Kiwi Property 2025 Annual Meeting presentation and address

Kiwi Property
Annual Meeting
2025
1 July 2025

•Business update
•FY25 performance overview
•Questions
•Formal business
Annual meeting agenda
Unless otherwise stated, all information provided in this presentation is for the year ended and/or
as at 31 March 2025. For further information, refer to our website kp.co.nz or NZX.com.
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How to ask a written question
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Business update

Resilience in tough trading conditions
Mixed-use assets well-positioned as economic pressures ease
Consumer spending
restrained
Interest rates reduced
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Emerging from recession

Realising our mixed-use strategy at Sylvia Park
ANZ Raranga
11,620 sqm office
Completed 2018
Geneva House
7,277 sqm office
Completed 2023
Resido
295 units
Completed June 2024
Residential Office
Retail
IKEA
34,000 sqm store
Opens end of 2025
Sylvia Lane
Dining precinct
Refurbished 2022
Sylvia Park
shopping centre
94,240 sqm retail
Expanded 2020
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•In August 2023, Kiwi Property
completed the sale to IKEA of land
adjacent to Sylvia Park.
•New Zealand’s first IKEA will drive retail
tourism to Sylvia Park.
•Pedestrian connectivity between the
sites is progressing well.
•We are working closely with Auckland
Transport on a traffic mitigation plan.
•Likely to open around the Christmas
trading period, at the end of this year.
IKEA at Sylvia Park
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•Resido opened on 11 June 2024 and the
295-apartment complex is the largest
completed build-to-rent development
in New Zealand.
•As at 30 June, 266 apartments were
leased (90% of the development), with
the lease-up performance at the faster
end of our 12 to 18 month lease-up
target.
•According to a recent resident survey,
Resido residents each spend over
$21,000 per year at Sylvia Park
(equivalent to sales of more than $8
million based on 400 residents).
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Resido is leasing up well
Kiwi Property’s build-to-rent asset is nearly full one year after opening

Drury progressing
A focus on infrastructure and consents
Development update
•Stage 1 earthworks completed in June 2024.
•Civil works are targeted to commence alongside further
large-format retail land sales.
Drury selected as a Fast-track project
•Kiwi Property’s Drury land was included in Schedule 2 of
the Fast-track Approvals Act 2024, further increasing
our consented developable area
.
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•Sale of 1.2ha of large-format retail land to
major NZ supermarket business, Foodstuffs,
became unconditional in April 2025.
•This represents ~5% of the total land
intended for sale, with a further ~44% in
advanced sale discussions.
•Residential land sales (~37% of total land
intended for sale) will commence when
residential market conditions improve.
•We can realise development profits on the
portions of land that we sell, recognising the
value that we have added to the site.
Drury transactions
Land sales set to enable the next stage of
development
RESIDENTIAL
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Foodstuffs
site
(boundary lines
indicative only)

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FY25 performance
overview

Strong mixed-use performance offsets
slower office and retail leasing
$194.1m
Net rental income
(+5.0%)
$92.8m
Adjusted funds from operations
(-7.0%)
$116.2m
Operating profit before tax
(+7.4%)
$57.0m
Net profit after tax
(FY24: -$2.1m)
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General note: Comparative figures relate to the FY24 period, unless otherwise stated. Refer to the Annual Results
Presentation 2025 for the definition and determination of non-GAAP measures.

Foot traffic continues to increase
despite a slower retail sector
$2.1b
Portfolio sales (-1.6%)
$887m
Sylvia Park precinct sales
(-3.4%)
37.2m
Pedestrian count (FY24: 37.1m)
$547m
The Base sales
(+3.1%)
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+4.3%
Total rental growth
(new leasing +6.1%, rent reviews +3.7%)
+8.3%
Mixed-use
new leases and renewals
+6.4%
Office
new leases and renewals
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Continued rent growth

-$7.5m-6%
Reduction in
employee headcount
Focus on reducing overheads
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-23%
Reduction in employment and
administration expenses
/

Manage
investments for
sustainability
performance
Decarbonise and
reduce carbon
footprint
Demonstrate
resilience
Build a future-fit
workforce
Live up to our role
in communities
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New sustainability approach

FY26 priorities
Delivering on priorities will help to drive sustainable growth and create value for shareholders
Maintain strong
discipline on costs
Continue to drive
rent growth
Progress sell-down of
Drury large format retail
sites
Goal: deliver sustainable earnings and dividend growth for shareholders
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Manage the balance
sheet and free up
additional investment
capacity

