Slides
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FY25 Results Presentation 26 February 2026 Hadyn Stephens – Managing Director and CEO Aditya Asawa – Chief Financial Officer
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This presentation has been prepared by Waypoint REIT (“WPR” or “Waypoint REIT”) which is a stapled entity comprising shares in Waypoint REIT Limited (ABN 35 612 986 517) (“Company”) stapled with units in the Waypoint REIT Trust (ARSN 613 146 464) (“Trust”). VER Limited (ABN 43 609 868 000 and AFSL 483795) is the Responsible Entity of the Trust. The information provided in this presentation should be read in conjunction with WPR's other periodic and continuous disclosure announcements lodged with the ASX which are available at www.asx.com.au . Summary information The information in this presentation is in summary form and does not purport to be complete. This presentation is for information purposes only, is of a general nature, does not constitute financial product advice, nor is it intended to constitute legal, tax or accounting advice or opinion. This information does not purport to include or summarise all information that an investor should consider when making an investment decision nor does it contain all information which would be required in a Product Disclosure Statement, or other disclosure documents prepared in accordance with the requirements of the Corporations Act 2001 (Cth) (“Corporations Act”). No investment or financial product advice This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, investors must consider the appropriate of the information (including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of WPR and the values and the impact that different future outcomes may have on WPR) and rely on their own examination of WPR, including the merits and risks involved having regard to their own investment objectives, financial situation and needs. Each person should consult a professional investment adviser and seek legal, accounting and taxation advice appropriate to their jurisdiction before making any decision regarding a financial product. Industry data and third party market data This presentation contains statistics, data and other information relating to markets, market sizes, market shares, market positions and other industry data pertaining to WPR’s business and markets. You should note that market data and statistics are inherently predictive and subject to uncertainty and not necessarily reflective of actual market conditions. Future performance and forward-looking statements This presentation contains forward-looking statements, including statements regarding the plans, strategies and objectives of WPR management, distribution guidance. Forward looking statements can generally be identified by the use of forward-looking words such as, 'expect', 'anticipate', 'likely', 'intend', 'should, 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target', ‘guidance’ and other similar expressions. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward- looking statements. Such prospective financial information contained within this presentation may be unreliable given the circumstances and the underlying assumptions to this information may materially change in the future. Any forward-looking statements, including projections, guidance on future revenues, earnings and estimates, are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. You are cautioned not to place undue reliance on any forward-looking statement. While due care and attention has been used in the preparation of forward-looking statements, forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause WPR’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. A number of important factors could cause WPR’s actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements, and many of these factors are beyond WPR’s control. For example, the factors that are likely to affect the results of WPR include, but are not limited to, general economic conditions in Australia, New Zealand and Asia, exchange rates, competition in the markets in which WPR operates and the inherent regulatory risks in the business of WPR such forward looking statements, and many of these factors are beyond WPR’s control. You should rely on your own independent assessment of any information, statements or representations contained in this presentation and any reliance on information in this presentation will be entirely at your own risk. This presentation may not be reproduced or published, in whole or in part, for any purpose without the prior written permission of WPR. WPR disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Effect of rounding A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. To the maximum extent permitted by law and subject to any continuing obligations under the ASX listing rules, WPR and VER Limited and each of their respective associates, related entities, officers, directors, employees, agents, consultants and advisers do not accept and expressly disclaim any liability for any loss or damage (including, without limitation, any liability arising out of fault or negligence and whether direct, indirect, consequential or otherwise) arising from the use of, or reliance on, anything contained in or omitted from this presentation. Statements made in this presentation are made only at the date of the presentation. WPR is under no obligation to update this presentation. The information in this presentation remains subject to change by WPR without notice. 2 Important Notice and Disclaimer Cover Image: OTR Hope Valley (SA)
