Interim Results HY26

IMMEDIATE – 18 November 2025

Investore Property Limited
Interim Results HY26

Investore Property Limited (Investore) is pleased to announce its interim results for the six months ended
30 September 2025 (HY26).
Financial Summary (for the six months ended 30 September 2025)
• Profit before other (expense)/income and income tax of $18.8m up $1.6m from HY25
• Profit after income tax of $12.8m, an improvement on HY25 of $3.1m (HY25: $9.7m)
• An increase in Distributable Profit (Note 1) after current income tax of $1.3m to $15.2m
• Distributable Profit per share of 4.02 cents per share, up 0.29 cents from HY25
• Net Tangible Assets per share of $1.60
Portfolio Overview (Note 2) (as at 30 September 2025)
• Investore’s portfolio is valued at $1.0bn (Note 3), with an average property market capitalisation
rate of 6.2% and an initial yield of 6.6%
• Weighted average lease term of 6.6 years
• Anchor tenants (Note 4) represent 87% of Contract Rental (Note 5)
• High portfolio occupancy of 99.0%
Capital Management (as at 30 September 2025)
• Weighted average cost of debt of 4.2%
• LVR (Note 6) of 34.2%
• 83% debt hedged or subject to a fixed rate of interest
HY26 Highlights
Investore continued to deliver resilient operating earnings and returns to shareholders during HY26, while
at the same time executing on its strategic objectives of targeted acquisitions, and continued portfolio
optimisation through recycling proceeds from asset sales into assets which provide for strong growth
fundamentals.
Profit before other (expense)/income and income tax of $18.8m was up $1.6m from HY25 at $17.1m,
primarily as a result of higher net rental income and lower finance expenses. Profit after income tax
attributable to shareholders of $12.8m was up $3.1m from HY25 at $9.7m due to a smaller net reduction
in the fair value of investment properties (HY26: $(1.4)m; HY25: $(3.5)m).

2
Key capital transactions in the period include:
• Acquisition of Bunnings New Lynn, Auckland for $43m, representing a 6.1% initial yield. The
property is fully leased to Bunnings with a weighted average lease term of 7 years and a net lettable
area of approximately 11,000 square metres. The property is located on a 2.2 hectare site in the
Metropolitan Centre Zone
• Disposal of Woolworths Browns Bay for $24.4m, +4.9% above March 2025 book value and
representing a 5.4% initial yield
• Entered into an agreement to acquire Silverdale Centre for a purchase price of $114m,
representing a 6.8% initial yield. The property is located on a 7.0 hectare site with Town Centre
zoning. This acquisition was subject to shareholder approval, which was secured post balance date
and the acquisition subsequently settled on 31 October 2025
• Post balance date, Investore went unconditional on the sale of Woolworths New Brighton for
$7.4m, +6.2% above the September 2025 book value and representing a 7.4% initial yield
Portfolio Activity (as at 30 September 2025)
• 34 rent reviews completed during HY26, resulting in a 4.3% increase on prior rentals
• 7 renewals and 4 new lettings were completed during HY26
• Investore has agreed to contribute to online expansion works at Woolworths Dunedin, with an
expected rental return of 6.5% per annum on the landlord’s contribution
Proactive Capital Management (as at 30 September 2025)
• $62.5m of subordinated convertible notes were issued, providing Investore with access to a new
source of capital and helping create balance sheet headroom to support the acquisition of the
Silverdale Centre
• Investore’s bank debt facilities were refinanced and extended, with Commonwealth Bank of
Australia and Bank of China joining the syndicate
• LVR of 34.2% (Note 6) as at 30 September 2025, reduced from 38.5% as at 31 March 2025 due
to the issue of subordinated convertible notes, with a 40.5% pro forma LVR (Note 7)
• Post balance date, $100m facilities were added in relation to the acquisition of the Silverdale
Centre
• As at 30 September 2025, 83% of drawn debt, including subordinated convertible notes, was
subject to a fixed rate of interest, or 75% on a pro forma basis (Note 8)
• Weighted average cost of debt as at 30 September 2025 was 4.2%, including subordinated
convertible notes at a fixed coupon of 6.25%, remaining at 4.2% on a pro forma basis (Note 8)
• Weighted average fixed interest rate (excluding margins) is 2.1% as at 30 September 2025 or
2.2% on a pro forma basis (Note 8), (compared with 1.8% as at 31 March 2025)
• $25m two-year forward starting swap with an effective date of 28 February 2027 entered into.
Post balance date, $50m four-year forward starting swaps with effective dates of 31 October
2025 were entered into
Dividend
Investore has today declared a dividend for the quarter ended 30 September 2025 of 1.625 cents per
share to be paid on 4 December 2025 to all shareholders on the register at the close of business on 26

3
November 2025 (the record date). This dividend will carry imputation credits of 0.499159 cents per share.
A supplementary dividend of 0.226509 cents per share will be paid to non-resident shareholders.
Outlook
Interest rates continue to fall, flowing through to lower saving rates on deposits as well as lower borrowing
costs, improving investor depth and market liquidity for commercial property. Investore’s underlying
portfolio remains resilient with a defensive rental income stream from non-discretionary, everyday needs
retail tenants, supported by proactive capital management and a strong hedging outlook.
The Board considers this point in the cycle is a good time to be active in the market and remains focused on
executing its portfolio recycling strategy.
The Investore Board reaffirms its FY26 full year cash dividend guidance of 6.50 cents per share.
Further information can be found in Investore’s consolidated interim financial statements and presentation
for HY26 released with this announcement.
Notes:
1. Distributable Profit is a non-GAAP measure and consists of profit/(loss) before income tax, adjusted for
determined non-recurring and/or non-cash items (including non-recurring adjustments for incentives
payable to anchor tenants for lease extensions) and current tax. Further information, including the calculation
of Distributable Profit and the adjustments to profit/(loss) before income tax, is set out in note 3.3 to the
consolidated interim financial statements.
2. Unless otherwise stated, property portfolio metrics: (1) exclude properties categorised as ‘Development and
Other’ (see note 2.2 to the consolidated interim financial statements); (2) exclude lease liabilities; (3) include
the value of the rental guarantee receivable in relation to Bunnings Westgate; and (4) HY26 metrics include
the value of rental guarantee receivable in relation to the purchase of Bunnings New Lynn and excludes
transaction costs in relation to properties acquired during the period.
3. Total portfolio value as at 30 September 2025, which excludes lease liabilities and the value of the rental
guarantee receivable in relation to Bunnings Westgate and Bunnings New Lynn. The value includes
transaction costs in relation to acquisitions during the period.
4. Anchor Tenants include Woolworths, Bunnings, Mitre 10, Briscoes Group, The Warehouse Group and
Foodstuffs.
5. Contract Rental is the amount of rent payable by each tenant, plus other amounts payable to Investore by that
tenant under the terms of the relevant lease, annualised for the 12 month period on the basis of the
occupancy level of the relevant property as at the relevant date and assuming no default by the tenant.
6. Loan to Value Ratio (LVR) is calculated based on independent valuations which excludes lease liabilities. See
note 2.2 to the consolidated interim financial statements. As unsecured obligations, the subordinated
convertible notes do not affect (and are not included) in the LVR.
7. 30 September 2025 LVR, pro forma for the acquisition of Silverdale Centre and the disposal of Woolworths
New Brighton.
8. As at 30 September 2025, as if the Silverdale Centre acquisition, the Woolworths New Brighton disposal,
additional $100m bank debt facility and the $50m additional swaps entered into were effective as at that
date.

4
Ends
Attachments provided to NZX:
• Investore Property Limited – Interim Results Announcement HY26 – 181125
• Investore Property Limited – Consolidated Interim Financial Statements HY26 – 181125
• Investore Property Limited – Interim Results Presentation HY26 – 181125
• Investore Property Limited – NZX Results Announcement HY26 – 181125
• Investore Property Limited – NZX Distribution Notice FY26 Q2 – 181125

For further information please contact:
Mike Allen, Chairman, Investore Property Limited
Mobile: 021 606 134 - Email: mike.allen@investoreproperty.co.nz

Philip Littlewood, Chief Executive Officer, Stride Investment Management Limited as manager of Investore
Mobile: 021 230 3026 - Email: philip.littlewood@strideproperty.co.nz

Adam Lilley, Fund Manager, Stride Investment Management Limited as manager of Investore
Mobile: 021 024 99198 - Email: adam.lilley@strideproperty.co.nz

Jennifer Whooley, Chief Financial Officer, Stride Investment Management Limited as manager of Investore
Mobile : 021 536 406 – Email : jennifer.whooley@strideproperty.co.nz

Claire Fisher, General Manager Corporate Services, Stride Investment Management Limited as manager of Investore
Mobile: 021 223 1401 - Email: claire.fisher@strideproperty.co.nz

---

Consolidated Interim
Financial Statements
for the six months ended
30 September 2025

Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2025
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
Notes
$000$000
Gross rental income
38,856
38,246
Direct property operating expenses
(7,247)
(7,055)
Net rental income
2.1
31,609
31,191
Less corporate expenses
Asset management fee expense
4.0
(2,632)
(2,571)
Administration expenses
(1,218)
(1,327)
Total corporate expenses(3,850)
(3,898)
Profit before net finance expense, other (expense)/income and income tax27,759
27,293
Net finance expense
5.3
(8,999)
(10,160)
Profit before other (expense)/income and income tax18,760
17,133
Other (expense)/income
Net change in fair value of investment properties
2.2
(1,370)
(3,450)
Net change in fair value of derivative financial instruments
(18)
(153)
Net change in fair value of convertible notes option
(930)
-
Gain on disposal of investment property
636
-
Profit before income tax17,078
13,530
Income tax expense
6.1
(4,293)
(3,868)
Profit after income tax attributable to shareholders12,785
9,662
Other comprehensive loss:
Items that may be reclassified subsequently to profit or loss
Movement in cash flow hedges, net of tax
(1,325)
(646)
Total comprehensive income after tax attributable to shareholders11,460
9,016
Basic and diluted earnings per share (cents)
3.1
3.39
2.58
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2025
3
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Changes in Equity
For the six months ended 30 September 2025
Cents
per share
Number
of shares
000
Share
capital
$000
Retained
earnings
$000
Cash flow
hedge
reserve
$000
Total
$000
Balance 31 Mar 25 (Audited)377,623568,25136,184(36)604,399
Transactions with shareholders:
Q4 2025 final dividend
1.625--(6,136)-(6,136)
Q1 2026 interim dividend
1.625--(6,136)-(6,136)
Total transactions with shareholders--(12,272)-(12,272)
Other comprehensive loss:
Movement in cash flow hedges, net of tax
---(1,325)(1,325)
Total other comprehensive loss---(1,325)(1,325)
Profit after income tax
--12,785-12,785
Total comprehensive income/(loss)--12,785(1,325)11,460
Balance 30 Sep 25 (Unaudited)377,623568,25136,697(1,361)603,587
Balance 31 Mar 24 (Audited)
373,822564,07322,162816587,051
Transactions with shareholders:
Q4 2024 final dividend1.625--(6,075)-(6,075)
Q1 2025 interim dividend1.625--(6,075)-(6,075)
Total transactions with shareholders
--(12,150)-(12,150)
Other comprehensive loss:
Movement in cash flow hedges, net of tax---(646)(646)
Total other comprehensive loss
---(646)(646)
Profit after income tax--9,662-9,662
Total comprehensive income/(loss)
--9,662(646)9,016
Balance 30 Sep 24 (Unaudited)
373,822564,07319,674170583,917
4
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2025
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Financial Position
As at 30 September 2025
Unaudited
30 Sep 25
Audited
31 Mar 25
Notes
$000$000
Current assets
Cash
5,072
5,406
Debtors and other receivables
1,421
1,063
Prepayments
1,713
821
Other current assets
2,366
5,377
Derivative financial instruments
5.2
-
142
10,572
12,809
Non-current assets
Investment properties
2.2
1,025,257
1,001,709
Deposit and other prepayments on investment properties
627
-
Derivative financial instruments
5.2
-
150
1,025,884
1,001,859
Total assets1,036,456
1,014,668
Current liabilities
Trade and other payables
6.2
7,085
15,600
Current tax liability
1,947
1,565
Lease liabilities
115
111
9,147
17,276
Non-current liabilities
Borrowings
5.1
406,592
377,148
Lease liabilities
12,982
13,046
Deferred tax liability
2,243
2,537
Derivative financial instruments
5.2
1,905
262
423,722
392,993
Total liabilities432,869
410,269
Net assets603,587
604,399
Share capital
568,251
568,251
Retained earnings
36,697
36,184
Reserve
(1,361)
(36)
Equity603,587
604,399
For and on behalf of the Board of Directors of Investore Property Limited, who authorised these consolidated interim financial statements for issue
on 18 November 2025:

Mike Allen
Chair of the Board
Gráinne Troute
Chair of the Audit and Risk Committee
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2025
5
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Cash Flows
For the six months ended 30 September 2025
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
Notes
$000$000
Cash flows from operating activities
Gross rental received
38,941
37,306
Bank interest received
20
94
Direct property operating and corporate expenses
(11,237)
(11,841)
Interest paid
(8,220)
(10,876)
Borrowings establishment costs
(381)
(409)
Convertible notes issuance expenses
(1,759)
-
Income tax paid
(3,683)
(3,131)
Net cash provided by operating activities13,681
11,143
Cash flows from investing activities
Net proceeds from disposal of investment property
23,886
-
Capital expenditure on investment properties
(13,108)
(5,021)
Interest paid capitalised to investment properties
-
(209)
Acquisition of investment properties
(41,834)
(1,336)
Deposit and other prepayments on investment properties
(627)
(2,662)
Net cash applied to investing activities(31,683)
(9,228)
Cash flows from financing activities
Drawdown of bank borrowings
182,600
270,800
Repayment of bank borrowings
(215,100)
(162,300)
Proceeds from issue of convertible notes
1.5
62,500
-
Repayment of fixed rate bonds
-
(100,000)
Dividends paid
(12,272)
(12,150)
Lease liabilities payments
(60)
(56)
Net cash provided by/(applied to) financing activities17,668
(3,706)
Net decrease in cash held(334)
(1,791)
Opening cash
5,406
6,633
Closing cash at balance date5,072
4,842
Cash comprises:
Cash at bank
4,989
4,555
Cash held for retentions
83
287
Cash at balance date5,072
4,842
6
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2025
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Cash Flows (continued)
For the six months ended 30 September 2025
Reconciliation of profit after income tax attributable to shareholders to net cash provided by operating activities
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
Notes
$000$000
Profit after income tax attributable to shareholders12,785
9,662
Add/(less) non-cash items:
Deferred tax expense
6.1
228
209
Net change in fair value of investment properties
1,370
3,450
Gain on disposal of investment property
(636)
-
Spreading of fixed rental increases
(62)
195
Capitalised lease incentives net of amortisation
(178)
(67)
Movement in loss allowance
123
106
Borrowings establishment costs amortisation
654
449
Accrued interest movement in derivative financial instruments
70
(128)
Net change in fair value of derivative financial instruments
18
153
Net change in fair value of convertible notes option
930
-
15,302
14,029
Add/(less) activities reclassified to/(from) operating activities:
Movement in working capital items relating to investing activities
6,891
(1,198)
Movement in borrowings costs classified as operating activities
(2,140)
(409)
20,053
12,422
Movement in working capital:
Increase in trade and other receivables
(358)
(460)
Decrease/(increase) in prepayments and other current assets
2,119
(1,503)
(Decrease)/increase in trade and other payables
(8,515)
156
Increase in current tax liability
382
528
Net cash provided by operating activities13,681
11,143
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2025
7
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Notes to the Financial Statements
For the six months ended 30 September 2025
1.0General Information
9
1.1Reporting entity9
1.2Basis of preparation9
1.3New standards, amendments and interpretations9
1.4Significant judgements, estimates and assumptions9
1.5Significant events and transactions9
1.6Non-GAAP measures10
2.0Property
11
2.1Net rental income11
2.2Investment properties11
2.3Capital expenditure commitments contracted for12
3.0Investor Returns
13
3.1Basic and diluted earnings per share (EPS)13
3.2Net tangible assets (NTA) per share13
3.3Distributable profit13
4.0Related Party Disclosures
14
5.0Capital Structure and Funding
15
5.1Borrowings15
5.2Derivative financial instruments16
5.3Net finance expense17
5.4Share capital17
6.0Other
18
6.1Income tax18
6.2Trade and other payables19
6.3Operating segments19
6.4Subsequent events19
8
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2025

