Result for the six months ended 30 September 2025

NZX release
Result for the six months ended 30 September 2025
19 November 2025

 Total profit after tax of $1.61 million, down from a $2.32 million profit in the prior
corresponding period.
 AFFO increased to $1.19 million from a $0.35 million deficit in the prior corresponding period.
 The new Aderant lease was announced during the reporting period which will increase
occupancy to 74% when the lease commences in early 2026.

Asset Plus Limited (NZX: APL) announces its unaudited interim financial results for the period ended 30
September 2025, reporting a total profit of $1.61 million, down from a $2.32 million profit in the prior
corresponding period. The prior period included a fair value gain due to the unwind of the discount in
respect to the 35 Graham Street property fair value. Net operating performance increased following the
35 Graham Street settlement in November 2024, with all debt now repaid.

Funds from Operations (FFO
1
) represented a profit of $1.61 million against a $0.35 million deficit in the
prior corresponding period. The primary driver was a reduction in net finance costs of $1.53 million, as
well as a reduction in operating costs and management fees.

Adjusted Funds from Operations (AFFO
1
) were $1.19 million after reflecting leasing costs incurred.


Key points:
 Portfolio occupancy of 65%, which is unchanged from March 2025. This increases to 74%
following the Aderant lease commencement.
 WALE of 8.5 years, down from 9.0 years at 31 March 2025. This improves by one year when
the Aderant lease commences.
 The portfolio fair value now stands at $107.7 million.
 Net tangible assets (NTA) of 32.4 cents per share (cps), which is unchanged from 31 March
2025.
 Net revenues from the property portfolio increased marginally, primarily due to the reduction in
unrecovered operating expenditure following the 35 Graham Street settlement.
Munroe Lane
No independent valuation was commissioned as at 30 September 2025 as the Board determined there
was no material movement in the fair value of the property. Leasing the balance of the space at Munroe
Lane remains challenging.






1
FFO and AFFO are non-GAAP financial information, calculated based on guidance issued by the Property Council of Australia. Asset
Plus considers that FFO and AFFO are a useful measure for shareholders and management because FFO assists in assessing the Group’s
underlying operating performance and AFFO assists in assessing the ability to service leasing costs from FFO in the absence of the
Company’s cash reserves. This non-GAAP financial information does not have a standardised meaning prescribed by
GAAP and therefore may not be comparable to similar financial information prescribed by other entities. The calculation of
FFO and AFFO has been reviewed by Asset Plus' auditor, Grant Thornton New Zealand Audit Limited. A reconciliation of FFO and AFFO to
Total Comprehensive Income Net of Tax is included in the accompanying results presentation.

Dividend
The Board has declared a 0.2 cents per share cash dividend for the quarter ended 30 September 2025.
The dividend record date is 27 November 2025, with payment to be made on 5 December 2025. The
dividend remains subject to quarterly review.

Conference call
A conference call to present the results is being held at 10.00am NZDT time today. Participants can pre-
register by going to:

https://s1.c-conf.com/diamondpass/10051257-2rc76l.html

Registered participants will receive dial-in details upon registration.


Announcement authorised by the Board of Asset Plus Limited


-ENDS-



For further information, please contact:

Mark Francis
CEO, Centuria NZ, manager of Asset Plus Limited
+64 9 300 6161

Simon Woollams
Chief Operating Officer, Centuria NZ, manager of Asset Plus Limited
+64 9 300 6161

Stephen Brown-Thomas
Asset Plus Fund Manager, Centuria NZ, manager of Asset Plus Limited
+64 9 300 6161

---

Results announcement
(for Equity Security issuer/Equity and Debt Security
issuer)


Results for announcement to the market
Name of issuer Asset Plus Limited (APL)
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 6 months to 30 September 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$3,197 (1.17%)
Total Revenue $3,197 (1.17%)
Net profit/(loss) from continuing
operations
$1,606 (30.90%)
Total net profit/(loss) $1,606 (30.90%)
Interim/Final Dividend
Amount per Quoted Equity Security 0.00200000
Imputed amount per Quoted Equity
Security
0.00000000
Record Date 27 November 2025
Dividend Payment Date 5 December 2025
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.324 $0.396
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
This announcement is extracted from APL’s unaudited interim financial
statements as at and for the six months ended 30 September 2025. A copy of
these unaudited interim financial statements is attached to this announcement.
A special dividend of $0.05 per share was paid on 18 December 2024 which is
the primary driver of the reduction in the NTA from $0.396 per share as at 30
September 2024. There was a further reduction in the NTA due to a decrease
in the fair value of the portfolio as at 31 March 2025.
Authority for this announcement
Name of person authorised to make
this announcement
Simon Woollams
Contact person for this
announcement
Simon Woollams
Contact phone number 09 300 6161
Contact email address simon.woollams@centuria.co.nz
Date of release through MAP 19/11/2025

Unaudited financial statements accompany this announcement.

