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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 1 Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 RAM ESSENTIAL SERVICES PROPERTY FUND H1 FY26 Operating Results & Update 26 February 2026 For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 2 AGENDA 1. Overview………………………………………………………………. P3-4 2. Healthcare Fundamentals……………………………..……… P5-8 3. Portfolio Performance………………………………………….. P9-12 4. Financial Performance……………………………………......... P13-14 5. Portfolio Transition & Growth Opportunities………. P15-18 7. Outlook & Summary…………………………………………….. P19-21 8. Other Information………………………………………………… P22-27 In the spirit of reconciliation, the Real Asset Management Group acknowledges the traditional custodians of country throughout Australia and their connections to land, sea and community. We pay our respect to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples. For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 3 Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 Mayo Private Hospital (NSW) 1. OVERVIEW For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 4 1H FY26 HIGHLIGHT Continued strong performance and focus on strategic objectives 1. By income and includes signed HoA’s excluding areas withheld for development 2. By gross rent as a proportion of total portfolio rent at 31 December 2025 3. Based on a closing price of $0.535 on 24 February 2026 4. Calculated and weighted by property value Inbuilt Portfolio Growth Strong leasing outcomes with positive spreads of 6.1% across 20 deals Achieved new deals with Coles Supermarket, Big W, Virtus Health and Miami Private Hospital. WARR 3.6% Portfolio Health Long WALE of 7 Years Healthcare WALE of nearly 10 years reflecting longer lease structure Continued strong healthcare tenant performance with nil arrears across REP private hospitals Prime Tenancy Mix Occupancy at 97%1 ~60% leases are on net basis providing hedge against inflationary expense increase2 Proactive leasing strengtheningtenancy mix Stable Valuations WACR held at 6.09%4 75%4 externally valued in the last 12 months Late cycle for healthcare showing upside with positive signs in capital markets Capital Management Considering recommencing the buy back post portfolio transaction Longer term gearing remaining within stated objective of 30% to 40% Hedging revisited post transactions Portfolio Continues to Perform DPS guidance reaffirmed at 5.0c in FY26 Distribution yield over 9%3 NTA $0.79/unit Retail Divestment Programme Term sheet agreed with institutional investor to acquire 5 assets: Coomera Square, Springfield Fair, Coles Rutherford, Keppel Bay Plaza and Mowbray Marketplace Proceeds may be utilised to pay-down debt, undertake buy-back and medical acquisitions Attractive Acquisition Dynamics Market conditions provide compelling healthcare buying opportunities Focus on operator covenant, diversification and certain sub-sectors in current market Allied health sectors such at life-sciences and pathology provide diversification $ Portfolio Operations Financial Performance Transactions and Active Management Accretive Value-Add Pipeline Attractive yield on cost developments being pursued led by healthcare Flexibility to commence subject to market conditions and feasibility Fund-through acquisition opportunities to provide de-risked exposure to higher yielding assets For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 5 2. HEALTHCARE FUNDAMENTALS North West Private Hospital (TAS) For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 6 Enhancing institutional expertise to support our portfolio transition Long-term fundamentals (ageing population, per capita utilisation, proportionate expenditure growth) continue to outpace broader GDP growth Healthcare remains tightly held with limited stock relative to core sectors of retail, office and industrial Healthcare pricing lagging core investment sectors, driven by residual liquidity issues among select managers and cautious institutional sentiment due to recent sector headwinds Cap rates on book values are stabilising following an 18-month softening cycle, and operator funding concerns are being resolved Ongoing pressure on certain owners driving high quality asset transactions opportunities