1H2025 Results Presentation

• 4.7% increase in NTA per security, good progress on non-core asset sales and capital management
• Distributable EPS of 8.31cps, up 0.4% vs 1H24
• Gearing at lower end of 30-40% target range, high hedge cover underpins earnings resilience

Waypoint REIT has reported its 1H2025 results, highlighting a 4.7% increase in NTA per security, driven primarily by valuation gains. Distributable EPS was 8.31cps, up 0.4% compared to 1H24, with the growth driven by the impact of the security buyback. The company completed five asset sales for $34.5m, at a 1% discount to the December 2024 book value. Gearing remains at the lower end of the 30-40% target range at 32.7%, with pro forma gearing of 32.5% after accounting for the completion of the buyback and asset sales. The company has a conservative capital structure, with 89% of debt hedged for 2H25 and a weighted average debt maturity of 3.9 years. Waypoint REIT continues to maintain one of the lowest management expense ratios in the S&P/ASX 200 A-REIT index at 30 basis points.

Waypoint REIT has maintained its FY25 cost of debt guidance at ~5%, driven by a combination of higher rates on hedged debt and no reductions in BBSW from potential further RBA rate cuts.