---

Financial results
For the six months ended 30 September 2025
19 November 2025

6-8 MUNROE LANE, ALBANY
Overview
1.Result summary
2.Key metrics
3.Financial performance
4.Portfolio update
5.Outlook
2

Result summary
6-8 MUNROE LANE
•Total profit for the period of $1.61 million, against a $2.32 million
profit in the prior period to September 2024.
•The prior period included a fair value movement in respect to 35
Graham Street, which has now been sold.
•Funds from Operations (FFO)
1
were $1.61 million ($0.35 million
deficit in September 2024). The primary drivers of the increase
were interest cost savings, lower opex and management fees.
•Adjusted Funds from Operations (AFFO)
1
of$1.19 million ($0.35
million deficit in September 2024) after reflecting leasing costs
incurred.
•Net rental income of $2.45 million, up from $2.23 million in the
prior corresponding period.
•New lease to Aderant at Munroe Lane to take effect once fit-out
works are complete – expected to be February 2026.
1
FFO and AFFO are non-GAAP financial information, calculated based on guidance issued by the Property Council of
Australia. Asset Plus considers that FFO and AFFO are a useful measure for shareholders and management because FFO
assists in assessing the Group’s underlying operating performance and AFFO assists in assessing the ability to service leasing
costs from FFO in the absence of the Company’s cash reserves. This non-GAAP financial information does not have a
standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information prescribed
by other entities. The calculation of FFO and AFFO has been reviewed by Asset Plus' auditor, Grant Thornton New Zealand
Audit Limited. A reconciliation of FFO and AFFO to Total Comprehensive Income Net of Tax is included in Appendix 1.
6-8 MUNROE LANE
3

Key metrics
$183.6m
2**
42.0%
5.6 years
18.0%
39.6 cps
$107.7m*
1
65.0%
increasing to 74%
when new lease
commences
0% 32.4 cps
Net Tangible
Assets
Portfolio valuePropertiesOccupancyWALELoan-to-Value
Ratio
September 2024
September 2025
4
*No independent valuation was commissioned as at 30 September 2025.
**Sale of 35 Graham Street in November 2024.
8.5 years
(When new Aderant lease
commences, it adds 1 year
to the WALE at that time)

5
Financial performance

Financial performance
•The impact of the 35 Graham Street divestment was $0.26
million, being the operating cost saving.
•Operating costs were broadly flat at Munroe Lane.
•Management fees were lower due to the sale of 35 Graham
Street and a lower fair value at Munroe Lane.
•Net finance costs were lower by $1.53 million as all debt
was repaid following the 35 Graham Street settlement on
29 November 2024.
•Munroe Lane was not revalued as at 30 September 2025.
•In the prior period, the 35 Graham Street fair value
increased $2.6 million due to the discount unwind. The loss
for this period reflects the adjustment for the fixed rental
accrual.
•There is a small tax loss after claiming depreciation for the
period. A deferred tax asset is recognised to the extent of
the deferred tax liability.
•The FFO and AFFO reconciliations and waterfall are set out
in Appendices 1 and 2 respectively. Further lease costs
associated with the Aderant lease will be reflected in the
2H.
Sep-25
($m)
Sep-24
($m)
Var
($m)
Gross rental revenue3.203.24(0.04)
Direct property operating expenses(0.75)(1.01)0.26
Net rental revenue2.452.230.22
Administration expenses(0.70)(0.83)0.13
Net finance income/(costs)0.18(1.35)1.53
Net operating income 1.930.051.88
F.V. (loss)/gain of investment
properties
(0.32)2.27(2.59)
Profit / (loss) before taxation1.612.32(0.71)
Tax benefit / (expense)---
Total comprehensive income for
the period
1.612.32(0.71)
FFO
1.61(0.35)
1.96
AFFO
1.19(0.35)
1.54
AFFO CPS0.32(0.10)0.42
6

Net rental performance
•Munroe Lane gross rental decrease was due to a minor
change in the straight-line rental methodology. Invoiced
rent is unchanged across the two periods. The first fixed
rent review is in May 2026. Operating costs were
broadly flat.
•35 Graham Street was sold on 29 November 2024,
hence the saving relates to operating costs no longer
incurred.
Sep-25
($m)
Sep-24
($m)
Var
($m)
Munroe Lane2.452.49(0.04)
35 Graham Street-(0.26)0.26
Total net rental2.452.230.22
7

