Kiwi Property delivering on FY26 strategic priorities

Interim
Report
For the six months ended
30 September 2025

Contents
For further information visit our investor centre at:
kp.co.nz/investor-centre.
Kiwi Property Interim Report for the six
months ended 30 September 2025
Letter from the Chair and Chief Executive Officer2
Financials6
Kiwi Property Interim Report FY261

Letter from the
Chair and Chief
Executive Officer
Clive Mackenzie
Chief Executive Officer
Simon Shakesheff
Chair
Kiwi Property Interim Report FY262

$62.9m
$9.8m
OPERATING PROFIT
BEFORE TAX
NET PROFIT AFTER TAX
"We are focused on
ensuring our centres
and office assets remain
the destinations of choice
for tenants, allowing us to
maximise rental growth."
Our interim results for the six months ended 30 September
2025 (HY26) highlight a robust business performance and
demonstrate the strength of our strategy as broader economic
conditions begin to stabilise.
Kiwi Property’s portfolio continues to deliver solid net rental
income growth, up 7.0% for the half-year and supported by the
now-complete lease up of Resido. Operating profit before tax
increased by 11.5% to $62.9 million, reflecting income growth
and disciplined cost management. Net profit after tax was
$9.8 million (down 77.3%), which included an unrealised fair
value loss of $30.3 million during the period, compared with an
increase in the prior period. AFFO increased by 7.2%, driven by
the uplift in operating profit.
As at 30 September 2025, the total Kiwi Property portfolio was
valued at $3.3 billion, incorporating a fair value movement of
-0.9% since 31 March 2025. Net tangible assets were $1.12 per
share, reflecting a decline of -2.2%.
Progress on strategic priorities
At the beginning of the financial year, we announced four
strategic priorities intended to create value for shareholders.
We are pleased to report strong progress across each of
these areas:
1. Manage the balance sheet and free up additional
capacity
Maintaining a strong and flexible balance sheet is fundamental
to our strategy. We continued the dividend reinvestment plan
which funded our business-as-usual capital expenditure
requirements, while reducing total capital expenditure by
49% compared to the prior comparable period. This has
allowed us to keep gearing relatively stable at 38.5%, up 0.1%
from March 2025.
Following the investment into the property funds management
business Mackersy Property in November 2024, we were
pleased to announce on 10 November the establishment of
a large format retail fund that will be managed by Mackersy
Property. The fund will be seeded with Sylvia Park Lifestyle (the
large-format retail property adjacent to Sylvia Park shopping
centre) and we expect to maintain an interest of up to 50%
over the life of the fund. The initial sale of Sylvia Park Lifestyle
into the fund is expected to release at least $53m in funds to
Kiwi Property.
The pro forma impact of this transaction reduces gearing
to 37.5%.
2. Continue to drive rent growth
Despite a weak economy and a challenging leasing market
during HY26, we have delivered strong leasing outcomes
across the portfolio, with total rental growth including new
leasing and rent reviews, of +3.5%.
1

Office leasing spreads were +3.4%, supported by the ASB lease
extension and Mixed-use leasing spreads were +3.2%.
1
These results underscore the enduring appeal of our assets
and the effectiveness of our leasing strategy in subdued
market conditions. We are focused on ensuring our centres
and office assets remain the destinations of choice for tenants,
allowing us to maximise rental growth.
3. Maintain strong discipline on costs
Through disciplined management and a culture of continuous
improvement, employment and administrative expenses
were down by 5% against the same period last year, when
normalised for costs associated with the lease extension at
ASB North Wharf and other one-off transaction costs.
To reduce interest costs, we have increased our bank debt
facilities by $135m and used these proceeds to refinance the
KPG040 green bond series which matured recently. When
combined with a lower interest rate environment, our weighted
average interest rate has reduced from 5.30% in March this
year to 4.89% as at 30 September.
These outcomes reflect the ongoing benefits of our cost
initiatives and our focus on delivering value for shareholders.
4. Progress sell-down of Drury large format
retail sites
Unlocking value from our Drury development remains a key
strategic priority and major focus for the business.
We are pleased to confirm that additional land sales have
been achieved, with the total large-format retail (LFR) land
conditionally sold at Drury now around 77% of the LFR precinct.
Proceeds from the land sales are expected in FY27-FY29.
Kiwi Property Interim Report FY263

Strong leasing progress across the
portfolio
The extension of ASB’s lease at ASB North Wharf during HY26
was a significant milestone, with the lease extended for a
further nine years through to 2040. The lease extension at
the award-winning, seven-level office building in Wynyard
Quarter provides long-term income security and highlights
the strength of our partnership with ASB.
We have also made strong progress on leasing space at the
Vero Centre, with occupancy now at 94.3% (up from 92.4%
at the end of FY25), with just under two floors remaining to
be leased.
The initial leasing campaign for our flagship build-to-rent
(BTR) development, Resido at Sylvia Park, is now complete.
As at 30 September Resido was 99% leased, in line with our
original 12 to 18-month lease-up target. This result validates
the product offering and the attractiveness of well-located,
amenity-rich rental accommodation.
Continued focus on sustainability
Sustainability remains a core focus of our strategy, with
ongoing investment in green building initiatives to improve
marketability to tenants and investors alike. Geneva House
at Sylvia Park achieved a 5.5 Star NABERSNZ energy
rating during the period, highlighting the building’s strong
sustainability performance.
Mixed-use sales marginally
up with prospects for growth ahead
Sales (+0.2%) and foot traffic (+1.1%) across our mixed-
use portfolio were marginally up in the twelve months to
30 September 2025, with stronger sales in the second half
(+1.0%) signalling positive momentum.
Sales appear to be recovering with catalysts for further
growth expected, including interest rate cuts flowing through
to consumer spending and the highly anticipated opening of
IKEA adjacent to Sylvia Park in early December. The opening
of IKEA is expected to act as a significant drawcard to the
precinct. A short walk via a pedestrian walkway between IKEA
and Level One of Sylvia Park will provide for the seamless
integration of the two sites.
We anticipate that the opening of IKEA will drive additional
consumer activity and reinforce the long-term value
proposition of Sylvia Park.
Three conditional LFR land sales in October
Our Drury development continues to gain momentum as a
key driver of long-term value for Kiwi Property.
We were very pleased to confirm the conditional sale of
6.4ha to Costco Wholesale, a major international retailer,
which will serve as a catalyst for further development and
growth at the site. This sale, along with conditional sales to
Rebel Sport/Briscoes and Harvey Norman, will provide capital
for reinvestment and together with the recent Stage 2 Fast-
track approval, validates the strategic vision for Drury as
Auckland’s next major metropolitan centre.
7.0%
NET RENTAL INCOME
GROWTH
“The extension of
ASB’s lease at ASB North
Wharf during HY26 was
a significant milestone,
with the lease extended
for a further nine years
through to 2040.”
Kiwi Property Interim Report FY264

Mackersy loan converts to equity;
first fund to be established
Last year’s investment into Mackersy Property has created
value for Kiwi Property shareholders. The business has
made strong progress over the last 12 months and increased
earnings to meet the targets in the convertible loan
agreement. This will result in the conversion of our original
loan to equity in early December, at which point we will own
a 50% shareholding in the investment management business.
We are very pleased with this progress and the strong
working relationship we have with the Mackersy Property
team. The strategy behind our investment in Mackersy
Property was to support the growth of Kiwi Property by
providing us with a new source of capital. The recently
announced Mackersy Large Format Retail (LFR) fund, with
Sylvia Park Lifestyle as the seed asset, offers us a potential
future source of capital to develop LFR assets across existing
KPG sites, providing us with greater balance sheet flexibility.
Some of the proceeds from the Mackersy LFR Fund will be
used to fund key smaller-scale developments, including the
new Pedestrian Plaza and addition of an Asian supermarket
at Sylvia Park, and the further development of Level One at
The Base.
Regulatory tailwinds
supporting sector growth
Recent regulatory developments have provided a welcome
boost for Kiwi Property and the property sector as a whole.
The proposed changes to seismic regulations announced
in September have the potential to reduce expected
remediation costs and provide greater certainty for asset
owners. Kiwi Property in particular is likely to benefit, given
the concentration of our assets in Auckland, where the
Government intends to remove the earthquake-prone
building regime entirely.
Dividend guidance confirmed
We remain committed to growing sustainable returns for
shareholders. Consistent with the guidance provided in our
FY25 annual results, we confirm our FY26 full-year dividend
guidance of 5.60 cents per share.
2
This is expected to be
within our target payout range of 90% to 100% of year-end
AFFO. We will pay a cash dividend of 1.40 cents per share for
the second quarter of FY26 on 19 December 2025, taking the
interim cash dividend payment to 2.80 cents per share.
Positioned for growth
As we look to the remainder of FY26 and beyond, Kiwi
Property is well positioned to benefit from improving
economic conditions and the continued execution of our
strategy.
Our high-quality asset base, strong tenant relationships,
and disciplined approach to capital management provide a
solid foundation for long-term value creation. We are excited
about the opportunities ahead, including the opening of IKEA
at Sylvia Park in early December, further progress at Drury,
and continued improvement in operating conditions for our
assets.
We thank our investors, tenants, and the wider Kiwi Property
team for their ongoing support and commitment.
Clive Mackenzie
Chief Executive Officer
Simon Shakesheff
Chair
1. Leasing spreads are calculated excluding held for sale assets.
2. Dividend guidance and payments are contingent on the
company’s financial performance through the financial year and
barring material adverse events or unforeseen circumstances.
General: Net rental income, operating profit before tax, and adjusted
funds from operations (AFFO) are non-GAAP performance measures.
Refer to the Kiwi Property Interim Results Presentation for the six
months ended 30 September 2025 for details.
Kiwi Property Interim Report FY265

Financials
Kiwi Property Interim Report FY266

Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Kiwi Property Interim Report FY267
Consolidated statement of comprehensive incomePg 8
Consolidated statement of changes in equityPg 9
Consolidated statement of financial positionPg 10
Consolidated statement of cash flowsPg 11
Notes to the consolidated financial statementsPg 13
Independent auditor's review reportPg 26