1.0 General Information
This section sets out Investore Property Limited’s accounting policies that relate to the unaudited consolidated interim financial
statements (financial statements) as a whole.
1.1 Reporting entity
The financial statements presented are those of Investore Property Limited (the Parent) and its 100% owned subsidiary, Investore Property
(Carr Road) Limited (the Subsidiary) (together referred to as Investore). Both companies are domiciled in New Zealand and registered under the
Companies Act 1993. The Parent is also an FMC reporting entity under Part 7 of the Financial Markets Conduct Act 2013.
Investore’s principal activity is property investment in New Zealand. Investore is managed by Stride Investment Management Limited (SIML).
The financial statements were approved for issue by the Board of Directors of the Parent (the Board) on 18 November 2025.
1.2 Basis of preparation
The financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (GAAP), New Zealand
International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34) and International Accounting Standard 34 Interim Financial
Reporting (IAS 34). Investore is a for-profit entity for the purposes of financial reporting.
The financial statements have been prepared under the historical cost basis except for assets and liabilities stated at fair value as disclosed. The
financial statements have been presented in New Zealand dollars and have been rounded to the nearest thousand, unless stated otherwise.
The financial statements do not contain all the disclosures normally included in an annual financial report and should be read in conjunction with the
consolidated financial statements for the year ended 31 March 2025.
1.3 New standards, amendments and interpretations
On 23 May 2024, the New Zealand Accounting Standards Board of the External Reporting Board issued NZ IFRS 18 Presentation and Disclosure
in Financial Statements (NZ IFRS 18) (effective for annual reporting periods beginning on or after 1 January 2027). This standard replaces
NZ IAS 1 Presentation of Financial Statements and primarily introduces a defined structure for the statement of comprehensive income, disclosure
of management-defined performance measures (a subset of non-GAAP measures) in a single note, together with reconciliation requirements.
Investore has not early adopted this standard and is yet to assess its impacts.
At the date of authorisation of these financial statements, Investore has not applied any new or revised NZ IFRS standards and amendments that
have been issued but are not yet effective.
1.4
 Significant judgements, estimates and assumptions
The accounting policies applied in these financial statements are the same as those applied in the consolidated financial statements for the year
ended 31 March 2025, with the exception of the adoption of a new policy relating to the treatment of the convertible notes embedded financial
derivative (refer note 5.1).
In applying Investore’s accounting policies, the Board regularly evaluates significant judgements, estimates and assumptions that may have an
impact on Investore. The significant judgements, estimates and assumptions made in the preparation of these financial statements were the same
as those applied in respect of the consolidated financial statements for the year ended 31 March 2025, with the exception of additional disclosure
added to borrowings (note 5.1).
1.5
 Significant events and transactions
The financial position and performance of Investore was affected by the following events and transactions that occurred during the reporting period:
Bank debt refinance
On 30 April 2025, Investore's $225.0 million bank debt facilities were refinanced, extending the maturity of each facility to either 31 May 2029 or
31 May 2030. As part of this refinance, Commonwealth Bank of Australia, New Zealand Branch, and Bank of China Limited, Auckland Branch, joined
the banking syndicate (refer note 5.1).
On 5 September 2025, Investore's banking syndicate approved an increase of $100.0 million to Investore’s bank debt facilities, conditional upon
Investore's shareholders approving the acquisition of the Silverdale Centre, located at 61 Silverdale Street, Auckland (Silverdale Centre), which
occurred on 20 October 2025 (refer note 6.4).
Acquisition of investment property
Investore acquired Bunnings New Lynn, located at 2-12 Titirangi Road, Auckland, on 4 July 2025 for a purchase price of $43.0 million.
The initial acquisition has been accounted for as investment property of $42.7 million. The vendor has provided a rental guarantee ending
September 2027, amounting to $0.3 million as at 30 September 2025, which has been recognised in debtors and other receivables in the
consolidated statement of financial position.
Divestment of investment property
On 1 September 2025, Investore divested the investment property located at 24 Anzac Road, Auckland, for $24.4 million.
Issuance of convertible notes
On 26 September 2025, Investore issued $62.5 million of subordinated convertible notes with a four-year term expiring on 26 September 2029,
paying a coupon rate of 6.25% per annum and a conversion price cap of $1.56 per share (refer note 5.1). The net proceeds were used to repay
bank debt.
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 2025
9

1.0 General Information (continued)
1.6 Non-GAAP measures
The consolidated statement of comprehensive income includes two non-GAAP measures: Profit before net finance expense, other (expense)/
income and income tax; and Profit before other (expense)/income and income tax. These non-GAAP measures have been presented to assist
investors in understanding the different aspects of Investore’s financial performance.
Note 3.2 sets out Investore's net tangible assets (NTA) per share which is a non-GAAP measure and is a common investment metric.
Note 3.3 sets out Investore’s calculation of distributable profit and Adjusted Funds From Operations (AFFO) which are both non-GAAP measures.
Distributable profit is presented to provide an earnings measure which more closely aligns to Investore’s underlying and recurring earnings from its
operations. AFFO is intended as a supplementary measure of operating performance. Cash spent during the period on capital expenditure as part of
maintaining a building's grade/quality, but not expensed as part of distributable profit after current income tax, is adjusted to reflect cash earnings
for the period.
Note 6.1 sets out current tax expense excluding divestments and current tax expense on divestments which are both non-GAAP measures and are
included to provide an assessment of current tax for Investore's recurring earnings from operations. Current tax expense on divestments relates to
depreciation recovered on the divestment of investment properties.
These non-GAAP measures do not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by
other entities.
10
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2025

2.0 Property
This section covers property assets, being large format retail properties, which generate Investore’s trading performance.
2.1 Net rental income
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
$000$000
Gross rental income
Rental income
33,838
33,678
Service charge income recovered from tenants
4,778
4,688
Spreading of fixed rental increases
62
(195)
Capitalised lease incentives
287
197
Lease incentives amortisation
(109)
(122)
Total gross rental income38,856
38,246
Direct property operating expenses
Service charge expenses relating to tenants
(5,119)
(5,200)
Movement in loss allowance
(123)
(106)
Lease incentives amortisation
-
(8)
Other property operating expenses
(2,005)
(1,741)
Total direct property operating expenses(7,247)
(7,055)
Net rental income31,609
31,191
Other property operating expenses include property maintenance and operating expenses not recoverable from tenants and property
leasing expenses.
2.2
 Investment properties
The movement in Investore's investment properties during the six months to 30 September 2025 is as follows:
Core
Non-core
Development
and OtherTotal
$000$000$000$000
Balance at 31 Mar 25 (Audited)753,111224,39624,2021,001,709
Property acquisitions
40,574-1,26041,834
Disposal
(23,250)--(23,250)
Recognition of deposit and other prepayments on
investment properties
2,410--2,410
Capital expenditure
3,107577-3,684
Spreading of fixed rental increases
117(55)-62
Capitalised lease incentives net of amortisation
(41)219-178
Transfer
5,902-(5,902)-
Net change in fair value
3,826(5,196)-(1,370)
Balance at 30 Sep 25 (Unaudited)785,756219,94119,5601,025,257
Comprised of:
Investment properties per valuations or at cost
785,150207,45019,5601,012,160
Lease liabilities
60612,491-13,097
Balance at 30 Sep 25 (Unaudited)785,756219,94119,5601,025,257
All investment properties were valued by independent valuers as at 31 March 2025. The Board has reviewed the fair value of investment properties
as at 30 September 2025 on an asset by asset basis after considering recent comparable transactional evidence of market sales, leasing activity
and capital expenditure and is satisfied that there has been no significant change to the overall carrying value, other than the following investment
properties, which were subject to an independent valuation due to comparable transactional evidence, capital expenditure works or leasing activity
undertaken during the period.
Properties acquired during the current period have been recorded at cost. Given the recent nature of these acquisitions, the purchase price is
considered the most reliable estimate of fair value.
During the current period, capital works were completed at 507 Pakuranga Road, Auckland. As a result, $5.9 million was transferred from
'Development and Other' properties to 'Core' properties, aligning the costs with the classification of the remainder of the property.
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 2025
11

2.0 Property (continued)
2.2 Investment properties (continued)
Valued as at 30 Sep 25 (Unaudited)$000
Core valued
326 Great South Road, Auckland
34,000
35A St Johns Road, Auckland
22,100
507 Pakuranga Road, Auckland
26,500
3 Averill Street, Auckland
36,800
Cnr Te Irirangi Drive & Bishop Dunn Place, Auckland
36,000
226 Great South Road, Auckland
37,000
2 Carr Road, Auckland
39,500
4 Carr Road, Auckland
26,300
295 Penrose Road, Auckland
41,500
21 Fred Taylor Drive, Auckland
54,080
Cnr Hukanui & Thomas Roads, Hamilton
14,500
65 Chapel Street, Tauranga
52,500
91 Johnsonville Road, Wellington
20,250
13-19 Queen Street, Upper Hutt
16,750
Cnr Hanson Street, John Street & Adelaide Road, Wellington
20,500
87-97 Hilton Street, Kaiapoi
11,800
6 & 21 Hakarau Road, Kaiapoi
21,000
219 Colombo Street, Christchurch
18,700
40-50 Ivory Street, Rangiora
17,000
Cnr Rolleston & Masefield Drives, Rolleston
20,250
309 Cumberland Street, Dunedin
22,300
Core total valued589,330
Non-core total valued59,150
Development and Other valued
6 & 21 Hakarau Road, Kaiapoi (Land)
5,800
Total valued as at 30 Sept 25 (Unaudited)654,280
The above investment properties were valued using the same valuer (each being independent registered valuers who hold an annual practising
certificate with the Valuers Registration Board and are members of the New Zealand Institute of Valuers) as valued the respective property for the
31 March 2025 independent valuations.
With regards to these investment properties, the valuers took into account the following:
•occupancy (leased area as a proportion of the total net lettable area) average was 98.6% at balance date;
•average lease term (weighted average lease term) was 6.8 years at balance date;
•discount rates ranged from 6.0% to 8.5%; and
•capital expenditure works.
Capitalisation rates ranged from 5.4% to 7.3% for the investment properties valued.
At 31 March 2025, Investore's property at 507 Pakuranga Road, Auckland, was valued utilising the Residual approach, calculating what the
property was expected to be worth on completion of development works and deducting all expected costs to complete the works, including the
$7.5 million commitment to General Distributors Limited (Woolworths) payable on completion of the works. As at 30 September 2025, the property
was valued using a combination of both the Income Capitalisation and the Discounted Cash Flow approaches as the development works were
completed and settled.
2.3
 Capital expenditure commitments contracted for
On 8 September 2025, Investore entered into a conditional agreement for the purchase of the Silverdale Centre for $114 million from Stride
Property Limited (SPL), subject to Investore's shareholders' approval which was obtained on 20 October 2025. The acquisition settled on
31 October 2025. Under the terms of the agreement, SPL will either undertake works or reimburse part of the purchase price, for certain seismic
strengthening works up to a maximum $0.8 million, if required.
As at 30 September 2025, Investore has committed to the following capital expenditure works:
•$1.8 million (31 Mar 25: $nil) towards a dedicated online pick-up area at 309 Cumberland Street, Dunedin.
•$0.9 million (31 Mar 25: $nil) for various other capital expenditure.
12
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2025