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Portfolio Snapshot1 3 High quality portfolio with 92% weighting to metropolitan and highway locations Category Description # Book Value WACR Passing Yield Avg. Value Avg. Site Area WALE Capital Cities Capitals of the 8 states and territories of Australia 269 $2,008.5m (70% of portfolio) 5.26% 5.34% $7.5m 3,506m 2 6.4yrs Other Metro Urban areas with populations ~100k+ 40 $300.5m (11% of portfolio) 5.81% 6.30% $7.5m 4,101m 2 6.9yrs Highway Service centres along key transport routes 36 $306.5m (11% of portfolio) 6.62% 7.05% $8.5m 18,200m 2 6.7yrs Regional Smaller regional cities and towns (<100k population) 50 $242.6m (8% of portfolio) 7.00% 7.67% $4.9m 3,547m 2 5.7yrs Total 395 $2,858.1m 5.61% 5.82% $7.2m 4,910m2 6.4yrs 1 As at 31 December 2025, includes one asset held for sale (Nowra). 2 Assumes 3.0% CPI for leases with CPI-linked rent reviews. 99.9% Occupancy (by income) 3.0%2 WARR (by income) 90.1% NNN leases (by income) 6.4 yrs WALE (by income) 94.1% of total rental income Key Portfolio Statistics
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Agenda 4 1. FY25 Highlights 5 2. Financial Results and Capital Management 7 3. Market and Portfolio Update 12 4. Outlook and Guidance 18 5. Additional Information 20 6. Glossary 31 Image: Caltex Findon (SA)
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g Director FY25 Highlights 5 Hadyn Stephens Managing Director and CEO Image: OTR Kingsford (NSW)
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6 Property Portfolio Capital ManagementFinancial Performance Distributable EPS: 16.64 cents In line with updated guidance +1.0% vs. FY24 Other Gearing: 32.7% Lower end of 30-40% target range $50m on-market buyback completed NTA: $2.90 per security 0.3% vs Jun-25 ($2.89) 5.1% vs Dec-24 ($2.76) MER: 30bp Unchanged on FY23 and FY24 Remains one of the lowest MERs in the S&P/ASX REIT 200 index WACR: 5.61% 5bp vs. Jun-251 11bp vs. Dec-241 Portfolio value of $2.86bn (+2.2% vs. Dec-24)1 WADM: 3.8 years $409m of debt facilities refinanced / extended Reduction in overall margin of ~15bp FY26 hedging: 90% $500m of hedging transactions executed in FY25 WAHM of 2.8 years FY25 Summary Distributable EPS in line with guidance, majority of FY26 lease expiries now resolved Australian Vehicle Fleet / Sales (2025) Total new light vehicle sales up ~1% BEV sales +13%, PHEV sales +131% BEVs currently comprise ~1% of total fleet Viva Energy Australia (FY25) Group EBITDA of $701m ( 6.4% vs. FY24) C&M EBITDA 65% in 2H25 vs. 1H25 Leasing FY26 lease expiries: 25 of 28 resolved 97% retention rate by income +11.7% reversion on leases renewed / extended Non-Core Asset Sales Six assets sold for $40.6m (0.4% discount to book value) 1 Movement also includes impacts from portfolio management activity (disposals) completed during the relevant period. Dec-24: 401 properties, 5.72% WACR. Jun-25: 400 properties, 5.66% WACR. Dec-25: 395 properties, 5.61% WACR. 2 Greenhouse gas (GHG) emissions included in WPR’s operational footprint (Scope 1, 2 and selected Scope 3 categories: see slide 30 for further details). ESG Measured Emissions offset through purchase and retirement of accredited carbon offsets2
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Financial Results and Capital Management 7 Aditya Asawa Chief Financial Officer Image: OTR Greystanes (NSW)
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FY25 $m FY24 $m Change $m Rental income 165.5 162.3 3.2 Operating expenses (10.3) (9.7) (0.6) Operating EBIT 155.2 152.6 2.6 Net interest expense (44.7) (41.7) (3.0) Tax expense (0.2) (0.2) - Distributable Earnings (DE) 110.3 110.7 (0.4) Weighted average number of securities (m) 662.8 671.8 (9.0) Distributable EPS (cents)1 16.64 16.48 +1.0% Distribution per security (cents) 16.64 16.48 +1.0% Statutory net profit 200.1 131.5 68.6 MER2 30bp 30bp - 8 1 Based on weighted average number of securities on issue during the period. 2 Excludes net property expenses of $1.6m in FY25 and $1.1m in FY24. Average assets used in calculation – FY25: $2.8bn; FY24: $2.8bn (both figures exclude mark to market value of derivatives). Financial Performance FY25 DEPS up 1% in line with guidance Commentary Like-for-like rental growth of ~3% offset by lower rent due to non-core asset sales ($2.7m of sales settled in 2H24 and $38.4m of sales settled during FY25) Increase primarily from higher property expenses (up $0.5m). Corporate expenses were up 1% on FY24 Increase in interest expense primarily due to a 50bp increase in average hedge rate Securities on issue lower due to completion of $50.0m on-market buyback Refer to page 21 for reconciliation between statutory net profit and DE 1 2 3 4 5 1 2 3 4 5
