Full-year results to 30 June 2026

• Statutory net profit after tax including fair value movements of $408.4 million, up 53.8% on the prior year.
• Total FY26 distributions were 19.41 cents per security, 4.1% above FY25.
• Portfolio value increased by $257.0 million, reflecting improved rental income.

BWP Trust reported solid financial results for the full-year ended 30 June 2026, reflecting the quality of its portfolio, strong tenant covenants, embedded rental growth, and increased contribution from large format retail (LFR) assets. The company achieved a statutory net profit after tax including fair value movements of $408.4 million, up 53.8% from the prior year. Funds from operations (FFO) increased to $140.9 million, up 4.5% from FY25, while FFO per security increased to 19.29 cents, up 2.1%. Total FY26 distributions were 19.41 cents per security, 4.1% above FY25. The portfolio WALE increased to 7.3 years, and like-for-like rental growth was 3.0%, with LFR leasing spreads increasing by an average of 23.6%. Portfolio value increased by $257.0 million, reflecting improved rental income and a firming in the weighted average cap rate to 5.25%. BWP's net tangible asset (NTA) per security increased 3.3% to $4.11. Moody's revised BWP's credit rating upwards to A3 stable. BWP remains well positioned for FY27, with guidance for distributions per security of 20.00 cents, approximately 3.0% growth on FY26.

FY27 distribution guidance per security of 20.00 cents, approximately 3.0% growth on FY26

BWP remains confident in the long-term fundamentals of its portfolio and strategy, with a focus on completing repurposing of ex-Bunnings properties and seeking opportunities to acquire assets that complement its portfolio.