3.0 Investor Returns
This section sets out Investore’s earnings per share, net tangible assets per share and how distributable profit is calculated.
Distributable profit is a non-GAAP measure (refer note 1.6) and is used by Investore to calculate profit available for distribution to
shareholders by way of dividends.
3.1 Basic and diluted earnings per share (EPS)
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
$000$000
Profit after income tax attributable to shareholders12,785
9,662
Weighted average number of shares for the purpose of basic and diluted EPS
377,623
373,822
Basic and diluted EPS - weighted (cents)3.39
2.58
3.2 Net tangible assets (NTA) per share
Unaudited
30 Sep 25
Audited
31 Mar 25
Unaudited
30 Sep 24
Number of shares on issue (000)
377,623
377,623373,822
Total assets ($000)
1,036,456
1,014,6681,020,733
Less total liabilities ($000)
(432,869)
(410,269)(436,816)
NTA ($000)603,587
604,399583,917
NTA per share (cents)160
160156
3.3 Distributable profit
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
$000$000
Profit before income tax17,078
13,530
Non-recurring, non-cash and other adjustments:
Net change in fair value of investment properties
1,370
3,450
Reversal of lease liabilities movement in net change in fair value of investment properties
(60)
(56)
Gain on disposal of investment property
(636)
-
Net change in fair value of derivative financial instruments
18
153
Net change in fair value of convertible notes option
930
-
Spreading of fixed rental increases
(62)
195
Capitalised lease incentives net of amortisation
(178)
(67)
Borrowings establishment costs amortisation
654
449
Rental guarantee income
163
-
Distributable profit before current income tax19,277
17,654
Current tax expense excluding divestments (refer note 6.1)(4,085)
(3,659)
Adjusted for:
Tax expense on capitalised interest
-
(58)
Distributable profit after current income tax15,192
13,937
Adjustments to funds from operations
Maintenance capital expenditure
(3,310)
(584)
Seismic works
-
(373)
Incentives and associated landlord works
(20)
(168)
Adjusted Funds From Operations (AFFO)11,862
12,812
Weighted average number of shares for the purpose of basic and diluted distributable profit per share (000)
377,623
373,822
Basic and diluted distributable profit after current income tax per share - weighted (cents)4.02
3.73
AFFO basic and diluted distributable profit after current income tax per share - weighted (cents)3.14
3.43
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2025
13

4.0 Related Party Disclosures
This section sets out the transactions that have occurred during the relevant periods between Investore and SIML, as manager of
Investore, and Stride Property Limited (SPL), which owns a cornerstone shareholding in Investore. The shares in each of SIML and
SPL are stapled securities and together they comprise the Stride Property Group.
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
The following transactions with a related party took place$000$000
SIML
Asset management fee expense
(2,632)
(2,571)
Building management fee expense
(217)
(225)
Project management fee expense
(415)
(107)
Disposal fee expense
(122)
-
Accounting fee expense
(125)
(125)
Leasing fee expense
(115)
(189)
Convertible notes issuance expense
(100)
-
Other fee expenses
(86)
(79)
Total(3,812)
(3,296)
SPL
Dividends paid
(2,311)
(2,288)
Unaudited
30 Sep 25
Audited
31 Mar 25
The following balance was payable to a related party$000$000
SIML
(166)
(141)
Other fee expenses include maintenance and sustainability fees (30 Sep 24: maintenance and sustainability).
On 8 September 2025, Investore entered into a conditional agreement for the purchase of the Silverdale Centre for $114 million from SPL (refer
note 2.3).
Investore has appointed SIML as its exclusive provider of ongoing real estate investment management services. Investore does not have any
employees, and accordingly, there are no senior managers of Investore who have a relevant interest in the shares of Investore.
SIML did not receive a performance fee for the six months ended 30 September 2025 (30 Sep 24: $ nil). The carried forward return for the
performance fee calculation for the quarter ending 31 December 2025 is a 2.8% deficit (31 Mar 25: carried forward return for the quarter ended
30 June 2025 31.4% deficit) which has been calculated in accordance with the management agreement.
SPL's shareholding in the Parent is 18.8%, being 71.1 million shares (31 Mar 25: 18.8%, being 71.1 million shares).
14
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2025

5.0 Capital Structure and Funding
Investore's capital structure includes debt and equity, comprising shares and retained earnings as shown in the consolidated
statement of financial position. This section sets out Investore's funding exposure to interest rate risk and related
financing costs.
5.1 Borrowings
Accounting policy
The convertible notes embedded financial derivative is recognised at fair value with any gains or losses recognised in profit or loss as
they arise.
Unaudited
30 Sep 25
Audited
31 Mar 25
$000$000
Non-current
Bank facility drawn down
96,100
128,600
Fixed rate bonds
250,000
250,000
Convertible notes
62,500
-
Convertible notes - embedded financial derivative - option
4,140
-
Convertible notes - unamortised option value
(3,210)
-
Unamortised borrowings establishment costs
(2,938)
(1,452)
Total net borrowings406,592
377,148
Weighted average cost of debt (inclusive of current interest rate derivatives, bonds, convertible notes, bank
margins and line fees) at balance date
4.19%
4.10%
Total
amount
Undrawn
facility
Drawn
amount
Fair
value
As at 30 Sep 25 (Unaudited)Issue dateExpiry dateInterest rate$000$000$000$000
Bank Facility A31 May 2029Floating
40,00040,000--
Bank Facility B31 May 2030Floating
35,000-35,00035,000
Bank Facility C31 May 2029Floating
25,00025,000--
Bank Facility D31 May 2030Floating
20,000-20,00020,000
Bank Facility E31 May 2030Floating
40,000-40,00040,000
Bank Facility F31 May 2029Floating
65,00063,9001,1001,100
Bonds IPL02031 Aug 202031 Aug 20272.40%
125,000-125,000120,981
Bonds IPL03025 Feb 202225 Feb 20274.00%
125,000-125,000125,269
Convertible notes26 Sep 202526 Sep 20296.25%
62,500-62,50063,656
537,500128,900408,600406,006
As at 31 Mar 25 (Audited)
Bank Facility A30 Nov 2028Floating50,00050,000--
Bank Facility B30 Nov 2028Floating42,500-42,50042,500
Bank Facility C30 Nov 2028Floating52,500-52,50052,500
Bank Facility D30 Nov 2028Floating80,00046,40033,60033,600
Bonds IPL02031 Aug 202031 Aug 20272.40%125,000-125,000116,761
Bonds IPL03025 Feb 202225 Feb 20274.00%125,000-125,000122,456
475,00096,400378,600367,817
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2025
15

5.0 Capital Structure and Funding (continued)
5.1 Borrowings (continued)
Bank borrowings
Investore’s bank borrowings are via syndicated senior secured facilities with ANZ Bank New Zealand Limited, Bank of China Limited, Auckland
Branch, China Construction Bank Corporation, New Zealand Branch, Commonwealth Bank of Australia, New Zealand Branch, Industrial and
Commercial Bank of China Limited, Auckland Branch, and Westpac New Zealand Limited.
On 30 April 2025, Investore's $225.0 million bank debt facilities were refinanced, extending the maturity of each facility to either 31 May 2029 or
31 May 2030.
In accordance with the Green Finance Framework (Framework) the facilities are classified as green loan facilities. The Framework has been
developed to be consistent with the Asia Pacific Loan Market Association Green Loan Principles (2025) and International Capital Market Association
Green Bond Principles (2021 with June 2022 Appendix) and with consideration of the NZGBC Green Finance Guidance for Green Buildings (2024).
Fixed rate bonds
The fixed rate bonds are quoted on the NZX Debt Market and their fair value is based on their listed market price as at balance date. Interest on the
7 year fixed rate bonds issued in 2020 (IPL020) and the 5 year fixed rate bonds issued in 2022 (IPL030) are payable quarterly in August, November,
February and May, in equal instalments.
Security
The bank borrowings and fixed rate bonds are managed through a security agent who holds a first registered mortgage on all the investment
properties owned by the Parent and the Subsidiary and a registered first ranking security interest under a General Security Deed over substantially
all the assets of the Parent and the Subsidiary.
Convertible notes
The convertible notes are quoted on the NZX Debt Market and their fair value is based on their listed market price as at balance date. Interest on the
4 year convertible notes is payable quarterly in December, March, June and September, in equal instalments.
The convertible notes are subordinated to all secured debt and will convert into ordinary shares in Investore subject to a cash election by Investore.
The cash election allows Investore to elect to instead pay a cash amount to noteholders at the end of the term in respect of some or all of the
notes. The number of shares into which each holding of notes converts will be determined by dividing the principal amount ($1.00 per note) by the
conversion price, which is the lesser of; the conversion price cap of $1.56 and a 2% discount to the market price. At conversion, noteholders will
receive a minimum value of approximately $1.02 for every $1.00 of principal amount.
The fair value of the convertible notes embedded financial derivative is determined using the Black-Scholes model with observable inputs such as
Investore's share price and its historic volatility, the convertible notes strike price and the risk-free rate. This measurement falls into Level 2 of the
fair value hierarchy.
5.2
 Derivative financial instruments
Unaudited
30 Sep 25
Audited
31 Mar 25
$000$000
Interest rate derivative contracts - fixed rate payer start dates commenced
25,000
30,000
Interest rate derivative contracts - fixed rate payer forward starting
125,000
125,000
Total notional principal value of interest rate derivative contracts150,000
155,000
Interest rate derivative assets - current
-
142
Interest rate derivative assets - non-current
-
150
Interest rate derivative liabilities - non-current
(1,905)
(262)
Fair value of interest rate derivative contracts(1,905)
30
Fixed interest rates payer (including forward starting interest rate derivatives)
3.54%-3.83%
2.84%-3.83%
Weighted average fixed interest rate (excluding margins, including forward starting interest rate derivatives)
2.50%
2.35%
Percentage of drawn debt fixed
83%
74%
On 8 May 2025, Investore entered into a forward-starting two year fixed interest rate swap agreement with a notional value of $25.0 million and an
effective date of 28 February 2027.
Investore enters into interest rate swaps that have similar critical terms as the hedged item, such as reference rate, reset dates, payment dates,
maturities and notional amount. As all critical terms matched during the period, the economic relationship was 100% effective. Investore does not
hold derivative financial instruments for trading purposes.
The fair values of interest rate derivatives are determined from valuations prepared by independent treasury advisors using valuation techniques
classified as Level 2 in the fair value hierarchy (31 Mar 25: Level 2). Judgement is involved in determining the fair value by the independent treasury
advisers. The fair values are based on the present value of estimated future cash flows based on the terms and maturities of each contract and
the current market interest rates as at balance date. Fair values also reflect the current creditworthiness of the derivative counterparties. The
valuations were based on market rates at 30 September 2025 of between 2.80%, for the 90-day BKBM, and 3.70%, for the 10-year swap rate
(31 Mar 25: 3.61% and 4.11%, respectively). There were no changes to these valuation techniques during the reporting period.
16
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2025