5.40cps
Dividend and outlook
5.60cps
1: FY26 dividend guidance and payments are contingent on Kiwi Property’s financial performance through the financial year and barring material adverse events or unforeseen circumstances.
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FY25 dividend
(93% payout ratio)
FY26 dividend guidance
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+3.7%

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Questions

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Formal
business

1.Click the “Get a Voting
Card” button at either the
top or bottom of the page.
2.Enter your Shareholder
Number or Proxy Number
and click “Submit Details
and Vote”.
3.Fill out your voting card
for each item of business.
4.Click “Submit Vote” or
“Submit Partial Vote”.
How to vote
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Resolution 1:
Election of director
Explanatory information:
•In accordance with the Company’s constitution and the NZX Listing Rules, any director appointed
by the Board must retire at the next annual meeting but may stand for election at that meeting.
•Michele Embling was appointed by the Board in May 2025. Michele therefore retires and offers
herself for election at this meeting.
•The Board has determined that Michele Embling will be an independent director for the purposes
of the NZX Listing Rules if elected.
•The Notice of Meeting contains information on what it means to be an independent director for
the purposes of the NZX Listing Rules.
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Resolution 1:
About Michele Embling
Michele Embling
•Michele is an experienced Auckland-based director with a background
in insurance, energy, and financial industries.
Date appointed
•May 2025
Background:
•Chair of Transpower and the Independent Crown Entity XRB (External
Reporting Board).
•Director of IAG Insurance and AIA New Zealand.
•Sits on the boards of Toitū Tahua: Centre for Sustainable Finance and
the Financial Reporting Council of Australia.
•Former Chair of PwC New Zealand, former Deputy Chair of New
Zealand Global Women, and former Co-Chair of Champions for
Change.
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Resolution 1:
Election of director
The Board
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recommends that you vote in favour of the election of Michele Embling.
Rationale:
•The Board is committed to ensuring it possesses the appropriate mix of skills, knowledge,
experience and diversity to discharge its role and responsibilities.
•The Board supports the election of Michele Embling as it considers she has the necessary
expertise to contribute to the overall skill set required by the Board.
1. The Board other than Michele Embling in respect to her own position.
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That Michele Embling be elected as a
director of the Company
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Resolution1
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Resolution 2:
Auditor’s remuneration
The Board recommends that you vote in favour of this resolution.
Rationale:
•The resolution sought is to authorise the directors to fix the remuneration of the auditor pursuant
to section 207S(a) of the Companies Act 1993.
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That the directors of the Company be
authorised to fix the auditor’s
remuneration
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Resolution2
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Resolution 1: That Michele Embling be elected as a director of the Company
ProxyvoteslodgedForAgainstDiscretionary
1,026,422,882
982,797,63295.75%137,4340.01%43,487,8164.24%
Resolution2:ThatthedirectorsoftheCompanybeauthorisedtofixtheauditor’sremuneration
ProxyvoteslodgedForAgainstDiscretionary
1,027,073,749
982,334,30195.64%1,516,1090.15%43,223,3394.21%
Proxy voting results
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Thank you
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Kiwi Property Group Limited has prepared this document. By accepting this document and to the maximum extent permitted by law, you acknowledge and agree to the following matters.
No liability
Kiwi Property Group Limited, its advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents (together ‘Kiwi Property’) expressly exclude and disclaim any and all liability (direct or
indirect)which may arise from this document, any information provided in connection with this document, any errors in or omissions from this document, from relying on or using this document or otherwise in connection
with this document.
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Kiwi Property makes no representation or warranty, express or implied, as to the accuracy, completeness, reliability or sufficiency of the information in this document or the reasonableness of the assumptions in this
document. All images (including any dimensions) are for illustrative purposes only and are subject to change at any time and from time to time without notice.
Not advice
This document does not constitute advice of any kind whatsoever (including but without limitation investment, financial, tax, accounting or legal advice) and must not be relied upon as such. This document is intended to
provide general information only and does not take into account your objectives, situation or needs. You should assess whether the information in this document is appropriate for you and consider talking to a professional
adviser or consultant.
Not an offer
This document is for information purposes only and is not an invitation or offer of financial products for subscription, purchase or sale in any jurisdiction. This document is not a prospectus or product disclosure statement or
other offering document under New Zealand law or any other law. No contract or other legal obligations shall arise between Kiwi Property and any recipient of this document.
Past performance
Past performance information given in this document is given for illustrative purposes only and should not be relied upon as (and is not) an indication or guarantee of future performance.
Future performance
This document contains certain "forward-looking statements" such as indications of, and guidance on, future earnings and financial position and performance. Forward-looking statements can generally be identified by the
use of forward-looking words such as, 'expect', 'anticipate', 'likely', 'intend', 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target', 'outlook', 'guidance' and other similar expressions. The forward-looking
statements contained in this document are not guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of Kiwi
Property, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. There is no assurance or guarantee that actual outcomes will not materially
differ from these forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements. You should consider the forward-looking
statements contained in this document in light of this information. The forward-looking statements are based on information available to Kiwi Property as at the date of this document.
Investment risk
An investment in the financial products of Kiwi Property Group Limited is subject to investment and other known and unknown risks, some of which are beyond the control of Kiwi Property Group Limited. Kiwi Property does
not guarantee its performance or the performance of any of its financial products unless and to the extent explicitly stated in a prospectus or product disclosure statement or other offering document.
No duty to update
Statements made in this document are made only as at the date of this document unless another date is specified. Except as required by law or regulation (including the NZX Listing Rules), Kiwi Property undertakes no
obligation to provide any additional or updated information or revise or reaffirm the information in this document whether as a result of new information, future events, results or otherwise. Kiwi Property Group Limited
reserves the right to change any or all of the information in this document at any time and from time to time without notice.
Caution regarding sales information
Any sales information included in this document has been obtained from third parties or, where such information has not been provided by third parties, estimated by Kiwi Property based on information available to it. The
sales information has not been independently verified. The sales information included in this document will not be complete where third parties have not provided complete sales information and Kiwi Property has not
estimated sales information. You are cautioned that this document should not be relied upon as a representation, warranty or undertaking in relation to the currency, accuracy, reliability or completeness of the sales
information contained in this document.
Copyright
The copyright of this document and the information contained in it is vested in Kiwi Property Group Limited. This document should not be copied, reproduced or redistributed without the prior written consent of Kiwi
Property Group Limited.
Real Estate Agents Act 2008
Kiwi Property Group Limited is licensed under the Real Estate Agents Act 2008.
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Disclaimer