Consolidated statement
of comprehensive income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Kiwi Property Interim Report FY268
6 months6 months
30 Sep 202530 Sep 2024
Note$000$000
Revenue
Property revenue134,724126,405
Property management revenue1,9311,955
Total revenue136,655128,360
Expenses
Direct property expenses(32,796)(31,074)
Employment and administration expenses(12,886)(12,689)
Total expenses(45,682)(43,763)
Profit before net finance expenses, other (expenses)/income and income
tax expense90,97384,597
Interest income408250
Interest and finance charges(28,490)(28,432)
Net fair value loss on interest rate derivatives3.4.2(8,935)(11,185)
Net finance expenses(37,017)(39,367)
Profit before other (expenses)/income and income tax53,95645,230
Net fair value (loss)/gain on investment properties3.2(29,150)9,487
Impairment loss on inventories3.3(1,073)-
Loss on disposal of investment properties(14)-
Other (expenses)/income(30,237)9,487
Profit before income tax23,71954,717
Income tax expense2.1(13,898)(11,497)
Profit and total comprehensive income after income tax attributable
to shareholders9,82143,220
Basic earnings per share (cents)0.602.72
Diluted earnings per share (cents)0.602.72
The consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

Consolidated statement
of changes in equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Kiwi Property Interim Report FY269
Share
capital
$000
Share-based
payments
reserve
$000
Retained
earnings
$000
Total
equity
$000
Balance at 1 April 20241,682,7952,854174,3131,859,962
Profit and total comprehensive income after income tax
attributable to shareholders--43,22043,220
Dividends paid--(44,195)(44,195)
Dividends reinvested10,148--10,148
Long-term incentive plan994(620)128502
Employee share ownership plan96(76)-20
Treasury shares disposed787--787
Balance at 30 September 20241,694,8202,158173,4661,870,444
Balance at 1 April 20251,713,5172,630143,7841,859,931
Profit and total comprehensive income after income tax
attributable to shareholders--9,8219,821
Dividends paid--(44,881)(44,881)
Dividends reinvested21,046--21,046
Long-term incentive plan1,003(866)-137
Employee share ownership plan81(51)-30
Balance at 30 September 20251,735,6471,713108,7241,846,084
The consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Consolidated statement
of financial position
AS AT 30 SEPTEMBER 2025
Kiwi Property Interim Report FY2610
Note
30 Sep 2025
$000
31 Mar 2025
$000
Current assets
Cash and cash equivalents14,00614,391
Trade and other receivables3.112,93216,259
Interest rate derivatives3.4.2-51
Inventories3.398,00089,171
Investment properties held for sale3.2208,790-
333,728119,872
Non-current assets
Investment properties3.22,996,4353,209,187
Property, plant and equipment1,2061,319
Loan receivable4,1606,500
Interest rate derivatives3.4.2-706
Deferred tax assets4,2361,734
3,006,0373,219,446
Total assets3,339,7653,339,318
Current liabilities
Trade and other payables46,39950,475
Interest bearing liabilities3.4.1101,531101,457
Income tax payable4,8714,007
Lease liabilities5654
Interest rate derivatives3.4.29493
153,806155,996
Non-current liabilities
Interest bearing liabilities3.4.11,187,4811,183,180
Interest rate derivatives3.4.214,1776,945
Deferred tax liabilities137,885132,905
Lease liabilities332361
1,339,8751,323,391
Total liabilities1,493,6811,479,387
Equity
Share capital1,735,6471,713,517
Share-based payments reserve1,7132,630
Retained earnings108,724143,784
Total equity1,846,0841,859,931
Total equity and liabilities3,339,7653,339,318
The consolidated statement of financial position should be read in conjunction with the accompanying notes.
For and on behalf of the Board, who authorised these consolidated financial statements for issue on 21 November 2025.
Simon
Shakesheff, ChairMichele Embling, Chair of the Audit, Risk and Sustainability Committee

Consolidated statement
of cash flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Kiwi Property Interim Report FY2611
6 months
30 Sep 2025
$000
6 months
30 Sep 2024
$000
Cash flows from operating activities
Property revenue135,218127,828
Property management revenue2,4122,356
Interest received and other income408250
Direct property expenses(33,454)(30,634)
Interest paid and finance charges(28,082)(31,966)
Interest costs paid on lease liabilities(11)(12)
Employment and administration expenses(13,963)(14,841)
Expenditure on inventories, including capitalised interest(4,072)(7,442)
Income tax expense(10,555)(8,509)
Net cash flows from operating activities47,90137,030
Cash flows from investing activities
Capital expenditure on investment properties(28,700)(64,260)
Interest and finance charges capitalised to investment properties(1,804)(3,864)
Acquisition of property, plant and equipment(261)(65)
Net cash flows used in investing activities(30,765)(68,189)
Cash flows from financing activities
Payment of lease liabilities(26)(24)
Proceeds from disposal of treasury shares-787
Proceeds from bank loans787,000754,000
Repayment of bank loans(783,000)(694,000)
Loan repayment from third party2,340-
Dividends paid(23,835)(34,047)
Net cash flows (used in)/from financing activities(17,521)26,716
Net decrease in cash and cash equivalents(385)(4,443)
Cash and cash equivalents at the beginning of the period14,39118,203
Cash and cash equivalents at the end of the period14,00613,760
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Consolidated statement
of cash flows (continued)
Kiwi Property Interim Report FY2612
6 months6 months
Reconciliation of profit after income tax to net cash flows from operating activities
30 Sep 202530 Sep 2024
$000$000
Profit and total comprehensive income after income tax attributable to shareholders9,82143,220
Items classified as investing or financing activities:
Movement in working capital items relating to investing and financing activities3,9296,963
Non-cash items:
Net fair value loss on interest rate derivatives8,93511,185
Net fair value loss/(gain) on investment properties29,150(9,487)
Impairment loss on inventories1,073-
Increase in deferred tax liabilities2,4781,656
Amortisation of lease incentives and fees3,2763,258
Straight-lining of fixed rental increases(2,047)(735)
Movements in working capital items:
Decrease in trade and other receivables3,3272,001
Increase in income tax payable8641,332
Decrease in trade and other payables(4,076)(14,921)
Increase in inventories(8,829)(7,442)
Net cash flows from operating activities47,90137,030
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Notes to the consolidated
financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Kiwi Property Interim Report FY2613
1.General information
1.1Reporting entityPg 14
1.2Basis of preparationPg 14
1.3Significant changes during the periodPg 14
1.4New standards, amendments and interpretationsPg 14
1.5Key judgements and estimatesPg 14
1.6Accounting policiesPg 14
2.Profit and loss information
2.1Tax expensePg 15
3.Financial position information
3.1Trade and other receivablesPg 16
3.2Investment propertiesPg 17
3.3InventoriesPg 20
3.4FundingPg 21
4.Other information
4.1Segment informationPg 23
4.2CommitmentsPg 25
4.3Subsequent eventsPg 25

1. General information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Kiwi Property Interim Report FY2614
1.1 Reporting entity
The interim consolidated financial statements are for Kiwi Property Group Limited (Kiwi Property or the Company) and its controlled
entities (the Group). The Company is incorporated and domiciled in New Zealand, is registered under the Companies Act 1993 and
is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013. The Company is listed with NZX Limited with
its ordinary shares quoted on the NZX Main Board and fixed-rate green bonds quoted on the NZX Debt Market.
The principal activity of the Group is to invest in New Zealand real estate.
1.2 Basis of preparation
The interim consolidated financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting
Practice (NZ GAAP) and comply with New Zealand Equivalents to International Accounting Standards (NZ IAS) 34 Interim Financial
Reporting and International Accounting Standards (IAS) 34 Interim Financial Reporting. These interim consolidated financial
statements should be read in conjunction with the consolidated financial statements in the 2025 annual report.
The interim consolidated financial statements for the six months ended 30 September 2025 are unaudited. Comparative balances
for 30 September 2024 are unaudited, whilst the comparative balances for the year ended 31 March 2025 are audited.
The interim consolidated financial statements have been prepared on the basis the Group is a going concern.
The interim consolidated financial statements are prepared on the basis of historical cost, except where otherwise identified. The
functional and presentation currency used in the preparation of the interim consolidated financial statements is New Zealand dollars.
1.3
 Significant changes during the period
The financial position and performance of the Group was affected by the following events and transactions during the period:
Investment property
In September 2025, upon meeting the criteria to be classified as held for sale, the Group reclassified The Plaza and Sylvia Park Lifestyle
from investment properties to held for sale. The revenue and expenses from The Plaza and Sylvia Park Lifestyle are recognised within
the Other segment.
Interest bearing liabilities
In September 2025, the Group increased its overall bank debt facilities from $1,000 million to $1,035 million. A further $100 million
of conditional bank debt facilities were established to refinance the repayment of the KPG040 green bond which matured on
12 November 2025.
1.4
 New standards, amendments and interpretations
There have been no new accounting standards or amendments that have had a material impact on the interim consolidated
financial statements.
Standards issued but not yet effective
In May 2024, the International Accounting Standards Board issued IFRS 18 Presentation and Disclosure in Financial Statements that
is effective for accounting periods that begin on or after 1 January 2027. The impact of this standard is being assessed by the Group.
1.5
 Key judgements and estimates
Critical judgements, estimates and assumptions are outlined throughout these interim consolidated financial statements and in the
2025 annual consolidated financial statements.
1.6
 Accounting policies
The accounting policies and methods of computation used in the preparation of these interim consolidated financial statements are
consistent with those used in the 2025 annual consolidated financial statements.