5.0 Capital Structure and Funding (continued)
5.3 Net finance expense
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
$000$000
Finance income
Bank interest income
20
94
Total finance income20
94
Finance expense
Bank borrowings interest
(4,261)
(5,527)
Bank borrowings interest capitalised
-
209
Fixed rate bonds interest
(4,265)
(4,494)
Convertible notes interest
(54)
-
Lease liabilities interest
(439)
(442)
Total finance expense(9,019)
(10,254)
Net finance expense(8,999)
(10,160)
Certain comparative amounts have been reclassified to conform with the current year's presentation.
5.4 Share capital
There is only one class of shares, being ordinary shares, and they rank equally with each other. All issued shares are fully paid and have no par value.
Investore had 377,623,361 shares on issue as at 30 September 2025 (31 Mar 25: 377,623,361).
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 2025
17

6.0 Other
This section contains additional information to assist in understanding the financial performance and position of Investore.
6.1 Income tax
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
Income tax$000$000
Current tax expense excluding divestments
(4,085)
(3,659)
Current tax expense on divestments
20
-
Deferred tax expense
(228)
(209)
Income tax expense per the consolidated statement of comprehensive income(4,293)
(3,868)
Profit before income tax17,078
13,530
Prima facie income tax using the company tax rate of 28%(4,782)
(3,788)
(Increase)/decrease in income tax due to:
Net change in fair value of investment properties
(384)
(966)
Gain on disposal of investment property
178
-
Reversal of lease liabilities movement in investment properties
17
16
Movement in fair value of derivative financial instruments
(5)
(43)
Movement in fair value of convertible note option
(260)
-
Assessable income
(46)
-
Non-taxable income
20
39
Other permanent differences
69
111
Depreciation
1,032
940
Non-deductible expenses
(61)
(137)
Expenditure deductible for tax
139
58
Temporary differences
(2)
26
Prior year adjustment
-
85
Current tax expense excluding divestments(4,085)
(3,659)
Current tax expense on divestments20
-
Current tax expense total(4,065)
(3,659)
Investment properties depreciation
(124)
(223)
Other
(104)
14
Deferred tax charged to profit or loss(228)
(209)
Income tax expense per the consolidated statement of comprehensive income(4,293)
(3,868)
18
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2025

6.0 Other (continued)
6.2 Trade and other payables
Unaudited
30 Sep 25
Audited
31 Mar 25
$000$000
Current
Unsecured liabilities
Trade payables
495
488
Related party payables (refer note 4.0)
166
141
Development and capital expenditure payables and accruals
1,775
11,003
Retention accruals
83
192
Interest expense accruals
1,080
1,005
Other accruals and payables
3,486
2,771
7,085
15,600
Other accruals and payables include Goods and Services Tax, tenant deposits, direct property operating expense accruals and other corporate
expense accruals.
6.3 Operating segments
Investore is reported as a single operating segment which is consistent with the internal reporting provided to the chief operating decision-maker,
identified as the Board. Investore’s revenue streams are earned from investment properties owned in New Zealand, with no specific exposure to
geographical risk. Two tenants contributed more than 10% to Investore’s portfolio contract rental as at 30 September 2025, GDL (Woolworths)
contributes 59% (30 Sep 24: 65%) and Bunnings Limited contributes 21% (30 Sep 24: 12%).
6.4 Subsequent events
On 10 October 2025, Investore entered into four year fixed interest rate swap agreements with a total notional value of $50.0 million, with effective
dates of 31 October 2025.
On 20 October 2025, Investore's shareholders approved:
•the acquisition of the Silverdale Centre (refer note 2.3);
•amendments to the management agreement with SIML, which included updates to management fee provisions and an expanded investment
mandate to include convenience-based retail properties; and
•ratification of the issue of convertible notes, including the issue of shares at maturity if required.
Following Investore's shareholders' approval to the acquisition of the Silverdale Centre, Investore's bank debt facilities were increased by
$100.0 million.
On 31 October 2025, Investore settled on the acquisition of the Silverdale Centre for $114.0 million, funded with bank debt.
On 17 November 2025, Investore entered into an unconditional agreement to dispose of the property at 24 Brighton Mall, Christchurch, for a price
of $7.4 million. Settlement is expected to occur mid December 2025.
On 18 November 2025, the Parent declared a cash dividend for the period 1 July 2025 to 30 September 2025 of 1.625 cents per share, to be paid
on 4 December 2025 to all shareholders on the Parent’s register at the close of business on 26 November 2025. This dividend will carry imputation
credits of 0.499159 cents per share. This dividend has not been recognised in the financial statements. 
There have been no other material events subsequent to balance date.
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 2025
19

Independent auditor’s review report
To the shareholders of Investore Property Limited
Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated interim financial statements of Investore Property Limited (the Company) and its controlled entities (the Group),
which comprise the consolidated statement of financial position as at 30 September 2025, and the consolidated statement of comprehensive
income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the six months ended on that date, and
selected explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that these accompanying consolidated interim financial statements
of the Group do not present fairly, in all material respects, the financial position of the Group as at 30 September 2025, and its financial
performance and cash flows for the six months then ended, in accordance with International Accounting Standard 34 Interim Financial Reporting
(IAS 34) and New Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s
responsibilities for the review of the consolidated interim financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to the audit of the annual financial
statements, and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements.
Other than in our capacities as auditor and assurance practitioner, we have no relationship with, or interests in, the Group.
Responsibilities of Directors for the consolidated interim financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation of these consolidated interim
financial statements in accordance with IAS 34 and NZ IAS 34 and for such internal control as the Directors determine is necessary to enable the
preparation and fair presentation of the consolidated interim financial statements that are free from material misstatement, whether due to fraud
or error.
Auditor’s responsibilities for the review of the consolidated interim financial statements
Our responsibility is to express a conclusion on the consolidated interim financial statements based on our review. NZ SRE 2410 (Revised) requires
us to conclude whether anything has come to our attention that causes us to believe that the consolidated interim financial statements, taken as a
whole, are not prepared in all material respects, in accordance with IAS 34 and NZ IAS 34.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We
perform procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. The procedures performed in a review are substantially less than those performed in an audit conducted
in accordance with International Standards on Auditing and International Standards on Auditing (New Zealand) and consequently does not
enable us to obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on these consolidated interim
financial statements.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been undertaken so that we might state those matters
which we are required to state to them in our review report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our review procedures, for this report or
for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Philip Taylor.
For and on behalf of:
PricewaterhouseCoopers
Auckland
18 November 2025
pwc.co.nz
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West,
Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000
20
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2025

Corporate Directory
Board of Directors
Mike Allen (Chair)
Gráinne Troute
Adrian Walker
Tim Storey (SIML-appointed Director)
Ross Buckley (SIML-appointed Director)
Registered Office
Level 12, 34 Shortland Street, Auckland 1010
PO Box 6320, Victoria Street West, Auckland 1142
New Zealand
W investoreproperty.co.nz
Manager
Stride Investment Management Limited
Level 12, 34 Shortland Street, Auckland 1010
PO Box 6320, Victoria Street West, Auckland 1142
New Zealand
T +64 9 912 2690
Auditor
PwC
PwC Tower, Level 27, 15 Customs Street West, Auckland
1010
Private Bag 92162, Auckland 1142
T +64 9 355 8000
Share Registrar
C
omputershare Investor Services Limited
Level 2, 159 Hurstmere Road, Takapuna
P
rivate Bag 92119, Auckland 1142
T +64 9 488 8777
F
+64 9 488 8787
E enquiry@computershare.co.nz
Bankers
ANZ Bank New Zealand Limited
B
ank of China, Auckland Branch
C
hina Construction Bank Corporation,
New Zealand Branch
Commonwealth Bank of Australia, New Zealand Branch
Industrial and Commercial
Bank of China Limited,
Auckland Branch
Westpac New Zealand Limited
Bond Supervisor
Public Trust
Private Bag 5902, Wellington 6140
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2025
21

