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BWP Trust (BWP) investor relations material
BWP Trust H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Focused on portfolio optimisation, profitable growth, and renewal, driving increased rental income and distributions for the year ended 30 June 2025.
Internalisation of management, Bunnings lease reset/extension, and capital expenditure commitments completed post-year-end, enhancing growth platform and income certainty.
Major redevelopments and upgrades advanced, including Pakenham, Midland, Dubbo, and Fountain Gate projects.
Financial highlights
Total income for FY25 was AUD 203.3 million, up 16.5% year-over-year.
Net profit was AUD 265.6 million, including AUD 135.9 million in net unrealized gains; net profit before revaluations was AUD 129.7 million, up 8.7% year-over-year.
Excluding AUD 3.3 million in one-off transaction costs, net profit before revaluations rose 11.5%.
Net tangible asset backing increased 5% to AUD 3.98 per unit.
Total ordinary distribution for the year was AUD 0.1865 per unit, up 2%.
Outlook and guidance
FY26 will see peak impact from Bunnings vacancies, with increased repurposing activity and CapEx expected to be four times FY25 levels.
Distribution per unit for FY26 forecast at AUD 0.1941, a 4.1% increase, supported by capital profit release and internalisation benefits.
CapEx expected to materially step down in FY27 as repurposing activity peaks in FY26.
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