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Dec-25 $m Dec-24 $m Change $m Cash and equivalents 14.4 14.7 (0.3) Investment properties 2,858.1 2,797.3 60.8 Other assets 8.0 13.0 (5.0) Total assets 2,880.5 2,825.0 55.5 Distribution payable 27.4 27.7 (0.3) Interest bearing debt1 951.7 931.6 20.1 Other liabilities 7.3 10.9 (3.6) Total liabilities 986.4 970.2 16.2 Net assets 1,894.1 1,854.8 39.3 Securities on issue (m) 652.9 671.9 (19.0) NTA per security ($) $2.90 $2.76 $0.14 Gearing (%)2 32.7% 32.6% 0.1% 9 1 Interest bearing debt includes USPP stated at its hedged amount based on in-place cross-currency swaps. 2 Net debt (excluding foreign exchange and fair value hedge adjustments) / total assets excluding cash. Balance Sheet NTA per security growth of 5% and gearing remains at lower end of target range Commentary Primary movements being the portfolio valuation gain ($102.2m) offset by settlement of non-core asset sales ($38.4m) One asset held for sale (Nowra, NSW) at balance date (carrying value $6.1m, settlement due in 1H26) Primary movements being an increase in debt to fund the security buyback ($50.0m) partially offset by settlement proceeds from non-core asset sales ($38.4m) NTA increased primarily as a result of net revaluation gains Gearing of 32.7% remains at the lower end of the target range (30 – 40%) 1 1 2 3 3 4 2 4
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Dec-25 Dec-24 Change Facility limit ($m) 1,059.7 1,098.6 (38.9) Drawn debt ($m)1 951.7 931.6 20.1 Undrawn debt ($m) 108.0 167.0 (59.0) Liquidity ($m) 89.5 148.5 (59.0) Gearing (%) 32.7 32.6 0.1 Weighted average debt maturity (years) 3.8 4.1 (0.3) Weighted average hedge maturity (years)2 2.8 2.6 0.2 Hedge cover (%) 90 93 (3) Credit rating (Moody’s)3 Baa1 (stable) Baa1 (stable) - FY25 FY24 Weighted average cost of debt (%) 4.8 4.5 0.3 ICR (times) 3.5 3.7 (0.2) 10 1 Reflects AUD equivalent of USPP proceeds on date of funding as cross currency swaps are in place. 2 Includes hedges put in place post balance date as at the time of reporting. 3 Credit rating must not be used, and WPR does not intend to authorise its use, in the support of, or in relation to, the marketing of its securities to retail investors in Australia or internationally. Capital Management Metrics remain strong following refinancing initiatives Commentary Liquidity reduced following early repayment of USPP (US$78m) funded by new bilateral loan (A$70m) and utilisation of surplus undrawn facility headroom No debt expiries until March 2028 Hedging cover remains high, providing insulation from volatility in floating rates Increase primarily due to an increase in the average hedge rate offset by lower commitment fees (due to lower liquidity) and lower margins post refinancing activities ICR has reduced in line with higher debt costs, but significant headroom remains to covenant minimum of 2.0x 1 4 2 3 2 3 4 5 5 1
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• Progressive increase in hedging levels at prevailing market rates via a combination of: – New interest rate swaps ($300m)2 – ‘Blend and extend’ of existing swaps ($200m) • Cost of debt for FY26 is expected to be ~5% (from 4.8% in FY25), driven by: – Higher rates on hedged debt (FY25: 2.8% hedge rate; FY26: 3.0% hedge rate) – Increase in BBSW anticipated by the forward curve – Margin savings from refinancing activities completed in FY25 – Lower commitment fees (due to lower undrawn debt) • Refinancing / extension of $409m of facilities including: – Extension of $150m syndicated term loan to May 2028 – Extension of existing $100m bilateral facility to Jan 2031 – Extension of existing $50m bilateral facility to Mar 2028 – Establishment of new 5-year, $70m bilateral facility (expires in Nov 2030) – Early repayment of US$78m of USPP notes (previously expiring in Oct 2027) • Margin savings achieved post refinancing – Overall ~15bp reduction in weighted margin across WPR’s debt 11 Debt maturity profile1 Hedge maturity profile2 150 100 250 50 70 100 77 63 200 $0m $100m $200m $300m $400m $500m FY26 FY27 FY28 FY29 FY30 FY31 FY32 Term loan RCF Bilaterals USPP AMTN 90% 86% 61% 32% 11%0% 20% 40% 60% 80% 100% FY26 FY27 FY28 FY29 FY30 % Average hedged Debt and Hedging Profile Lower debt margins from refinancing activities to partially offset higher base rates in FY26 1 By facility limit. 2 Includes hedges put in place post balance date as at the time of reporting. Based on drawn debt of $951.7m as at 31 December 2025. Includes all interest rate swap instruments and fixed rate AMTN as at time of reporting. 3.0% 3.2% 3.3% 4.2% 4.5%Hedge rate
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g Director Market and Portfolio Update Hadyn Stephens Managing Director and Chief Executive Officer 12 Hadyn Stephens Managing Director and CEO Image: OTR Baulkham Hills (NSW)
