29.9% 13.2% 42.8% 0.0% 7.6% 6.5% - 20% 40% 60% Available FY26 FY27 FY28 FY29 FY30 Adelaide Income Area 0.0% 1.6% 9.7% 5.6% 14.1% 13.0% 0.0% 2.0% 10.5% 4.9% 13.8% 13.9% - 5% 10% 15% Available FY26 FY27 FY28 FY29 FY30 Perth Income Area For personal use only
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Development Pipeline Building area1 sqm Project costs2 $m Yield on cost % Leased % Completion date Third party partner interest % Industrial Horizon 3023, Ravenhall VIC 30,500 21 6.9% 100% July 2025 75% ASCEND Industrial Estate, Jandakot WA 24,100 17 7.2% 40% Nov 2025 67% 311 South Street, Marsden Park NSW 47,300 86 6.8% 49%3 Oct 2025 49% Total developments completed 101,900 124 Dexus completed developments | Dexus 2026 Half Year Results Presentation56 1. At 100% ownership. 2. Dexus share in development cost (including land, funding cost and excludes downtime) . 3. Includes Heads of Agreement agreed post 31 December 2025. For personal use only
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Development Pipeline Building area1 sqm Project costs2 $m Est cost to Completion2 $m Yield on cost3 % Leased % Completion due Third party partner interest % Office Atlassian Central, Sydney NSW4 58,100 1,451 610 4-4.5% 100% Late 2026 0% Stage 1, Waterfront Brisbane QLD5 76,500 825 594 5-6% 71% Late 2028 50% Total office 134,600 2,276 1,204 Industrial Horizon 3023, Ravenhall VIC 34,300 21 7 6-7% 48% Mid 2026 75% ASCEND Industrial Estate, Jandakot WA 75,300 95 71 6-7% 77% Late 2026 67% Total industrial 109,600 116 78 Total committed developments 244,200 2,392 1,282 Dexus committed developments and fund-throughs | Dexus 2026 Half Year Results Presentation57 1. At 100% ownership. 2. Dexus share in development cost (including land, funding cost and excludes downtime). 3. Target asset level yield on cost calculation includes cost of land, funding cost and downtime in the denominator. 4. Dexus's funding obligation is for 100% of the project cost (excluding land). Dexus and Atlassian will retain an equity intere st in the asset on completion after refinancing and partial return of capital to Dexus. 5. Waterfront Stage 1 project cost includes cost of pad site associated with Stage 2. Stage 1 yield on cost excludes Stage 2 pad site cost. For personal use only
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Development Pipeline1 Building area1,2 sqm Project costs3 $m Yield on cost4 % Third party partner interest % Office Stage 2, Waterfront Brisbane QLD5 57,500 c.450 c.5-6% 50% 60 Collins Street, Melbourne VIC 43,200 c.1,100 c.5-6% 0% Pitt and Bridge Precinct, Sydney NSW 74,900 c.1,770 c.5-6% 50% Total office 175,600 c.3,320 Industrial ASCEND Industrial Estate, Jandakot, Perth WA 172,200 c.128 c.6-7% 67% Horizon 3023, Ravenhall VIC 52,800 c.24 c.6-7% 75% 113-153 Aldington Road, Kemps Creek NSW 164,700 c.302 c.6-7% 49% Total industrial 389,700 c.454 Total uncommitted developments 565,300 3,774 Dexus uncommitted developments | Dexus 2026 Half Year Results Presentation58 1. Figures are indicative and subject to relevant planning approvals and leasing commitment outcomes. Building area and project costs are presented on a rounded basis. 2. At 100% ownership. 3. Dexus share in development cost (including land, funding cost and excludes downtime). 4. Target asset level yield on cost calculation includes cost of land, funding cost and downtime in the denominator. 5. Waterfront Stage 2 project cost excludes cost of pad site associated with Stage 2 (included in the cost of Stage 1). Stage 2 yie ld on cost includes Stage 2 pad site. For personal use only
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Trading profit opportunities | Dexus 2026 Half Year Results Presentation59 1. Third party owner development agreement. 2. Divestment exchanged in February 2025, and final settlement occurred in July 2025. 3. Co-owned by Dexus (50%) and DREP1 (50%), asset settled in October 2025. 4. Co-owned by Dexus (50%) and DREP1 (50%), option secured in May 2024 and asset acquired in April 2025. Trading projects Trading strategy FY26 FY27 FY28+ 28 Yarrunga Street, Prestons NSW1 Industrial development 3 Brookhollow Avenue, Baulkham Hills NSW2 Trading 149 Orchard Rd, Chester Hill NSW3 Industrial development 750 Craigieburn Rd East, Craigieburn VIC4 Trading Other identified opportunities Secured Key Unsecured Trading profits realised secured FY26 guidance; lower contribution expected in FY27For personal use only