Administration & finance expenses
•Management fees are lower due to the sale of 35
Graham Street and a lower fair value at Munroe Lane.
•Finance costs reduced due to the sale of 35 Graham
Street and repayment of debt which occurred on 29
November 2024.
•Interest income was broadly flat. Slightly higher cash
balances were offset by lower deposit rates.
Administration costs
Sep-25
($m)
Sep-24
($m)
Var
($m)
Management fees0.270.460.19
Directors’ fees0.150.15-
Other assurance fees0.010.01-
Directors’ insurance0.120.08(0.04)
Professional fees0.060.05(0.01)
Listing fees0.020.02-
Registry fees0.040.04-
Other administration costs0.030.01(0.02)
Total administration
expenses
0.700.820.12
Net finance costs
Interest & finance Costs-1.561.56
Interest revenue(0.18)(0.21)(0.03)
Total net finance costs(0.18)1.351.53
8

Balance sheet
•Cash reserves will fund future leasing initiatives and
associated capex.
•Investment property comprises Munroe Lane. The
increase in the fair value for the period relates to capex of
$0.24 million and leasing costs of $0.42 million capitalised
during the period.
•No independent valuation was engaged as at 30
September 2025 – therefore the NTA remained constant.
•Tax losses that are not recognised as a deferred tax asset
are currently $12.1 million as at 30 September 2025.
•LVR is 0% at balance date as there is no drawn debt.
Sep-25
($m)
Mar-25
($m)
Var
($m)
Cash10.310.9(0.6)
Investment property107.7107.00.7
Other assets0.30.10.2
Total assets118.3118.00.3
Other liabilities0.80.6(0.2)
Total liabilities0.80.6(0.2)
Equity117.5117.40.1
Net Tangible Assets Per
Share ($)
0.3240.324-
LVR %0.0%0.0%-
9

10
Portfolio update

Munroe Lane, Albany
6-8 MUNROE LANE, ALBANY
•No independent valuation has been obtained at half
year.
•The new Aderant lease is expected to commence in
early February 2026 once the fit-out works are
complete.
•Have secured a new tenant for the ground floor
lobby space on a 12-year term with lease
commencement expected in mid 2026.
•Marketing initiatives continue to try and attract
further leasing commitments.
•Partial fit-outs underway on Levels 1 and 2, and
balance of Level 6 in a bid to remain competitive
against competing sublease space available on the
market.
•Potential full floor tenants remain scarce – we
retain flexibility to split Level 6 into 2 further
tenancies. Level 2 can also be split into 3 tenancies.
11
Passing rent
$5.5 million plus GST
and outgoings once Aderant
lease commences in early
2026
Fully leased
net rental
Expected rental range of
$7.1 - $7.3 million
once fully occupied
Occupancy
74% once Aderant lease
commences in early 2026
3,678m
2
of space available
Passing net
rental
$5.1 million plus GST
after unrecovered outgoings

Outlook
12

Outlook
MUNROE LANE, AUCKLAND
•Key focus remains successfully leasing the balance of the Munroe Lane
property. Thereafter, we will look to sell Munroe Lane.
•We wish to emphasise that further leasing of Munroe Lane will influence
the timing of such decisions, while market conditions at the time are likely
to dictate the ultimate outcome.
•Any steps to sell Munroe Lane, or to subsequently wind up the Company,
will require shareholder approval, and we would likely anticipate asking
shareholders to vote on both decisions at the same time.
•A 0.20 cents per share cash dividend has been declared for the quarter
ended 30 September 2025. The dividend remains subject to quarterly
review.


13

Appendices
14

Appendix 1 – FFO and AFFO reconciliation
6 months to Sep 25 ($m)6 months to Sep 24 ($m)
Total comprehensive income net of tax
1.612.32
Add back
Fair value movement on investment property
(including loss on disposal)
0.32(2.27)
Net operating income (loss) after tax
1.930.05
Amortisation of lease incentives and leasing costs
0.030.03
Straight line rental accruals
(0.35)(0.43)
Funds from operations (FFO)
1.61(0.35)
Leasing costs(0.42)-
AFFO 1.19(0.35)
15

Appendix 2 – FFO and AFFO Waterfall
16
The above graph is represented in $000s
(348)
260
40
1,527
187
(64)
41,606
(415)
1,191
(500)
0
500
1,000
1,500
2,000