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13 Transaction volumes up ~10% vs. 2024, tightening yields assisted by shift in transaction mix Transaction Market Update Sources: Underlying transaction data sourced from Company research supported by data from Savills. • ~10% increase in transaction volumes vs. 2024 • T ighter average yields assisted by shift in transaction mix: – Regional to Metro (particularly in NSW) – QLD to VIC • Market continued to favour longer-WALE assets: – 65 of 91 transactions had 7+ lease terms remaining – 43 of 91 transactions had 10+ lease terms remaining • Well-located vacant possession or very short WALE assets also being strongly contested by operators looking to grow their networks through established assets • Demand for high quality assets expected to remain strong in 2026, although investors likely to be cautious until the interest rate outlook becomes clearer 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% $0 $100 $200 $300 $400 $500 $600 $700 2017 (95) 2018 (78) 2019 (109) 2020 (95) 2021 (105) 2022 (94) 2023 (52) 2024 (88) 2025 (91) National Transaction Volume Transaction Volume ($m) Wghtd. Avg. Yield (%) 33% 15%24% 28% 2025 Transaction Volume by State VIC NSW QLD Other 80% 20% 2025 Transaction Volume by Location Metro Regional 15% 20% 46% 19% 2024 Transaction Volume by State VIC NSW QLD Other
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14 # of Properties @ 31-Dec-25 Gross Value ($m) WACR (%) Jun-25 Dec-25 Change Jun-25 Dec-25 Change Capital Cities 48 351.6 352.4 0.8 5.30 5.30 - Other Metro 8 55.0 55.1 0.1 5.89 5.81 (8bp) Highway 6 54.1 54.5 0.4 6.87 6.80 (7bp) Regional 10 55.3 54.6 (0.7) 6.84 6.67 (17bp) Independent valuations 72 516.0 516.6 0.6 5.69 5.66 (3bp) Capital Cities 221 1,655.7 1,656.2 0.5 5.27 5.25 (2bp) Other Metro 32 245.7 245.4 (0.3) 5.85 5.81 (4bp) Highway 30 250.4 252.0 1.7 6.64 6.58 (6bp) Regional 40 187.3 188.0 0.7 7.25 7.09 (16bp) Directors’ valuations 323 2,339.0 2,341.5 2.5 5.64 5.60 (4bp) Portfolio 395 2,855.0 2,858.1 3.1 5.65 5.61 (4bp) 1 Valuation information based on the 395 assets in WPR’s portfolio at 31 December 2025, including one asset held for sale. Jun-25 data reflects the same 395 assets for comparative purposes. Valuations1 4bp of cap rate compression in 2H25 • WPR’s contracted rental escalations are heavily skewed to t he June valuation cycle – Only 22 of 395 F&C leases were subject to rent reviews that were captured in Dec-25 valuations • 4bp of WACR compression partially offset by market rent adjustments (part of regular market rent assessment process) • WACR compression of 23bp for the 21 sites where 10-year options have been exercised – 13 of these sites were in Regional locations, underpinning higher cap rate compression for this classification
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Non-Core Asset Sales 15 Six assets sold in FY25, including Nowra in 2H25 • Six assets sold in FY25 for combined sale price of $40.6m – 0. 4% discount to prevailing book value – 7.9% average passing yield – 6.6% WACR (average over-renting of ~35%) Asset State Classification Tenant Lease Expiry Contracted Settlement Sale Price Passing Yield Method of Sale / Buyer Annerley QLD Capital Cities VEA Dec-31 2H25 2H25 $8.56m 7.7% Post-auction / private Bunbury Gateway WA Regional VEA Aug-34 1H25 2H25 $7.45m 7.4% Off-market / private Bunbury South WA Regional VEA Aug-32 1H25 2H25 $5.00m 8.6% Off-market / syndicator Charlestown NSW Other Metro VEA Aug-30 1H25 2H25 $5.23m 6.0% Auction / private Upper Swan WA Capital Cities VEA Aug-34 1H25 2H25 $8.30m 8.4% Off-market / syndicator Nowra NSW Regional VEA Aug-31 2H25 1H26 $6.10m 8.8% Off-market / private Total $40.63m 7.9%
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Leasing Update 16 Majority of FY26 lease expiries resolved, strong retention and rental reversion achieved Classification # Current Rent $m Revised Rent $m Reversion Capital Cities 8 1.73 2.17 +25.6% Other Metro 1 0.27 0.27 +1.7% Highway 1 0.26 0.28 +5.9% Regional 13 3.15 3.33 +5.7% F&C Tenants 23 5.41 6.05 +11.9% Non-F&C Tenants 1 0.09 0.09 +3.0% Total 24 5.49 6.14 +11.7% FY26 options exercised / leases extended: VEA Non-F&C Tenants Total % of FY26 expiries1 10-year option exercised (to Aug-36) 21 - 21 75.4% 5-year option exercised (to May-31 / Sep-31) 1 1 2 7.0% 12-month extension agreed (to Aug-27) 1 - 1 2.5% Option not exercised 1 - 1 2.2% Completed market rent / option processes 24 1 25 87.1% Process yet to commence / complete 2 1 3 12.9% Total 26 2 28 100.0% Outcome / status of FY26 lease expiries: • FY26 lease expiries represent ~4% of WPR’s total rent roll • T o date, 25 of 28 leases expiring in FY26 have been resolved: – Tenant retained on 24 of 25 leases where market rent review / option process has been completed (97% retention rate by current passing rent) – Rental reversion of +11.7% on leases renewed / extended to date (majority effective from August 2026) – All outcomes to date have been negotiated between the landlord and tenant, i.e. no independent determination required 1 By current passing rent (prior to review).