2. Profit and loss information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Kiwi Property Interim Report FY2615
2.1 Tax expense
A reconciliation of profit before income tax to income tax expense follows:
6 months6 months
30 Sep 202530 Sep 2024
$000$000
Profit before income tax23,71954,717
Prima facie income tax expense at 28%(6,641)(15,321)
Adjusted for:
Net fair value loss on interest rate derivatives(2,502)(3,132)
Net fair value (loss)/gain on investment properties(8,162)2,656
Impairment loss on inventories(300)-
Depreciation3,7793,794
Net deferred leasing costs(73)(97)
Deductible capitalised expenditure1,2901,947
Other1,189312
Current tax expense(11,420)(9,841)
Depreciation recoverable(3,786)(4,208)
Net fair value loss on interest rate derivatives2,5023,132
Deferred leasing costs and other temporary differences(1,194)(580)
Deferred tax expense(2,478)(1,656)
Income tax expense reported in consolidated statement of comprehensive income(13,898)(11,497)
Imputation credits available for use in subsequent periods5,7995,312
Key estimates and assumptions: income tax
Deferred tax on depreciation
Deferred tax is provided in respect of depreciation expected to be recovered on the sale of investment properties at fair value.
Investment properties are valued each year by independent valuers. These values include an allocation of the valuation between
the land and building components. The calculation of deferred tax on depreciation recovered relies on this allocation provided
by the valuers.
The calculation of deferred tax on depreciation recovered also requires an assessment to be made of market values attributable
to fixtures and fittings. The market values of fixtures and fittings for significant properties have been assessed utilising
independent valuation advice and the remaining properties have been assessed by reference to previous transactional
evidence and their age and quality.

3. Financial position information
AS AT 30 SEPTEMBER 2025
Kiwi Property Interim Report FY2616
3.1 Trade and other receivables
30 Sep 2025
$000
31 Mar 2025
$000
Trade debtors9,9549,756
Provision for doubtful debts(2,408)(2,363)
7,5467,393
Prepayments5,3868,866
Trade and other receivables12,93216,259
The movement in the provision for doubtful debts is as follows:
30 Sep 2025
$000
31 Mar 2025
$000
Opening provision for doubtful debts2,3631,745
Increase in doubtful debts allowance recognised in profit or loss during the period2161,113
Receivables written off during the period as uncollectible(127)(406)
Unused amounts reversed(44)(89)
Closing provision for doubtful debts2,4082,363

Kiwi Property Interim Report FY2617
3.2 Investment properties
Investment properties held by the Group are as follows:
Fair value
31 March 2025
$000
Capital
movements
30 Sep 2025
$000
Fair value
gain/(loss)
30 Sep 2025
$000
Fair value
30 Sep 2025
$000
Mixed-use
Sylvia Park Precinct
1
1,735,748(71,224)(15,309)1,649,215
LynnMall205,000704-205,704
The Base
2
224,3002634,237228,800
2,165,048(70,257)(11,072)2,083,719
Office
Vero Centre456,5005,776(5,776)456,500
ASB North Wharf212,0001,206(1,206)212,000
The Aurora Centre147,000(132)-146,868
815,5006,850(6,982)815,368
Retail
The Plaza
3
126,000(118,040)(7,960)-
Centre Place North
2
32,2256528332,960
158,225(117,388)(7,877)32,960
Other
Development land70,000(2,807)(3,193)64,000
3,208,773(183,602)(29,124)2,996,047
Gross up of lease liabilities414-(26)388
Investment properties - non-current3,209,187(183,602)(29,150)2,996,435
Investment properties held for sale
Properties held for sale-208,790-208,790
Investment properties held for sale - current-208,790-208,790
Total investment properties3,209,18725,188(29,150)3,205,225
1In the current period, Sylvia Park Lifestyle was reclassified to investment properties held for sale.
2Represents the Group's 50% ownership interest.
3In the current period, The Plaza was reclassified to investment properties held for sale.

Kiwi Property Interim Report FY2618
3.2 Investment properties (continued)
The movement in the Group's investment properties during the six months to 30 September 2025 is as follows:
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
Held for sale
$000
Total
$000
Balance at 31 March 2025 excluding gross up
of lease liabilities2,165,048815,500158,22570,000-3,208,773
Capital movements:
Transfers between asset classes(88,790)-(120,000)-208,790-
Transfer to inventories---(5,830)-(5,830)
Capitalised costs (including lease
incentives, fees and fixed rental income)19,6396,4012,5821,821-30,443
Capitalised interest and finance charges377-2251,202-1,804
Amortisation of lease incentives, fees and
fixed rental income(1,483)449(195)--(1,229)
(70,257)6,850(117,388)(2,807)208,79025,188
Net fair value gain on investment properties
excluding gross up of lease liabilities(11,072)(6,982)(7,877)(3,193)-(29,124)
Balance at 30 September 2025 excluding
gross up of lease liabilities2,083,719815,36832,96064,000208,7903,204,837
Gross up of lease liabilities:
Balance at 31 March 2025414----414
Fair value movements(26)----(26)
Balance at 30 September 2025 excluding
gross up of lease liabilities388----388
Balance at 30 September 2025 including
gross up of lease liabilities2,084,107815,36832,96064,000208,7903,205,225

Kiwi Property Interim Report FY2619
3.2 Investment properties (continued)
Key estimates and assumptions: valuation and fair value measurement of
investment properties
Introduction
All of the Group's investment properties have been determined to be Level 3 (31 March 2025: Level 3) in the fair value hierarchy
because all significant inputs that determine fair value are not based on observable market data.
Valuation process
In line with the Group’s valuation policy, as at
31 March 2025 all properties were carried at external valuation or contract price as
applicable, except for a small number of non-core residential properties owned by the Group which were subject to a kerbside
value assessment completed by an independent registered valuer.
For 30 September 2025 interim financial reporting purposes, the Board and Management have reviewed the portfolio using
available market data and considered other key property information. Where fair value movements were material in the context
of the Group's valuation policy, the Board and Management have engaged independent registered valuers to complete desktop
assessments. This resulted in desktop assessments being completed for all investment properties other than LynnMall, Centre
Place North, Geneva House (3 Te Kehu Way), ANZ Raranga, The Aurora Centre and certain adjoining industrial and non-core
residential properties within the Sylvia Park Precinct. Whilst the desktop assessments were completed for internal purposes,
they have been reviewed by Management and adopted by the Board as Directors' valuations. For the properties that were not
assessed by external independent registered valuers as the fair value movements were not considered material, the Board and
Management determined the appropriate fair value as at 30 September 2025.
Investment property values are assessed within a range indicated by at least two valuation approaches; most commonly
the income capitalisation approach and discounted cash flow approach. Other valuation approaches, including the sales
comparison approach or deferred land value approach, may be used depending on the nature of the property. In addition, the
adopted valuation of an investment property undergoing development may be assessed using a residual approach.
Estimates are used in these valuation approaches to determine fair value. For the two most common approaches, these include
the capitalisation rate in the income capitalisation approach and the discount rate in the discounted cash flow approach. Both
approaches are also influenced by other estimates relating to market rental levels, vacancy rates, letting-up allowances and the
cost of ongoing operating expenses, capital expenditure and other capital payments.
In relation to capital expenditure, where relevant, deductions for the cost of seismic strengthening works are included in the
valuations of certain properties. The Group has provided the valuers with the estimated cost of these works. In some instances,
the valuer has made adjustments to the estimates, including for cost escalation and profit and risk for potential works to
buildings which have not been subject to a Detailed Seismic Assessment (DSA).
Seismic
The Group's approach and process to seismic resilience of the portfolio is described in the annual financial statements.
Where the Group has become aware of potential remediation requirements from preliminary seismic strength investigations,
the Group has provided additional provisions for inclusion in the valuations. These provisions are estimated allowances pending
the outcome of further investigations and are based on the best information available at the time of valuation but may be subject
to change as circumstances and standards continue to evolve.
On 28 September 2025, the New Zealand Government announced proposed changes to the earthquake-prone building (EPB)
system and its associated legislation. Key proposals include removing references in the legislation to New Building Standard
(NBS) ratings and introducing a more targeted, risk-based approach to remediation. The proposed system will focus on
higher-risk building types in medium and high seismic zones, while lower-risk buildings and buildings in low seismic zones (such
as Auckland) are proposed to be removed from the regime.
Legislation is expected to be enacted during 2026, with the changes for Auckland to take effect immediately on the law being
passed, while other reforms may require further implementation. The Group will assess the impact of these changes on its
portfolio as more information becomes available and will update its policies as appropriate.

Kiwi Property Interim Report FY2620
3.2 Investment properties (continued)
Climate change
The Group continues to identify and assess the impact of climate change on its business and assets. The desktop valuation
assessments and Directors' valuations made no explicit adjustment for climate-related risks. However, climate related risks are
implicitly accounted for in the valuation process as investment metrics such as capitalisation rates and discount rates which are
benchmarked against transaction evidence of similar profile assets that may also be subject to climate-related risks. At 31 March
2025, the valuers considered climate-related risks such as flooding, short-term sea level rise and fire by checking national and
local authority hazard registers for the properties valued and adjusting investment metrics for any risks identified that were
considered material. For the period ended 30 September 2025, the Group is not aware of any significant changes to such risks
on its assets. The Group and valuers anticipate that climate change could have a greater influence on valuations in the future
as investment markets place a greater emphasis on this risk and its impacts.
Impact on values at 30 September 2025
For the period ended 30 September 2025, the Group reported a fair value loss of $29.1 million. The loss reflects movements in
capitalisation rates and discount rates consistent with the current economic environment.
3.3
 Inventories
30 Sep 2025
$000
31 Mar 2025
$000
Opening balance89,17173,500
Transfer from investment properties5,830-
Additional expenditure4,07215,671
Impairment loss(1,073)-
Closing balance98,00089,171
The Group classifies inventories as current assets as it intends to sell the assets within its normal operating cycle even when they are
not expected to be realised within 12 months after the reporting period.
During the period, a parcel of land previously classified as investment properties met the classification criteria of inventories and was
transferred from investment properties at its fair value.