Important Notice
This presentation contains not only a review of operations, but may also contain some forward looking statements (including
forecasts and projections) about Asset Plus Limited (APL) and the environment in which APL operates. Because these
statements are forward looking, APL’s actual results could differ materially. Please read this presentation in the wider context
of material previously published by APL and announced through NZX Limited.
No representation, warranty or undertaking, express or implied, is made as to the fairness, accuracy, completeness or
correctness of the information contained, referred to or reflected in this presentation or supplied or communicated orally or in
writing to you (or your advisers or associated persons) in connection with it, as to whether any forecasts or projections will be
met, or as to whether any forward looking statements will prove correct. You will be responsible for forming your own
opinions and conclusions on such matters.
No person is under any obligation to update this presentation at any time after its release to you.
To the maximum extent permitted by law, none of APL, Centuria Funds Management (NZ) Limited (CFM) nor any of their
directors, officers, employees or agents or any other person shall have any liability whatsoever to any person for any loss
(including, without limitation, any liability arising from any fault or negligence on the part of APL, CFM, their directors, officers,
employees or agents or any other person) arising from this presentation or any information contained, referred to or reflected
in it or supplied or communicated orally or in writing to you (or your advisers or associated persons) in connection with it.
Acceptance of this presentation constitutes acceptance of the terms set out above in this Important Notice.
17

Where to find us
Auckland Office
Level 2, Bayleys House
30 Gaunt Street
Auckland 1010
PO Box 37953 Parnell
Auckland 1151
Telephone +64 (9) 300 6161

---

Interim Report
2025
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
This Interim Financial Report for Asset Plus Limited (including Subsidiaries)
covers the trading period from 1
st
April 2025 to 30
th
September 2025

Contents

1
Interim Condensed Consolidated Statement of
Comprehensive Income
For the six months ended 30 September 2025
Note
Unaudited
30 Sep 2025
$'000
Unaudited
30 Sep 2024
$'000
Gross Rental Revenue3,1973,235
Direct Property Operating Expenses(749)(1,007)
Net Rental Revenue42,4482,228
Administration Expenses5(699)(822)
Net Finance Income/(Costs)5177(1,350)
Total Net Operating Expenses(522)(2,172)
Net Operating Surplus1,92656
Net Fair Value Loss on Investment Property(320)(370)
Net Fair Value Gain on Investment Property Held for Sale-2 ,638
Net Profit Before Taxation1,6062,324
Income Tax6--
Net Profit After Taxation1,6062,324
Other Comprehensive Income--
Total Comprehensive Income For the Period, Net of Tax1,6062,324
Basic and Diluted Earnings Per Share (cents)100.440.64
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes

2
Share Capital
$'000
Accumulated
Losses
$'000
Total
$'000
Opening Balance at 1 April 2025 (audited)192,726(75,352)117,374
Net Profit After Taxation-1,6061,606
Total Comprehensive Income For the Period-1,6061,606
Dividends11-(1,450)(1,450)
Closing Balance at 30 September 2025 (unaudited)192,726(75,196)117,530
For the six months ended 30 September 2024
Share Capital
$'000
Accumulated
Losses
$'000
Total
$'000
Opening Balance at 1 April 2024 (audited)192,726(51,518)141,208
Net Loss After Taxation-2,3242,324
Total Comprehensive Loss For the Period-2,3242,324
Closing Balance at 30 September 2024 (unaudited)192,726(49,194)143,532
Interim Condensed Consolidated Statement of
Changes In Equity
For the six months ended 30 September 2025
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes

3
Interim Condensed Consolidated Statement of
Financial Position
As at 30 September 2025
Note
Unaudited
As at 30 Sep 2025
$'000
Audited
As at 31 March 2025
$'000
Currrent Assets
Cash and Cash Equivalents10,32010,931
Trade And Other Receivables2124
Prepayments34478
Total Current Assets10,68511,033
Non-Current Assets
Investment Property8107,654107,000
Total Non-Current Assets107,654107,000
Total Assets118,339118,033
Current Liabilities
Trade Payables, Accruals And Provisions809659
Total Current Liabilities809659
Non-Current Liabilities
Deferred Taxation6--
Total Liabilities809659
Net Assets117,530117,374
Share Capital192,726192,726
Accumulated Losses(75,196)(75,352)
Shareholders' Equity117,530117,374
The Board of Asset Plus Limited approved the interim condensed consolidated financial statements for issue on 19 November 2025.
Bruce Cotterill Carol Campbell
Chairman Chair Audit and Risk Committee
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes

Unaudited
30 Sep 2025
$000
Unaudited
30 Sep 2024
$000
Cash Flows from Operating Activities
Cash was provided from/(applied to):
Gross Rental Revenue3,3443,160
Operating Expenses(2 ,4 85)(2,978)
Interest Income185178
Interest Expense-(1,541)
Net Cash Inflow/(Outflow) from Operating Activities1,044(1,181)
Cash Flows from Investing Activities
Cash was provided from/(applied to):
Capital Expenditure on Investment Properties(205)(75)
Net Cash Outflow from Investing Activities(205)(75)
Dividends Paid to Shareholders(1,450)-
Net Cash Outflow from Financing Activities(1,450)-
Net Decrease in Cash and Cash Equivalents(611)(1,256)
Cash and Cash Equivalents at the Beginning of the Period10,9313,736
Cash and Cash Equivalents at the End of the Period10,3202,480
Interim Condensed Consolidated
Statement of Cash Flows
For the six months ended 30 September 2025
Reconciliation of Net Profit to Net Cash Flow
from Operating Activities
For the six months ended 30 September 2025
Unaudited
30 Sep 2025
$000
Unaudited
30 Sep 2024
$000
Net Profit after Taxation1,6062,324
Items Classified as Investing or Financing Activities:
Finance Costs-12
Movements in Working Capital Items:
Trade Receivables, Other Receivables and Prepayments(255)(104)
Trade Payables, Accruals and Provisions(307)( 74 1 )
Non-Cash Item:
Straight-line rental income(348)(4 32)
Amortisation of leasing fee2828
Net Fair Value (Gain)/Loss on Investment Property and Held for Sale320(2,268)
Net Cash Inflow/(Outflow) from Operating Activities1,044(1,181)
4
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes

5
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes

Notes to the Interim Condensed Consolidated
Financial Statements
For the six months ended 30 September 2025
1. Corporate Information
The interim condensed consolidated financial statements
comprise of Asset Plus Limited (the “Company”) and its
subsidiary (collectively the “Group”).
The Company is a limited liability company incorporated and
domiciled in New Zealand whose shares are listed on the New
Zealand Stock Exchange. The Company is an FMC Reporting
Entity under the Financial Markets Conduct Act 2013. The
registered office is located at Level 2, Bayleys House, 30 Gaunt
Street, Wynyard Quarter, Auckland.
The nature of the operations and principal activities of the Group
are investing in commercial property in New Zealand.
The interim condensed consolidated financial statements for
the six months ended 30 September 2025 and the comparative
balances for the six months ended 30 September 2024 are
unaudited. Comparative balances as at 31 March 2025 are
audited.
2. Statement of Compliance and Basis of
Preparation
The interim condensed consolidated financial statements for
the six months ended 30 September 2025 have been prepared
in accordance with Generally Accepted Accounting Practice
in New Zealand (“NZ GAAP”), the requirements of the Financial
Markets Conduct Act 2013 and the Main Board listing rules of the
New Zealand Stock Exchange. They also comply with the New
Zealand Equivalent to International Accounting Standard NZ
IAS 34 “Interim Financial Reporting”. The interim consolidated
financial statements have been prepared on a historical cost
basis, except for investment properties which have been
measured at fair value.
The interim condensed consolidated financial statements have
been prepared under the assumption that the Group operates on
a going concern basis and are presented in New Zealand dollars
with all values rounded to the nearest thousand dollars ($’000),
except where otherwise indicated.
The interim condensed consolidated financial statements do
not include all the information and disclosures required in the
annual consolidated financial statements, and should be read
in conjunction with the Group’s annual consolidated financial
statements as at 31 March 2025.
Changes in accounting policies
The accounting policies adopted are consistent with those
of the most recent annual consolidated financial statements
for the year ended 31 March 2025, except where accounting
standards which have been issued and are effective for the
current reporting period, or which are issued but not yet effective
and may be early adopted, have been adopted for the first
time. Certain comparative information has been reclassified to
conform with the current reporting period's presentation. There
are no new standards adopted in the current period.
(a) Basis of Consolidation
The interim condensed consolidated financial statements
incorporate the assets, liabilities, equity, income, expenses
and cash flows of the entities controlled by the Company
at the end of the reporting period. A controlled entity is any
entity over which Asset Plus Limited has the power to direct
relevant activities, exposure or rights, to variable returns from
its involvement with the investee, and the ability to use its power
over the investee to affect the amount of investor return. The
existence of potential voting rights that are currently exercisable
or convertible are considered, if those rights are substantive,
when assessing whether a Company controls another entity.
In preparing these interim condensed consolidated financial
statements, subsidiaries are consolidated from the date the
Group gains control until the date on which control ceases.
The financial statements of the subsidiaries are prepared for the
same reporting period as the parent company, using consistent
accounting policies. In preparing the interim condensed
consolidated financial statements, all intercompany balances,
transactions, unrealised gains and losses resulting from intra-
group transactions and dividends have been eliminated in full.
The table below represents the Company's investment in its
subsidiary as at each reporting date:
Percentage Held
30 September 202530 September 2024
Asset Plus
Investments Limited
100%100%
(b) Goods and Services Tax (GST)
Revenue and expenses are recognised net of the amount of
GST except where the GST incurred on a purchase of goods and
services is not recoverable from the taxation authority, in which
case the GST is recognised as part of the cost of acquisition of
the item as applicable.