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OTR Conversions 17 17 conversions completed on WPR sites to date, all funded by VEA Broader VEA Network1: • 35 OTR stores opened/converted in 2025 (10 new stores, 25 conversions) • Expect to open 40 to 60 OTR stores in 2026 (mix of new stores and conversions), weighted to 2H26 • 2025 conversions (25 stores): – Average 10% uplift in sales, ex-tobacco (32% uplift for top 10 stores) – Average 27% uplift in fuel volumes (59% uplift for top 10 stores) – Average conversion cost of ~$1.5m per site (includes ~50% related to base infrastructure investment required regardless of format) WPR Portfolio: • WPR currently owns 343 sites leased to VEA and branded Reddy Express or OTR • To date: – Landlord consent sought / provided for OTR conversion on 40 sites (as at Jan-26) – OTR conversions completed on 17 sites2 – Primarily basic conversions in metro locations (NSW focus) – All conversions have been funded by Viva Energy • WPR remains open to acting as a funding partner for VEA on larger-scale OTR conversions, subject to returns being acceptable for WPR securityholders – No request for funding received to date 1 VEA FY25 Results Presentation. Performance of 2025 conversions compares the first six weeks of 2026 to first six weeks of 2025. 2 Includes sites where Stage 1 works have been completed under CDC and further works are pending DA approval (e.g. EV charging stations. vacuum bays, dog washes). Conversions completed on WPR sites2 Property Expiry Completed Strathfield NSW Aug-32 Nov-24 Hope Valley SA Aug-32 Dec-24 Greystanes NSW Aug-26 Dec-24 Kingsford NSW Aug-28 Dec-24 Mansfield Park SA Aug-34 May-25 Jamisontown NSW Aug-29 May-25 Baulkham Hills NSW Aug-28 Jun-25 Pennant Hills East NSW Aug-34 Jul-25 Rouse Hill NSW Nov-30 Jul-25 Padstow NSW Aug-30 Aug-25 Doonside NSW Aug-29 Oct-25 Hastings Point NSW Aug-34 Nov-25 Corrimal NSW Aug-29 Nov-25 Pennant Hills West NSW Aug-33 Nov-25 Kariong NSW Aug-34 Dec-25 Kirrawee NSW Aug-32 Dec-25 Melton South VIC Aug-34 Dec-25
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g Director Outlook and Guidance 18 Hadyn Stephens Managing Director and CEO Image: Caltex West Terrace (SA)
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19 Outlook and Guidance 1 Based on weighted average number of securities on issue. This guidance is subject to the disclaimer that: (a) actual results may differ from this guidance; (b) it is not a guarantee of future performance; and (c) it involves known and unknown risks, uncertainties and other factors which are beyond WPR’s control, and which may cause actual results to differ from this guidance. WPR is not liable for the accuracy and/or correctness of this information and any differences between the guidance and actual outcomes. While WPR reserves the right to change its guidance from time to time, WPR does not undertake to update the guidance on a regular basis. 2 Based on closing security price of $2.48 on 25 February 2026. 3 10-yr bond rate as per Bloomberg on 25 February 2026. 12-month term deposits refers to the average rate of the five largest banks for a $10,000 deposit as per latest available data from the RBA (6 February 2026). ‘Big 4’ Banks refers to the weighted average dividend yield based on consensus forecasts as at 24 February 2026. A-REIT 200 refers to the weighted average distribution yield for members of the S&P/ASX A-REIT 200 Index (excluding WPR) based on FY26 consensus forecasts as at 24 February 2026. • Assuming no material change in WPR’s operating environment, F Y26 DEPS guidance is 17.14 cents1, which represents 3% growth on FY25 • Targeting $10-20m of non-core asset sales in FY26, subject to market conditions • Exploring opportunities to reduce cost of debt through early refinancing of existing facilities • Hedging of 90% for FY26 and 86% for FY27 provides insulation against further RBA interest rate hikes • 93% of WPR’s portfolio (by income) is subject to rent reviews to be incorporated into the June valuation cycle 17.14 centsDEPS Growth on FY25 3.0% Distribution Yield2 6.9% 6.9% 4.7% 3.9% 3.4% 3.4% WPR 10-year bond rate 12-mth term deposits 'Big 4' Banks A-REIT 200 Discount to Dec-25 NTA2 14.5% FY26 Guidance / Current Pricing Attractive Distribution Yield3
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Additional Information 20 Image: Shell Reddy Express Brandon Park (VIC)