Kiwi Property Interim Report FY2621
3.4 Funding
3.4.1
 Interest bearing liabilities
The Group's secured interest bearing liabilities are as follows:
30 Sep 2025
$000
31 Mar 2025
$000
Bank loans - total facilities1,035,0001,000,000
Bank loans - undrawn facilities(248,000)(217,000)
Bank loans - drawn facilities - non-current787,000783,000
Fixed-rate green bonds - current101,531101,457
Fixed-rate green bonds - non-current400,481400,180
Fixed-rate green bonds - amortised cost502,012501,637
Interest bearing liabilities1,289,0121,284,637
30 Sep 2025
$000
31 Mar 2025
$000
Face value of fixed-rate green bonds - current100,000100,000
Face value of fixed-rate green bonds - non-current400,000400,000
Face value of fixed-rate green bonds500,000500,000
30 Sep 2025
$000
31 Mar 2025
$000
Weighted average interest rate for drawn debt
(inclusive of bonds, active interest rate derivatives, margins and line fees)4.89%5.30%
Weighted average term to maturity for bank loans and bonds3.1 years3.1 years
Recognition and measurement
All interest bearing liabilities are initially recognised at the fair value of the consideration received, less directly attributable
transaction costs. After initial recognition, they are subsequently measured at amortised cost using the effective interest rate
method whereby the transaction costs are spread over the expected life of the instrument.
Bank loans
The Group's bank loans are provided by ANZ Bank New Zealand Limited, Bank of New Zealand, China Construction Bank (New
Zealand Branch), Commonwealth Bank of Australia, The Hongkong and Shanghai Banking Corporation Limited (New Zealand Branch),
Industrial and Commercial Bank of China Limited, Auckland Branch (ICBC), MUFG Bank, Ltd (Auckland Branch) and Westpac New
Zealand Limited.
In September 2025, the Group increased its overall bank facilities from $1 billion to $1.04 billion.
The Group is required to comply with certain financial covenants in respect of its interest bearing liabilities. During the six months
ended 30 September 2025 and year ended 31 March 2025, the Group was in compliance with all of its financial covenants.

Kiwi Property Interim Report FY2622
3.4.1
 Interest bearing liabilities (continued)
Security
The bank loans and fixed-rate green bonds are secured by a Global Security Deed granted by the Charging Group over all of their
assets, together with first ranking registered mortgages over substantially all of the real property (being land and buildings and other
fixtures on that land) owned by the Charging Group. The Charging Group comprises Kiwi Property Group Limited and its subsidiaries
that are party to the Global Security Deed as guarantors. At the date of these financial statements, the guaranteeing subsidiaries
comprise Kiwi Property Holdings Limited, Kiwi Property Holdings No. 2 Limited, Kiwi Property Holdings No. 3 Limited, Kiwi Property
Holdings No. 4 Limited, Kiwi Property Holdings No. 5 Limited, Kiwi Property Holdings No. 7 Limited, Sylvia Park Business Centre Limited,
Kiwi Property Te Awa Limited and Kiwi Property Centre Place Limited. The guaranteeing subsidiaries may change from time to time.
3.4.2
 Interest rate derivatives
The Group is exposed to changes in interest rates and uses interest rate derivatives to mitigate these risks.
The following table provides details of the fair values, notional values, terms and interest rates of the Group's interest rate derivatives.
30 Sep 2025
$000
31 Mar 2025
$000
Interest rate derivative assets - current-51
Interest rate derivative assets - non-current-706
Interest rate derivative liabilities - current(949)(3)
Interest rate derivative liabilities - non-current(14,177)(6,945)
Net fair values of interest rate derivatives(15,126)(6,191)
Notional value of interest rate derivatives - fixed-rate payer - active475,000625,000
Notional value of interest rate derivatives - fixed-rate payer - forward starting260,000215,000
Notional values735,000840,000
Fixed-rate payer swaps:
Weighted average term to maturity - active2.1 years1.9 years
Weighted average term to maturity - forward starting5.2 years5.5 years
Weighted average term to maturity3.2 years2.8 years
Fixed-rate payer swaps:
Weighted average interest rate - active
1
3.90%2.98%
Weighted average interest rate - forward starting
1
4.09%4.12%
Weighted average interest rate3.97%3.27%
1Excluding fees and margins.
Key estimate: fair value of interest rate derivatives
The fair values of interest rate derivatives are determined from valuations prepared by an independent treasury advisor using
valuation techniques classified as Level 2 in the fair value hierarchy (31 March 2025: Level 2). These 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
at balance date. Fair values also
reflect the current creditworthiness of the derivative counterparties. These values are verified
against valuations prepared by the respective 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 March 2025: 3.61% and 4.11%, respectively).

4. Other information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Kiwi Property Interim Report FY2623
4.1 Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker, who is the Chief Executive Officer (CEO). The CEO is responsible for allocating resources and assessing performance of the
operating segments.
Operating segments have been determined based on the reports reviewed by the CEO to assess performance, allocate resources and
make strategic decisions.
The Group's primary assets are investment properties. Segment information for investment properties is provided in note 3.2.
Investment properties held for sale are included in the other segment. The Group operates in New Zealand only.
The following table is an analysis of the Group's profit by reportable segments used during the period:
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
Total
$000
30 September 2025
Property revenue81,75033,7812,64716,546134,724
Less: straight-lining of fixed rental increases(362)(1,512)(14)(159)(2,047)
Less: direct property expenses(19,809)(8,354)(1,058)(3,575)(32,796)
Segment profit61,57923,9151,57512,81299,881
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
Total
$000
30 September 2024
Property revenue80,22132,36813,599217126,405
Less: straight-lining of fixed rental increases(379)(1,038)682-(735)
Less: direct property expenses(19,280)(7,961)(3,577)(256)(31,074)
Segment profit60,56223,36910,704(39)94,596
30 Sep 25
61%
Mixed-use
24%
Office
2%
Retail
13%
Other
Segment profit
30 Sep 24
64%
Mixed-use
25%
Office
11%
Retail
0%
Other
Segment profit

Kiwi Property Interim Report FY2624
4.1 Segment information (continued)
A reconciliation of the segment profit to the profit/(loss) before income tax reported in the Consolidated Statement of
Comprehensive Income is provided as follows:
6 months6 months
30 Sep 202530 Sep 2024
$000$000
Segment profit99,88194,596
Property management fees1,9311,955
Increase in rental income resulting from straight-lining of fixed rental increases2,047735
Interest income408250
Net fair value (loss)/gain on investment properties(29,150)9,487
Interest and finance charges(28,490)(28,432)
Employment and administration expenses(12,886)(12,689)
Net fair value loss on interest rate derivatives(8,935)(11,185)
Impairment loss on inventories(1,073)-
Loss on disposal of investment properties(14)-
Profit before income tax23,71954,717
The following table is an analysis of the Group's assets and liabilities by reportable segments used during the period:
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
All other
segments
$000
Total
$000
30 September 2025
Segment assets2,094,995816,28037,311371,18119,9983,339,765
Segment liabilities28,2578,9827,7403,7091,444,9931,493,681
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
All other
segments
$000
Total
$000
31 March 2025
Segment assets2,178,032817,732163,168159,82220,5643,339,318
Segment liabilities30,7196,12513,1252,0381,427,3801,479,387
All assets are allocated to reportable segments other than cash and cash equivalents, interest rate derivatives and property, plant and
equipment, which are included in 'all other segments'.
All liabilities are allocated to reportable segments other than interest bearing liabilities, deferred tax liabilities, income tax payable and
interest rate derivatives, which are included in 'all other segments'.

Kiwi Property Interim Report FY2625
4.2 Commitments
The following costs have been committed to but not recognised in the consolidated financial statements as they will be incurred in
future reporting periods:
30 Sep 2025
$000
31 Mar 2025
$000
Sylvia Park Precinct-9,266
Vero Centre12,211-
ASB North Wharf21,830-
Drury - Development Land and Inventories7,4301,530
Capital commitments41,47110,796
4.3 Subsequent events
In
October 2025, the Group entered into conditional agreements to dispose of approximately 9.5 hectares in aggregate of land at the
Group’s Drury development to Costco Wholesale New Zealand Limited, Harvey Norman Properties (N.Z.) Limited and Briscoes (New
Zealand) Limited. The transactions are subject to a number of conditions related to the subdivision and development of the land.
On 30 October 2025, Mackersy Property Limited (MPL) gave notice that it had reached the conversion threshold under the
Convertible Loan Agreement between MPL and Kiwi Property Holdings No. 8 Limited (KP8) dated 22 October 2024. At conversion, any
loan repaid by MPL will be returned to MPL so the value of loan converted into equity in MPL is $6.5 million, resulting in KP8 owning
50% of the equity in MPL. The conversion is scheduled to occur on
1 December 2025. As this has not occurred at the date of issue
of these financial statements, it is impracticable to disclose the acquisition date fair value of the investment.
On 9 November 2025, the Group entered into a sale and purchase agreement to dispose of 393 Mt Wellington Highway, Auckland
(Sylvia Park Lifestyle) for $90 million to a fund established by MPL known as the Mackersy LFR Fund (the Fund). The Fund is seeking
investments from wholesale investors. The sale of Sylvia Park Lifestyle to the Mackersy LFR Fund is conditional on MPL raising capital
to fund the acquisition. The Group has agreed to underwrite up to 25% of the equity in the Fund. If the capital raise condition is met,
the transaction is expected to settle in the first quarter of 2026. As consideration for the sale of Sylvia Park Lifestyle, the Group will
receive a combination of units in the Fund and cash.
On 12 November 2025 KPG040, a $100 million green bond, matured and was repaid. The Group extended its bank facilities by
$100 million in November 2025 to replace the matured bond.
On 24 November 2025, the Board declared a dividend for the period of 1 July 2025 to 30 September 2025 of 1.40 cents per share
(cps) (equivalent to $23.1 million), together with imputation credits of 0.366 cps. The dividend record date is 5 December 2025 and
payment will occur on 19 December 2025.