All items in the interim consolidated statement of financial
position are stated net of GST, with the exception of receivables
and payables, which include GST invoiced. Cash flows are
included in the consolidated statement of cash flows on a
net basis and the GST component of cash flows arising from
investing and financing activities is classified as part of operating
activities.
6

Notes to the Interim Condensed Consolidated
Financial Statements
For the six months ended 30 September 2025
3. Material Accounting Estimates and
Judgements
The preparation of the consolidated financial statements in
conformity with NZ IFRS requires Directors to make judgements,
estimates and assumptions that affect the application of the
Group's accounting policies and the reported amounts of assets,
liabilities, income and expenses. All judgements, estimates and
assumptions made are believed to be reasonable based on the
most current set of circumstances available to the Group.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Although the Group has internal control systems
in place to ensure that estimates can be reliably measured,
actual results may differ from these estimates. Revisions to
accounting estimates are recognised in the period of the change
if the revision affects only that period, or in both the current and
future periods if the revision impacts multiple periods.
Key Judgements
The areas involving a high degree of judgement or areas where
assumptions are significant to the Group include the following:
• Determination of Fair Value of Investment Property (Note 8)
• Deferred Taxation (Note 6)
Going Concern
The interim condensed consolidated financial statements have
been prepared under the going concern assumption, which
assumes the Group will be able to pay its debts as they fall due in
the normal course of business.
7

Notes to the Interim Condensed Consolidated
Financial Statements
For the six months ended 30 September 2025
4. Net Rental Revenue
Unaudited
6 months
30 Sep 2025
$'000
Unaudited
6 months
30 Sep 2024
$'000
Rental revenue comprises amounts received and receivable by the Group for:
Rental charged to tenants in the ordinary course of business2,3882 ,4 31
Operating cost recoveries from tenants and customers489400
Amortisation of capitalised lease cost adjustments(28)(28)
Straight-line rental revenue*348432
Gross rental revenue3 ,1 9 73,235
Property operating costs**(749)(1,007)
Net Rental Revenue2,4482,228
* Rental income is recognised on a straight-line basis over the initial lease term.
** Property operating costs represent property maintenance and operating expenses.
5. Administration Expenses and Net Finance Costs
Unaudited
6 months
30 Sep 2025
$'000
Unaudited
6 months
30 Sep 2024
$'000
Management Fees(270)(457)
Directors' Fees(150)(150)
Auditor's Remuneration (Other Assurance Services)(11)(11)
Professional Fees(63)(53)
Directors' insurance(118)(83)
Registry fees(37)(40)
Listing fees(20)(22)
Other Administration Costs(30)(6)
Total Administration Expenses(699)(822)
Net Finance Costs
Interest and Finance Charges-(1,555)
Interest Revenue177205
Total Net Finance Costs177(1,350)
8

Notes to the Interim Condensed Consolidated
Financial Statements
For the six months ended 30 September 2025
6. Income Tax
Major components of income tax expense are:
Unaudited
6 months
30 Sep 2025
$'000
Unaudited
6 months
30 Sep 2024
$'000
Statement of Profit and Loss
Current Tax
Continuing Operations - Current Income Tax Charge--
Current Tax--
Net Deferred Income Tax
Adjustment to deferred tax asset (accumulated losses)--
Net Deferred Income Tax--
Income Tax Reported in the Interim Condensed
Consolidated Statement of Comprehensive Income
--
Deferred Income Tax
Net deferred income tax liability relates to the following:
Unaudited
As at
30 Sep 2025
$'000
Audited
As at
31 Mar 2025
$'000
Deferred Income Tax Assets
Accumulated Tax Losses265265
Gross deferred income tax assets265265
Deferred income tax liabilities
Recoverable Depreciation On Investment Properties(265)(265)
Gross deferred income tax liabilities(265)(265)
Deferred Taxation--
For the half year ended 30 September 2025 Asset Plus Limited is in a tax loss position. It is not considered probable that Asset Plus
Limited will utilise these tax losses in the near-term. As such, a deferred tax asset has only been recognised to the extent of the deferred
tax liability balance as at 30 September 2025, resulting in a net nil deferred tax balance sheet position, in accordance with NZ IAS 12. As
at 31 March 2025 the company was also in a tax loss position and accordingly the deferred tax asset is only recognised to the extent the
losses are assumed to be utilised.
7. Segment Reporting
The Group owns and manages a single investment property in New Zealand. All activities relate to this property and are managed
centrally. The Board, acting as the chief decision maker, reviews financial information for the Group as a whole. Accordingly, the Group
operates in one reportable segment, with no unallocated revenues, expenses, assets or liabilities. This approach is consistent with prior
periods.
9

