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1H26 Results Presentation 27 August 2026 Hadyn Stephens – Managing Director and CEO Aditya Asawa – Chief Financial Officer
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This presentation has been prepared by Waypoint REIT (“WPR” or “Waypoint REIT”) which is a stapled entity comprising shares in Waypoint REIT Limited (ABN 35 612 986 517) (“Company”) stapled with units in the Waypoint REIT Trust (ARSN 613 146 464) (“Trust”). VER Limited (ABN 43 609 868 000 and AFSL 483795) is the Responsible Entity of the Trust. The information provided in this presentation should be read in conjunction with WPR's other periodic and continuous disclosure announcements lodged with the ASX which are available at www.asx.com.au . Summary information The information in this presentation is in summary form and does not purport to be complete. This presentation is for information purposes only, is of a general nature, does not constitute financial product advice, nor is it intended to constitute legal, tax or accounting advice or opinion. This information does not purport to include or summarise all information that an investor should consider when making an investment decision nor does it contain all information which would be required in a Product Disclosure Statement, or other disclosure documents prepared in accordance with the requirements of the Corporations Act 2001 (Cth) (“Corporations Act”). No investment or financial product advice This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, investors must consider the appropriateness of the information (including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of WPR and the values and the impact that different future outcomes may have on WPR) and rely on their own examination of WPR, including the merits and risks involved having regard to their own investment objectives, financial situation and needs. Each person should consult a professional investment adviser and seek legal, accounting and taxation advice appropriate to their jurisdiction before making any decision regarding a financial product. Industry data and third-party market data This presentation contains statistics, data and other information relating to markets, market sizes, market shares, market positions and other industry data pertaining to WPR’s business and markets. You should note that market data and statistics are inherently predictive and subject to uncertainty and not necessarily reflective of actual market conditions. Future performance and forward-looking statements This presentation contains forward-looking statements, including statements regarding the plans, strategies and objectives of WPR management and distribution guidance. Forward-looking statements can generally be identified by the use of forward-looking words such as, 'expect', 'anticipate', 'likely', 'intend', 'should, 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target', ‘guidance’ and other similar expressions. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward- looking statements. Such prospective financial information contained within this presentation may be unreliable given the circumstances and the underlying assumptions to this information may materially change in the future. Any forward-looking statements, including projections, guidance on future revenues, earnings and estimates, are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. You are cautioned not to place undue reliance on any forward-looking statement. While due care and attention has been used in the preparation of forward-looking statements, forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause WPR’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. A number of important factors could cause WPR’s actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements, and many of these factors are beyond WPR’s control. Examples include general economic conditions in Australia, New Zealand and Asia, exchange rates, competition in the markets in which WPR operates, and the inherent regulatory risks associated with WPR’s business. You should rely on your own independent assessment of any information, statements or representations contained in this presentation and any reliance on information in this presentation will be entirely at your own risk. This presentation may not be reproduced, distributed or published, in whole or in part, for any purpose without the prior written permission of WPR. WPR disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Effect of rounding A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. To the maximum extent permitted by law and subject to any continuing obligations under the ASX listing rules, WPR and VER Limited and each of their respective associates, related entities, officers, directors, employees, agents, consultants and advisers do not accept and expressly disclaim any liability for any loss or damage (including, without limitation, any liability arising out of fault or negligence and whether direct, indirect, consequential or otherwise) arising from the use of, or reliance on, anything contained in or omitted from this presentation. Statements made in this presentation are made only at the date of the presentation. WPR is under no obligation to update this presentation. The information in this presentation remains subject to change by WPR without notice. Important Notice and Disclaimer 2 Cover Image: OTR Kingsford (NSW)