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SLIDE 1: OPENING

Good morning, and welcome to the 2025 Annual Meeting of Shareholders for Kiwi
Property. I’m pleased to welcome you all today, whether you're joining us here in
person or online via the virtual meeting platform. My name is Simon Shakesheff, and it
is my pleasure to open today’s meeting.

I can confirm that a quorum is present, and I now declare the meeting open.

Before we start proceedings, I'd like to cover off a few housekeeping matters.

Firstly, please switch your mobile phone to silent. Restrooms are in the landing area
near the rear entrance to this room. If a fire alarm goes off, please follow the venue
staff in an orderly fashion down the stairs and congregate in the car park at the front of
the building.

If you're joining us online and need assistance, please refer to the virtual meeting portal
guide or call the helpline on 0800 200 220.

And with that, let's get things underway. I want to start today's meeting by introducing
my colleagues on the Board:

• Chris Aiken – Chris is an Auckland-based professional director who joined our
Board in June 2021. He has significant property experience spanning both the
public and private sectors. Chris is a member of our People & Culture
Committee.
• Peter Alexander – Peter is an Auckland-based professional director who joined
our Board in May 2023. He has extensive property experience and has held
executive roles at several large listed New Zealand companies. Peter is a
member of our People & Culture Committee.
• Michele Embling – Michele is an Auckland-based professional director who
joined our Board in May of this year and stands for election today. She has
extensive leadership and governance experience across the public and private
sectors, having worked in the insurance, energy, and financial industries in New
Zealand and Australia. Michele is the new Chair of our Audit, Risk &
Sustainability Committee.
• Carlie Eve – Carlie is an Auckland-based professional director. She joined our
Board in May 2023, following a successful finance and funds management
career. Carlie is a member of our Audit, Risk & Sustainability Committee. Carlie
had an unavoidable commitment and is not here in person today, but is
available online for questions should any arise.
• Kevin Kenrick – Kevin is an Auckland-based professional director who joined
our Board in May 2024. He is currently a director of BNZ and the former CEO of
Kiwi Property Annual Meeting 2025 Address

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TVNZ and House of Travel. He has significant experience leading the strategic
transformation of prominent businesses across multiple sectors, from travel to
media. Kevin is the Chair of our People & Culture Committee.

