• Statutory profit after fair value movements and income tax of $221.8 million, up 41.2%
• Interim distribution of 9.58 cents per security, up 4.1%
• Affirmed FY26 total distribution per security guidance of 19.41 cents

BWP Trust has reported statutory profit after fair value movements and income tax of $221.8 million for the half-year ended 31 December 2025, an increase of 41.2% on the previous corresponding period. The trust will pay an interim distribution of 9.58 cents per security, reflecting an increase of 4.1%. The result reflects the continued advancement of activities aligned to the Group's strategic pillars of portfolio optimisation, profitable growth, and portfolio renewal. Key highlights include the implementation of management internalisation, progress on lease resets and asset repurposing, growth in the large format retail portfolio, and strategic property divestments. The Group's property portfolio was revalued during the half, leading to a weighted average capitalisation rate of 5.27% and an increase in portfolio value of $195.9 million to $3.9 billion. BWP affirmed total distribution per security guidance for FY26 of 19.41 cents, approximately 4.1% growth on FY25. Key priorities for the second half include progressing the internalisation transition, further optimising the cost of capital, efficiently deploying capital commitments, and pursuing growth opportunities.

BWP affirms total distribution per security guidance for FY26 of 19.41 cents (approximately 4.1% growth on FY25).

For the balance of the 2026 financial year, BWP will continue to deliver on its strategic agenda of portfolio optimisation, profitable growth and portfolio renewal. Key priorities include progressing the internalisation transition, further optimising the cost of capital, efficiently deploying capital commitments, and pursuing growth opportunities. LFR market factors are expected to support portfolio optimisation activity, and rent reviews are expected to contribute incrementally to property income.