at or below book values Market bifurcated by asset size: sub-$30M assets transacting below 5.5%; $30M–$150M+ facing a shallow buyer pool with transactions at 6%+ High quality asset transactions opportunities at or below book values still available, however window beginning to close The current market dynamics presents the opportunity to acquire core plus healthcare assets above $30M New, larger entrants will start entering the market in the back half of 2026 as the sector and assets stabilize, driving potential cap rate compression Ongoing scarcity of operational healthcare assets will lead to further cap rate tightening REINFORCING OUR EXPERTISE IN HEALTHCARE George Websdale Executive Director, Head of Funds Management - Real Estate 30-year healthcare real estate veteran reinforcing RAM’s institutional medical expertise. Previous Experience Transacted History Fund Scaling Industry Tenure $3.5B+ 6.6x 30+ Yrs Track Record Tactical Observations Our Predictions For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 7 STRATEGIC RE-WEIGHT TOWARDS HEALTHCARE Strong fundamentals continue and operators are stabilising in previously tightly held sectors presents a compelling opportunity for REP SPECIALIST SERVICES HEALTHCARE AND MEDICAL FACILITIES MENTAL HEALTH HOSPITALS PREVENTATIVE HEALTHCARE PRIVATE HOSPITAL ANCHORED SCHEMES PRIVATE SURGICAL HOSPITALS For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 8 AMPLIFYING THE POSITIVE CHARACTERISTICS OF HEALTHCARE Diversified tenant base provides an opportunity to benefit from both public and private sector investment into healthcare across primary, secondary and tertiary healthcare. REP’s private hospitals leased to several of Australia’s largest private hospital operators including Ramsay Health Care and Healthecare Medical investments typically have a higher proportion of net leases providing stronger protection against inflationary cost pressures 60% of all leases in the portfolio are net leases, and 40% of healthcare tenants offer exposure to CPI1 Medical assets benefit from longer WALEs and lower tenant volatility reducing capex and refinancing and hedging burdens An improved and diversified healthcare mix to drive portfolio performance c.68 % National tenants Tenant Composition1 Existing tenants with new deals New tenant covenants introduced Strong Industry Relationships 1. Based on gross passing income as of 31 December 2025. $ Specialities/ Mini Majors 25% Coles Group 6% Woolworths Group 14%Other Majors 2% Private Hosptials 28% Medical & Wellness 15% GP Clinics & Specialist Consultants 10% For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 9 3. PORTFOLIO PERFORMANCE Springfield Fair (QLD) For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 10 Formula, 18.37% CPI+1%, 3.08% Formula Turnover, 10.84% CPI, 20.83% Fixed, 46.88% Essential Retail, 45.99% Non Essential, 1.81% Tertiary Healthcare, 34.16% Medical & Wellness, 18.04% 1. Based on gross passing income as of 31 December 2025. 2. By income and includes signed HoA’s excluding areas withheld for development. 3. Inclusive of Fixed and CPI reviews. Key Portfolio Metrics 31 December 25 PORTFOLIO SUMMARY Number of Properties 26 Total Property Value $675.5m Occupancy2 97% Gross Lettable Area (GLA) 111,981 sqm WACR 6.09% WALE1 7.0 years Tenants 245 % income subject to annual rental increases1 89% Blended WARR3 3.63% Diversified portfolio generating secure and stable income with increase in WALE Tenant Mix Income Exposure Fund Lease Expiry Profile by Income 89% Exposed to annual Escalators1 98% Essential Services1 0% 15% 30% 45% 60% 75% 90% FY2026 FY2027 FY2028 FY2029 FY2030+ Expiry by Income c.90% of FY26 under advanced negotiation For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 11 Medical Essential Retail Total Number of Properties 19 7 26 31 December 2025 Book Value ($m) $333.5m $342.0m $675.5m WACR at December 2025 6.07% 6.11% 6.09% WACR Mvt (Jun – Dec) -3 bps +2 bps Nil % Portfolio 49.4% 50.6% 100.0% 1. Calculated and weighted by value of assets 20%1 of the portfolio externally valued during HY26 valuations 75%1 of the portfolio has been externally valued within last 12 months Weighted average capitalisation rate has remained stable since June 2025 VALUATIONS HAVE STABILISED WITH