In accordance with the NZX Listing Rules, the Board has determined that all directors
are independent. The Notice of Meeting also contains further information on director
independence.

I would also like to recognise Mary Jane Daly’s exceptional contribution as a director of
Kiwi Property for more than a decade. She was appointed to our Board in September
2014 and retires as of today’s shareholder meeting. Mary Jane was the previous Chair
of our Audit and Risk Committee and her expertise was pivotal in navigating
challenging business conditions and positioning the company for sustained growth.

Also joining us today are Clive Mackenzie, our Chief Executive Officer, and Steve
Penney, our Chief Financial Officer.

I warmly welcome the team from our registrar, MUFG Pension and Market Services.
They will help to conduct the voting on the formal business later in the meeting and
act as scrutineer.

Finally, I'd like to welcome Andrew Boivin and Josh Burgess from Deloitte, our Group's
auditor for the 2025 financial year.

SLIDE 2: ANNUAL MEETING AGENDA

I will start with a brief address and then invite Clive to provide an update on the
Company's financial performance for the year ended 31 March 2025 or FY25.

After these presentations, we will then take questions and conduct the formal business
for today, being resolutions to:

• Elect Michele to the Board, and
• Fix the auditor’s remuneration.

SLIDE 3: HOW TO ASK A WRITTEN QUESTION

Shareholders present at today's meeting can ask questions, as can those participating
through the virtual meeting website. If you are online, you may submit a question at
any time by clicking on the 'Ask a Question' box at the top or bottom of the online
portal, as shown here. We will answer general questions after the business update and
performance overview, and then specific questions relating to each resolution before
voting on them.

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I encourage shareholders who are attending online to send their questions through as
soon as possible. This will allow us to answer these questions at the appropriate point
in the meeting. As this is a shareholders' meeting, only shareholders or appointed
proxies can ask a question, so you will be prompted to input your Shareholder or Proxy
number before completing the online process.

SLIDE 4: BUSINESS UPDATE

Moving now to my remarks.

SLIDE 5: RESILIENCE IN TOUGH TRADING CONDITIONS

Reflecting on the 2025 financial year, Kiwi Property has weathered the country’s
economic downturn well, combining operational resilience with fiscal discipline, while
steadily advancing our long-term retail-led mixed-use strategy.

Early optimism for a swift economic rebound last year has since been tempered by a
longer-term view of a slower recovery, yet there are signals New Zealand is cautiously
emerging from a difficult economic recession.

This recession has affected the wider property and construction sectors, with
downward pressures on office tenancies, residential rentals, and consumer propensity
to spend on retail goods.

Interest rates have reduced from the highs seen last year and economic pressures are
now easing. We believe Kiwi Property will be increasingly well-positioned, with the
exposure of our mixed-use assets to positive population, retail and rental trends
continuing to underpin our strategy.

SLIDE 6: REALISING OUR MIXED-USE STRATEGY AT SYLVIA PARK

Sylvia Park has proven to be the best proof-point to date of the Kiwi Property retail-
led mixed-use strategy, highlighting the benefits of taking a long-term approach –
starting with strategic land holdings near transport and population growth nodes, and
adding quality retail, office, and now residential to the community.

The opening of Resido in June 2024 marked Kiwi Property’s first residential
development at Sylvia Park. Over the last few years, we have also opened two office
buildings, ANZ Raranga and Geneva House, as well as additional retail on the upper floor
of the shopping centre and the Sylvia Lane Dining Precinct.

We believe Sylvia Park will continue going from strength to strength, supporting
improved business performance and shareholder returns.

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As we continue to progress Sylvia Park, we’ll focus on achieving the highest and best
use for each square metre of our strategic landholding as we grow and diversify the
revenue from the site and drive further valuation uplift.

We’ve achieved considerable progress at Sylvia Park over recent years and there’s an
exciting road ahead, including the scheduled opening of New Zealand’s first IKEA store
in late 2025.

SLIDE 7: IKEA AT SYLVIA PARK

In August 2023, Kiwi Property completed the sale to IKEA of 3.2 hectares of land
adjacent to Sylvia Park. The iconic Swedish retailer has now significantly progressed its
store development, which will be the first in New Zealand and is about the same size as
three rugby fields.

We anticipate great interest in IKEA once it opens, and expect it will drive retail tourism
to Sylvia Park. Accordingly, we’ve made sure that accessing Sylvia Park shopping
centre is as seamless as possible, with pedestrian connectivity progressing well in the
form of a covered walkway between the two sites.