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Portfolio Snapshot 3 High-quality portfolio with 92% weighting to metropolitan and highway locations Category Description # Book Value WACR Passing Yield3 Avg. Value Avg. Site Area WALE Capital Cities Capitals of the 8 states and territories of Australia 269 $2,016.7m (70% of portfolio) 5.37% 5.51% $7.5m 3,506 sqm 5.7yrs Other Metro Urban areas with populations ~100k+ 40 $300.1m (11% of portfolio) 5.88% 6.45% $7.5m 4,101 sqm 6.2yrs Highway Service centres along key transport routes 36 $309.7m (11% of portfolio) 6.66% 7.18% $8.6m 18,200 sqm 6.1yrs Regional Smaller regional cities and towns (<100k population) 49 $236.2m (8% of portfolio) 7.08% 7.89% $4.8m 3,589 sqm 6.6yrs Total 394 $2,862.7m 5.71% 5.99% $7.3m 4,919 sqm 5.9yrs 1 As at 30 June 2026, included one asset held for sale. 2 Assumes 3.0% CPI for leases with CPI-linked rent reviews. 3 Assessed passing income (including 372 of 394 assets with contracted rent escalations) divided by Book Value 99.9% Occupancy (by income) 3.0%2 WARR (by income) 89.9% NNN leases (by income) 5.9 yrs WALE (by income) 94.1% of total rental income Key Portfolio Statistics 1
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Agenda 4 1. 1H26 Highlights 5 2. Financial Results and Capital Management 7 3. Market and Portfolio Update 13 4. Outlook 17 5. Additional Information 19 6. Glossary 33 Image: OTR Pennant Hills (NSW)
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g Director 1H26 Highlights 5 Hadyn Stephens Managing Director and CEO Image: OTR Greystanes (NSW)
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6 1 Based on weighted average number of securities on issue during the period. 2 VEA’s 1H26 Results Presentation. 3 Car Expert VFACTS June 2026. 4 Australian Petroleum Statistics for fuel volumes, Australian Associated of Convenience Stores for c-store sales. 5 Variance vs. prior corresponding period (1H25). Property Portfolio Capital ManagementFinancial Performance Distributable EPS: 8.59cps1 +3.4% vs. 1H25 Well positioned to deliver full year guidance Leasing All FY26 expiries now resolved 26 of 28 leases renewed (97% retention rate by income, +10.3% reversion on renewals) Other WADM: 3.8 years New 6-year, $250m AMTN issued in Jun 2026 Repaid and cancelled $250m of bank facilities NTA: $2.92 per security +$0.02 (+0.7%) since Dec-25 MER: 31bp (annualised) Remains one of the lowest MERs in the S&P/ASX 200 A-REIT index Asset Sales Nowra (NSW) settled in May ($6.1m) Valuation Uplift: $10.7m WACR: 5.71% (+10bp since Dec-25) Cap rate expansion offset by rental growth 2H26 hedging: 95% Reducing exposure to rate volatility WAHM: 2.5 years Gearing: 32.4% Lower half of 30-40% target range 1H26 Highlights Resilient performance in a challenging operating environment New Vehicle Market (1H26)3,5 Total sales +1.7% EV market share: 25.8% Viva Energy Australia (1H26)2,5 Strong result across all segments Group EBITDA +154% C&M EBITDA +86% F&C Stats (1H26)4,5 Fuel volumes: -0.3% (Petrol -2.6%, Diesel +2.2%) C-store sales: -0.6% (+2.2% excl. tobacco)
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Financial Results and Capital Management 7 Aditya Asawa Chief Financial Officer Image: OTR Hope Valley (SA)
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1H26 $m 1H25 $m Change $m Rental income 83.5 82.4 1.1 Operating expenses (4.9) (4.9) - Operating EBIT 78.6 77.5 1.1 Net interest expense (22.4) (21.8) (0.6) Tax expense (0.1) (0.1) - Distributable Earnings (DE) 56.1 55.6 0.5 Weighted average number of securities (m) 653.0 669.0 (16.0) Distributable EPS (cents)1 8.59 8.31 +3.4% Distribution per security (DPS) (cents) 8.50 8.24 +3.2% Statutory net profit 65.8 137.1 (71.3) MER2 31bp 30bp +1bp 8 1 Based on weighted average number of securities on issue during the period. 2 Excludes net property expenses of 1H26: $0.3m; 1H25: $0.6m. Average assets used in calculation – 1H26: $2.9bn; 1H25: $2.9bn (both figures exclude mark to market value of derivatives). Financial Performance 1H26 DEPS up 3.4%, driven by growth in DE and FY25 security buyback Commentary Like for like rent growth of ~3% offset by impact of settlements in 2H25 and 1H26 Overall operating expenses are in line with 1H25. Corporate expenses (up 4.9%) offset by lower property expenses Increase in interest expense due to higher average debt balance in 1H26 vs 1H25 Reduction due to security buyback in the prior year (19.1m securities bought back during 2025) Quarterly distributions for 2H26 expected to increase to 4.32 cps (from 4.25 cps in 1H26), in line with guidance and reflecting a 100% payout ratio for FY26 Refer to page 21 for reconciliation between statutory net profit and DE MER has increased in line with higher corporate expenses 1 2 3 5 1 2 3 4 5 6 64 7 7