Investore
Property Limited
Level 12, 34 Shortland Street
Auckland 1010
PO Box 6320
Victoria Street West,
Auckland 1142, New Zealand
T +64 9 912 2690
W investoreproperty.co.nz

---

Interim Results Presentation
For the six months ended 30 September 2025
18 November 2025

Financial overview03
Key metrics04
Portfolio07
Sustainability12
Financial performance14
Capital management 17
Looking ahead20
Glossary22
Appendices24
Contents
Investore Property Limited | HY26 Interim Results Presentation
Capitalised and technical terms are defined in the glossary on page 23.
Numbers in charts may not sum due to rounding.
Unless otherwise stated, property portfolio metrics: (1) exclude properties
categorised as ‘Development and Other’ (see note 2.2 to the consolidated
interim financial statements); (2) exclude lease liabilities; (3) include the value
of the rental guarantee receivable in relation to Bunnings Westgate; and (4)
HY26 metrics include the value of rental guarantee receivable in relation to
the purchase of Bunnings New Lynn and excludes transaction costs in
relation to properties acquired during the period.
2

Profit after income tax
up $3.1m from HY25 at $9.7m profit after income tax
Financial overview
For the 6 months ended 30 Sep 25 (HY26)
3
Profit before other (expense)/income and
income tax
up $1.6m from HY25 at $17.1m
Distributable Profit after current income tax
up $1.3m from HY25 at $13.9m
Distributable Profit per share
up from HY25 at 3.73 cents
FY26 cash dividend guidance
per share
Investore Property Limited | HY26 Interim Results Presentation
Woolworths, Waimakariri Junction
$18.8m
$12.8m
$15.2m
4.02 cents
6.50 cents
UPDATE
3
Net Tangible Assets
per share
$1.60

Portfolio metrics
Capital management
4.2%
Weighted average
cost of debt
compared to 4.1% at 31 Mar 25
83%
Debt hedged or subject to
a fixed rate of interest
as at 30 Sep 25
34.2%
LVR
2
as at 30 Sep 25
$62.5m
Subordinated convertible
notes issued
$1.0bn
Portfolio valuation
1
a net reduction in fair value of (0.1)% or
$(1.3)m over 6 months to 30 Sep 25
99.0%
Occupancy
by area

as at 30 Sep 25
6.2%
WACR
down (10) bps from 31 Mar 25
6.6 years
WALT
as at 30 Sep 25
87%
Anchor Tenants by
Contract Rental
as at 30 Sep 25
6.6%
Initial yield
as at 30 Sep 25
1.Total portfolio value as at 30 Sep 25, which excludes lease liabilities and the value of the rental guarantee receivable
in relation to Bunnings Westgate and Bunnings New Lynn. The value includes transaction costs in relation to
acquisitions during the period.
2.Investore’s LVR covenant excludes the subordinated convertible notes.
Investore Property Limited | HY26 Interim Results Presentation
4

Transaction metrics
Assets
divested
Assets
acquired
Value of properties in key metro
locations
$31.8m$157.0m
Blended initial yield5.9%6.6%
Average age weighted by value
32 years
old
12 years
old
Portfolio optimisation
Investore Property Limited | HY26 Interim Results Presentation
Since 31 Mar 25, Investore has sold Woolworths Browns Bay,
Auckland, for $24.4m, +4.9% above 31 Mar 25 book value,
and acquired Bunnings New Lynn, Auckland, for $43m and
the Silverdale Centre, Auckland, for $114m. Post balance
date, the sale of Woolworths New Brighton, Christchurch,
became unconditional for $7.4m, +6.2% above 30 Sep 25
book value
Strategic outcomes:
•Increases exposure to leases with structured rental growth to
support returns over the medium to long term
•Adds scale, with net acquisition value being +$125m
•Increases presence in key metro locations, with Auckland
exposure rising from 42%
1
prior to transactions to 49% (by
Investment Portfolio value)
•Enhances tenant diversification, with Woolworths
concentration reducing from 62%
1
prior to transactions to 54%
•Recycling out of older properties for newer properties
•Blended initial yield of the acquisitions exceed the disposals
by 0.7%
5
1.Metrics use property values or Contract Rental as at 30 Sep 25 or latest book value for the disposals.

Silverdale Centre, Auckland
Acquisition highlights:
•Fully occupied with 72% of tenants by Contract Rental being new
to the portfolio including The Warehouse Group, Chemist
Warehouse and Macpac
•86% of Contract Rental is subject to structured or market-based
rent reviews, underpinning rental growth over time
•7.0 ha site with 33% site coverage
•Catchment is projected to grow 48% between 2023 and 2048
1
,
supporting long-term growth potential
•Rent reviews and renewals drove a 9.8% uplift on prior rentals in
HY26
2
, primarily driven by market rent reviews
•Specialty MAT up 2.5% on a like-for-like basis
3
Key metrics – Silverdale Centre
Purchase price

$114m
Initial yield6.8%
WALT3.5 years
NLA~23,000sqm
Site coverage33%
Property 10 year IRR
4
8.2%
Occupancy100%
Car parks980
Asset age13 years
1.Colliers, “Retail Catchment Analysis Silverdale Centre”, November 2023.
2.Silverdale Centre was owned by Stride Property Limited during HY26, therefore,
this metric does not contribute to Investore’s income for this period.
3.Sales data is not collected for all tenants at Silverdale Centre as not all tenants
are obliged to provide this information under the terms of their lease.
4.Based on independent valuation from Jones Lang LaSalle Limited.
Silverdale Centre
Investore Property Limited | HY26 Interim Results Presentation
6

Portfolio
Investore Property Limited | HY26 Interim Results Presentation
2 & 4 Carr Road, Mt Roskill
7

Active portfolio management
Investment Portfolio Metrics
Pro forma
30 Sep 25
3
As at
30 Sep 25
As at
31 Mar 25
Investment Portfolio value

($m)1,100993965
Number of properties434343
Number of tenants180142142
NLA (sqm)282,337261,535254,684
Net Contract Rental

($m)72.465.363.0
WALT (years)6.36.66.8
Market capitalisation rate (%)6.36.26.3
Initial yield (%)6.66.66.5
Occupancy rate by area (%)99.199.099.0
Total site area (sqm)678,952613,496604,034
Net rent by NLA ($/sqm)259253250
•Agreed to contribute to online expansion works at
Woolworths Dunedin, with an expected rental return
of 6.5% per annum on landlord’s contribution
•Portfolio value has stabilised at $1.0bn
1
as at
30 Sep 25, reflecting a gross valuation
2
increase of
$8.5m, or 0.9% on a like-for-like basis. This
represents a slight net reduction in fair value of
$(1.3)m or (0.1)%. The average market capitalisation
rate slightly sharpened by (10)bps to 6.2%
•34 rent reviews completed over 14,000 sqm, resulting
in a 4.3% increase on prior rentals
•4 new lettings and 7 renewals completed, including
Woolworths New Brighton and McDonald’s at
Woolworths Takanini
Investore Property Limited | HY26 Interim Results Presentation
1.See footnote 1 page 4.
2.Gross valuation movement excludes the disposal of Woolworths Browns Bay and includes the acquisition of Bunnings New Lynn, as if it had occurred as at 31 Mar 25.
3.As at 30 Sep 25, as if the Silverdale Centre acquisition and the Woolworths New Brighton disposal had occurred as at that date.
8

Lease expiry profile
Lease Expiry Profile by Contract Rental
Pro forma 30 Sep 25
1
Pro forma
1
portfolio WALT of 6.3 years, with
80% of Contract Rental expiring in FY30 or
beyond
FY26
3.5% Contract Rental expiring:
•Silverdale Centre (1.2%)
•Bay Central Shopping Centre (0.9%)
•Woolworths Takanini (0.5%)
•Other expiries total 0.9% across 8 properties
FY27
4.0% Contract Rental expiring:
•Mt Wellington Shopping Centre (2.2%)
•Silverdale Centre (0.7%)
•Other expiries total 1.0% across 6 properties
FY28
5.3% Contract Rental expiring:
•Bunnings Mt Roskill (3.4%)
•Silverdale Centre (0.6%)
•Bay Central Shopping Centre (0.5%)
•Other expiries total 0.8% across 6 properties
Smoother lease expiry profile
Due to active portfolio management since listing in 2016,
lease expiries by Contract Rental have reduced:
•FY33: 31.0% to 27.1%
•FY35: 37.6% to 19.4%
Investore Property Limited | HY26 Interim Results Presentation
Pro forma WALT
6.3 years
1.See footnote 3 page 8.
Note: numbers may not sum due to rounding.
9
1.1%
3.5%
4.0%
5.3%
5.8%
13.8%
7.5%
3.0%
27.1%
5.5%
19.4%
2.1%
1.9%
VacantFY26FY27FY28FY29FY30FY31FY32FY33FY34FY35FY36FY37+
Compared with
31.0% at listing
for FY33
Compared with
37.6% at listing
for FY35