We are cognisant of the impacts on traffic in the surrounding area, and Kiwi Property is
working closely with Auckland Transport to develop a traffic mitigation plan. Sylvia
Park’s connectivity to public transport will be key in mitigating traffic impacts, with the
train station, motorway and bus linkages all providing access to the site.

IKEA is likely to open around the Christmas trading period at the end of this year, and
we look forward to the strength of their brand acting as a magnet to the Sylvia Park
precinct.

SLIDE 8: RESIDO IS LEASING UP WELL

As I mentioned a couple of slides ago, the delivery of Resido is a key milestone in Sylvia
Park’s evolution into a world-class mixed-use precinct. Resido opened on 11 June 2024
and the 295-apartment complex is the largest completed build-to-rent development
in New Zealand.

As at 30 June, 266 of the apartments were leased, representing 90% of the total
development. The lease-up performance to date is at the faster end of our 12 to 18-
month lease-up target, demonstrating that the asset has been well-received by
prospective tenants. The strong leasing performance has occurred in a subdued
residential rental market where weaker net migration inflows and increased rental
supply have impacted demand.

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A recent survey indicated that Resido residents each spend over $21,000 per year at
Sylvia Park, which is equivalent to sales of more than $8 million based on 400
residents. This demonstrates the benefit to the wider Sylvia Park precinct of having
residents living on site.

SLIDE 9: DRURY PROGRESSING

Our large landholding at Drury will be a significant mixed-use development in the
future. We completed Stage 1 earthworks at Drury in June 2024. Further capital spend
at Drury, including civil works, can be broadly matched to the sales of large-format
retail land. This allows us to progress further land development as sales are achieved,
while still maintaining a robust balance sheet.

Kiwi Property’s Drury project was also included in Schedule 2 of the Fast-track
Approvals Act 2024. We submitted our application in March and pleasingly received
notice that our application was accepted for processing earlier this month and will
shortly be considered by the expert panel.

Should the application be approved, this will further increase the consented land at
Drury, and allow for a commercial retail centre as well as future residential activity.
That’s approximately 33,000 square metres of commercial space, 96,000 square
metres of retail space, and 10,000 square metres for community activities.

SLIDE 10: DRURY TRANSACTIONS

We also achieved a major milestone at Drury, with the unconditional sale of 1.2
hectares of large-format retail land to Foodstuffs in April 2025. Foodstuffs North Island
will build a New World supermarket at Drury, bringing an essential amenity to the heart
of this new metropolitan town centre.

The sale of this land represents approximately 5 percent of the total land intended for
sale at Drury, with a further 44 percent in advanced sale discussions with three
separate parties.

We can realise development profits on the portions of land that we sell, recognising
the value that we have added to the site.

Residential land makes up around 37 percent of the total land intended for sale, and we
will commence sales as residential market conditions improve.

Our objective is to sell off the large-format retail and residential super-lot sites and
use the proceeds to fund the infrastructure for Drury Stage 2. We’re already attracting
a high degree of interest from potential tenants who recognise Drury’s significant

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potential. We’re looking forward to capitalising on that interest and, in the process,
unlocking returns for the business and our shareholders.

I’ll now hand over to Clive to discuss our FY25 business performance in more detail.

CEO Address – Clive Mackenzie

SLIDE 11: FY25 PERFORMANCE OVERVIEW

Thank you Simon, and kia ora everyone.

It's great to connect with our shareholders face-to-face; thank you for joining us. And
to everyone viewing this event online, we appreciate you logging on. As Simon
mentioned, Kiwi Property’s operating performance was resilient in FY25, with our
mixed-use assets in particular performing well in tough trading conditions.

Let's take a look at some of our key financial and operational highlights from FY25.

SLIDE 12: STRONG MIXED-USE PERFORMANCE OFFSETS SLOWER OFFICE AND RETAIL
LEASING

Kiwi Property has delivered a strong overall rental performance this year, with net
rental income up 5% across our portfolio. Our mixed-use assets were particularly
robust performers, which offset the slower office and retail leasing markets.

Operating profit before tax was up 7.4% compared to the prior year. Although
operating profit before tax was up, our adjusted funds from operations, or AFFO, was
down by 7%. AFFO was lower than the prior year primarily due to higher finance costs
and higher current tax over the period.
The tax increase was due to the removal of tax
depreciation on commercial buildings, which began at the start of the financial year.
We were pleased to hear of the Government’s recently announced Investment Boost,
which will mitigate some of this additional tax impost.

