Centuria Industrial REIT

Good morning.

Thank you for joining Centuria Industrial REIT's 2026 four-year results presentation. My name is Grant Nicholls, CIP's fund manager. Also presenting today is Kate Mitchell, Centuria Capital Group Data Centre fund manager, and Michael Ching, CIP's deputy fund manager. Starting on slide three, I would like to commence today's presentation with an acknowledgement of country. We are joining you from the lands of the Gagel people of the Eora Nation. Centuria manages property throughout Australia and New Zealand and pays its respects to the traditional owners in each country, to their unique culture, and to their elders past and present. In today's presentation, Kate, Michael, and I will provide an overview of CIP's 2026 financial performance, an update on our data center progress and opportunities within this subsector, analysis of the CIP's operational performance, an update on our development projects and pipeline, a summary of market conditions, and conclude with an outlook and guidance statement. Moving to slide four. Centuria Industrial REIT is managed by Centuria Capital Group. Centuria has over $22 billion of assets under management, and CIP is the largest fund managed by Centuria. CIP unit holder is Sanford Brom. Centuria's deep real estate expertise, including a fully integrated property, facilities, and development management platform, synergies across the group's broader industrial real estate portfolio and strong alignment as Centuria is CIP's largest unit holder and the manager's interests are strongly aligned with yours as unit holders. Onto slide six. CIP's longstanding vision and strategy remains unchanged. We aspire to be Australia's leading domestic pure play industrial REIT with a primary focus on delivering income and capital growth to investors from a portfolio of high-quality Australian industrial assets. We believe we have distinguished CRP through this strategy by creating a portfolio focused on Australian urban insular industrial assets that maintains high levels of tenant demand in markets with limited or no land supply. We believe one of the defining features of CRP today is the disconnect between direct market evidence and its listed market valuation. The portfolio continues to be validated through leasing outcomes, independent valuations, and realized asset sales, yet the REIT continues to trade at a material discount to NTA. As management, we remain focused on converting operating performance into earnings growth, value creation, and ultimately improved recognition by capital markets. Going to FY26 highlights on slide seven, it has been another impressive year for CIP marked by near record-breaking leasing activity. The high volume of leasing, along with consistently strong releasing spreads, enabled CIP to achieve significant net operating income growth, which is translating into tangible growth in funds from operations. Throughout the years, CIP has continued to capitalize on persistently strong investment demand for Australian urban infill industrial real estate. In FY26, CIP divested $200 million of assets at an average 17% premium to book value. Importantly, these outcomes are not isolated as CIP has consistently realized sale prices at or above book value. We view this as powerful third-party validation of the portfolio's carrying values and further evidence of the disconnect between direct market pricing and CIP's listed market valuation. In FY26, CIP completed three developments securing strong leasing commitments for two and achieving an excellent internal rate of return from the sale of another. These results underscore the benefits of developing in constrained markets, as well as the expertise of Centuria's in-house development team. On the capital management front, CRP refinanced $450 million of debt on competitive terms, with margins secured between 10 and 20 bps lower than previous terms, while the weighted average debt maturity was extended to four years. The REIT also settled $320 million of exchangeable notes at an increasingly attractive fixed annual coupon of 3.5%. Turning to slide 8. FFO and ZPU were delivered in line with FY26 guidance and the portfolio maintains 95.2% occupancy and an attractive 7-year whale. FY27 guidance implies earnings growth, with FFO expected to be up to 5.5% higher than FY26. Importantly, that growth is expected to be driven predominantly from embedded rent reversion, leasing execution and operational initiatives rather than acquisition-driven expansion. We believe this highlights the strength of CIP's internal growth profile. Looking at this in more detail on slide nine, We estimate the portfolio is approximately 17% under-rented on average, providing a significant runway for future earnings growth beyond FY27. Put simply, a meaningful proportion of existing leases remain below prevailing market rents and provide a visible earnings growth opportunity. Approximately 55% of leases expiring over the next three years are currently under-rented, creating a clear pathway to future earnings growth without requiring additional balance sheet deployment. Further, the Australian industrial market has relatively low vacancy rates and we anticipate that future supply will decrease. This creates an excellent environment for medium-term rental growth, further enhancing the potential for future earnings and valuation growth across the CRP portfolio. These solid market conditions should also support increased occupancy, driving further like-for-like earnings growth in future years. We believe this embedded rental reversion remains one of the most unappreciated drivers of future earnings growth within our portfolio. Considering the disconnect between CIP's divestment metrics and its trading price, along with the positive earnings potential that could be generated, we believe the value of CIP currently offers is very compelling. Moving on, CIP continues to progress its data centre strategy. I will now pass over to Kate to take you through that strategy and the opportunities that lie ahead.