EYES ON MARKET TRANSACTIONS Valuation Waterfall Cap Rate Peer Comparison RetailHealthcare 6.07% 5.91% 6.12% 6.11% 5.87% 5.51% REP Peer 1 Peer 2 REP Peer 1 Peer 2 671.5 675.5 5.1 1.0 30-Jun-25 Capital Expenditure and other fair value adjustments Revaluation Movements 30-Jun-2531-Dec-25 For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 12 PORTFOLIO OCCUPANCY AND LEASING Strong leasing outcomes drive income growth 1. Normalised HY26 NOI vs HY25 NOI accounting for capital transactions, development and leasing activities 2. By income at 31 December 2025 and includes signed HoA’s excluding areas withheld for development and strategically held vacancies. 3. By gross rent as a proportion of total portfolio rent at 31 December 2025 4. Excluding Mowbray Marketplace percentage rent has been rentalised with new lease +2.1% Stable Occupancy2 Comparable NOI Growth1 Proactive Leasing Driving Increased WALE Leasing spreads of +6.1% average across 20 deals continue to outpace inflation C. 60%3 net leases provide a hedge against rising operational costs 47%3 of leases have fixed annual reviews, providing reliable income growth independent of inflation movements 1.4%4 Supermarket MAT growth will drive increased turnover income. $$ 98% 31 Dec 2023 98% 31 Dec 2024 97% 31 Dec 2025 6.2yrs 31 Dec 2023 7.0yrs 31 Dec 2024 7.0yrs 31 Dec 2025 For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 13 4. FINANCIAL PERFORMANCE Keppel Bay Plaza (QLD) For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 14 FUNDS FROM OPERATIONS (FFO) 1. Financial performance for the period 1 July 2025 to 31 December 2025. 2. Financial performance for the period 1 July 2024 to 31 December 2024. 3. Funds from Operations (FFO) of $8.50 mil at HY26 has been adjusted to remove one-off transaction costs that will not recur. Funds from Operations (FFO net of adjustments) HY261 HY252 $m $m Property NOI 18.9 21.1 Management Fees (2.3) (2.3) Net Finance Costs (6.7) (6.7) Other Expenses (1.4) (1.2) Funds From Operations (FFO) 8.5 10.9 Normalised FFO3 9.1 10.9 Distribution Per Security (cents) 2.5 2.5 Financial metrics align with strategic portfolio recycling transition Year-on-year comparison is impacted by transaction activity and shift in GAV, affecting like- for-like analysis FFO indicated excludes one-off transaction costs to provide normalised FFO FFO payout ratio slightly behind run-rate due to transaction timing and unexpected vacancies emerging late 2025 Full year projections remain on target Other expenses slightly elevated due to costs incurred during first half, likely to taper during the second quarter For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 15 Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 5. PORTFOLIO TRANSITION & GROWTH OPPORTUNITIES Gold Coast Surgery Centre (QLD) For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 16 POSITIONED FOR STRATEGIC TRANSITION Update on strategic transition toward a pure-play healthcare REIT through institutional partnership Divestment Rationale In-line with announced strategy and delivered patiently Proceeds will be key pivot point for REP transition Higher growth assets in Punchbowl Plaza and Ballina Central being retained to allow for value-add Indicative Metrics Post Deal Significant and lasting impact to REP fundamentals Higher weighting to healthcare will increase WALE with a renewed target of 10Y to 15Y Exposure to net leases, stronger and greater diversification in tenant covenant Institutional Term Sheet Agreed1 Term sheet agreed with significant institutional investor to acquire 5 assets including Coomera, Springfield, Rutherford, Keppel and Mowbray REP to retain ownership of 10%, providing continued exposure to essential service retail Punchbowl Plaza Advanced discussions with major tenant regarding initiatives to drive sales growth. Initiatives include potential store refurbishment and expansion of Direct to Boot services. Ballina Central New lease deals agreed with 3 tenants including Big W and IGA exercising their option for 10 years. Market rent review with major tenant providing potential income accretion. Springfield Hero Shot Punchbowl Plaza Location: Punchbowl, NSW Ballina Central Location: Ballina, NSW Short-Term Asset Enhancement 1. Terms are subject to Board