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Jun-26 $m Dec-25 $m Change $m Cash and equivalents 15.4 14.4 1.0 Investment properties 2,862.7 2,858.1 4.6 Other assets 11.5 8.0 3.5 Total assets 2,889.6 2,880.5 9.1 Distribution payable 27.8 27.4 0.4 Interest bearing debt1 946.7 951.7 (5.0) Other liabilities 11.4 7.3 4.1 Total liabilities 985.9 986.4 (0.5) Net assets 1,903.7 1,894.1 9.6 Securities on issue (m) 653.1 652.9 0.2 NTA per security ($) $2.92 $2.90 $0.02 Gearing (%)2 32.4% 32.7% (0.3%) 9 1 Borrowings includes USPP stated at its hedged amount based on in-place cross-currency swaps. 2 Net debt (excluding foreign exchange and fair value hedge adjustments) / total assets less cash. Balance Sheet Gearing remains at the lower end of the target range 1 1 3 5 4 2 2 3 Commentary Increase primarily due to portfolio valuation gain ($10.7m) offset by settlement of Nowra ($6.1m, settled in May 2026) Increase primarily due to an increase in valuation of interest rate swaps Lower borrowings, primarily driven by settlement of Nowra ($6.1m) Increase reflects issuance under the LTI plan NTA per security increased by 0.7% over the period primarily due to revaluation gains 4 5
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Jun-26 Dec-25 Change Facility limit ($m) 1,059.7 1,059.7 - Drawn debt ($m)1 946.7 951.7 (5.0) Undrawn debt ($m) 113.0 108.0 5.0 Liquidity ($m) 95.1 89.5 5.6 Gearing (%)1 32.4 32.7 (0.3) Weighted average debt maturity (years) 3.8 3.8 - Weighted average hedge maturity (years)2 2.5 2.8 (0.3) Hedge cover (%) 90 90 - Credit rating (Moody’s)3 Baa1 (stable) Baa1 (stable) - 1H26 1H25 Change Weighted average cost of debt (%) 4.7 4.7 - Interest cover ratio (times) 3.5 3.5 - 10 1 Includes USPP stated at its hedged amount based on in-place cross-currency swaps. 2 Includes hedges put in place post balance date as at the time of reporting. 3 Credit rating must not be used, and WPR does not intend to authorise its use, in the support of, or in relation to, the marketing of its securities to retail investors in Australia or internationally. Capital Management Prudent capital management position Commentary Liquidity at 30 June 2026 increased following settlement of Nowra in 1H26 Gearing remains at the lower end of the target range (30-40%) High level of hedge cover underpins FY26 guidance WACD stable vs prior period with increase in base rate (hedged and unhedged) offset by improvement in debt margins Significant headroom to covenant minimum of 2.0x 1 3 2 3 4 2 5 4 5 1
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• Modest level of hedging activity via forward starts and restructures, with the net impact being: – Additional $50m of swap coverage for 2H26 – Additional $50m of swap coverage for FY28 – Additional $75m of swap coverage for FY29 – Additional $50m of swap coverage for FY30 to FY31 • Cost of debt guidance for FY26 is maintained at ~5% • $250m of refinancing conducted in 1H26, supporting WPR’s WADM profile – New 6-year, $250m AMTN issued in June 2026 – $250m of syndicated bank debt facilities repaid and cancelled (3.7 years remaining) – Small margin saving achieved vs. debt repaid (~5bp) • FY28 debt maturities comprise the following: – $50m bilateral facility (March 2028 expiry) – $150m syndicated term loan (May 2028 expiry) – $200m AMTN (September 2028 expiry) 11 Debt maturity profile1 Hedge maturity profile2 Debt and Hedging Profile Refinancing activity supports debt maturity profile; high level of near-term hedging maintained 1 By facility limit. 2 Based on drawn debt of $946.7m as at date of reporting. Includes all interest rate swap instruments and fixed rate AMTN as at time of reporting. 150 100 50 70 100 77 63 200 250 $0m $100m $200m $300m $400m $500m FY26 FY27 FY28 FY29 FY30 FY31 FY32 Term loan RCF Bilaterals USPP AMTN 95% 86% 66% 39% 16% 0% 20% 40% 60% 80% 100% 2H26 FY27 FY28 FY29 FY30 % Average hedged 3.1% 3.2% 3.4% 4.3% 4.6%Hedge rate
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12 # of Properties @ 30-Jun-26 Value ($m) WACR (%) Dec-25 Jun-26 Change Dec-25 Jun-26 Change Capital Cities 48 350.5 348.6 (1.9) 5.28 5.39 +0.11 Other Metro 8 54.6 54.8 0.2 5.91 5.96 +0.05 Highway 9 87.0 86.1 (0.9) 6.54 6.63 +0.09 Regional 9 46.5 47.5 1.0 6.94 6.95 +0.01 Independent valuations 74 538.5 537.0 (1.5) 5.69 5.78 +0.09 Capital Cities 221 1,658.1 1,668.1 10.0 5.26 5.37 +0.11 Other Metro 32 245.9 245.3 (0.6) 5.79 5.86 +0.07 Highway 26 213.3 217.3 4.0 6.66 6.69 +0.03 Regional 41 196.2 195.0 (1.2) 7.01 7.08 +0.07 Directors’ valuations 320 2,313.5 2,325.7 12.2 5.59 5.69 +0.10 Portfolio 394 2,852.0 2,862.7 10.7 5.61 5.71 +0.10 1 Valuation information based on the 394 assets in WPR’s portfolio at 30 June 2026, including one asset held for sale. Dec-25 data reflects the same 394 assets for comparative purposes. Valuations Valuation uplift of $10.7m, with rent reviews offsetting 10bp of cap rate expansion • CBRE replaced Savills as WPR’s independent valuer for t he Jun-26 valuation process (3-year appointment) • 10bp of cap rate expansion in 1H26, with Melbourne experiencing the highest level of expansion • Key markets: – Melbourne (84 assets): +21bp – Sydney (74 assets): +5bp – Brisbane (42 assets): +11bp – Perth (29 assets): no change – Adelaide (23 assets): (12bp) • 372 of 394 F&C leases were subject to rent reviews that were captured in Jun-26 valuations 1
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g Director Market and Portfolio Update Hadyn Stephens Managing Director and Chief Executive Officer 13 Hadyn Stephens Managing Director and CEO Image: OTR Baulkham Hills (NSW)
