• AFFO of 45.0 cents per security, in line with guidance
• Statutory net profit of $136.1 million, turnaround from $1.6 billion loss in FY24
• Gearing at lower end of 30-40% target range, strong balance sheet

Dexus today announced its results for the 12 months ended 30 June 2025, delivering on its FY25 guidance, with AFFO of 45.0 cents per security and distributions of 37.0 cents per security. The company's statutory net profit after tax was $136.1 million, compared to a statutory net loss after tax of $1,583.8 million in FY24, primarily driven by stabilising capitalisation rates driving significantly lower fair valuation losses. Dexus's high-quality balance sheet portfolio, led by its market-leading office portfolio, together with a large, diversified funds management business, continues to differentiate the company. Location and quality remain key performance drivers, reflected in the office portfolio occupancy of 92.3% exceeding the average Australian market occupancy of 85.7%, declining office incentives, and record leasing for the stabilised industrial portfolio. Across the portfolio, valuations increased in the second half of the year, marking an inflection point in the valuation cycle and demonstrating the quality of the portfolio. Dexus has made progress on its initiatives that support its medium-term strategic priorities and future growth, while its disciplined capital management approach and selective asset recycling has supported a strong balance sheet as the cycle turns.

Barring unforeseen circumstances, for the 12 months ending 30 June 2026, Dexus expects AFFO of 44.5 - 45.5 cents per security and distributions of 37.0 cents per security.

Dexus is now past the inflection point, with valuations turning positive in the second half. The company expects the next phase of the cycle to be driven by fundamentals, and its platform of high-quality assets and deep expertise positions it well to deliver for its Security holders and clients.