• Net profit of $265.6 million, including $135.9 million in net unrealised gains
• Full-year distribution of 18.65 cents per unit, up 2.0% on prior year
• Continued portfolio rent growth, with 3.0% like-for-like rental growth

BWP Trust reported a net profit of $265.6 million for the full-year ended 30 June 2025, including $135.9 million in net unrealised gains in the fair value of investment properties and derivatives. This compares with net profit of $180.2 million in the prior year, which included net unrealised gains of $61.0 million. Profit before fair value movements was $129.7 million, 8.7% above the prior year. The Trust declared a full-year distribution of 18.65 cents per unit, up 2.0% on the prior year. The operating environment was shaped by moderating inflation, stabilising interest rates, and resilient demand for large format retail property. BWP achieved continued portfolio rent growth, including the contribution of the Newmark Property REIT acquisition, with rent growth more than offsetting higher finance costs. The Trust made progress on optimising the portfolio, with development activity, property repurposing, and sales campaigns. On 27 June 2025, BWP and Wesfarmers signed an Implementation Deed for the internalisation of management, lease reset and extension, and capital expenditure commitments, which was approved by unitholders on 28 July 2025.

The results included in this announcement do not take into account any effects of the Transaction with Wesfarmers, as it occurred subsequent to year end.