The relative resilience of our valuations compared to the prior year contributed to an
improvement in our net profit after tax performance, with net profit of $57 million in
FY25 compared to a net loss after tax of $2.1 million in FY24.

SLIDE 13: FOOT TRAFFIC CONTINUES TO INCREASE DESPITE A SLOWER RETAIL SECTOR

Sales across our portfolio were marginally lower over the year, amidst a slowdown in
the wider New Zealand retail sector. Total portfolio sales were $2.1 billion for FY25,
representing a small decline of 1.6% compared to the previous year.

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Positively, foot traffic continues to increase at Kiwi Property’s assets, proving the
attractiveness of our assets as destinations, even at a time when many New
Zealanders’ purse-strings are tightened. The total customer visits across all of our
assets was 37.2 million over the year.

The Sylvia Park precinct recorded sales of $887 million, down by 3.4% from the prior
year. Pleasingly, down in Hamilton, The Base sales continue to increase, up by 3.1% to
$547 million.

While spending overall has been lower due to the current recessionary environment,
we believe that our assets are well-placed to recover strongly, particularly now that
factors influencing retail spend have improved, including a reduction in both inflation
and interest rates.

SLIDE 14: CONTINUED RENT GROWTH

Given the recessionary period New Zealand has experienced, we’re pleased to have
continued to maximise the day-to-day operational performance of our assets.

As you can see on this slide, total rental growth from mixed-use, office and retail
leasing activity was up 4.3% for FY25.

Our leasing teams have achieved significant rental growth, both from new leases, which
were up 6.1%, and our existing tenants’ rent reviews, which saw 3.7% growth.

The mixed-use portfolio in particular performed well, with an 8.3% uplift in leasing
spreads for new lease deals. This was led by The Base, up 11.7%, and the Sylvia Park
precinct, up 9.5%, underscoring strong tenant demand at these high-performing
centres. There were also strong leasing spreads recorded at our office assets, which
were up by 6.4%.

SLIDE 15: FOCUS ON REDUCING OVERHEADS

We continue to dedicate focus to future-proofing the Kiwi Property business.

Increasing efficiency and reducing overheads have been major areas of focus for the
last 12 months, setting us up for success as we move into FY26.

These efforts have led to our employment and administration expenses reducing by
$7.5 million, a 23% decrease from the prior year. We saved $4.3 million through people-
related cost-saving initiatives, and since March 2024, have saved a further $3.1 million
from the now-embedded Yardi enterprise IT system.

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Workforce planning and people management saw our headcount reduce by 6% over
the year, which represents nine full-time employees. Pleasingly, we have also recorded
a five-year high engagement score of 75% following a conscious effort to emphasise
culture, leadership, and internal promotions.

SLIDE 16: NEW SUSTAINABILITY APPROACH

As part of our recently released Sustainability Report, we provided a new approach to
reflect our commitment to sustainability – a cornerstone of our long-term strategy
and a reflection of our responsibility to the communities we serve.

Our sustainability approach is built on five key pillars:

• First, we are committed to managing investments for sustainability
performance. This means embedding sustainability considerations into the
investment decisions we make. We invest in sustainability initiatives at our
assets to make them more desirable for tenants, customers and investors.
• Second, we continue to focus on decarbonising and reducing our greenhouse
gas emissions. From improving energy efficiency across our portfolio to
managing waste, we are taking decisive action to support the transition to a
low-carbon economy.
• Third, we aim to demonstrate resilience – not just in our assets, but in our
operations and planning. We’re designing and managing our properties to
mitigate the challenges of climate change and to remain vibrant, safe, and
functional for generations to come.
• Fourth, we are focused on building a future-fit workforce. This means equipping
our people with the skills, tools, and mindset needed to lead in a rapidly
evolving world. We believe that a sustainable business starts with empowered,
engaged, and forward-thinking people.
• And finally, we are determined to live up to our role in communities. Whether
it’s through inclusive design, community partnerships, or creating spaces where
people can connect and thrive, we are committed to making a positive impact
where it matters most.

SLIDE 17: FY26 PRIORITIES

Kiwi Property delivered a robust operating result in FY25 and took important steps
forward in the delivery of our strategy.

Heading into the new financial year, we have four key priorities that we know will make
an impact.