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Real asset transactions Dexus transactions | Dexus 2026 Half Year Results Presentation60 1. Excludes Dexus’s share in its co-investments in pooled funds. 2. Excludes transaction costs. 3. Reflects net sale price and excludes transaction costs. 4. Including completed adjustments. 5. MSCI Real Assets, Dexus Research. Includes individual sales, portfolios and M&A. 6. Subject to FIRB approval. 75% of sale price expected to be received in June 2026 , with the remaining 25% in December 2027. Dexus acquisitions1 Acquisition price2 $m Interest % Settlement Westfield Chermside, Gympie Road, Chermside QLD 349.0 12.3% 23-Dec-25 All other acquisitions 19.7 Dexus divestments1 Sale price3 $m Interest % Settlement 3 Brookhollow Avenue, Baulkham Hills NSW 110.0 100.0% Mar-Jul-25 149 Orchard Road, Chester Hill NSW 60.8 50.0% 24-Oct-25 172 Flinders Street & 189 Flinders Lane, Melbourne VIC4 245.3 100.0% 30-Sept-25 1-21 McPhee Drive, Berrinba QLD 60.6 100.0% 31-Oct-25 12 Church Street, Moorebank 49.6 50% 09-Feb-26 100 Mount Street, North Sydney 279.0 50% Jun-266 All other divestments 5.8 Calendar year market transaction volume5 0 10 20 30 40 50 60 70 80 90 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $ Billion Office Industrial Retail Healthcare For personal use only
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165 79 0.89 0.50 FY08 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Water consumption (kL/sqm) Energy Intensity (kWh/sqm)52.1% energy intensity reduction 43.9% water intensity reduction 6 stars 28,653sqm 3.0% 5.5 stars 25,923sqm 2.7% 5 stars 115,584sqm 12.1% 4.5 stars 289,924sq m 30.3% 4 stars 413,487sqm 43.2% 3.5 stars 4,341sqm 0.5% 3 stars 64,126sqm 6.7% 1.5 stars 5,710sqm 0.6% 0 stars 9,066sqm 0.9% 5 stars 502,482sq m 52% 4 stars 36,199sqm 4% 3.5 stars 1,769sqm 0.2% 3 stars 15,563sqm 2% 2 stars 1,788sqm 0.2% 6 stars 34,883sqm 4% 5.5 stars 166,977sqm 17% 4.5 stars 202,576sqm 21% 1 stars 6,175sqm 0.6% 0 stars 3,711sqm 0.4% Office portfolio sustainability metrics Environmental metrics 61 Dexus office energy and water intensity Dexus managed platform net emissions1 Office NABERS energy ratings2 Office NABERS water ratings2 Energy Water Waste Indoor Environment Jun 22 5.0 4.7 3.0 70% coverage 4.9 70% coverage Jun 23 4.9 4.5 3.3 79% coverage 4.8 84% coverage Jun 24 4.9 4.2 3.5 84% coverage 5.2 91% coverage June 25 4.8 4.2 4.2 85% coverage 5.6 92% coverage Dec 25 4.8 4.2 4.3 87% coverage 5.5 91% coverage 4.8 star Office portfolio 1. Covers Scope 1 and 2 emissions across the managed portfolio. Net emissions for the six months to 31 December 2025 include off sets purchased and allocated for retirement during the half year and up to the date of this announcement. 2. Dexus Platform office portfolio. | Dexus 2026 Half Year Results Presentation Excluding GreenPower. 4.2 star Office portfolio -40 -20 0 20 40 60 80 100 120 FY08 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Emissions intensity (kg CO2-e/sqm) FY08 BAU Net emissions Natural gas and diesel GreenPower and Power Purchase Agreements Investment in certified Carbon abatement and removal projects 92% - Renewable electricity 8% - Carbon offsets 92% - Electricity 8% - Fossil Fuels & Refrigerants Operational Emission sources (Location-based) Abatement activities For personal use only
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Exchange and securities used in statutory accounts Other information | Dexus 2026 Half Year Results Presentation62 31 Dec 2025 30 Jun 2025 31 Dec 2024 Closing rates for Statement of Financial Position USD 0.6693 0.6550 0.6217 Average rates for Statement of Comprehensive Income USD 0.6504 0.6477 0.6613 6 mths to 31 Dec 2025 12 mths to 30 Jun 2025 6 mths to 31 Dec 2024 Average weighted number of securities1 1,075,565,246 1,075,565,246 1,075,565,246 Closing number of securities 1,075,565,246 1,075,565,246 1,075,565,246 1. Used to calculate FFO, Underlying FFO and AFFO per security. For personal use only
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Glossary | Dexus 2026 Half Year Results Presentation63 Distribution payout policy: Policy is to distribute 80-100% of free cash flow for which AFFO is a proxy. Funds From Operations (FFO): FFO is in line with Property Council of Australia definition and comprises net profit/loss after tax attributable to stapled security holders, calculated in accordance with Australian Accounting Standards and adjusted for: property revaluations, impairments and reversal of impairments, deriva tive and foreign exchange mark-to- market impacts, fair value movements on investments accounted for at fair value, fair value movements of interest bearing lia bilities, amortisation of tenant incentives, gain/loss on sale of certain assets, straight line rent adjustments, non-FFO tax expenses, certain transaction costs, one-off significant items, amortisation of intangible assets, movements in right-of-use assets and lease liabilities, rental