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.

• Meeting opened by Independent Non-Executive Chair Georgina Lynch, with agenda covering Chair's address, business update, formal business, and closing remarks.

• Hybrid meeting format enabled both in-person and online participation, with procedural instructions for voting and questions.

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

Financial performance review

• FY24 distributable EPS was AUD 0.1648 (16.48 cents), at the top end of guidance, with a 5-year CAGR of 2.54%.

• Portfolio valued at AUD 2.80bn, comprising 401 properties, 99.9% occupancy, and a 7.1-year WALE.

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

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

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

Strategic initiatives and plans

• Viva Energy's OTR brand rollout across 349 Waypoint sites is a multi-year focus, with 40–60 OTR format stores to open in 2025, mainly remodels in NSW; initial conversions funded by Viva.

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

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

• Non-core asset sales underway, with three assets in due diligence and nine more designated for sale.

• Guidance for 2025 distributable EPS remains unchanged at 16.48 cents, with updates to be provided at half-year results.