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FY25 $m FY24 $m Change $m Distributable earnings 110.3 110.7 (0.4) Net gain on valuation of investment properties 102.2 28.4 73.8 Straight-line rental income (2.9) 1.6 (4.5) Net gain / (loss) on sale of investment properties (0.9) 0.2 (1.1) Amortisation of borrowing costs (2.5) (2.8) 0.3 Amortisation of tenant incentives - - - Other net fair value movements (5.7) (6.4) 0.7 Long-term incentive plan expense (0.4) (0.2) (0.2) Statutory profit after tax 200.1 131.5 68.6 21 Reconciliation of Distributable Earnings to Statutory Profit Increase in statutory profit driven by revaluation gain in FY25
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22 Distributable EPS Growth Components LFL rental growth and security buyback offset impact of asset disposals, higher cost of debt and higher expenses 16.48 0.69 (0.22) (0.08) (0.45) 0.22 16.64 FY24 Distributable EPS Like-for-like rental growth Impact of disposals Operating expenses Net interest expense Security buyback FY25 Distributable EPS ~3% like-for-like rental growth Increase in cost of debt in FY25 to 4.8% (from 4.5% in FY24) Lower WANOS as a result of security buyback Increase primarily from higher property expenses. Corporate expenses were up 1% on FY24 Chart is shown in cents per security. Impact of asset disposals
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23 Portfolio by State / Territory Portfolio cap rate has tightened by 9bps over last 12 months % of WPR portfolio value: NSW VIC QLD WA SA ACT TAS NT Portfolio Cap rate change: 1H25 (13 bp) (9 bp) 0 bp +3 bp +8 bp 0 bp (1 bp) 0 bp (6 bp) 2H25 (9 bp) +6 bp (3 bp) (5 bp) (12 bp) (18 bp) (18 bp) 0 bp (3 bp) LTM (22 bp) (3 bp) (3bp) (2 bp) (4 bp) (18 bp) (19 bp) - (9 bp) Portfolio details: # of properties 1171 105 77 44 27 11 10 4 3951 Book value ($m) 887.8 861.4 559.5 255.1 149.7 76.4 47.6 20.6 2,858.1 WACR 5.24% 5.27% 6.07% 6.70% 5.88% 5.43% 6.25% 7.37% 5.61% Avg. site area (sqm) 4,403 4,299 7,022 5,167 3,720 2,075 2,230 14,850 4,910 Avg. rent ($000s) 418 436 470 393 327 410 330 372 421 WPR classification (by value): 31% 30% 19% 9% 5% 3% 2% 1% Capital Cities Highway Other Metro Regional 66%10% 15% 9% 70% 11% 11% 8% 81% 12% 3% 4% 54% 14% 20% 12% 72% 10% 18% 85% 10% 5% 100% 48%46% 6% 35% 24% 41% 1 Information is on a like-for-like basis for 395 assets as at 31 December 2025 and includes one asset held for sale – Nowra (NSW).
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24 0.1% 0.6% 6.8% 6.0% 8.0% 6.9% 8.6% 13.8% 19.6% 24.8% 0.7% 3.9% 0.2% Vacant FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 WALE 6.4 years 1 Assumed income for vacant tenancies. 2 Includes 24 x 2026 lease expiries where renewals/extensions are agreed (final documentation pending) – new expiries (21x 2036, 2 x 2031, 1 x 2027). Includes asset held for sale (Nowra (NSW), 2031) 3 Includes Chevron (14), Ampol (3), 7-Eleven (2), Metro Petroleum (1). 1 Lease Expiry Profile (31 December 2025) Portfolio WALE of 6.4 years with a staggered expiry profile 2 Non-F&C 3 29 31 28 27 39 58 66 67 12 24 1 1 3 3 15 Other F&C3 4 3 5 2 2 2 2 1 2 2
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25 FY25 FY24 Change C&M Division2: Fuel volumes ML 5,146 5,246 (1.9%) Convenience sales $bn 1,658 1,866 (11.1%) Fuel and shop margin $m 1,633 1,627 0.4% EBITDA: Convenience & Mobility (C&M) $m 197.4 231.2 (14.6%) Commercial & Industrial (C&I) $m 460.5 469.9 (2.0%) Energy & Infrastructure (E&I) $m 93.0 94.3 (1.4%) Corporate Costs $m (50.0) (46.8) 6.8% Group EBITDA $m 700.9 748.6 (6.4%) Group NPAT $m 183.6 254.2 (27.8%) Net debt $m 2,074.8 1,793.5 15.7% • Group: – FY25 EBITDA down 6.4%, primarily due to C&M division – 2H25 EBITDA of $396m was up 33% on 2H24 and 30% on 1H25, reflecting improved operational performance and stronger market conditions – FY25 NPAT down 27.8% (lower EBITDA, higher D&A and net interest expense) – ~$280m (15.7%) increase in net debt, driven by final year of elevated capex and acquisition of Liberty Convenience – Targeting a reduction in balance sheet leverage to 2x net debt to EBITDA by end FY27 (currently ~3x) • Convenience & Mobility: – Fuel sales down 1.9% on FY24, broadly in line with the retail fuels market – Convenience sales down 11.1%, but in line with FY24 ex-tobacco – Gross profit (‘fuel and shop margin’) up 0.4%, with strengthening fuel margins offsetting lower fuel volumes and convenience sales – FY25 EBITDA down 14.6%, impacted by integration and trading conditions – 2H25 EBITDA of $123m was up 65% on 1H25, driven by acquisition synergies and improving trading performance – Tobacco sales stabilised in 2H25 (~24% of convenience sales) 1 Source: VEA’s FY25 Results Presentation and ASX Announcement. 2 FY24 normalised for acquisition of OTR. Viva Energy Australia – FY25 Result1 Strong improvement in underlying EBITDA in 2H25