First, we will efficiently manage the balance sheet and seek to free up additional
investment capacity, including looking to divest non-strategic assets. This will allow us

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to enhance our existing high-quality assets and progress other investment
opportunities as market conditions allow, in line with our capital allocation framework.

Second, we will continue to drive rental growth, with a focus on maximising the
operational performance of our high-quality assets.

Third, we’ll look to maintain strong discipline on costs, following great progress made to
date in this area.

And finally, we will look to sell further large-format retail sites at Drury, following the
first land sale made in April. The economic environment, both locally and globally, has
meant transactions of this nature have taken longer than expected, but it is pleasing to
see activity starting to return to the New Zealand property market. We expect to
achieve further land sales over the coming year, and this will be a continued focus for
this year.

SLIDE 18: DIVIDEND AND OUTLOOK

With a full-year dividend of 5.40 cents per share, the dividend payout ratio for FY25 is
93%.
As a business, our goal is to deliver sustainable earnings and dividend growth for
shareholders. We are pleased to provide shareholders with dividend guidance for FY26
of 5.60 cents per share, which represents a 3.7% increase on the prior year. This
dividend increase underscores our intention to continue to deliver dividend growth
over time.

We’re very conscious of the current period of global economic volatility, and will adopt
a highly disciplined approach to the operation of our business in FY26, delivering on
strategy, driving asset performance and strictly managing our balance sheet.

By focusing on these things, we will put ourselves in the best position to deliver
sustainable earnings and dividend growth for shareholders as economic conditions
improve.

That concludes our overview of the Company’s activities for the 2025 financial year. I’ll
now hand back to Simon.

SLIDE 19: QUESTIONS

Before moving to the formal business of the day, we would happily answer questions.
We ask that you limit your questions to the Company's activities at this time. You will
be able to ask questions about the formal business shortly. As this is a shareholders'
meeting, only shareholders or appointed proxies can ask a question or vote.

10

When I call for questions, can shareholders present in the room please wait until a
microphone is provided to you and then clearly state your name before asking the
question. I will take questions from those present in the meeting before moving on to
questions from shareholders online.

Are there any questions from shareholders here in the room?

Are there any questions from shareholders online?

SLIDE 20: FORMAL BUSINESS

Thank you. We will now move to consider the formal resolutions of the meeting. Voting
on each resolution will be by poll. Each person voting at the annual meeting and each
shareholder who has cast a vote by proxy has one vote for each share held. These
resolutions are ordinary resolutions and are required to be passed by a simple majority
of the votes of those shareholders who are entitled to vote and are voting on the
resolution. I will put each resolution to the meeting and provide an opportunity for you
to ask questions concerning that resolution. I ask that you keep the questions strictly
to the resolution.

In respect to proxies received, if, as the Chair of the meeting, I have been appointed to
act as proxy and am not directed on how to vote in respect of a resolution, I will vote in
favour of all resolutions. For shareholders joining us here today, you should have had a
voting card given to you when you registered. Please raise your hand if you do not
have a voting card, and someone will assist you. Please mark your voting intention for
each resolution, and the voting cards will be collected after the meeting.

SLIDE 21: HOW TO VOTE

Shareholders joining online can vote using the electronic voting card received once
online registration is validated. To vote, you will need to click "Get Voting Card" within
the online meeting platform. You will be asked to enter your Shareholder or Proxy
Number to validate.

Please then mark your voting card in the way you wish to vote by clicking "FOR",
"AGAINST" or "ABSTAIN" on the voting card. Once you have made your selection, please
click "Submit Vote" on the bottom of the card to lodge your vote.

Please refer to the virtual meeting guide or use the helpline specified if you require
assistance. Note that voting will remain open until 5 minutes after the conclusion of the
meeting. The results of the votes will be declared and announced via the NZX.

SLIDE 22: RESOLUTION 1: ELECTION OF DIRECTOR

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Moving to resolution 1, which is an ordinary resolution. In accordance with the
Company's constitution and the NZX Listing Rules, Michele Embling retires at this
meeting, and offers herself for election to the Board.

The Board has determined that Michele Embling will be an independent director for the
purposes of the NZX Listing Rules if elected. I will now ask Michele to provide a brief bio
and comments supporting her election.

SLIDE 23: RESOLUTION 1: ABOUT MICHELE EMBLING

[Michele:] Thank you, Simon.

My name is Michele Embling. I was appointed to the Kiwi Property board in May of this
year, and am standing for election today. I have worked in the insurance, energy, and
financial industries in New Zealand and Australia and bring extensive leadership and
governance experience across the public and private sectors.