Independent auditor's
review report
TO THE SHAREHOLDERS OF KIWI PROPERTY GROUP LIMITED
Kiwi Property Interim Report FY2626
Conclusion
We have reviewed the consolidated interim financial statements (‘interim financial statements’) of Kiwi Property Group Limited (‘the
Company’) and its controlled entities (‘the Group’) on pages 8 to 25 which comprise the consolidated statement of financial position
as at 30 September 2025, and the consolidated statement of comprehensive income, statement of changes in equity and statement
of cash flows for the six months ended on that date, and notes to the interim financial statements, including material accounting
policy information.
Based on our review, nothing has come to our attention that causes us to believe that the 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 ended on that date in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim
Financial Reporting.
Basis for conclusion
We conducted our review in accordance with NZ SRE 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 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 requirements.
Our firm carries out other assignments for the Group in relation to other assurance-related services (such as audits of joint
venture financial statements, audits of special purpose financial information in accordance with tenancy agreements, agreed upon
procedures in respect of a specified remuneration metric and limited assurance over selected greenhouse gas information included
in the climate related disclosures) and non-assurance-related services (such as the Finance Business Partner training programme).
These services have not impaired our independence as auditor of the Company and Group. The firm has no other relationship with,
or interest in, the Company or any of its subsidiaries.
Directors' responsibility for the interim consolidated financial statements
The directors are responsible on behalf of the Company for the preparation and fair presentation of the interim financial statements
in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting and for such internal control as the
directors determine is necessary to enable the preparation and fair presentation of the interim financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim consolidated financial statements
Our responsibility is to express a conclusion on the 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 interim financial statements, taken
as a whole, are not prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim
Financial Reporting.
A review of the 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 (New Zealand) and consequently do not enable us to
obtain assurance that we might identify in an audit. Accordingly we do not express an audit opinion on the interim financial statements.
Restriction on use
This report is made solely to the company’s shareholders, as a body. Our review has been undertaken so that we might state to the
company’s shareholders those matters we are required to state to them in a 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’s shareholders as a body, for
our engagement, for this report, or for the conclusions we have formed.
Andrew Boivin, Partner
for Deloitte Limited
 Auckland, New Zealand
21 November 2025

Directory
Kiwi Property Interim Report FY2627
Company
Kiwi Property Group Limited
Level 7, Vero Centre
48 Shortland Street
PO Box 2071
Shortland Street
Auckland 1140
T: +64 9 359 4000
W: kp.co.nz
E: info@kp.co.nz
Bond supervisor
Public Trust
Level 16, SAP Tower
151 Queen Street, Auckland
Private Bag 5902
Wellington 6140
T: 0800 371 471
W: publictrust.co.nz
E: cstenquiry@publictrust.co.nz
Security trustee
New Zealand Permanent Trustees Limited
Level 16, SAP Tower
151 Queen Street, Auckland
Private Bag 5902
Wellington 6140
T: 0800 371 471
E: cstenquiry@publictrust.co.nz
Registrar
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Level 30, PwC Tower
15 Customs Street West
PO Box 91976
Auckland 1142
T: +64 9 375 5998 or 0800 377 388
W: mpms.mufg.com
E: enquiries.nz@cm.mpms.mufg.com
Auditor
Deloitte Limited
Deloitte Centre
Levels 15-20
1 Queen Street
Auckland 1010
T: +64 9 303 0700
W: deloitte.co.nz
Bankers
•
ANZ Bank New Zealand Limited
•
Bank of New Zealand
•
China Construction Bank (New Zealand Branch)
•
Commonwealth Bank of Australia
•
The Hongkong and Shanghai Banking Corporation (New
Zealand Branch)
•
Industrial and Commercial Bank of China Limited, Auckland
Branch (ICBC)
•
MUFG Bank, Ltd (Auckland Branch)
•
Westpac New Zealand Limited

kp.co.nz

---

HY26 Movement from HY25
Net rental income $102.0m +7.0%
Operating profit before tax $62.9m +11.5%
Net profit after tax $9.8m -77.3%
Adjusted funds from operations $51.9m +7.2%
Net tangible assets per share $1.12 -2.2% (from FY25)
Interim dividend 2.80 cents per share +3.7%

Key highlights:
• Strong leasing momentum: ASB North Wharf lease extended to 2040, Vero Centre
occupancy up to 94.3%, and Resido (build-to -rent) now 99% leased.
• Establishment of the Mackersy L arge Format Retail Fund (seeded with Sylvia Park
Lifestyle) is expected to release at least $53 million in capital.
• Conditional sales of Drury land to Costco, Rebel Sport/Briscoes, and Harvey Norman
means around 77% of large-format retail land at Drury is now conditionally sold, with
total sales proceeds of $115 million to be received in FY27-FY29.

Kiwi Property has announced its interim results for the six months ended 30 September
2025 (HY26), with Chair Simon Shakesheff noting that this result “highlights a robust
business performance and demonstrates the strength of our strategy as broader economic
conditions begin to stabilise.”

Clive Mackenzie, Kiwi Property’s CEO, added that the “ portfolio continues to deliver solid net
rental income growth, up 7.0% for the half-year and supported by the now-complete lease
up of Resido.” Operating profit before tax increased by 11.5% to $62.9 million, reflecting
income growth and disciplined cost management. Net profit after tax was $9.8 million (down
77.3%), which included an unrealised fair value loss of $30.3 million during the period,
compared with an increase in the prior period. AFFO increased by 7.2%, driven by the uplift
in operating profit.

As at 30 September 2025, the total Kiwi Property portfolio was valued at $3.3 billion,
incorporating a fair value movement of -0.9% since 31 March 2025. Net tangible assets were
$1.12 per share, reflecting a decline of -2.2%.

Progress on strategic priorities
At the beginning of the financial year, Kiwi Property announced four strategic priorities
intended to create value for shareholders. Strong progress has been made across each
area:
NZX RELEASE
24 November 2025

Kiwi Property delivering on FY26 strategic
priorities

2
1. Manage the balance sheet and free up additional capacity
“Maintaining a strong and flexible balance sheet is fundamental to our strategy”,
Mackenzie noted. “ We continued the dividend reinvestment plan which funded our
business-as-usual capital expenditure requirements, while reducing total capital
expenditure by 49% compared to the prior comparable period. This has allowed us
to keep gearing relatively stable at 38.5%, up 0.1% from March 2025.”

Following the investment into the property funds management business Mackersy
Property in November 2024, Kiwi Property announced on 10 November the
establishment of a large format retail fund that will be managed by Mackersy
Property. The fund will be seeded with Sylvia Park Lifestyle (the large-format retail
property adjacent to Sylvia Park shopping centre) and Kiwi Property expects to
maintain an interest of up to 50% over the life of the fund. The initial sale of Sylvia
Park Lifestyle into the fund is expected to release at least $53m in funds to Kiwi
Property.

The pro forma impact of this transaction reduces gearing to 37.5%.

2. Continue to drive rent growth
Despite a weak economy and a challenging leasing market during HY26, Kiwi
Property delivered strong leasing outcomes across the portfolio, with total rental
growth, including new leasing and rent reviews, of +3.5%.
1


Office new leasing spreads were +3.4%, supported by the ASB lease extension and
Mixed-use new leasing spreads were +3.2%.
1


“These results underscore the enduring appeal of our assets and the effectiveness
of our leasing strategy in subdued market conditions. We are focused on ensuring
our centres and office assets remain the destinations of choice for tenants, allowing
us to maximise rental growth,” said Mackenzie.

3. Maintain strong discipline on costs
Kiwi Property remains strongly committed to controlling costs and delivering
operational efficiency. Through disciplined management and a culture of continuous
improvement, employment and administrative expenses were down by 5% against
the same period last year, when normalised for costs associated with the lease
extension at ASB North Wharf and other one-off transaction costs.

To reduce interest costs, Kiwi Property has increased bank debt facilities by $135m
and used these proceeds to refinance the KPG040 green bond series which
matured recently. Mackenzie noted that “when combined with a lower interest rate
environment, our weighted average interest rate has reduced from 5.30% in March
this year to 4.89% as at 30 September.

These outcomes reflect the ongoing benefits of our cost initiatives and our focus on
delivering value for shareholders.”

3
4. Progress sell-down of Drury large format retail sites
Unlocking value from our Drury development remains a key strategic priority and
major focus for the business.

Shakesheff commented: “We are pleased to confirm that additional land sales have
been achieved, with the total large-format retail (LFR) land conditionally sold at
Drury now around 77% of the LFR precinct.” P roceeds from the land sales are
expected in FY27-FY29.

Strong leasing progress across the portfolio
The extension of ASB’s lease at ASB North Wharf during HY26 was a significant milestone,
with the lease extended for a further nine years through to 2040. The lease extension at the
award-winning, seven-level office building in Wynyard Quarter provides long-term income
security and highlights the strength of Kiwi Property’s partnership with ASB.

Strong progress on leasing space at the Vero Centre has also been made, with occupancy
now at 94.3% (up from 92.4% at the end of FY25), with just under two floors remaining to be
leased.

The initial leasing campaign for Kiwi Property’s flagship build-to -rent (BTR) development,
Resido at Sylvia Park, is now complete. As at 30 September Resido was 99% leased, in line
with the original 12 to 18-month lease-up target. Mackenzie said that “this result validates
the product offering and the attractiveness of well-located, amenity-rich rental
accommodation.”

Mixed-use sales marginally up with prospects for growth ahead
Sales (+0.2%) and foot traffic (+1.1%) across the mixed-use portfolio were marginally up in
the twelve months to 30 September 2025, with stronger sales in the second half (+1.0%)
signalling positive momentum.

Mackenzie said “sales appear to be recovering with catalysts for further growth expected,
including interest rate cuts flowing through to consumer spending and the highly
anticipated opening of IKEA adjacent to Sylvia Park in early December. The opening of IKEA
is expected to act as a significant drawcard to the precinct. A short walk via a pedestrian
walkway between IKEA and L evel One of Sylvia Park will provide for the seamless integration
of the two sites.

We anticipate that the opening of IKEA will drive additional consumer activity and reinforce
the long-term value proposition of Sylvia Park.”

Three conditional LFR land sales in October
The Drury development continues to gain momentum as a key driver of long-term value for
Kiwi Property.

Confirming the conditional sale of 6.4ha to Costco Wholesale, a major international retailer,
was pleasing and this will serve as a catalyst for further development and growth at the site.
This sale, along with conditional sales to Rebel Sport/Briscoes and Harvey Norman, will

4
provide capital for reinvestment and, together with the recent Stage 2 Fast-track approval,
validates the strategic vision for Drury as Auckland’s next major metropolitan centre.

