The GPT Group

Welcome to the GBT Group 2026 interim results. Following the formal presentation, there will be a Q&A session for investors and analysts. Participants can ask live audio questions during today's call. To ask a live audio question, press the Request Speak button at the top of the broadcast window. The broadcast will be replaced by the audio question screen. Use the dialer number and access pin provided to ask your question via the phone. Alternatively, for those on a home or personal network, you can ask your questions via the web by pressing Join Queue. If prompted, select Allow in the pop-up to grant access to your microphone. If you have any issues using the platform, dial-in details can also be found on the homepage under Asking Audio Questions. The audio queue is now open. I will now hand over to Russell Pratt, Chief Executive Officer.

Good morning to everyone who is joining the call today. I would like to start by acknowledging the traditional custodians of the lands on which our business operates. We pay our respects to elders past and present and honor our responsibility for country, culture, and community in the places we create and how we do business. In the first half of 2026, capital markets were volatile, but property fundamentals were sound. And it was those fundamentals that underpinned our earnings growth. Funds from operations was $338.8 million dollars representing an increase of 5% on the first half of 2025. Excluding trading profits, which are no longer included in our FFO calculation, this earnings growth was 8.3%. We also continue building our investment management platform, ending the period at $41.6 billion of assets under management, an increase of $1.8 billion, or 4.6%, reflecting the confidence of our partners in GPT to invest capital. Now, in terms of the GPT platform, at $41.6 billion of AUM, we operate at scale across three of the largest and most investable property sectors in Australia, being retail, office, and logistics. That scale gives us the economies to invest in depth of capability in each of these sectors and the expertise that optimizes performance at both the asset and the portfolio level. We will continue to grow with our existing partners and introduce new institutional investors to the platform. Now, turning to our strategy. Our strategic pillars are unchanged. During the first half of the year, we added to our depth of capability by investing in our people and operating structure. We stay true to our investment discipline, using our research and analytics to find, underwrite, and act on opportunities where we see value across sectors. and we invested alongside our partners, ensuring our interests are aligned with theirs. While we always seek to improve how we operate, these pillars will continue to be the bedrock of how we allocate capital. So moving forward, what did that look like in the first half? We delivered at the asset level with leasing activity resulting in like-for-like NPI growth of 5.8% and high occupancy levels across the portfolio. We created value through targeted development projects in each of our sectors, including the Rose Hill Town Center, 51 Plenders, and Camps Creek. And we raised and invested capital, including the $697 million raised by our Shopping Center Fund and a $1.2 billion investment in acquiring the Sunshine and MacArthur assets. Having a clear strategy has shaped where we put our resources, and it shows in our performance in the House. I will now hand over to our Chief Financial Officer, Maren Edwards.

Thank you, Russell, and good morning, everyone. Starting with our group financial performance on page eight, we have delivered 6% growth in our investment portfolio for the period. Our retail investment properties delivered life-for-life growth of 4.6%, driven by rent reviews and positive leasing spreads. Headline net property income was 1.1% lower, reflecting the strategic sell-down of assets into our funds. which released capital for redeployment into higher return opportunities. Our office investment properties delivered like-for-like growth of 8%, with headline growth of 5.7%. Our logistics investment properties delivered like-for-like growth of 4% from positive leasing spreads and structured rate reviews. On a headline basis, planned divestments into our co-investment partnerships reduced net property income by 10.8%, with proceeds recycled into higher returning opportunities. Co-investment net income increased 42.4%, primarily driven by the Grove and Place Partnership. Management operations earnings grew as new assets came under management, partly offset by a lower BLOF contribution, resulting in headline growth of 2.5%. Net finance costs of $113.4 million were broadly flat, with a higher average dawn debt balance offset by a 34 basis point reduction in our weighted average cost of debt. Corporate costs reflect the full year run rate of our strategic investment in talent and performance-based compensation. Overall, this delivered $338.8 million in funds from operations, up 5% from 2025 or 8.3% when excluding trading profits. ASFO of $263.4 million was up 2.3%, reflecting office leasing capital in the half. We continue to expect full-year maintenance and leasing capex of approximately $170 million, in line with guidance. We declared a distribution of $0.1225 per unit for the half-year, which is equivalent to 96% of free cash flow, within our target range of 95% to 105%. Our statutory net profit after tax was $400.1 million, reflecting positive revaluation gains across the investment portfolio. Turning now to our financial position on page nine, which remains strong and flexible, with net tangible assets per security up from $5.53 to $5.61. Borrowings remained broadly flat over the half, having increased in late 2025, to fund strategic transaction and development activity. We continue to take a disciplined approach to capital management with net gearing of 31.5% within our target range of 25% to 35% and with material headroom through our 50% covenant. We have $1 billion of liquidity with no unfunded capital commitments and we continue to maintain our A2 Moody's and A- S&P ratings. We've been proactive in managing our debt position, extending facilities and increasing hedging to 74% of average drawn debt in 2026 and 60% in 2027. This disciplined approach has improved our debt maturity profile with our weighted average cost of debt at 5% at 30 June, down 34 basis points from 5.3% at the end of 2025. I will now pass to Mark Harrison for the investments update.