Centuria Industrial (CIP) investor relations material

Executive summary

• Achieved $140M in divestments at a 12% premium to book, supporting future valuation growth and buyback rationale.

• Delivered strong FY2025 performance with significant re-leasing spreads, 5.8% like-for-like NOI growth, and FFO of $110.9M (17.5cpu).

• Portfolio is 85% weighted to core urban infill markets, with 95.1% occupancy and c.20% under-rented, providing earnings tailwind.

• Announced a $60M on-market buyback to address a 20% trading price discount to NTA.

• Maintains a long-term strategy focused on income and capital growth from high-quality Australian industrial assets.

Financial highlights

• Net property income for FY2025 was $192.3M, up from $180.9M in FY24.

• Like-for-like NOI grew 5.8% year-over-year.

• FFO reached $110.9M (17.5cpu); distribution per unit increased to 16.3cpu, payout ratio at 93%.

• Statutory net profit attributable to the trust was $133.1M, up from $48.1M in FY24, driven by a $47.4M net gain on fair value.

• Portfolio value increased by $57M with a stable weighted average cap rate of 5.86%.

Outlook and guidance

• FY2026 FFO guidance of 18.0–18.5cpu, up to 6% above FY25; distribution guidance at 16.8cpu, 3% above FY25.

• Projected NOI growth of +5% p.a. over the medium term, with c.20% under-renting providing further upside.

• Anticipates all-in cost of debt to be around 5% in FY2026, stabilizing after prior increases.

• Significant earnings upside expected from under-rented leases, with 65% of expiries to FY2029 under-rented by an average of 20%.

• Development capital requirements for the next 12–24 months estimated at $140M, easily funded by ongoing asset sales.