Waypoint (WPR) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land custodians and introduction of board members, executives, auditor, and returning officer, led by Independent Non-Executive Chair Georgina Lynch.

• Hybrid meeting format enabled both in-person and online participation, with detailed instructions for voting and Q&A.

• Agenda included financial and director's reports, auditor's report, remuneration report, director elections, grant of performance rights, and constitutional amendments.

Financial performance review

• FY24 distributable EPS was 16.48 cents, at the top end of guidance, with a 5-year CAGR of 2.54%.

• Portfolio comprised 401 fuel and convenience properties, valued at $2.80bn, with 99.9% occupancy and a 7.1-year WALE.

• NTA per security was $2.76, up 1.1% since Dec-23; gearing at 32.6%.

• $600m of debt refinanced in 2024, with $150m liquidity at Dec-24 and no debt expiring until May 2027; 93% of debt fixed or hedged for 2025.

• FY24 NPAT down 20% to $254m due to challenging industry conditions and slower OTR roll-out.

Strategic initiatives and plans

• Viva Energy to open 40–60 OTR format stores in 2025, mainly remodels in NSW, with landlord consent granted for 13 sites and four conversions completed.

• WPR open to funding future conversions from 2026; limited funding expected in 2025.

• On-market buyback of up to $50m commenced, with 3.3 million securities purchased for $8.5m.

• Non-core asset disposals ongoing, with three assets under due diligence and nine more designated for sale.

• FY25 distributable EPS guidance unchanged at 16.48 cents, with updates at 1H25 results.