Waypoint (WPR) investor relations material

Executive summary

• Distributable EPS rose 0.4% year-over-year to 8.31cps, mainly due to a $50M buyback reducing securities on issue.

• NTA per security increased 4.7% to $2.89, driven by valuation gains and capital management initiatives.

• Statutory net profit for the half reached $137.1M, up $43.8M year-over-year, primarily from investment property valuation gains.

• Portfolio value reached $2.89bn, with 99.9% occupancy and a 6.6-year WALE; 94.2% of rental income is from Viva Energy.

• Five non-core assets sold at a 1% discount to book value, with the buyback program ~66% complete.

Financial highlights

• Distributable earnings for the half were $55.6M, in line with the prior period.

• Rental income grew 2.6% with like-for-like growth of 3%, offset by lower income from asset sales.

• Operating expenses increased due to higher property costs, while management expense ratio improved to 0.30%.

• Weighted average cost of debt rose to 4.7% due to higher hedge rates.

• Distributions paid totaled $55.4M, with an additional 4.12cps ($27.2M) declared for September 2025.

Outlook and guidance

• FY2025 DEPS guidance upgraded by 1% to 16.64c, with quarterly distributions for 2H25 to increase to 4.20cps.

• $50M buyback expected to complete in 2H25; balance sheet flexibility retained for acquisitions and OTR funding.

• No imminent large-scale OTR funding expected; focus on 2026 and beyond for potential landlord contributions.