I was previously the Chair of PwC New Zealand, and am currently the Chair of
Transpower and the Independent Crown Entity XRB (External Reporting Board).

In addition to Kiwi Property, I’m a non-executive director of IAG Insurance and AIA New
Zealand. I also sit on the boards of Toitū Tahua: Centre for Sustainable Finance and the
Financial Reporting Council of Australia.

I am excited about helping Kiwi Property to deliver on its strategic aspirations and
would be honoured to continue on the Kiwi Property board. If elected, I look forward to
contributing to the Company’s ambitious vision for retail-led mixed-use communities
and leveraging my experience to support Kiwi Property’s growth and innovation in this
space.

Thank you for your support – I’ll now hand back to Simon.

SLIDE 24: RESOLUTION 1: ELECTION OF DIRECTOR

Thanks Michele.

The Board is committed to ensuring it possesses the appropriate mix of skills,
knowledge, experience and diversity to discharge its role and responsibilities.

The Board supports the election of Michele as it considers she has the expertise to
contribute to the overall skillset required by the Board. The Board, other than Michele
in respect to her own position, recommends you vote in favour of the resolution.

SLIDE 25: RESOLUTION 1

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I will now read Resolution 1: That Michele Embling be elected as a director of the
Company.

Are there any questions from shareholders on this resolution?

Are there any questions from shareholders online?

Thank you. I will now put the motion. Please now select either "FOR", "AGAINST", or
"ABSTAIN" for Resolution 1 on the voting card.

SLIDE 26: RESOLUTION 2: AUDITOR’S REMUNERATION

This resolution is sought to authorise the directors to fix the remuneration of Deloitte
Limited as the Group’s auditor under Section 207S(a) of the Companies Act 1993.

During FY25, Deloitte was paid $460,000 for audit and assurance-related services. The
Board recommends that you vote in favour of this ordinary resolution.

SLIDE 27: RESOLUTION 2

I will now read Resolution 2: That the directors of the Company be authorised to fix the
auditor’s remuneration.

Are there any questions from shareholders on this resolution?

Are there any questions from shareholders online?

Thank you. I will now put the motion. Please now select either “FOR”, “AGAINST” or
"ABSTAIN" for Resolution 2 on the voting card.

SLIDE 28: PROXY VOTING RESULTS

That completes voting on the resolutions. At this time, I'd like to advise the outcome of
the proxy votes that were lodged for each resolution. I will not read the proxy results
for each resolution, but they are shown on the screen now.

The registrar will now move through the room to collect your voting cards. For those
shareholders online, you can now submit your vote – voting will be open until 5
minutes after the conclusion of the meeting. The registrar will count all votes and
complete their duties as scrutineer for the poll. We will announce the voting results to
the NZX once this process has been completed.

SLIDE 29: THANK YOU

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That concludes today’s formal proceedings.

As you’ve heard, Kiwi Property delivered a solid underlying operational result in FY25
and has made good progress on several of our major strategic initiatives. While we’re
operating in a challenging market, as always, we remain committed to driving the
performance of the business and delivering returns for our shareholders.

Thank you for your attendance, your participation today, and your support of Kiwi
Property.

I now draw this meeting to a close. A copy of this presentation and our speeches are
available on our website and the NZX.

For those here in person, please enjoy some refreshments at the back of the room.
Thank you.

---

Kiwi Property has provided the NZX with a copy of the presentation and addresses to
be made by the Chair of the Board and Chief Executive Officer at the Company's
Annual Shareholder Meeting 2025, being held today.

ENDS

For further information:
Clive Mackenzie
Chief Executive Officer
clive.mackenzie@kp.co.nz
Fraser Gunn
Head of Corporate Finance and Investor Relations
fraser.gunn@kp.co.nz
+64 21 973 534

About us:
Kiwi Property (NZX: KPG) is one of the largest listed property companies on the New
Zealand Stock Exchange and is a member of the S&P/NZX 20 Index. We have been
around for over 30 years and proudly own and manage a significant real estate portfolio
comprising some of New Zealand’s best mixed-use, retail and office buildings. Our
objective is to provide investors with a reliable investment in New Zealand property
through the ownership and active management of a diversified, high-quality portfolio.
Kiwi Property is licensed under the Real Estate Agents Act 2008. To find out more, visit our
website, kp.co.nz

NZX RELEASE
1 July 2025

Kiwi Property 2025 Annual Meeting presentation
and address