Everyday Needs
Woolworths, New World, Animates
Hardware
Bunnings, Mitre 10 MEGA, Resene
General Merchandise /
Retail
Briscoes, Rebel Sport, The Warehouse, Noel Leeming,
Lighting Direct, Freedom Furniture, BNZ, Westpac
Food &
Beverage / Other
McDonald’s, BurgerFuel, Kokodak, KFC, Pizza Hut,
Domino’s Pizza, Super Liquor, St Pierres Sushi
Health & Wellbeing
Chemist Warehouse, Bargain Chemist, Anytime Fitness,
Snap Fitness, Affinity Medical Imaging
Key tenants meeting daily needs
Investore's portfolio consists of quality, convenience-based retail properties with tenants that attract regular visitation,
including supermarkets, hardware stores, general merchandise and health & wellbeing
Portfolio Tenant Classification
by Contract Rental
Pro forma 30 Sep 25
1
Investore Property Limited | HY26 Interim Results Presentation
1.See footnote 3 page 8.
Note: numbers may not
sum due to rounding.
10
Everyday
Needs, 56%
Hardware,
22%
General
Merchandise /
Retail, 14%
Food &
Beverage /
Other, 6%
Health &
Wellbeing, 2%

1%
3%
3%
3%
19%
54%
2%
0%
3%
3%
21%
59%
Foodstuffs
The Warehouse Group
Briscoes Group
Mitre 10
Bunnings
Woolworths
As at 30 Sep 25
Pro forma 30 Sep 25
Investore’s portfolio is primarily located in highly populated urban areas such as Auckland, Wellington, Canterbury, Waikato
and the Bay of Plenty, occupied by high quality Anchor Tenants representing 82% of Contract Rental on a pro forma basis
1
Geographic location by Investment Portfolio value
Pro forma 30 Sep 25
1
Anchor Tenant concentration by Contract Rental
North Island
South Island
Strategically located portfolio
Investore Property Limited | HY26 Interim Results Presentation
1.See footnote 3 page 8.
1
Note: numbers may not sum due to rounding.
11
49%
13%
10%
7%
8%
11%
2%
87%
13%
AucklandWellingtonBay of PlentyOther North Island
WaikatoCanterbury & OtagoOther South Island

Investore Property Limited | HY26 Interim Results Presentation
Woolworths, Waimakariri Junction
Sustainability
Woolworths, Waimakariri Junction
12

Investore completed its 2025 GRESB submission and received a
score of 71 of 100, an improvement of +4 points from 2024. The
increase reflects enhanced data coverage across Investore’s
properties
Investore has continued the programme of replacing all
remaining air conditioning units using R22 refrigerant with a
lower global warming alternative. During HY26 Investore
completed replacements at two properties with a further ten
scheduled
Draft scope 1 and 2 emissions for HY26 are 74.8 tCO2e, a
reduction of 23.6% compared to HY25 due to less refrigerant
leakage from HVAC units
Sustainability
Investore Property Limited | HY26 Interim Results Presentation
Woolworths, Newtown
13
91.569.5
0.2
0.2
6.2
5.2
HY25HY26
Scope 1 and 2 GHG emissions (tCO2e)
Scope 1 - HVAC refrigerant leakageScope 1 - OtherScope 2 - Electricity

Financial Performance
Investore Property Limited | HY26 Interim Results Presentation
Bunnings, New Lynn
14

Financial performance
30 Sep 25
$m
30 Sep 24
$m
Change
$m%
Net rental income
31.6 31.2 +0.4 +1.3
Corporate expenses
(3.9)(3.9)+0.0 +1.2
Profit before net finance expense, other (expense)/income and income tax
27.8 27.3 +0.5 +1.7
Net finance expense
(9.0)(10.2)+1.2 +11.4
Profit before other (expense)/income and income tax
18.8 17.1 +1.6 +9.5
Other (expense)/income
1
(1.7)(3.6)+1.9 +53.3
Profit before income tax
17.1 13.5 +3.5 +26.2
Income tax expense
(4.3)(3.9)(0.4) (11.0)
Profit after income tax attributable to shareholders
12.8 9.7 +3.1 +32.3
1.Other (expense)/income includes net change in fair value of investment properties of $(1.4)m (30 Sep 24: $(3.5)m), net change in fair value of convertible notes option $(0.9)m (30 Sep 24: N/A) and gain on disposal of investment
property $0.6m (30 Sep 24: N/A).
Values in the table above are calculated based on the numbers in the consolidated interim financial statements for each respective financial period and may not sum due to rounding.
Investore Property Limited | HY26 Interim Results Presentation
15

30 Sep 25
$m
30 Sep 24
$m
Change
$m%
Profit before income tax
17.1 13.5 +3.5 +26.2
Non-recurring, non-cash items, and other adjustments:
- Net change in fair value of investment properties
1.4 3.5 (2.1) (60.3)
- Gain on disposal of investment property
(0.6)- (0.6) (100.0)
- Borrowings establishment costs amortisation
0.7 0.4 +0.2 +45.7
- Net change in fair value of convertible notes option
0.9 - +0.9 +100.0
- Other
(0.1)0.2 (0.3)(152.9)
Distributable Profit before current income tax
19.3 17.7 +1.6+9.2
Current income tax
(4.1)(3.7)(0.4) (9.9)
Distributable Profit after current income tax
15.2 13.9 +1.3+9.0
Adjustments to funds from operations:
- Maintenance capital expenditure
(3.3)(0.6)(2.7)(466.8)
- Seismic works
- (0.4)0.4 +100.0
- Incentives and associated landlord works
(0.0)(0.2)0.1 +88.1
Adjusted Funds From Operations (AFFO)
1
11.9 12.8 (1.0)(7.4)
Weighted average number of shares (millions)
377.6 373.8
Basic and diluted Distributable Profit after current income tax per share - weighted
(cents)
4.02cps3.73cps
AFFO basic and diluted Distributable Profit after current income tax per share -
weighted (cents)
3.14cps3.43cps
Distributable Profit
1.AFFO is a non-GAAP measure and is intended as a supplementary measure of operating performance. Cash spent during the period on capital expenditure as part of maintaining a building’s grade/quality, but not expensed as part of
Distributable Profit after current income tax, is adjusted to enable the investors to see the cash generating ability of the business. Further information, including the calculation of AFFO is set out in note 3.3 to the consolidated interim financial
statements.
Values in the table above are calculated based on the numbers in the consolidated interim financial statements for each respective financial period and may not sum due to rounding.
Investore Property Limited | HY26 Interim Results Presentation
16

Investore Property Limited | HY26 Interim Results Presentation
Capital Management
Woolworths, Greenlane
17

Proactive capital management
•Bank debt facilities refinanced and extended, with CBA and
Bank of China joining the syndicate
•LVR 34.2%
1
as at 30 Sep 25, reduced from 38.5% as at
31 Mar 25 due to the subordinated convertible notes issue.
LVR increases to 40.5% on a pro forma basis
2
•LVR covenant increased from 55% to 60%, with long term
30%-40% board target policy maintained
•$62.5m four-year subordinated convertible notes issued, with
net proceeds used to repay bank debt. Fixed 6.25% coupon
•Post balance date, $100m facilities added in relation to the
acquisition of the Silverdale Centre
Debt facilities
Pro forma
30 Sep 25
2
As at
30 Sep 25
As at
31 Mar 25
Debt facilities limit
(ANZ, CCB, ICBC, Westpac,
CBA, Bank of China)
including bonds and convertible notes
$638m$538m$475m
Debt facilities drawn$515m$409m$379m
Weighted average maturity of debt
facilities
3.3 years2.9 years2.9 years
Debt covenants
LVR
(Drawn debt
1
/ property values)
Covenant: 30 Sep 25: ≤ 60%
31 Mar 25: ≤ 55%
40.5%34.2%38.5%
Interest Cover Ratio
(EBIT / interest and financing costs
1
)
Covenant: ≥ 1.75x
n/a3.1x2.8x
Investore Property Limited | HY26 Interim Results Presentation
1.Investore’s LVR and ICR covenant measures exclude the subordinated convertible notes and associated interest.
2.See footnote 3 page 8.
18
$130m
$95m
$125m $125m
$63m
$100m
FY26FY27FY28FY29FY30FY31
Debt maturity profile as at 30 Sep 25
Additional green loan facilities post balance date
Convertible notes
Retail bonds
Green loan facilities

Hedging and cost of debt
•Weighted average cost of debt as at 30 Sep 25 was 4.2%,
including convertible notes at a fixed coupon of 6.25%,
remaining at 4.2% on a pro forma basis
1
combined with the
additional $100m banking facility
•$25m two-year forward starting swap with effective date of
28 Feb 27 entered into, with $30m of swaps maturing during
the period
•Post balance date, $50m four-year forward starting swaps with
effective dates of 31 Oct 25 entered into
•As at 30 Sep 25, 83% of drawn debt, including convertible
notes, was subject to a fixed rate of interest, or 75% on a pro
forma basis
1
Cost of debt
Pro forma
1

