BWP Trust (BWP) H2 2025 earnings summary

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.