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14 Solid transaction activity in 1H26; interest rates remain the key catalyst for future activity F&C Transaction Market Sources: Underlying transaction data sourced from Company research. 1H26 Summary • Number of transactions broadly in line with 1H25, but down ~30% on 2H25 • Total transaction value down ~20% on 1H25 and ~32% on 2H25 • Weighted average transaction yield increased ~20bp on 2025 levels (increased share of regional sites, rising rates putting upward pressure on tighter metro yields) Current Market Conditions • Market characterised by uncertainty: – Interest rates (3 increases YTD, future direction) – Geopolitical climate – Federal Budget • Buyer interest strongest for: – Modern, long-WALE assets (investors) – Vacant / short-WALE assets with no options (operators) $467m $493m $549m $647m $530m $325m $525m $582m $214m 5.95% 5.66% 5.59% 5.40% 5.82% 5.98% 6.50% 6.07% 6.26% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% $0m $100m $200m $300m $400m $500m $600m $700m 2018 (78) 2019 (109) 2020 (95) 2021 (105) 2022 (94) 2023 (52) 2024 (88) 2025 (91) 1H26 (38) National Transaction Volume Total Transaction Value ($m) Wghtd. Avg. Yield (%) 1H25 2H25 1H26 Regional sales # 8 15 14 Metro sales # 29 39 24 Total sales # 37 54 38 Total transaction value $m 269.3 313.1 214.4 Avg. transaction value $m 7.3 5.8 5.6 Max. transaction value $m 18.4 21.3 13.0 Sales > $10m # 7 4 2 Weighted average yield % 6.07 6.08 6.26
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Leasing Update 15 All FY26 lease expiries now resolved, strong retention (97.2%) and rental reversion (+10.3%) achieved FY26 Renewals # Passing Rent (Pre-Review) % of FY26 Expiries Passing Rent (Post-Review) Reversion Capital Cities 8 $1.73m 26.7% $2.17m +25.6% Other Metro 1 $0.27m 4.1% $0.27m +1.7% Highway 2 $0.96m 14.9% $0.98m +1.7% Regional 13 $3.15m 48.7% $3.33m +5.7% F&C Renewals 24 $6.11m 94.4% $6.75m +10.5% Non-F&C Renewals 2 $0.18m 2.8% $0.19m +3.5% Total Renewals 26 $6.29m 97.2% $6.94m +10.3% • FY26 lease expiries represented ~4% of WPR’s total rent roll 1H 26 Leasing: • Options exercised on two additional leases in 1H26 – 1 x F&C: 5-year option exercised (+0.1% vs. passing) – 1 x Non-F&C: 5-year option exercised (+3.9% vs. passing) Final FY26 Leasing Outcome: • Options exercised / term extended on 26 of 28 leases – 97.2% retention rate1 – Rental reversion of +10.3% • WPR exploring various options for two sites where VEA has exited (or will exit, post- end-of-lease obligations) 1 By current passing rent (prior to review). FY26 Non-Renewals Brendale (QLD) Land Area: 3,138sqm Zoning: Industrial • Previously a self-service diesel site (limited improvements) • Options: 1. Convert to full-service F&C (in discussions with operator for a development fund-through) 2. Sell site Slacks Creek (QLD) Land Area: 20,940sqm Zoning: Mixed Use (Retail and Commerce) • Existing full-service F&C offering on ~25% of the site • Options: 1. Subdivide site - Retain / re-let or sell F&C component (~25% of site) - Sell surplus land 2. Sell entire site 3. Re-let entire site to alternate operator
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Network Conversions 16 Slower overall OTR conversion program; 19 conversions completed on WPR sites, all funded by VEA Broader VEA Network1: • 5 OTR stores opened/converted in 1H26 • Network development plan adapted to evolving market conditions, directing capital to highest-return opportunities • Program continues to be led by opening new OTR stores from the development pipeline, but a smaller number of conversions will also be completed • FY26 expected new stores and conversions: – 20-25 new OTR stores – 10-15 conversions from Reddy Express to OTR and Liberty – 25-30 conversions from Reddy Express to new, unattended self-service format WPR Portfolio: • WPR currently owns 343 sites leased to VEA and branded Reddy Express or OTR • To date: – Landlord consent sought / provided for OTR conversion on 40 sites (as at Jun-26) – OTR conversions completed on 19 sites2 – Primarily basic conversions in metro locations (NSW focus) – All conversions have been funded by VEA (no request for funding received to date) • WPR remains open to acting as a funding partner for VEA on larger-scale OTR conversions, subject to returns being acceptable for WPR securityholders 1 VEA 1H26 Results Presentation. 2 Includes sites where Stage 1 works have been completed under CDC and further works are pending DA approval (e.g. EV charging stations. vacuum bays, dog washes). Conversions completed on WPR sites2 Property Expiry Completed Strathfield NSW Aug-32 Nov-24 Hope Valley SA Aug-32 Dec-24 Greystanes NSW Aug-26 Dec-24 Kingsford NSW Aug-28 Dec-24 Mansfield Park SA Aug-34 May-25 Jamisontown NSW Aug-29 May-25 Baulkham Hills NSW Aug-28 Jun-25 Pennant Hills East NSW Aug-34 Jul-25 Rouse Hill NSW Nov-30 Jul-25 Padstow NSW Aug-30 Aug-25 Doonside NSW Aug-29 Oct-25 Hastings Point NSW Aug-34 Nov-25 Corrimal NSW Aug-29 Nov-25 Pennant Hills West NSW Aug-33 Nov-25 Kariong NSW Aug-34 Dec-25 Kirrawee NSW Aug-32 Dec-25 Melton South VIC Aug-34 Dec-25 Warrawong, NSW Aug-28 Mar-26 Woolloomooloo, NSW Aug-30 Mar-26