guarantees and coupon income. Adjusted FFO (AFFO): AFFO in accordance with guidelines provided by the Property Council of Australia (PCA) and comprises FFO as defined above les s maintenance capital expenditure and lease incentives. Gearing: Gearing is represented by Interest Bearing Liabilities (excluding deferred borrowing costs and including subordinated notes a nd currency gains and losses of cross currency swaps) less cash divided by Total Tangible Assets (excluding derivatives and deferred tax assets) less cash. Interes t Bearing Liabilities and Total Tangible Assets are both adjusted for debt in equity accounted investments (other than Dexus’s share of co - investments in pooled funds). Covenant gearing: Represents Gearing as defined above but excludes subordinated notes and not adjusted for cash or debt in equity accounted inv estments (including co- investments in pooled funds) as per public bonds. Portfolio value: Unless otherwise stated, portfolio value is represented by investment properties, inventories, investments at fair value and investments accounted for using the equity method and excludes cash and other assets and infrastructure. Weighted Average Lease Expiry (WALE): A measure in years of the average term to expiry of in-place rent. Includes vacancies. For personal use only
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Disclaimer | Dexus 2026 Half Year Results Presentation64 Dexus Funds Management Limited (ACN 060 920 783, AFSL 238163) ("Responsible Entity") is the responsible entity of Dexus (ASX code: DXS) (“Dexus” or “Fund”) and issuer of stapled securities in the Fund. The Fund comprises two registered schemes, Dexus Property Trust (ARSN 648 526 470) and Dexus Operations Trust (ARSN 110 521 223). This document has been prepared for informational purposes only and is not an offer, solicitation, or invitation to invest in Dexus. The information in this document, including, without limitation, any forward-looking statements, or opinions (“Information”), may be subject to change without notice. Any forward-looking statements or opinions are based on estimates and assumptions related to conditions such as future business, economic, market, political, social or other conditions, that are inherently subject to significant uncertainties and risks. Actual results may differ materially from those predicted or implied by any forward-looking statements or opinions for a range of reasons. While care has been taken in the preparation of this document, the Responsible Entity, Dexus, their related bodies corporate and their officers, employees and advisers make no or warranty, express or implied, as to the currency, accuracy, reliabilityor completeness of the Information. The Information should not be considered to be comprehensive or to comprise all the information which an investor or potential investor may require in order to determine whether to invest or deal in Dexus stapled securities. Before acquiring or to continuing to hold stapled securities in the Fund, investors should consider information about the Fund in periodic and continuous disclosure materials (“Disclosure Materials”). The Disclosure Materials contain important information, and it is important that investors read the Disclosure Materials before making an investment decision about Dexus. The Disclosure Materials are available from Dexus by visiting www.dexus.com/dxs by emailing ir@dexus.com or by phoning +612 9017 1330. This document has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. Investors should, before making any investment decisions, consider the appropriateness of the information in this document, and seek professional advice, having regard to their objectives, financial situation and needs. The repayment and performance of an investment in the Fund (including any particular rate of return referred to in this document) is not guaranteed by the Responsible Entity, Dexus, any of their related bodies corporate or any of their officers, employees and advisers. This investment is subject to investment risk, including possible delays in repayment and loss of income and principal invested. Past performance is not a reliable indicator of future performance. All currency figures are expressed in Australian dollars (AUD) unless otherwise specified. This document may not be distributed to any person in any jurisdiction outside Australia where it would be contrary to applicable laws, regulations or directives. Due to rounding, any numbers presented throughout this presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 480 Queen Street, Brisbane QLD For personal use only
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For personal use only