Mackersy loan converts to equity; first fund to be established
Last year’s investment into Mackersy Property has created value for Kiwi Property
shareholders. The business has made strong progress over the last 12 months and increased
earnings to meet the targets in the convertible loan agreement. This will result in the
conversion of the original loan to equity in early December, at which point Kiwi Property will
own a 50% shareholding in the investment management business, which currently has $2.2
billion in assets under management.

Mackenzie noted that: “We are very pleased with this progress and the strong working
relationship we have with the Mackersy Property team. The strategy behind our investment
in Mackersy Property was to support the growth of Kiwi Property by providing us with a new
source of capital. The recently announced Mackersy Large Format Retail (LFR) fund, with
Sylvia Park Lifestyle as the seed asset, offers us a potential future source of capital to
develop LFR assets across existing KPG sites, providing us with greater balance sheet
flexibility.”

Some of the proceeds from the Mackersy LFR Fund will be used to fund key smaller-scale
developments, including the new Pedestrian Plaza and addition of an Asian supermarket at
Sylvia Park, and the further development of Level One at The Base.

Regulatory tailwinds supporting sector growth
Recent regulatory developments have provided a welcome boost for Kiwi Property and the
property sector as a whole.

The proposed changes to seismic regulations announced in September have the potential
to reduce expected remediation costs and provide greater certainty for asset owners. Kiwi
Property in particular is likely to benefit, given the concentration of its assets in Auckland,
where the Government intends to remove the earthquake-prone building regime entirely.
The changes are still to be legislated.

Dividend guidance confirmed
“We remain committed to growing sustainable returns for shareholders. Consistent with the
guidance provided in our FY25 annual results, we confirm our FY26 full-year dividend
guidance of 5.60 cents per share.
2
This is expected to be within our target payout range of
90% to 100% of year-end AFFO. We will pay a cash dividend of 1.40 cents per share for the
second quarter of FY26 on 19 December 2025, taking the interim cash dividend payment
to 2.80 cents per share,” said Mackenzie.

Positioned for growth
For the remainder of FY26 and beyond, Kiwi Property is well positioned to benefit from
improving economic conditions and the continued execution of its strategy.

5
“Our high-quality asset base, strong tenant relationships, and disciplined approach to
capital management provide a solid foundation for long-term value creation. We are excited
about the opportunities ahead, including the opening of IKEA at Sylvia Park in early
December, further progress at Drury, and continued improvement in operating conditions
for our assets,” Shakesheff concluded.

Additional information
Kiwi Property has today also released an Interim Report and Interim Results Presentation,
which are available for download on the company’s website, kp.co.nz, or from nzx.com.

ENDS


Notes:

General: Net rental income, operating profit before tax, and adjusted funds from operations are non-GAAP
performance measures. Refer to the Kiwi Property Interim Results Presentation for the six months ended 30
September 2025 for details.
1: Leasing spreads are calculated excluding held for sale assets.
2: Dividend guidance and payments are contingent on the company’s financial performance through the
financial year and barring material adverse events or unforeseen circumstances.


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

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

---

Interim results
presentation
24 November 2025
For the six months ended 30 September 2025

Contents
Section
Page
Business highlights3
Interim financial results FY2612
Transactions and development update18
FY26 priorities & guidance24
Appendix 1: Financial update26
Appendix 2: Property update30
Glossary40
This interim results presentation for the six months ended 30 September 2025 should be read in conjunction with the NZX announcement and interim report released on 24 November 2025. Refer to our website kp.co.nz or nzx.com.
Property statistics within this presentation represent partially or fully owned assets only; property interests managed on behalf of third parties are excluded. Unless otherwise indicated, all of the numerical data provided in this
presentation is stated for thesix months ended and/or as at 30 September 2025. All amounts are in New Zealand dollars. Sylvia Park precinct comprises Sylvia Park shopping centre, ANZ Raranga, Geneva House, Resido, Sylvia Park
Lifestyle and the adjoining properties. Due to rounding, numbers within this presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. The non-GAAP financial
information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities. The interim consolidated financial statements, which contain
GAAP financialinformation, have been subject to review procedures by Deloitte. Refer to the Glossary and Appendix 1 for the definitions and determination of non-GAAP measures.
2

3
Business highlights

Strong progress on key priorities
Kiwi Property is delivering on its key FY26 priorities
Continue to drive
rent growth
4
Manage the balance
sheet and free up
additional investment
capacity
•As at 30 September gearing remained relatively flat at 38.5%, with the
dividend reinvestment plan funding our capex requirements.
•Since balance date, the sale of Sylvia Park Lifestyle to the Mackersy LFR
Fund has been agreed, with the pro forma initial impact of the sale
reducing gearing to 37.5%.
•The sale provides ~$53 million in capital, with some of the proceeds to be
reinvested in growth opportunities within our portfolio.
•Despite a weak economy and challenging leasing market during HY26, we
have delivered strong leasing outcomes across the portfolio, with total
rental movement, including new leasing and rent reviews, of +3.5%.
1

•Office leasing spreads were +3.4%,
1
supported by the ASB lease extension
and encouraging tenant demand for premium office space within Vero.
•Mixed-use leasing spreads were +3.2%.
1
1: Leasing spreads are calculated excluding held for sale assets.
1
2

Strong progress on key priorities
Kiwi Property is delivering on its key FY26 priorities
Progress sell-down of
Drury large format retail
sites
5
Maintain strong
discipline on costs
•Through disciplined management and a culture of continuous
improvement, employment and administrative expenses were down by 5%
when compared to the same period last year and adjusted for one-off
costs.
•Our weighted average interest rate has reduced from 5.30% in March this
year to 4.89% as at 30 September. To take advantage of lower relative
interest costs, after balance date we refinanced the recently-matured
KPG040 $100 million green bond with bank debt.
•~77% of large-format retail land intended to be sold at Drury is now under
contract, with settlement and profit recognition expected in FY27-FY29.
•Drury land sales will help to fund the project’s capital expenditure, with
minimal net gearing impact on the KPG balance sheet expected from the
development.
3
4

Business highlights
•ASB extended its lease at North Wharf in July for a further nine years (taking it
through to 2040), providing long-term certainty of tenure at the asset.
•Resido successfully completed lease-up phase, with the apartments 99%
leased as at 30 September 2025.
•Vero Centre leasing is progressing well, with occupancy up to 94.3% at 30
September 2025 from 92.4% at the end of FY25.
•Sales (+0.2%) and foot traffic (+1.1%) were marginally up over the last 12
months at our mixed-use centres, with:
•Sales showing signs of improvement in the last six months (+1.0%),
compared to the six months before that (-0.5%), and
•Catalysts for sales growth expected through improving consumer
spending conditions and IKEA’s first NZ store opening adjacent to Sylvia
Park in early December.
•Loan to Mackersy Property will convert to a 50% equity stake in December,
unlocking an additional source of capital and earnings growth over time.
•Mackersy has launched a new LFR fund with Sylvia Park Lifestyle as the
cornerstone asset and is currently seeking investor interest.
6

Walkway between IKEA and Sylvia Park now open
The highly anticipated opening of
IKEA adjacent to Sylvia Park in
early December is expected to
act as a significant drawcard to
the precinct.
A short walk via a pedestrian
walkway between IKEA and Level
One of Sylvia Park will provide for
the seamless integration of the
two sites.
We anticipate that the opening of
IKEA will drive additional
consumer activity and reinforce
the long-term value proposition
of Sylvia Park.
7

Seismic regulation changes
Changes announced in September by the Government are expected to provide
greater clarity regarding seismic strengthening obligations.
•Legislation will remove New Building Standard (NBS) ratings and instead
target buildings posing substantive risk to life in medium/high seismic zones.
•Auckland to be removed from the earthquake-prone building (EPB)
regime altogether due to low seismic risk (meaning seismic strengthening
would not be mandatory for Auckland buildings).
•Impact on valuations and capex to be determined – legislative changes are
expected to take effect next year, with Kiwi Property asset valuations
currently remaining unchanged; potential capex savings from reduced
seismic upgrade requirements depend on market reaction, tenant
commitments, and lender expectations.
8
KPG’s seismic provisions – portfolio exposure
1
Geographic
location
Asset
concentration
Proposed seismic
regulation changes
Seismic capex provisions
2
Gross
($m)
Present value
($m)
Auckland86%
Removed from EPB
regime entirely
98
83
North Island
(excl. Auckland)
14%
Dependent on building
type and location
4433
Total100%
142116
1: Excludes held for sale assets. 2: Seismic capex provisions in asset valuations are sourced from the latest available valuation reports
and reflect Kiwi Property’s proportionate share of joint venture provisions. Where applicable, capital expenditure in the valuation
reports includes deductions for seismic strengthening works. Kiwi Property has provided estimated costs to valuers, who in some
cases have adjusted these for factors such as cost escalation, profit margins, and risk – particularly for buildings without a Detailed
Seismic Assessment (DSA).

