BWP (BWP) AGM 2026 summary

Opening remarks and agenda

• First AGM since management internalization and creation of the Stapled Group, described as a milestone establishing an independent platform for future growth.

• Eight resolutions were scheduled for poll voting: the remuneration report, five director elections, the managing director’s performance rights, and KPMG’s appointment as auditor.

Financial performance review

• FY26 total income rose 3% to AUD 209.3m; FFO increased 4.5% to AUD 140.9m and FFO per security rose 2.1% to 19.29 cents.

• Statutory NPAT was AUD 408.4m, up 53.8%; excluding revaluation movements and one-off transaction costs, NPAT increased 5.4% to AUD 140.2m.

• Management expense ratio almost halved to 0.34% at year-end from 0.66%; rental growth and lower operating costs more than offset higher finance costs.

• Portfolio value rose AUD 257.0m, or 6.9%; NTA increased 3.3% to AUD 4.11 per security. Gearing fell to 18.5% from 21.6% at 30 June 2025.

• The portfolio comprised 80 properties valued at ~AUD 4.0bn and was 98.4% occupied at 30 June 2026; like-for-like rental growth was 3.0%.

Board and executive committee updates

• Tony Howarth AO retired as Chair in February 2026; Tim Bult joined in December 2025 as Wesfarmers’ nominee and stood for election under the Stapled Group structure.

• Fiona Harris, Danielle Carter, Alison Quinn, and Mike Steur stood for re-election; Mike Steur advised he intends to retire during calendar 2027 to support orderly succession.

• The board cited an appropriate mix of skills and experience for the internally managed group’s next phase; candidates highlighted governance, property, investment, and commercial expertise.