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26 • Fuel volumes have recovered from COVID-related lows but remain below pre-COVID levels – Changed mobility habits, e.g. working from home – Increased fuel efficiency (hybrid and electric vehicles) • Diesel share has continued to grow; now ~47% of total fuel volumes up from ~38% in 2016 Retail Fuel Volumes 2025 fuel volumes down 2.5% on 2024 – evolving mobility habits and increased vehicle fuel efficiency - 5,000 10,000 15,000 20,000 25,000 30,000 CY16 CY17 CY18 CY19 CY20 CY21 CY22 CY23 CY24 CY25 ML Australian petrol and diesel volumes Petrol Diesel 53% 62% 61% 60% 59% 56% 55% 55% 47%38% 39% 40% 41% 44% 45% 45% Sources: Australian Petroleum Statistics (December 2025) – sales to retailers. ACCC – Report on the Australian petroleum market September quarter 2025 54% 46% 22,57223,102 24,485 25,119 24,414 22,065 22,307 23,287 23,302 54% 46% 23,146
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27 Source: AIP. National average retail price and national average retail margin assume the percentage split between petrol and diesel for the relevant year as per the previous page. The national average retail margin is the national average retail price less the national average Terminal Gate Price. • Average retail fuel price in 2025 was ~4% below 2024, with average petrol prices down ~5% and average diesel prices down ~3% • A verage retail margins improved by ~3% to 17.5cpl, ~15% above the ten-year average (15.2cpl) Retail Fuel Prices and Margins Average retail fuel prices fell slightly in 2025, indicative retail fuel margins remained strong 118.0 129.4 146.5 144.5 125.0 145.6 194.7 195.4 190.0 182.9 13.2 13.8 14.2 12.6 18.2 13.8 15.0 16.6 17.0 17.5 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 CY16 CY17 CY18 CY19 CY20 CY21 CY22 CY23 CY24 CY25 National average retail price (cpl, LHS) National average retail margin (cpl, RHS)
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28 Electric Vehicles BEVs comprise ~1% of total Australian fleet; PHEVs drive increase in EV share of new light vehicle sales 0.1% 0.2% 0.2% 0.7% 0.8% 2.1% 3.8% 8.5% 9.7% 13.1% -1% 1% 3% 5% 7% 9% 11% 13% 15% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 BEV/PHEV Sales as % of New Light Vehicle Sales 1 • A record 1.2 million new light vehicles were delivered in 2025 (0.8% increase on 2024) - Petrol/diesel: 6.6% decline in total sales to 839,884 (70.2% light vehicle market share) - Hybrids: 15.3% increase in total sales to 199,133 (16.7% light vehicle market share) - BEVs: 13.1% increase in total sales to 103,270 (8.6% light vehicle market share) - PHEVs: 130.9% increase in total sales to 53,484 (4.5% light vehicle market share) 1 Source: Electric Vehicle Council, Australian Electric Vehicle Industry Recap 2023 (for 2014-23 figures), CarExpert for 2024 and 2025. 2 Source: Bureau of Infrastructure and Transport Research Economics, Road Vehicles Australia (6 October 2025). Hybrids includes PHEVs. 3 Source: Car Expert 2025 (https://www.carexpert.com.au/car-news/vfacts-2025-another-record-year-for-new-vehicle-sales-in-australia-but-growth-modest-overall). Petrol 67.0% Diesel 27.5% Other 0.7% Hybrid 3.5% BEV 1.2% Light vehicle fleet at January 20252 Petrol 39.7% Diesel 30.5% Hybrid 16.7% BEV 8.6% PHEV 4.5% New light vehicle sales (CY25)3
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Slacks Creek, QLD 29 Various options under evaluation Address 3495-3497 Pacific Highway Lease expiry Aug-26 WPR classification Capital Cities Site area 20,940sqm Current rent p.a. $143k Current zoning Mixed Use – Retail and Commerce Current improvements F&C offering with truck canopy and ancillary office/workshop buildings Status 10-year option not exercised by VEA Options 1. Subdivide site - Retain and re-let service station component (~25% of site) - Sell surplus developable land 2. Sell entire site 3. Re-let entire site to an alternate operator Indicative sub-division option – subject to detailed investigations and approvals. Service Station Surplus Land
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30 ESG Update FY25 ESG HIGHLIGHTS • Environment - Measured Emissions1 remain at lower end of historic levels - Measured Emissions1 offset through purchase and retirement of accredited carbon offsets2 - Supporting tenant-lead initiatives including rollout of solar panels at an additional 78 WPR assets • Social - No recordable health and safety incidents - Zero employee turnover • Governance - 100% of mandatory training completed by all employees - Continued incremental improvement in external ESG ratings from rating agencies Sustainalytics and S&P CSA - Completed gap analysis against model disclosures for forthcoming mandatory climate reporting SUSTAINABILITY ROADMAP KEY SURVEYS MEASURED EMISSIONS (t-CO2-e)1 NEXT STEPS • Continue to measure emissions profile from WPR’s operational footprint and reduce where practicable • Continue to offset residual emissions through the purchase of carbon offsets from an accredited provider • Continue to evolve ESG disclosures to ensure readiness for mandatory climate reporting requirements (WPR expects its first year of reporting under the new standards to be FY28) • Continue to support tenants in their efforts to transition to a lower-carbon economy 1 Greenhouse gas (GHG) emissions included in WPR’s operational footprint (Scope 1, 2 and selected Scope 3 categories: fuel and energy related activities, waste generated in operations, business travel, employee commuting & upstream leased assets emissions). 