30 Sep 25
As at
30 Sep 25
As at
31 Mar 25
Weighted average cost of
debt (incl. current interest
rate derivatives, bonds,
convertible notes, and bank
margins and line fees)
4.2%4.2%4.1%
Weighted average fixed
interest rate (incl. current
interest rate derivatives,
bonds and convertible
notes, excl. margins)
2.2%2.1%1.8%
Weighted average fixed
interest rate maturity (incl.
bonds, convertible notes,
active and forward starting
swaps)
2.4 years2.1 years2.0 years
% of drawn debt fixed75%83%74%
Investore Property Limited | HY26 Interim Results Presentation
1.As at 30 Sep 25, as if the Silverdale Centre acquisition, the Woolworths New Brighton disposal, additional $100m bank
debt facility and the $50m additional swaps entered into were effective as at that date.
19
$338m
$363m
$188m
$163m
$50m
$50m
$50m
$50m
$50m
2.2%
2.3%
3.4%
3.4%
3.0%
Sept 25Sept 26Sept 27Sept 28Sept 29
Fixed rate interest profile as at 30 Sep 25
Pro forma 30 Sep 25
1
Additional $50m swaps entered into post balance date
Notional fixed rate debt
Weighted average interest rate of fixed rate debt (excl. margin and line fees)

Investore Property Limited | HY26 Interim Results Presentation
Looking Ahead
Mitre 10 MEGA, Botany
20

Looking ahead
Investore Property Limited | HY26 Interim Results Presentation
21
•Interest rates continue to fall, flowing through to lower saving
rates on deposits as well as lower borrowing costs, improving
investor depth and market liquidity for commercial property.
Inbound interest is strengthening
•Investore’s underlying portfolio metrics remain resilient, with a
defensive rental income stream from non-discretionary,
everyday needs retail tenants. Transactions executed this
year support tenant diversification
•The Board considers this point in the cycle is still a good time
to be active in the market and remains focused on executing
its portfolio recycling strategy
•The Investore Board confirms it currently intends to pay a
cash dividend of 6.50 cents per share for FY26

Investore Property Limited | HY26 Interim Results Presentation
Bay Central Shopping Centre, Tauranga
Glossary
22

Glossary
Anchor TenantsIncludes Woolworths, Bunnings, Mitre 10, Briscoes Group, The Warehouse Group and Foodstuffs
Contract RentalContract Rental is the amount of rent payable by each tenant, plus other amounts payable to Investore by that tenant under the terms of the relevant lease,
annualised for the 12 month period on the basis of the occupancy level of the relevant property as at the relevant date and assuming no default by the tenant
Distributable ProfitDistributable Profit is a non-GAAP measure and consists of profit/(loss)before income tax, adjusted for determined non-recurring and/or non-cash items (including
non-recurring adjustments for incentives payable to anchor tenants for lease extensions) and current tax. Further information, including the calculation of Distributable
Profit and the adjustments to profit/(loss) before income tax, is set out in note 3.3 to the consolidated interim financial statements
FYThe financial year ended 31 March of the relevant year
Investment PortfolioThe Investment Portfolio of Investore, which (1) excludes properties categorised as ‘Development and Other’ or ‘Assets held for sale’ in the respective financial
statements; and (2) excludes lease liabilities
InvestoreInvestore Property Limited, together with its wholly owned subsidiary, Investore Property (Carr Road) Limited
Lease Expiry ProfileRepresents the scheduled expiry for each lease, excluding any rights of renewal that may be granted under each lease, for the portfolio as at 31 March 2025 as a
percentage of Contract Rental
LVRLoan to Value Ratio, calculated based on independent valuations which exclude lease liabilities. See note 2.2 to the consolidated interim financial statements. As
unsecured obligations, the subordinated convertible notes do not affect (and are not included) in the Loan to Value Ratio
NLANet Lettable Area
NTANet Tangible Assets
OccupancyTotal net lettable area that is leased, calculated as a proportion of total net lettable area. Occupancy for retail properties is calculated including casual licences with an
initial term greater than three months and excluding units held for committed redevelopment or remix works
WACRWeighted Average Market Capitalisation Rate
WALTWeighted Average Lease Term which is the lease term remaining to expiry across a property or portfolio and weighted by rental income
Investore Property Limited | HY26 Interim Results Presentation
23

Investore Property Limited | HY26 Interim Results Presentation
Appendices
24

Appendix A
Values in the charts above are calculated based on the numbers in the consolidated interim financial statements and may not sum due to rounding.
Investore Property Limited | HY26 Interim Results Presentation
$1.60
$1.60
$0.05
$(0.01)
$(0.01)
$(0.03)
As at
31 Mar 25
Profit before other
(expense)/income
and income tax
Net change
in fair value of
investment properties
Income tax expenseDividends paidAs at
30 Sep 25
NTA per share
25
$17.1m
$18.8m
$2.0m
$(2.5)m
$0.8m
$0.1m
$1.2m
$(0.1)m
$0.1m
30 Sep 24Net rental
increase from
acquisitions
Net rental
decrease from
disposals
Net rental
increase from
existing portfolio
Net rental
increase from
IFRS adjustments
Lower net finance
expense
Higher
management fee
expense
Lower
administration
expense
30 Sep 25
Profit before other (expense)/income and income tax

Values in the investment properties chart above are calculated based on the numbers in the consolidated interim financial statements and may not sum due to rounding.
Appendix B
Investore Property Limited | HY26 Interim Results Presentation
$988.6m
$1,012.2m
$44.2m
$(23.3)m
$3.7m
$(1.3)m
$0.2m
As at
31 Mar 25
AcquisitionsDisposalCapital expenditureNet change in fair value
(excl IFRS16)
IFRS and otherAs at
30 Sep 25
Investment properties (excl. lease liabilities)
26
$63.0m
$65.3m
$72.4m
$(1.3)m
$(0.1)m
$(0.6)m
$0.4m
$0.6m
$0.1m
$2.6m
$7.7m
As at
31 Mar 25
Renewals,
new lettings and
reviews
Return on
landlord
contribution
(Woolworths
expansions)
Turnover rentDisposal of
Woolworths
Browns Bay
Acquisition of
Bunnings
New Lynn
OtherAs at
30 Sep 25
Acquisition of the
Silverdale
Centre
Disposal of
Woolworths
New Brighton
Pro forma
30 Sep 25
Net Contract Rental

Important Notice: The information in this presentation is an overview
and does not contain all information necessary to make an investment
decision.It is intended to constitute a summary of certain information
relating to the performance of Investore for the six months ended 30
September 2025. Please refer to Investore’s consolidated interim
financial statements for the six months ended 30 September 2025 for
further information. The information in this presentation does not
purport to be a complete description of Investore. In making an
investment decision, investors must rely on their own examination of
Investore, including the merits and risks involved. Investors should
consult with their own legal, tax, business and/or financial advisors in
connection with any acquisition of securities.
No representation or warranty, express or implied, is made as to the
accuracy, adequacy or reliability of any statements, estimates or
opinions or other information contained in this presentation, any of
which may change without notice. To the maximum extent permitted
by law, Investore, Stride Investment Management Limited and their
respective directors, officers, employees, agents and advisers
disclaim all liability and responsibility (including without limitation any
liability arising from fault or negligence on the part of Investore, Stride
Investment Management Limited and their respective directors,
officers, employees, agents and advisers) for any direct or indirect
loss or damage which may be suffered by any recipient through use of
or reliance on anything contained in, or omitted from, this
presentation.
This presentation is not a product disclosure statement or other
disclosure document.
Level 12, 34 Shortland Street
Auckland 1010, New Zealand
PO Box 6320, Victoria Street West,
Auckland 1142,
New Zealand
P +64 9 912 2690
W investoreproperty.co.nz
Thank you

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at March 2025


Results for announcement to the market
Name of issuer Investore Property Limited (NS)
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 6 months to 30 September 2024
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$31,609 1.34%
Total Revenue $31,609 1.34%
Net profit/(loss) from
continuing operations
$12,785 32.32%
Total net profit/(loss) $12,785 32.32%
Interim Dividend
Amount per Quoted Equity
Security
$0.01625000
Imputed amount per Quoted
Equity Security
$0.00499159
Record Date 26 November 2025
Dividend Payment Date 4 December 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$1.60 $1.56
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the attached Consolidated Interim Financial
Statements and Interim Results Presentation for the six months
ended 30 September 2025.
Authority for this announcement
Name of person

authorised
to make this announcement
Jennifer Whooley
Contact person for this
announcement
Jennifer Whooley
Contact phone number +64 21 536406
Contact email address Jennifer.Whooley@strideproperty.co.nz
Date of release through MAP

18 November 2025

Unaudited financial statements accompany this announcement.

---

Template
Distribution Notice

Updated as at June 2023



Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

Section 1: Issuer information
Name of issuer INVESTORE PROPERTY LIMITED
Financial product name/description Ordinary Shares of Investore Property Limited
NZX ticker code IPL
ISIN (If unknown, check on NZX
website)
NZIPLE0001S3
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 26/11/2025
Ex-Date (one business day before the
Record Date)
25/11/2025
Payment date (and allotment date for
DRP)
04/12/2025
Total monies associated with the
distribution
1

$6,136,380
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$ 0.02124159
Gross taxable amount
3
$ 0.01782711
Total cash distribution
4
$ 0.01625000
Excluded amount (applicable to listed
PIEs)
$ 0.00341448
Supplementary distribution amount $ 0.00226509


1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.

Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed
If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$ 0.00499159

Resident Withholding Tax per
financial product
n/a
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)

Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Jennifer Whooley
Contact person for this
announcement
Jennifer Whooley
Contact phone number +64 21 536 406
Contact email address Jennifer.whooley@strideproperty.co.nz
Date of release through MAP

18/11/2025






5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.



6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.