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g Director Outlook 17 Hadyn Stephens Managing Director and CEO Image: OTR Strathfield (NSW)
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18 Outlook 1 Based on weighted average number of securities on issue. This guidance is subject to the disclaimer that: (a) actual results may differ from this guidance; (b) it is not a guarantee of future performance; and (c) it involves known and unknown risks, uncertainties and other factors which are beyond WPR’s control, and which may cause actual results to differ from this guidance. WPR is not liable for the accuracy and/or correctness of this information and any differences between the guidance and actual outcomes. While WPR reserves the right to change its guidance from time to time, WPR does not undertake to update the guidance on a regular basis. 2 Based on closing security price of $2.41 on 26 August 2026. • 33 F&C leases expire in 2027 (~7% of income) – I PO leases (28): Aug-27 expiry, landlord-initiated process to commence shortly – Other leases (5): various expiry dates (Mar-27 to Dec-27) and process timelines • Continue to explore opportunities to optimise debt facilities and cost of debt through early refinancing of existing facilities • Targeting $10-20m of non-core asset sales in 2H26, subject to market conditions • FY26 DEPS guidance reaffirmed at 17.14 cents (+3% on FY25)1 – The guidance assumes no material changes in Waypoint REIT’s operating environment – Quarterly distributions for 2H26 expected to increase to 4.32 cps (from 4.25 cps in 1H26), in line with guidance and reflecting a 100% payout ratio for FY26 17.14 centsDEPS Growth on FY25 3.0% Distribution Yield2 7.1% Discount to Jun-26 NTA2 17.5% FY26 Guidance1 / Current Pricing FY26 DEPS guidance reaffirmed at 17.14 cents (+3% vs. FY25)
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Additional Information 19 Image: Shell Reddy Express Brandon Park (VIC)
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1H26 $m 1H25 $m Change $m Distributable Earnings 56.1 55.6 0.5 Gain on valuation of investment properties1 10.7 96.3 (85.6) Net loss on sale of investment properties (0.5) (0.9) 0.4 Other fair value movements 2.9 (12.8) 15.7 Amortisation of upfront borrowing costs (3.2) (0.9) (2.3) Long-term incentive plan expense (0.2) (0.2) - Statutory profit 65.8 137.1 (71.3) 20 Reconciliation of Distributable Earnings to Statutory Profit Reduction in Statutory Profit driven by lower revaluation gain in 1H26 Commentary Valuation gain of $10.7m this period driven by contracted rental growth offset by a 10bp softening in the portfolio cap rate in 1H26 to 5.71% Largely due to favourable mark-to-market movements on derivative financial instruments in 1H26 due primarily to a higher interest rate forward curve Increase in 1H26 reflects write-off of unamortised establishment costs on debt facilities terminated during the period 1 3 1 2 32 1 Net of straight-line rental income adjustment (1H26: ($3.0m); 1H25: ($0.5m))
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21 Portfolio by State / Territory1 Strong geographic profile (>80% eastern seaboard, >80% metropolitan locations) % of WPR portfolio value: NSW VIC QLD WA SA ACT TAS NT Portfolio Cap rate change: 2H25 (9 bp) +6 bp (3 bp) (5 bp) (12 bp) (18bp) (18bp) 0 bp (3 bp) 1H26 +6 bp +19 bp +8 bp +3bp (15 bp) +25 bp +8bp (2 bp) +9 bp LTM (3 bp) +25 bp +5 bp (2 bp) (27 bp) +7 bp (10 bp) (2 bp) +6 bp Portfolio details: # of properties 116 105 77 44 27 11 10 4 3941 Book value ($m) 893.2 852.9 559.3 257.9 155.3 75.6 47.9 20.6 2,862.7 WACR 5.29% 5.46% 6.15% 6.73% 5.73% 5.68% 6.33% 7.36% 5.71% Avg. site area (sqm) 4,428 4,299 7,022 5,167 3,720 2,075 2,230 14,850 4,919 Avg. rent ($000s) 433 451 482 409 338 422 340 384 435 WPR classification (by value): 31% 30% 20% 10% Capital Cities Highway Other Metro Regional 67% 10% 15% 8% 70% 11% 11% 8% 81% 12% 3% 4% 54% 14% 20% 12% 72% 10% 18% 85% 10% 5% 100% 48%46% 6% 36% 23% 41% 1 Includes one asset held for sale as at 30 June 2026. 30% 19% 9% 5% 3% 2% 1%
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22 0.1% 0.1% 6.9% 6.0% 8.0% 6.9% 8.8% 13.8% 19.6% 24.9% 0.7% 3.9% 0.3% Vacant FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 WALE 5.9 years 1 Assumed income for vacant non-fuel tenancy (1). 2 Two sites with Aug-26 lease expiries to be exited by VEA. 3 Includes Chevron (14), Ampol (3), 7-Eleven (2), Metro Petroleum (1). 1 Lease Expiry Profile (30 June 2026) Portfolio WALE of 5.9 years with a staggered expiry profile Non-F&C 2 29 31 28 27 39 58 66 67 12 24 1 3 3 15 Other F&C3 4 3 5 2 2 2 2 2 2