Approval, Investor IC Approval, regulatory approvals and consents. For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 17 CAPITAL INVESTMENT CONSIDERATIONS Strategic allocation of forecasted sale proceeds to deliver the following outcomes CAPITAL MANAGEMENT – DEBT PAYDOWN AND BUY-BACK Application of sale proceeds may be utilised to repay debt targeting gearing towards the mid-point 30-40% range Considering a recommencement of the buy back in-line with previous strategy Dislocation in market presenting accretive acquisition opportunities to acquire good quality high yielding healthcare assets Track record of off-market acquisitions, with 21 assets of REP assets, 80% sourced off-market, including recent deals at Cairns Day Surgery and St John of Gods Eye Hospital Focus on high-performing operators that we have established relationships with such as Ramsay and Healthecare Pipeline of accretive, off-market healthcare opportunities including within RAM’s ecosystem of funds available for acquisition Several deals are currently under consideration for long term acquisition at attractive pricing STRATEGIC HEALTH CARE ACQUISITIONS Multiple value-add opportunities are currently under consideration including Dubbo Private Hospital’s refurbishment and Miami Private Hospital We are working closely with our current hospital operators seeking redevelopment and new services expansion as their operator environment improves Mayo Private Hospital and Northwest Private Hospital considering plans for service and facility expansions subject to business case and feasibility support VALUE-ADD OPPORTUNITIES For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 18 REFRESH OF VALUE-ADD OPPORTUNITIES Continued to monitor the feasibility and potential to progress value-add opportunities Forecasted Opportunities Longer term linked to tenant performance No land drag through acquisitions Precommitment from sitting major tenant Key Project Attributes Increased WALE Valuation upside Willets Health Precinct Location: Mackay, QLD | Aprx Value : $10m Northwest Private Hospital – Stage 2 Location: Regional, TAS | Approx Value : $15m Mayo Private Hospital Location: Taree, NSW | Approx Value : $25m Dubbo Private Hospital Location: Dubbo, NSW | Aprx Value : $4m Punchbowl Plaza Location: Punchbowl, NSW | Aprx Value : $8m Ballina Central Location: Ballina, NSW | Aprx Value : $6m Immediate Opportunities For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 19 Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 7. OUTLOOK & SUMMARY Dubbo Private Hospital (NSW) For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 20 Underlying growth Strong leasing outcomes with circa 6.1% average spreads on renewals and new deals Stable comparable NOI growth of 2.1%1 Resilient portfolio 98%2 of rental income from secure essential service tenants 97%3 occupancy and 7 years WALE Circa 60%2 leases are on net basis providing hedge against expense increase 47%2 of income link to fixed annual review mechanism which as inflation cools will maintain higher growth Actively managed Final stages of the transition to 80% healthcare with term sheet agreed with an institutional investor to effect the change in a cost-effective manner. Significant deal flow pipeline of accretive acquisitions Prudent capital management Considering a recommencement of buy back Low 20%4 gearing post transactions with further capital recycling activity to ensure gearing remains within the targeted gearing range Successfully accessing liquidity through the cycle Future strategy Attractive to move to a higher healthcare weighting FY26 DPS guidance of 5.00 cents5 per security, with approximately 90% tax deferred and a forecast yield of over 9%6 SUMMARY A consistent track record since listing in challenging conditions 1. Normalised HY26 NOI vs HY25 NOI accounting for capital transactions, development and leasing activities 2. Based on gross income as of 31 December 2025. 3. By income and includes signed HoA’s excluding areas withheld for development. 4. Gearing post retail transactions (excl. Ballina and Punchbowl) and if 100% net proceeds utilised to payback debt. 5. Guidance assumes average 3-month BBSY consensus and implementation of divestments and accretive acquisitions as forecast. 