Notes to the Interim Condensed Consolidated
Financial Statements
For the six months ended 30 September 2025
8. Investment Property
The tables below outline the movements in the carrying values for all directly owned investment property:
As at 30 September
2025 (unaudited)
Opening fair
value balance
(including WIP)
$'000
Capex
$'000
Leasing
costs net of
amortisation
$'000
Unrealised
loss on
revaluation
Straight-line
rent accrual
$'000
Fair value at
balance date
$'000
Investment Property
Munroe Lane107,000239387(320)348107,654
Total investment
property
107,000239387(320)348107,654
The directors have determined that the external independent valuation of $107.0 million obtained as at 31 March 2025 remains
appropriate as at 30 September 2025, given the limited transaction activity in the market and no material changes to the property’s
underlying assumptions.
The fair value at 30 September 2025 reflects the 31 March 2025 valuation, plus capital expenditure and leasing costs capitalised during
the period. Adjustments have been made for straight-line rent accruals and the capitalisation of leasing costs net of amortisation for
leases that have commenced.
As at 31 March
2025 (audited)
Opening fair
value balance
(including WIP)
$'000
Capex
$'000
Leasing
costs
amortisation
$'000
Unrealised
loss on
revaluation
Straight-line
rent accrual
$'000
Fair value at
balance date
$'000
Investment Property
Munroe Lane116,050136(56)(10,118)988107,000
Total investment
property
116,050136(56)(10,118)988107,000
Munroe Lane was measured at fair value as at 31 March 2025 and was determined by the independent valuation using the capitalisation
and discounted cashflow approach. The independent valuation was conducted by an independent registered valuer who is a member of
the Institute of Valuers of New Zealand. The valuer is experienced in valuing commercial properties.
The independent valuation as at 31 March 2025 is $107 million. The fair value is also adjusted to reflect the straight-line rent accrual and
the capitalised leasing costs net of amortisation as set out in the table above.
9. Equity
Issued capital and reserves
Unaudited
As at 30 Sep 2025
'000
Audited
As at 31 Mar 2025
'000
Ordinary shares
Number of issued and fully paid shares362,718362,718
Ordinary shares are fully paid and ordinary shares carry one vote per share, and share equally in dividends and any surplus on winding up.
10

Notes to the Interim Condensed Consolidated
Financial Statements
For the six months ended 30 September 2025
10. Earnings Per Share
Unaudited
6 months
30 Sep 2025
$'000
Unaudited
6 months
30 Sep 2024
$'000
Total Comprehensive Income for the Period1,6062,324
Weighted Average Number of Ordinary Shares362,718362,718
Earnings Per Share (Cents) - Basic and Fully Diluted0.440.64
11. Dividends Paid To Shareholders
Dividends paid during the period comprised:
For the six months ended 30 September 2025For the six months ended 30 September 2024
CPS$'000Date PaidCPS$'000Date Paid
Q4 Prior Year Net
Dividend
0.020 725 13/06/2025 - - n /a
Q1 Net Dividend0.020 725 22/08/2025 - - n /a
Total Paid During
the Period
0.040 1,450 0.000 -
12. Related Parties
Centuria Funds Management (NZ) Limited (formerly Augusta Funds Management Limited) owns the management contract rights of
the Group. The ultimate parent of Centuria Funds Management (NZ) Limited, Centuria Platform Investments Pty Limited, owns 19.99%
of Asset Plus Limited (31 March 2025: 19.99%). Transactions with Centuria Funds Management (NZ) Limited are deemed to be related
parties because the Company is managed by Centuria Funds Management (NZ) Limited under the terms of the signed management
contract. In addition to the above transactions, the Company paid dividends of $290,029 to Centuria Platform Investments Pty Limited
during the period. No dividends were paid in the prior corresponding period.
Fees charged and owing to the
manager (values in $'000)
Unaudited
6 months
30 Sep 2025
Fees charged
Unaudited
As at
30 Sep 2025
Fees owed
Unaudited
6 months
30 Sep 2024
Fees charged
Unaudited
As at
30 Sep 2024
Fees owed
Management Fees270136457231
Property Management Fees44224320
Total314158500251
13. Commitments and Contingencies
Capital commitments
At the reporting date the Group had no capital commitments (31 March 2025: $nil).
Guarantees
BNZ has provided a bond to the New Zealand Stock Exchange for the sum of $75,000, being the amount required to be paid by all
Issuers listed on the New Zealand Stock Exchange, and the Company has provided a General Security Agreement over its assets in
favour of BNZ as security for this bond. (31 March 2025: $75,000).
Contingent liabilities
At the reporting date the Group had no material contingent liabilities (31 March 2025: nil).
14. Subsequent Events
On 19 November 2025 the Board declared a dividend of 0.20 cents per share for the quarter ended 30 September 2025. The dividend
will be paid on 5 December 2025.
11