Thanks Grant. Starting on slide 11. To set the scene, Australia's data centre market is being shaped by three forces. First, supply is generally constrained, with limited new large-scale power capacity realistically deliverable over the next few years. Second, Australia has real structural advantages. A competitive cost base, sovereign and regulatory positioning, a strong renewable energy pipeline, land availability, and subsea connectivity, providing low latency access to Asia and North America. Third, Australia is well positioned to capture the next wave of AI-driven demand. AI is creating incremental workload growth, not simply replacing existing compute demand. Capital is already flowing, with major global platforms including Amazon and Microsoft committing substantial capital to their Australian AI infrastructure rollout. In this context, the greatest strategic risk is not oversupply, but that AI value is created offshore, leaving Australia a consumer rather than a producer of digital intelligence. For owners of industrial land with proximity to power and connectivity infrastructure, increasing scarcity is materially enhancing the strategic value of suitable development sites. In our view, the value creation opportunity increasingly sits not simply with the operating data centre, but in controlling scarce power-enabled real estate. That gap is precisely the opportunity SIP is positioned to capture. Turning to slide 12. CIP's strategy is to generate real estate returns from the data centre opportunity without operating risk. CIP does not operate data centres. It owns and leases the underlying data centre assets. The strategy has two core pathways. The first is existing operational data centres which provide long, secure income streams without exposure to operating performance. The second is asset conversion, taking large land holdings and unlocking their highest and best use through obtaining power allocations and planning approvals, then taking advantage of tenant-led demand. These assets can then be structured as powered land, powered shell or fully fitted leases, depending on the risk return profile and the end tenant requirements. CIP already has multiple development opportunities capable of delivering new operational capacity over the next few years, with further upside beyond. From a funding perspective, the approach is deliberately flexible, ranging from powered land leases and asset sales post-approval, through to capital partners, joint ventures with operators or hyperscalers, and potentially a future demerger of CIP's data centre assets. This optionality allows CIP to fund growth in a disciplined way without overextending. Importantly, management believes a significant portion of this future data centre option Optionality is not reflected in current carrying values or in the REIT's current market value. Our objective is to unlock this value in a disciplined manner while retaining flexibility around funding structures and risk allocation. Slide 13 shows a map of the national platform CIP is building. CIP already has live capacity today. 10 megawatts in Western Australia, 12 megawatts in Victoria and 2.5 megawatts in Queensland. Sitting above that existing capacity is an identified substantial development pipeline of more than 250 megawatts across Australia. Final capacity remains subject to design and approvals, but the message is clear. This is a geographically diversified footprint, combining income-producing assets today with significant growth optionality. This footprint provides the platform for CIP strategy and leads directly into the asset level opportunity that support the investment thesis. Slide 14 provides tangible proof points for the strategy. The Telstra data centre has a triple net lease over existing data centre through to 2050. A partial surrender of underutilised land has created opportunity for a standalone second facility. with a development application already lodged for circa 40 megawatts and approval expected in the near term. The site also benefits from the ability to leverage Telstra's existing connectivity ecosystem. Thomastown is arguably the largest prospect, a 10 hectare holding less than 100 metres from a terminal station with existing capacity. Power applications have well progressed on the site for what we expect to be a significant power allocation. The Centuria DC asset in Toowoomba is operational today, leased to 2041, with 2.5 megawatts of land capacity and room to expand within the existing facility and adjoining CIP-owned land. Yarraville and Hazelmere are early-stage industrial holdings, both close to terminal stations and leased through to 2028 and 2027 respectively, providing future conversion optionality. The Fujitsu asset is a live 10 megawatt co-location facility leased to late 2030 with additional power and densification upside after expiry. Across all six assets, the common thread is proximity to power and connectivity, secure income today and staged leasing expiries that allow data centre value to be unlocked in a disciplined way over time. I will now hand over to Michael, who will run through the FY26 financial results and operational highlights.