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23 1H25 1H26 Change Key C&M Stats: Fuel volumes ML 2,574 2,626 2.0% Convenience sales $m 835 803 (3.8%) EBITDA: Convenience & Mobility (C&M) $m 74.4 138.7 86.4% Commercial & Industrial (C&I) $m 237.9 305.4 28.4% Energy & Infrastructure (E&I) $m 18.4 353.7 1,822.2% Corporate Costs $m (25.8) (23.4) (9.4%) Group EBITDA $m 304.9 774.4 154.0% Group NPAT $m 62.6 371.1 492.8% Group Underlying Free Cash Flow $m 41.5 437.2 953.6% Dec-25 Jun-26 Net Debt $m 2,074.8 1,720.0 (17.1%) Gearing (net debt to 12-mth trailing EBITDA) x 3.0x 1.5x (1.5x) • Group Highlights: – Record underlying first half earnings with all business units reporting significant growth – EBITDA and NPAT up 154% and 493% respectively on 1H25 – Strong free cash flow (up 954%) enabled a 17.1% reduction in net debt to $1.72 billion – Gearing is expected to normalise as market conditions moderate (gearing target of ~2x through the cycle) • Convenience & Mobility Highlights: – EBITDA up 86% on 1H25 – Supported by improved fuel sales and margins and a full period contribution from the Liberty Convenience acquisition (completed 31 March 2025) – Fuel volumes up 2.0%, supported by greater retail fuel availability and competitive pricing across the network – Ex-tobacco convenience sales up 1.3% supported by increased customer visits, co-ordinated promotion activity across the network and expansion of third-party delivery offer – Tobacco sales down 16.8% on 1H25, but have stabilised relative to 2H25 – Shop margins were 37.7%, in line with 1H25 – Progress on establishment of independent supply chain to provide platform growth from FY27 1 VEA 1H26 Results Presentation and ASX Release. VEA reports its performance on a Replacement Cost Basis. Viva Energy Australia – 1H26 Result1 Strong performance across all segments has strengthened the VEA balance sheet
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24 • Retail fuel volumes in the 12 months ended 30 June 2026 were down 1.6% on the previous corresponding period (diesel +1.1%, petrol -3.9%) • Post-COVID diesel volumes have continued to grow however petrol volumes have declined; reflecting modified mobility habits, cost-of-living pressures and the changing efficiency and composition of the vehicle fleet Retail Fuel Volumes Petrol and diesel volumes broadly flat on the prior year - 5,000 10,000 15,000 20,000 25,000 30,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 ML Australian petrol and diesel volumes (12 months ending 30 June) Petrol Diesel 54% 54%63% 62% 60% 59% 57% 56% 54% 46% 46%37% 38% 40% 41% 43% 44% 46% Source: Australian Petroleum Statistics (June 2026) – sales to retailers. 54% 46% 23,000 22,87822,909 23,818 24,902 24,695 22,972 22,982 22,182 23,601 47% 53% 22,509
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25 Source: AIP for underlying petrol and diesel price and margin. Figures have been weighted by the annual volume split between petrol and diesel outlined on the previous page. The national average retail margin is the national average retail price less the national average Terminal Gate Price. • Average fuel price of ~$1.95 per litre (increased 6.7%, partly curtailed by fuel excise reductions). Diesel prices increased 21.3c pl (~12%), petrol prices increased 3.8cpl (~2%) • Average margins of 17.8cpl remain strong (~5% higher than prior corresponding period and ~16% above the 10-year average of 15.4cpl) • Diesel margins of 19.6cpl were 2.1cpl (+12%) higher than FY25, while petrol margins decreased by 0.3cpl (-2%) to 16.3cpl Retail Fuel Prices and Margins Average retail prices have increased, industry margins remain strong 124.5 136.1 146.3 138.1 127.7 173.1 194.2 199.3 182.8 195.0 13.6 13.3 13.7 16.0 15.2 13.2 17.0 16.9 17.0 17.8 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 220.0 240.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Australian retail fuel prices and margins (12 months ending 30 June) National average retail price (cpl, LHS) National average retail margin (cpl, RHS)
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26 Australian New Vehicle Market EV share of new light vehicle sales doubled in 1H26 to ~26%; share of total fleet estimated at ~2% 0.1% 0.2% 0.2% 0.7% 0.8% 2.1% 3.8% 8.5% 9.7% 13.1% 25.8% 0% 5% 10% 15% 20% 25% 30% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 BEV/PHEV Sales as % of New Light Vehicle Sales 1 1H26 Stats by Fuel or Propulsion Type2,3 - Petrol/diesel: 19.7% decline in total sales to ~349k (~57% light vehicle market share) - Hybrids: 11.9% increase in total sales to ~105k (~17% light vehicle market share) - BEVs: 120.0% increase in total sales to ~104k (~17% light vehicle market share) - PHEVs: 111.8% increase in total sales to ~54k (~9% light vehicle market share) 1 Electric Vehicle Council, Australian Electric Vehicle Industry Recap 2023 (for 2016-23 figures), CarExpert for 2024, 2025 and 1H26. 2 Car Expert VFACTS 2025 (https://www.carexpert.com.au/car-news/vfacts-2025-another-record-year-for-new-vehicle-sales-in-australia-but-growth-modest-overall). 3 Car Expert VFACTS June 2026 (https://www.carexpert.com.au/car-news/vfacts-june-2026-new-vehicle-sales-set-all-time-monthly-record-as-byd-and-tesla-surge). Petrol 31.0% Diesel 26.0% Hybrid 17.1% BEV 16.9% PHEV 8.9% New light vehicle sales (1H26)3 ~612k total sales (+1.7%)