6. Based on a closing price of $0.535 on 24 February 2026. For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 21 FY2026 GUIDANCE 1. Guidance assumes average 3-month BBSY consensus and implementation of divestments and accretive acquisitions as forecast. 2. Based on a closing price of $0.535 on 24 February 2026. 5.00c 1 In line with consensus >9% 2 ~90% Distribution Per Security Forecast Distribution Yield Forecast Distribution Tax Deferred For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 22 Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 8. OTHER INFORMATION Miami Private Hospital (QLD) For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 23 FFO RECONCILIATION HY26 HY25 Statutory net profit/(loss) $m 4.9 (22.9) Adjusted for: Reversal of unrealised fair value (gain) on investment properties $m 2.9 26.7 Reversal of unrealised fair value (gain) on derivatives $m (2.4) 0.9 Reversal of realised fair value (gain) on investment properties $m - 1.6 Add back amortised leasing costs and tenant incentives $m 3.2 4.4 Add back amortised borrowing costs $m 0.3 0.5 Add back straight lining of rent $m Add back rent free and abatements $m (0.4) (0.3) Impairment of intangibles assets $m - - Funds From Operations (FFO) $m 8.5 10.9 Normalised FFO $m 9.1 10.9 Distribution declared $m 12.5 12.6 Weighted securities on issue (million) m 504.5 504.5 FFO (cents per security) Cents 1.70 2.16 Normalised FFO (cents per security) Cents 1.82 2.16 Distribution per security (cents per security) Cents 2.50 2.51 For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 24 INCOME STATEMENT Revenue HY26 HY25 Rent from investment properties $m 25.9 28.1 Realised gains on derivative financial instruments $m 0.1 - Net unrealised gains on derivative financial instruments $m 2.3 - Interest revenue $m 0.1 0.1 Total revenue $m 28.4 28.2 Expenses Direct property expenses $m (9.9) (11.2) Fund management fees $m (2.2) (2.4) Net realised losses on revaluation of investment properties $m - (1.6) Net unrealised losses on revaluation of investment properties $m (2.9) (26.7) Net unrealised losses on derivative financial instruments $m - (0.9) Finance costs $m (7.1) (7.2) Other admin expenses $m (1.4) (1.2) Total expenses $m (23.5) (51.2) Statutory net profit/(loss) $m 4.9 (22.9) Funds from operations (FFO) $m 8.5 10.9 Normalised Funds from operations (FFO) $m 9.1 10.9 Weighted average securities on issue m 504.5 504.5 FFO per security cps 1.70 2.16 Normalised FFO per security cps 1.82 2.16 Distributions $m 12.5 12.6 Distribution per security cps 2.50 2.51 Net tangible assets per security $ 0.79 0.81 For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 25 CONSOLIDATED BALANCE SHEET HY26 HY25 Cash and cash equivalents $m 7.0 3.7 Investment properties $m 675.5 637.9 Other assets $m 12.9 12.2 Non current assets held for sale $m - 25.5 Total assets $m 695.4 679.3 Borrowings $m (280.2) (252.2) Trade and other payables $m (24.7) (22.7) Total liabilities $m (304.9) (274.9) Net assets $m 390.5 404.4 Stapled securities on issue (millions) M 504.5 504.5 NTA per security ($) $ 0.79 0.81 1. HY25 reflects the disposal of Yeronga, Tanilba Bay and South Lake. For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 26 OUR ESG APPROACH Corporate Social Responsibility With the full commitment of the RAM Board, the Real Giving programme encourages and promotes our combined generosity towards issues of social and environmental importance to our communities. The programme runs to the Australian financial year, with the goal of donating at least 1% of our profits to a range of charitable organisations. It also provides volunteer time and donations matching initiatives to support our teamʼs wide charitable interests. Strong Governance RAM has built up a comprehensive and well- resourced team to ensure strong governance. RAM is also an active member of organisations that promote and require high standards in this area. At RAM, we prioritise strong risk management in our investments, with a particular focus on ESG risks and disclosures. We recognise that sustainable growth extends beyond environmental concerns – it also requires a commitment to people by ensuring fair treatment, equal opportunities, and a positive societal impact. This is why we emphasise