Operating performance remains robust
Sustained rental growth, increased WALE and occupancy despite a challenging leasing market
3.5%
Total rental growth
FY25:4.3%
97.9%
Occupancy
FY25:96.9%
4.3 years
Weighted average lease expiry (WALE)
FY25:3.8 years
General note 1: WALE excludes Resido. General note 2: All figures, except comparatives,
exclude held for sale assets.
Rental growth
•Overall rental growth from mixed-use, office and retail leasing activity of
+3.5% for HY26, with newleasing +2.3% and rent reviews +4.0%.
•More than 23,500 sqm (28%) of space across our office portfolio was either
re-leased or renewed, delivering a leasing spread of +3.4%.
•At 30 September 2025, 68% of the total portfolio by income was subject to
either a fixed or CPI-based review, providing future rental growth.
Occupancy
•Overall portfolio occupancy has strengthened, driven by:
•The lease up of Resido (293 out of 295 units leased as at 30
September 2025),
•Net leasing of +740sqm in Vero Centre, and
•Net leasing of +1,000 sqm in Sylvia Park's adjoining properties.
WALE
•Overall WALE increased, primarily due to ASB North Wharf’s lease extension.
9

Mixed-use sales trending positively
Sales improving as consumer spending recovers
•Across our mixed-use centres:
•Sales (+0.2%) and foot traffic (+1.1%) were
marginally up over the 12 months to
30 September.
•Stronger sales growth (+1.0%) in the last six
months signals positive momentum.
•Total Occupancy Costs (TOCs) rose from
14.5% to 15.5%, remaining comfortably below
the target TOC range that we consider for
retail landlords of 17–18%.
•Overall, sales are recovering and we expect they will
be further bolstered with interest rate cuts flowing
through to consumers and IKEA opening adjacent to
Sylvia Park in early December.
Mixed-use
1
Total portfolio
2
12 months ended30-Sep-2530-Sep-2430-Sep-2530-Sep-24
Total sales$1.77b$1.76b$2.10b$2.11b
Total sales growth+0.2%-1.6%-0.6%-1.7%
Specialty sales
(per sqm)
3
$11,600$13,400$11,100$12,800
Specialty TOC
3,4
15.5%14.5%15.1%14.2%
Pedestrian count
(million)
28.127.837.337.3
General note: All sales include GST.Sales are for the 12 months to 30-Sep-25. Comparative figures may vary from what has been reported previously as sales figures are updated as annual audited sales are received. 1: Mixed-
use sales include all reported sales provided by tenants at Sylvia Park, Sylvia Park Lifestyle, The Base Te Awa, The Base LFR and LynnMall. Calculated on a MAT basis. 2: Total portfolio sales are made up of mixed-use sales plus
Centre Place North and The Plaza. 3: Mixed-use specialty sales comprise Sylvia Park, LynnMall and The Base Te Awa. Total specialty sales comprise mixed-use specialty sales plus Centre Place North and The Plaza. 4: Refer to
the Glossary for definitions.
10

Asset values marginally down
Capitalisation rates stable, with minor decreases in fair value across the portfolio
•Kiwi Property’s total property fair value
remains relatively flat, decreasing by 0.7%
($20.8m) excluding held for sale assets.
•The Base increased by 1.9% due to
continued strong leasing (spread of 5.8%
and occupancy >99%).
•Our Drury landholding valuation has
declined by $4.3 million (–2.6%), primarily
due to ongoing development investment.
These capital works are expected to
enhance the site's long-term value, with
short-term valuation movements expected
during active project phases.
General notes: Values exclude the gross up of lease liabilities required by NZ IFRS 16 Leases. All values and movementsare presented on a
like-for-like basis to account for the assets currently held for sale (30-Sep-25: The Plaza and Sylvia Park Lifestyle; 31-Mar-25: Nil).
1: The capitalisation rate movement excludes Resido which is valued usingthediscounted cashflow methodology and certain adjoining
properties which are valued using direct comparison methodology. 2: Stage 1 of Drury’s development land is recognised in inventories and
Stage 2 is recognised in investment properties.
11
30-Sep-2531-Mar-25Movement
Cap. rate
%
Val.
$m
Cap. rate
%
Val.
$m
Cap. rate
bps
1
Val.
$m
Val.
%
Mixed-use portfolio6.262,083.76.262,075.0
-
-9.5-0.5
Office portfolio6.09 815.46.13 815.5-4.8-7.0-0.8
Retail portfolio8.7032.98.7032.2
-
--
Development land
2

Drury – Stage 1
N/A98.0N/A89.2N/A-1.1-1.1
Development land
2
Drury – Stage 2
N/A64.0N/A70.0N/A-3.2-4.8
Total Portfolio,
excluding HFS
6.233,094.06.253,081.9-1.5-20.8-0.7
Held for sale (HFS)
assets
N/A208.8N/A216.0N/A-9.5-4.3
Total Portfolio6.233,302.86.253,297.9-1.5-30.3-0.9

Interim financial
results FY26
12

Portfolio highlights:
•Investment in mixed-use assets resulting in through
cycle net operating income growth of 6.9%.
Sylvia Park precinct +$3.5m
•Lease up of Resido Lynton delivering additional
income of +$3.8m against September 2024.
•ASB lease deal at Geneva House providing additional
income of $0.9m.
The Base +$0.5m
•Te Awa Level One medical and entertainment
expansion delivering higher income.
Retail portfolio +$1.2m
•Kmart lease renewal driving higher income at The
Plaza.
Six months ended
Sep-2025Sep-2024Variance
$m$m$m%
Sylvia Park precinct44.7 41.3
+3.5 +8.4
LynnMall11.7
11.4 +0.3 +2.4
The Base8.3
7.8 +0.5 +5.7
NOI - Mixed-use portfolio64.7
60.5 +4.2 +6.9
NOI - Office portfolio
24.1 24.1 - -
NOI - Retail portfolio11.2
10.0 +1.2 +12.1
Net operating income
1
(non-GAAP) 100.0
94.6 +5.4+5.7
Other movements
2
2.0 0.7 +1.2 +172.0
Net rental income
1
(non-GAAP) 102.0
95.3 +6.7 +7.0
13
1: Refer to the Glossary for definitions. 2: Other movements include straight-lining of fixed rental increases, allowance for
expected credit loss, other net income and NZ IFRS 16 expense reclassifications.
Net operating income up by 5.7%
Operating income reflects structured rental growth and portfolio performance

AFFO up on higher rental income
1:Includes straight-lining of fixed rental increases of -$2.0m (30-Sep-24: -$0.7m). 2:Refer to the Glossary for definitions. 3:One-off costs are
adjusted for income tax where applicable.
Six months ended
Sep-2025Sep-2024Variance
$m$m$m%
Net rental income
2
(non-GAAP) 102.0 95.3 +6.7+7.0
Property management revenue1.9 2.0 -0.1-5.0
Employment and administration expenses-12.9 -12.7 -0.2-1.6
Net finance expenses-28.1 -28.2 +0.1+0.4
Operating profit before income tax
2
(non-GAAP) 62.9 56.4 +6.5+11.5
Current tax expense-11.4 -9.8 -1.6-16.3
Amortisation of capitalised tenant assets
1
1.2 2.5 -1.3-52.0
Share-based payment expense0.2 0.5 -0.3-60.0
Depreciation of property, plant and equipment 0.3 0.3 --
Funds from operations (FFO)
2
(non-GAAP) 53.2 50.0 +3.2+6.4
Maintenance capital expenditure-1.0 -1.0 --
Capitalised tenant incentives and leasing fees-2.1 -1.6 -0.5-31.3
One-off costs
3
1.8 1.0 +0.8+80.0
Adjusted funds from operations (AFFO)
2
(non-GAAP)
51.948.4
+3.5+7.2
AFFO (cents per share)
3.173.05
Dividend paid (cents per share)
2.802.70
Dividend payout ratio
88%89%
14
AFFO up by $3.5m, driven by:
•Net finance expenses stable at $28.1m.
•Increases in net rental income partially
offset by higher tax expense, with an
effective tax rate at 17.7% (calculated on
FFO) in September 2025.
•Employment and administration expenses
when normalised for one-off costs
associated with the ASB lease extension and
other transaction costs, were lower by
-$0.6m (-5.1%), reflecting our continued
focus on controlling costs and delivering
operational efficiency.
•We expect the final FY26 dividend payout
ratio to be at the lower end of our target
range of 90-100% of AFFO.

Gearing relatively flat at 38.5%
•Proactive reduction in capital spend and
utilising the dividend reinvestment plan
have resulted in a minor movement in
gearing (+0.1%).
•Pro forma gearing will reduce to 37.5%
following completion of the current
transaction.
•Drury land sales will help to fund project
capital expenditure with minimal net
gearing impact on the KPG balance sheet
expected.

Balance sheet
30-Sep-2531-Mar-25
Investment properties and inventories$3,303m$3,298m
Net tangible assets per share$1.12$1.14
Covenants
Gearing (must be <50%, finance debt / total tangible assets)38.5%38.4%
Interest cover ratio (must be >2.25 times)3.10 2.91
Credit ratings – S&P Global Ratings
Corporate (Issuer rating)BBB (negative)BBB (negative)
Fixed-rate green bonds (Issue rating)BBB+BBB+
15
General note: Further information about S&P Global Ratings’ credit rating scale is available at standardandpoors.com. A rating is not a recommendation by any rating organisation to buy, sell or hold Kiwi Property securities.
The rating is current as at the date stated in this presentation and may be subject to suspension, revision or withdrawal at any time by S&P Global Ratings.
Balance sheet management

Bank facilities
•Increased by $35m in August 2025.
Headroom of $248m.
Weighted average term to maturity of
3.1 years
•This reflects lower bank debt costs for
shorter tenor facilities, while maintaining
a healthy term to maturity.
Green bond
•Additional $100m in banking facilities
were established in November 2025.
•These facilities were utilised post
balance date to refinance the KPG040
green bond series ($100m), taking
advantage of lower interest rates on
offer.
Bonds and banking facilities
30-Sep-2025
$m
31-Mar-2025
$m
Total bonds outstanding 500.0 500.0
Bank facility drawn787.0 783.0
Total debt outstanding 1,287.0 1,283.0
Banking facility limit1,035.0 1000.0
Headroom248.0 217.0
Weighted average term to maturity3.1 years 3.1 years
16
Capital management - debt facilities
Debt maturity profile as at 30 September 2025 (including new facilities established in Nov 25)
%
FY26
6.1%
FY27
0.0%
FY28
21.1%
FY29
29.4%
FY30
22.3%
FY31
21.1%
170
190
330
345
-
125
125
150
-
100
50
50
BankBondsNew bank facilities established in Nov 25

Bond and bank facilities30-Sep-202531-Mar-2025
Weighted average interest rate (inclusive of bonds, active interest rate
derivatives, margins and line fees)
4.89%5.30%
Fixed-rate profile (includes bonds on issue Sep-25: $500m (Mar-25: $500m))
Percentage of drawn finance debt at fixed rates76%88%
Weighted average interest rate of active fixed-rate debt (excl. fees and margins)3.46%3.67%
Weighted average term to maturity of active fixed-rate debt (years)
2.59 2.64
Fixed-rate debt maturity profile
Weighted average interest rate of 4.89%
•Reduced by 41 bps from FY25, from lower
cost bank facilities and a lower interest
rate environment.
Fixed-rate profile
•Over the six-month period to 30
September 2025, Kiwi Property entered
into $95m of new fixed-rate interest rate
derivatives.
•Reduction in fixed rate debt from 88% to
76% due to expected reduction in debt
levels following asset sales.
17
Capital management - cost of debt
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
-
200
400
600
800
1,000
1,200
FY27FY28FY29FY30FY31FY32
Face value of active hedges (including bonds) ($m) (LHS)
Weighted average interest rate of fixed-rate debt (excl. fees and margins) (%) (RHS)