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27 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% Dec-26 Dec-27 Dec-28 Dec-29 Dec-30 Dec-31 Dec-32 Dec-33 Dec-34 Dec-35 EV share of total fleet EV share of Australian car fleet (2026-2035) Impact of EV Transition on Australian Vehicle Fleet (Indicative) Transition of Australian vehicle fleet to EVs is expected to take many years • Estimated EV share of total fleet in December 2025 was ~ 2.2% (BEVs and PHEVs) • Chart shows a range of potential outcomes for EV share of the total fleet over the period to 2035 assuming: – Overall Australian fleet growth 2026-2035 of 2% p.a. – Two scenarios for EV market share of new car sales (2026-2035): 1. Current EV market share (1H26: 25.8%) 2. EV market share increasing from ~29% in 2026 to ~96% in 2035, matching the Norway EV adoption profile (2016-2025) • Norway is a world leader in EV adoption: – ~96% of new car sales in 2025 were EVs – Pro-emission reduction policies in place since the 1990s (e.g. government-mandated targets, import tax / VAT exemptions, toll exemptions, public parking discounts/exemptions, bus lane access) 14% fleet share by 2035 35% fleet share by 2035 1 Sources: WPR estimates using data from BITRE, EV Council, Car Expert VFACTS 2025, Norwegian Public Roads Administration, Alternative Fuels Observatory Europe, The Norwegian EV Association. Analysis is indicative only and should not be treated as a forecast. 1
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National Convenience Store Data (1H26) 28 Resilient performance from the broader convenience channel despite ongoing challenges from tobacco Sources: AACS State of the Industry Mid-Year Report 2026 (released August 2026). Key Categories Value Units Packaged beverages +3.6% +0.8% Tobacco (10.8%) (10.4%) Foodservice +5.8% +2.2% Confectionery +5.7% (1.2%) Hot dispensed beverages (1.3%) (2.3%) Snackfoods +5.8% (0.4%)
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National Convenience Store Data (2025) 29 Ex-tobacco, industry sales and profit growth remain strong, underpinned by F&B Sources: AACS State of the Industry Report 2025 (released March 2026). Gross profit information is derived from reported sales and category margin data. Packaged beverages 34.0% Tobacco 18.8% Foodservice 15.0% Confectionery 7.6% Hot beverages 4.6% Other 20.0% Share of Sales (2025) Packaged beverages 38.4% Tobacco 8.4%Foodservice 16.8% Confectionery 8.8% Hot beverages 8.3% Other 19.3% Share of Gross Profit (2025) $10.3bn $7.7bn $9.9bn $8.0bn Incl. tobacco Excl. tobacco Sales 2024 2025 (3.9%) +4.5% $3.9bn $3.5bn $4.0bn $3.6bn Incl. tobacco Excl. tobacco Gross Profit 2024 2025 +0.9% +4.4% • Sales: – T otal sales down 3.9% on 2024 – Sales excl. tobacco up 4.5% – F&B: $6.80bn (+6.5%) – Non-F&B: $3.08bn (-20.9%) • Gross Profit: – Total gross profit up 0.9% – Gross profit excl. tobacco up 4.4% – F&B: $3.17bn (+6.1%) – Non-F&B: $0.79bn (-15.9%) • Tobacco: – 2nd largest contribution to sales ($1.86bn, -28.8%) – 4th largest contribution to gross profit ($0.33bn, -26.3%) • Margins: – Overall: 39.8% – F&B: 46.7% – Non-F&B: 25.6% – Tobacco: 17.8%
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National Convenience Store Data (2019-25) 30 Significant growth in other, higher margin categories has more than offset the decline in tobacco 3.42 3.74 3.61 3.50 3.11 2.61 1.86 2019 2020 2021 2022 2023 2024 2025 Sales ($bn) 0.68 0.72 0.68 0.65 0.53 0.45 0.33 2019 2020 2021 2022 2023 2024 2025 Gross Profit ($bn) Tobacco Gross Margin: 19.9% (2019) 17.2% (2024) 5.36 5.48 5.80 6.60 7.30 7.67 8.02 2019 2020 2021 2022 2023 2024 2025 Sales ($bn) 2.26 2.31 2.51 2.90 3.32 3.55 3.60 2019 2020 2021 2022 2023 2024 2025 Gross Profit ($bn) Other Categories Gross Margin: 42.2% (2019) 46.3% (2024) 8.78 9.22 9.40 10.10 10.41 10.28 9.88 2019 2020 2021 2022 2023 2024 2025 Sales ($bn) 2.94 3.03 3.19 3.55 3.85 4.00 3.93 2019 2020 2021 2022 2023 2024 2025 Gross Profit ($bn) Total Convenience Gross Margin: 33.5% (2019) 38.9% (2024) Change: -$1.56bn CAGR: -9.6% Change: +$1.10bn CAGR: +2.0% Change: +$2.66bn CAGR: +6.9% Change: -$349m CAGR: -11.3% Change: +$0.99bn CAGR: +5.0% Change: +$1.34bn CAGR: +8.1% Sources: AACS. Gross profit information is derived from reported sales and industry margin data. Sales data excludes GST but includes excise for tobacco. • Industry sales increased by $1.1bn (~13%) between 2019 and 2025, despite a $1.6bn (~46%) decline in tobacco sales; key contributor s include packaged beverages, foodservice and confectionery • Industry gross profit increased by $1.0bn (~34%) over the same period, despite a $349m (~51%) decline in profits from tobacco
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31 Australian F&C Operators 2019 2025 CAGR Fuel: Fuel volumes BL 24.41 22.57 (1.3%) Revenue $bn 35.27 41.28 2.7% Gross profit $bn 3.08 3.95 4.3% Shop: Revenue $bn 8.78 9.88 2.0% Gross profit $bn 2.94 3.93 5.0% Total: Revenue $bn 44.04 51.15 2.5% Gross profit $bn 6.02 7.88 4.6% Per Store: No. of stores 6,964 7,541 1.3% Revenue $k 6,324 6,783 1.2% Gross profit $k 864 1,045 3.2% • Challenges: – Changed mobility habits as a result of COVID-19 (working from home) – Increased fuel efficiency (hybrids and EVs) – Illicit tobacco (share of shop revenue halved from ~39% in 2019 to ~19% in 2025) – Cost of living pressures (consumers focused on value / cost) – Increasing F&C operator numbers (particularly independent brands) • Outcomes / operator responses: – Lower fuel volumes (-8% between 2019 and 2025) – Higher fuel prices (+27% between 2019 and 2025) – Higher fuel margins (+39% between 2019 and 2025) – Higher shop profits (+34% between 2019 and 2025), with lower tobacco sales (~20% margin) offset by increased sales of higher margin products, e.g. packaged beverages (~45% margin), foodservice (~45% margin) and coffee (~70% margin) • Result: – Industry revenue up ~16% (2.5% CAGR) – Industry gross profit up ~31% (4.6% CAGR) – Per store gross profit up ~21% (3.2% CAGR) 1 Sources: WPR estimates using data from Australian Petroleum Statistics (fuel volumes), Australian Institute of Petroleum (fuel prices and margins), Australian Association of Convenience Stores (store numbers, shop sales and gross profit). Fuel revenue includes fuel excise and GST, Store revenue excludes GST but does include excise for tobacco. F&C Retail Industry Profitability1 Solid growth in gross profit despite challenging industry conditions