social initiatives that promote diversity, employee well-being, community engagement, and transparent stakeholder relationships as key pillars of our ESG strategy. Environmental Compliance Sustainability is central to RAM’s investment approach. We were among the first asset managers to integrate solar power into property assets and remain committed to reducing our carbon footprint. We assess each asset’s decarbonisation phase and develop tailored strategies to enhance carbon reduction and energy efficiency. Our extensive experience in emission reductions across all scopes ensures a steady transition toward a low- carbon future. Scope 1: RAM actively minimises fossil fuel use in greenfield developments, particularly in heating, hot water, and cooking. For existing properties, we have successfully implemented solar panels, offering tenants cleaner, cost-effective energy while generating additional income for property owners. Scope 2: To meet national and global sustainability standards (such as Green Star and NABERS ratings), RAM’s development team collaborates with Second Party Opinion (SPO) providers. We align with the Australian Climate Positive Roadmap, ensuring that future upgrades and refurbishments contribute to long-term energy efficiency. Scope 3: RAM prioritises tenants with strong ESG commitments, particularly healthcare operators with transparent ESG goals. We have also worked with legal providers to introduce energy and waste management disclosure measures in leases, enabling better monitoring and management of each asset’s carbon footprint. Employer of Choice RAM is a certified Inclusive Employer via the Diversity Council Australia, a Pay Equity Ambassador, operate our own corporate giving and wellness programs and offer many other employee benefits. We are committed to diversity. For personal use only
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Doughnut Icon Color 1 Doughnut Icon Color 2 Doughnut Icon Color 3 Doughnut Icon Color 4 Content Text 2 Title Bar 1 Title Bar 2 Table inside grey Content Text 1 Alt Chart Color 2 Alt Chart Color 3 Alt Chart Color 4 Alt Chart Color 6 Alt Chart Color 7 Alt Chart Color 8 Alt Chart Color 9 Alt Chart Color 5 Alt Chart Color 1 Alt Chart Color 10 Alt Chart Color 10 I PAGEREAL ASSET MANAGEMENT 27 IMPORTANT INFORMATION GENERAL ADVICE WARNING: The information contained herein does not have any regard to the specific investment objectives, financial situation or the particular needs of any person. The information in this presentation is not intended to be personal financial advice. This material has been prepared by RAM Property Funds Management Ltd (ABN 28 629 968 163, AFSL 514484) for informative and illustrative purposes only and should not be construed as legal, tax, investment or other advice. This material does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. All investments involve the potential for a loss of capital. Prospective investors should seek separate, independent financial and professional advice (if required) prior to making an investment to assess the suitability, lawfulness and risks involved. The statements in this Presentation are not intended to be complete or final and are qualified in their entirety by reference to the Half Year Reporting Documents for HY25 lodged with the ASX (the “Half Year Results”). Indications of, and guidance on, future earnings and financial position and performance and activities are “forward-looking statements”. Due care and attention has been used in the preparation of any forward-looking statements. While RAM Group believe that there is a reasonable basis for the forward-looking statements, such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the RAM Group, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. Except as required by law, the RAM Group does not undertake any obligation to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance is not necessarily indicative of future performance. In the event that the descriptions or terms described herein are inconsistent with or contrary to the descriptions in or terms of the Half Year Results, the Half Year Results will prevail. The information in this presentation does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. For personal use only