Cromwell Property Group (CMW) investor relations material

Executive summary

• Funds from Operations (FFO) rose 5% year-over-year to $110.3 million, with statutory profit rebounding to $135.8 million from a prior year loss.

• Assets under management increased 11.4% to $4.7 billion, driven by new mandates, platform expansion, and successful execution of the investment management growth strategy.

• Strategic acquisitions and co-investments broadened capabilities, including a specialist industrial platform, new institutional partnerships, and the Cromwell Industrial Partnership.

• High-quality investment portfolio maintained 95.6% occupancy and a weighted average lease expiry of 4.6 years.

• Portfolio valuation uplift of $93.7 million contributed to a 3.6% increase in Net Tangible Assets (NTA) per security.

Financial highlights

• FFO increased 5% to $110.3 million or 4.2 cents per security, and statutory profit rebounded to $135.8 million.

• Assets under management grew 11.4% to $4.7 billion, with $748 million secured from new institutional investors.

• Net tangible assets (NTA) rose 3.6% to 57.5 cents per security.

• Portfolio valuations increased by 4.7% year-over-year, with value reaching $2.2 billion.

• Portfolio occupancy remained high at 95.6%, with no major vacancies until FY 2028.

Outlook and guidance

• Targeting an increased distribution of 3.1 cents per security for FY27, paid quarterly.

• Focus on scaling investment management, expanding capital relationships, and progressing Barton1 development, which is 100% pre-leased and on schedule for FY27 completion.

• Performance fees are expected to be lower in FY27 compared to FY26.

• Disciplined capital deployment into mandates and co-investments to support sustainable earnings growth.

• Expecting stronger performance from the investment portfolio in FY27 as key vacancies are filled.