12

13

Directory
Company
Asset Plus Limited
PO Box 37953, Parnell 1151
Phone: 09 300 6161
www.assetplusnz.co.nz
Directors
Bruce Cotterill
Allen Bollard
Carol Campbell
Paul Duffy
John McBain
Bankers
Bank of New Zealand
Level 6
Deloitte Centre
80 Queen Street
Auckland
Auditor
Grant Thornton New Zealand
Audit Limited
Level 4
Grant Thornton House
152 Fanshawe Street
PO Box 1961
Auckland 1140
Registrar
Link Market Services Limited
Level 30
PwC Tower
15 Customs Street West
Auckland 1010
PO Box 91976
Auckland 1142
Phone: 09 375 5998
Fax: 09 375 5990
Manager
Centuria Funds Management
(NZ) Limited
Level 2
Bayleys House
30 Gaunt Street
Wynyard Quarter
Auckland 1010
PO Box 37953
Parnell 1151

---

19 November 2025

Dear Shareholder,
The six months ended 30 September 2025 saw Asset Plus continue to navigate challenging market
conditions, with our focus remaining on our stated priority of leasing the balance of Munroe Lane, along
with ongoing prudent financial management.
During the period we announced a new lease agreement with global software provider Aderant for
approximately half of Level 6 at the Munroe Lane property, which will take occupancy to 74%. The fit-
out is currently underway and the lease is expected to commence in early 2026 which will increase
passing rental to $5.56 million per annum. Leasing the balance of the space is likely to remain
challenging moving forward, however management continue to seize on all available opportunities, and
remain competitive in the market.
The Munroe Lane property was not revalued at half year, as the Board did not believe there had been
sufficiently material movement in the fair value of the property. As a result, Net Tangible Assets per
share remains consistent with 31 March 2025, at 32.4 cents per share.
Profit of $1.61 million for the period was down on the prior corresponding period, which had included a
fair value gain related to the 35 Graham Street property, which has now been sold. However, Funds
from Operations
1
(FFO) represented a profit of $1.61 million against a $0.35 million deficit in the prior
corresponding period. This turnaround was driven by reduced finance costs following the repayment of
all debt after the 35 Graham Street settlement, as well as lower operating costs and management fees.
Adjusted Funds from Operations
1
(AFFO) were $1.19 million after reflecting leasing costs incurred.
The Board has declared a cash dividend of 0.2 cents per share for the quarter ended 30 September
2025, with payment scheduled for 5 December 2025. Dividends remain subject to quarterly review by
the Board.
Looking ahead, our priority remains successfully leasing the remaining space at Munroe Lane. Once
further leasing commitments are secured, we will look to sell Munroe Lane with any sale subject to
market conditions at the time. Any sale or wind-up of the company will require shareholder approval.




1
FFO and AFFO are non-GAAP financial information, calculated based on guidance issued by the Property Council of
Australia. Asset Plus considers that FFO and AFFO are a useful measure for shareholders and management because FFO
assists in assessing the Group’s underlying operating performance and AFFO assists in assessing the ability to service leasing
costs from FFO in the absence of the Company’s cash reserves. This non-GAAP financial information does not have a
standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information prescribed by
other entities. The calculation of FFO and AFFO has been reviewed by Asset Plus' auditor, Grant Thornton New Zealand Audit
Limited. A reconciliation of FFO and AFFO to Total Comprehensive Income Net of Tax is included in the FY26 interim results
presentation available at Company Document | Asset Plus Managed by Centuria.

We remain committed to delivering value for shareholders and we thank you for your ongoing support.

Yours faithfully


Bruce Cotterill
Chairman

---

Distribution Notice



Section 1: Issuer information
Name of issuer Asset Plus Limited
Financial product name/description Ordinary shares
NZX ticker code APL
ISIN (If unknown, check on NZX website) NZ NAPE 0007S3
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 27 November 2025
Ex-Date (one business day before the
Record Date)
26 November 2025
Payment date (and allotment date for
DRP)
5 December 2025
Total monies associated with the
distribution
$725,435.60
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.00200000
Gross taxable amount $0.00000000
Total cash distribution $0.00200000
Excluded amount: $0.00200000
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please state
imputation rate as % applied
Not applicable
Imputation tax credits per financial
product
$0.00000000
Resident Withholding Tax per financial
product
Not applicable
Section 4: Authority for this announcement
Name of person

authorised to make this
announcement
Simon Woollams
Contact person for this announcement Simon Woollams
Contact phone number +64 9 3006161

Contact email address simon.woollams@centuria.co.nz
Date of release through MAP

19 November 2025