• Estimated $83 million or 0.7% increase in total portfolio value
• Office portfolio increased by 0.4%, industrial portfolio increased by 1.4%
• Weighted average capitalization rate across stabilized portfolio expanded by 1 basis point

Dexus (ASX: DXS) has announced that 174 of its 1,751 assets, comprising 28 office properties and 146 industrial properties, have been externally valued as at 31 December 2025. The draft external independent valuations have resulted in a total estimated increase of circa $83 million or 0.7% on book values across the stabilised portfolio and development assets for the six months to 31 December 2025. The value of the office portfolio increased by circa 0.4%, driven by market rental growth, slightly offset by marginally higher capitalization rates and discount rates. The industrial portfolio increased by circa 1.4%, driven by market rental growth and slightly firmer capitalization rates and discount rates. The weighted average capitalization rate across the total stabilised portfolio expanded by one basis point over the past six months from 6.03% at 30 June 2025 to 6.04% at 31 December 2025. During this period, the weighted average capitalization rate of the stabilised office portfolio expanded by three basis points from 6.18% to 6.21%, and the stabilised industrial portfolio weighted average capitalization rate tightened by one basis point from 5.56% to 5.55% at 31 December 2025. Dexus also announced an estimated distribution of 19.3 cents per security for the six months to 31 December 2025, to be paid on 27 February 2026.