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32 • Properties are required to be independently valued at least once every three years • Valuer rotation every three years • Approximately one-sixth of the portfolio is subject to independent valuation semi-annually with the balance of the portfolio subject to Directors’ valuations • Portfolio cap rate has shown resilience and stability through interest rate cycles, supported by strong transaction activity 1 Sources: Reserve Bank of Australia. WACR on IPO assets relates to the 349 IPO assets of 394 assets in the WPR portfolio. Valuations Comprehensive valuation approach; stable cap rate over time 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% IPO date Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 WACR RBA cash rate WPR IPO Portfolio Cap Rate1 RBA cash rate steady at 1.5% until early June 2019 RBA cash rate down to 0.1% in Nov 2020 RBA cash rate increases 425bp by Nov 2023 RBA cash rate down 75bp by Aug 2025 RBA cash rate up 75bp by May 2026
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33 Glossary Image: OTR Strathfield (NSW)
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34 AACS Australian Association of Convenience Stores AIP Australian Institute of Petroleum AMTN Australian Medium-Term Notes ASX Australian Securities Exchange BEV Battery electric vehicle. Powered by battery, with no secondary source of power bp Basis points C&M Convenience and mobility CAGR Compound annual growth rate CPI Consumer Price Index cpl Cents per litre cps Cents per security C-store Convenience store Distributable Earnings This is a non-IFRS measure of profit and is calculated as net profit adjusted to remove transaction costs, amortisation of tenant incentives, specific non-recurring items and non-cash items (including straight-lining of rental income, the amortisation of debt establishment fees, long-term incentive expense and any fair value adjustment to investment properties and derivatives). DEPS Distributable Earnings per security. Calculated as Distributable Earnings divided by the weighted average number of ordinary securities on issue during the period EBIT Earnings before interest and tax EBITDA Earnings before interest, tax, depreciation and amortisation EPS Earnings per security EV General term for electric vehicles, typically including Petrol Hybrid Electric Vehicles, Battery Electric Vehicles and (sometimes) Fuel Cell Electric Vehicles F&B Food and Beverage Glossary
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35 F&C Fuel and Convenience FY Financial year Gearing Net debt (excluding foreign exchange and fair value hedge adjustments) to total assets (excluding cash) IPO Initial Public Offering LTI Long term incentive LTM Last twelve months m2 Square metre ML Megalitre (metric unit of capacity equal to a million litres) MER Management expense ratio (calculated as the ratio of operating expenses (excluding net property expenses) over average total assets (excluding derivative financial assets)) Moody’s Moody’s Investors Services NNN Triple net lease, where the tenant is responsible for all outgoings relating to the property being leased in addition to the rent fee applied under the lease. This includes all repairs and maintenance (including structural repairs and maintenance), rates, taxes, insurance and other direct property costs NPAT Net profit after tax NTA Net tangible assets OTR OTR Group (“On the Run”) PHEV Plug-in hybrid battery electric vehicle; includes both a traditional ICE and a battery, which needs to be charged RCF Revolving credit facility S&P Standard & Poor's Financial Services LLC Terminal Gate Price Terminal Gate Price, as per the Australian Institute of Petroleum. Terminal Gate Price represents the national average wholesale price of petrol USPP United States Private Placement Glossary
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36 VEA or Viva Energy Australia Viva Energy Australia Pty Ltd (ABN 46 004 610 459) / Viva Energy Group Limited (ABN 74 626 661 032) (ASX: VEA) Waypoint REIT or WPR Stapled entity comprising one share in Waypoint REIT Limited (ABN 35 612 986 517) and one unit in the Waypoint REIT Trust (ARSN 613 146 464) WACD Weighted average cost of debt WACR Weighted average capitalisation rate, weighted by valuation WADM Weighted average debt maturity WAHM Weighted average hedge maturity WALE Weighted average lease expiry, weighted by rental income WARR Weighted average rent review, weighted by rental income Weighted average cost of debt Net interest expense (excluding borrowing cost amortisation) divided by average drawn debt balance (annualised) YTD Year to date Glossary