2 Australian Carbon Credit Units purchased through Tasman Environmental Management (TEM) “teal.by TEM”. Offsets retired by TEM in December 2025. 21 64 69 17 19 0 10 20 30 40 50 60 70 80 FY21 FY22 FY23 FY24 FY25 Scope 1 & 2 Scope 3 (selected) FY25 score FY24 score Sustainalytics 12.30 13.04 S&P CSA 39 38 1
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31 Glossary Image: OTR Strathfield (NSW)
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32 AFSL Australian Financial Services License AIP Australian Institute of Petroleum AMTN Australian Medium-Term Notes ASX Australian Securities Exchange BBSW Bank Bill Swap Rate BEV Battery electric vehicle. Powered by battery, with no secondary source of power bp Basis points CPI Consumer Price Index cpl Cents per litre C-store Convenience store CY Calendar Year Distributable Earnings This is a non-IFRS measure of profit and is calculated as statutory net profit adjusted to remove transaction costs, amortisation of tenant incentives, specific non-recurring items and non-cash items (including straight-lining of rental income, the amortisation of debt establishment fees, long-term incentive expense and any fair value adjustment to investment properties and derivatives) DEPS Distributable Earnings per security. Calculated as Distributable Earnings divided by the weighted average number of ordinary securities on issue during the period EBIT Earnings before interest and tax EBITDA Earnings before interest, tax, depreciation and amortisation EPS Earnings per security ESG Environmental, Social and Governance F&C Fuel and Convenience Glossary
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33 FY Financial year Gearing Net debt (excluding foreign exchange and fair value hedge adjustments) to total assets (excluding cash) ICR Interest cover ratio (Covenant calculation: Distributable Earnings before interest expense plus straight-line rental income divided by Net Interest Expense (excluding borrowing cost amortisation) and calculated on a rolling 12-month basis) LTM Last Twelve Months ML Megalitre (metric unit of capacity equal to a million litres) MER Management expense ratio (calculated as the ratio of operating expenses (excluding net property expenses) over average total assets (excluding derivative financial assets)) Net Interest Expense Finance costs less finance income NNN Triple net lease, where the tenant is responsible for all outgoings relating to the property being leased in addition to the rent fee applied under the lease. This includes all repairs and maintenance (including structural repairs and maintenance), rates, taxes, insurance and other direct property costs NPAT Net profit after tax NTA Net tangible assets OTR OTR Group (“On the Run”) PHEV Plug-in hybrid battery electric vehicle; includes both a traditional ICE and a battery, which needs to be charged QSR Quick service restaurant RBA Reserve Bank of Australia S&P Standard & Poor's S&P CSA S&P Global Corporate Sustainability Assessment Glossary
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34 Glossary t-CO2-e Tonnes of carbon dioxide equivalent Terminal Gate Price Terminal Gate Price, as per the Australian Institute of Petroleum. Terminal Gate Price represents the national average wholesale price of petrol USPP United States Private Placement VEA or Viva Energy Australia Viva Energy Australia Pty Ltd (ABN 46 004 610 459) / Viva Energy Group Limited (ABN 74 626 661 032) (ASX: VEA) Waypoint REIT or WPR Stapled entity comprising one share in Waypoint REIT Limited (ABN 35 612 986 517) and one unit in the Waypoint REIT Trust (ARSN 613 146 464) WACR Weighted average capitalisation rate, weighted by valuation WADM Weighted average debt maturity WALE Weighted average lease expiry, weighted by rental income WANOS Weighted average number of securities on issue during the year WARR Weighted average rent review, weighted by rental income Weighted average cost of debt Net Interest expense (excluding borrowing cost amortisation) divided by average drawn debt balance (annualised)