18
Transactions and
development update

19
Mackersy Property: unlocking potential
Investment in Mackersy converting to equity
•Our investment in Mackersy Property is progressing to the
next phase, creating value for KPG shareholders.
•The original loan arrangement supported the growth of
Mackersy’s business before our investment converted from
debt to equity.
•Mackersy has made strong progress over the last 12 months
and the earnings criteria for conversion of the loan has
been met as expected, which will result in the conversion of
our original $6.5m loan to equity in early December.
•At this point we will own a 50% shareholding in the
Mackersy investment management business, which
currently has over $2.2 billion in assets under management.
•The strategy behind our investment in Mackersy was to
support the growth of Kiwi Property by:
•Providing us with a potential new source of capital; and
•Delivering earnings growth from a scalable business.
Tristram Precinct building, Hamilton (managed by Mackersy)

20
Mackersy LFR Fund launched, anchored
by Sylvia Park Lifestyle
•We were pleased to announce that Mackersy has launched a
new Large Format Retail (LFR) fund in early November.
•The seed asset will be Sylvia Park Lifestyle (the LFR property
adjacent to Sylvia Park).
•The fund will be managed by Mackersy. Kiwi Property will retain
property management and leasing of its contributed assets.
•Kiwi Property intends to maintain a long-term interest of
between 25% and 50% in the fund, with the fund intended to
grow over time.
•This transaction highlights the benefit of our investment in
Mackersy – providing new sources of capital to support our
strategic objectives.
•The LFR fund structure will enable us to:
1
•Release at least ~$53 million in capital upfront.
•Maintain control of key land holdings within the Sylvia Park
precinct.
•Partner on potential future LFR developments at existing
KPG sites.
1: Fund establishment is subject to a capital raise condition, which is expected to be met in mid-December.
Capital released assumes Kiwi Property acquires a 50% stake in the Mackersy LFR Fund as part consideration
for the sale of Sylvia Park Lifestyle and provides an additional 25% equity underwrite on establishment.
Sylvia Park Lifestyle, Auckland

21
Reinvesting capital into growth opportunities
We expect to commence the following key development projects in the near term (subject to Board approvals and final designs).
KPG’s estimated capital spend across these three projects is ~$32 million.
Asian supermarket at Sylvia Park

•Diversifies the tenant mix and
caters to evolving consumer
preferences.
•Target property-level IRR: ~8%
•Stabilised NOI yield: ~6.0%
Pedestrian Plaza at Sylvia Park

•Revitalises a key access point into
Sylvia Park, including new and
reconfigured food offerings opening
directly onto green open space.
•Target property-level IRR: ~10%
•Stabilised NOI yield: ~7.0%
Level One expansion at The Base

•Creates additional retail space to
meet growing demand and improve
customer experience.
•Target property-level IRR: ~14% - 15%
•Stabilised NOI yield: ~9.5% - 10.5%
We are also planning several development projects in the medium-term that will reinforce the strategic position of our key
mixed-use assets.

Further land sales agreed
•Following the unconditional sale of 1.2ha of large-format
retail land to Foodstuffs in April 2025, three further
blocks have now been conditionally sold:
•Costco (6.4ha)
•Rebel Sport/Briscoes (1.1ha)
•Harvey Norman (2.0ha)
•The proceeds from all sales to date total $115 million (at
an average of $1,080/sqm), with settlement and profit
recognition expected in FY27-FY29.
•These sales result in 77% of the land intended for sale for
large-format retail purposes having now been sold.
Development update
•Stage 1 civil works (internal roads, utilities, landscaping)
and power connections for the large-format retail
sections are underway.
Fast-track project approval granted
•Stage 2 of the Drury development has now been granted
consent under the Fast-track Approvals Act 2024.
•The approval has increased the consented developable
area to ~140,000 sqm, allowing for a commercial retail
centre (including approximately 33,000 sqm
commercial, 96,000 sqm retail, and 10,000 sqm
community activity) and future residential activity.
22
Drury progressing at pace
Drury site plan
Boundaries are
indicative only.
Harvey
Norman
Rebel Sport
/ Briscoes
New World
Costco
Wholesale

23
Drury: key metrics
Key metricsStage 1Stage 2Total
Gross land area53.3ha
Acquisition cost$55.3m
Total additional costs incurred to date$86.1m
Total acquisition and development costs$141.4m
Current market value (September 2025)$162.0m
Saleable land area21.8ha17.2ha39.0ha
% of total saleable land area56%44%100%
Capex remaining post 30 September
1
~$101m~$61m~$161m
Completed value
2
~$249m~$138m~$387m
Proceeds from agreed land sales to date~$115mN/A~$115m
Target land development property IRR15-20%
Drury Stage 2 artist impression
1: Stage 1 & 2 capex allowances reflect the costs to develop fully serviced super lots before development management fees and capitalised interest, and are shown on a real basis, i.e. before inflation allowances. 2: Completed value
assumes the sale of fully serviced super lots in Stage 1, and the assumed value of one large raw land parcel for Stage 2. Completed value for both stages is presented excluding inflation.

24
FY26 priorities
& guidance

Continued focus on our FY26 priorities to drive value
Delivering on priorities will drive sustainable growth and create value for shareholders
Maintain strong discipline
on costs
Continue to drive
rent growth
Progress Drury Stage 1 to
complete the sales of large
format retail sites
Goal: deliver sustainable earnings and dividend growth for shareholders
We are pleased to reconfirm full-year FY26 dividend guidance of 5.60 cps
1
: +3.7% on prior year
25
Manage the balance sheet
and free up additional
investment capacity
1: FY26 dividend guidance and payments are contingent on Kiwi Property’s financial performance through the financial year and barring material adverse events or unforeseen circumstances.

26
Appendix 1:
Financial update

Six months ended
Sep-25Sep-24Variance
$m$m$m%
Sylvia Park shopping centre
30.8 31.8 -1.0 -3.2
ANZ Raranga
2.6 2.5 +0.1 +4.5
Sylvia Park Lifestyle
3.2 3.3 -0.1 -2.5
Geneva House (3 Te Kehu Way)
1.9 1.0 +0.9 +86.4
Resido
3.6 -0.2+3.8 N/A
Adjoining properties
2.7 2.9 -0.3 -8.8
Sylvia Park precinct
44.7 41.3 +3.5 +8.4
LynnMall
11.7 11.4 +0.3 +2.4
The Base
8.3 7.8 +0.5 +5.7
Mixed-use portfolio
64.7 60.5 +4.2 +6.9
Vero Centre
12.4 12.7 -0.3 -2.3
ASB North Wharf
7.4 7.3 +0.1 +1.0
The Aurora Centre
4.4 4.1 +0.2 +5.7
Office portfolio
24.1 24.1 - -
Centre Place North
1.6 1.8 -0.2 -10.7
The Plaza
9.6 8.2 +1.4 +17.1
Retail portfolio
11.2 10.0 +1.2 +12.1
Net operating income
1
(non-GAAP)
100.0 94.6 +5.4 +5.7
Straight-lining of fixed rental increases
2.0 0.7 +1.3 +178.5
Allowance for expected credit loss
- -0.2 +0.2 +100.0
Other net income
-0.1 0.2 -0.3 -146.9
Net rental income
1
(non-GAAP)
102.0 95.3 +6.7 +7.0
27
Net rental income contribution by property
1: Refer to the Glossary for definitions.

Six months ended
Sep-25Sep-24Variance
$m$m$m%
Profit after income tax
1
9.843.2 -33.4-77.3
Adjusted for:
Net fair value loss/(gain) on investment properties29.2-9.5 +38.7N/A
Net fair value loss on interest rate derivatives 8.911.2 -2.3-20.5
Impairment loss on inventories
1.1- +1.1N/A
Straight-lining of fixed rental increases-2.0-0.7 -1.3-185.7
Amortisation of tenant incentives and leasing fees3.23.3 -0.1-3.0
Share-based payment expense0.20.5 -0.3-60.0
Depreciation of property, plant and equipment
0.30.3 --
Deferred tax expense 2.51.7 +0.8+47.1
Funds from operations (FFO)
1
(non-GAAP) 53.250.0 +3.2+6.4
Adjusted for:
Maintenance capital expenditure
-1.0-1.0--
Capitalised tenant incentives and leasing fees
-2.2-1.6-0.6-37.5
One-off costs
2
1.81.0+0.8+80.0
Adjusted funds from operations (AFFO)
1
(non-GAAP)
51.948.4+3.5+7.2
28
AFFO reconciliation to profit after income tax
1: Refer to the Glossary for definitions. 2: One-off costs are adjusted for income tax where applicable.

As at30-Sep-2531-Mar-25Movement
$m$m$m%
Investment properties including held for sale3,205.23,209.2-4.0-0.1
Inventories98.089.2+8.8+9.9
Total investment properties and inventories3,303.23,298.4+4.8+0.1
Cash14.014.4-0.4-2.8
Trade and other receivables12.916.3-3.4-20.9
Other assets9.610.2-0.6-5.9
Total assets3,339.73,339.3+0.4+0.0
Finance debt1,289.01,284.6+4.4+0.3
Deferred tax liabilities137.9132.9+5.0+3.8
Other liabilities66.861.9+4.9+7.9
Total liabilities 1,493.61,479.4+14.2+1.0
Total equity1,846.11,859.9-13.8-0.7
Total equity and liabilities3,339.73,339.3+0.4+0.0
29
Balance sheet

30
Appendix 2:
Property update

31
Resido
(Sylvia Park precinct)
Sylvia Park shopping centre
(Sylvia Park precinct)
Geneva House (3 Te Kehu Way)
(Sylvia Park precinct)
ANZ Raranga
(Sylvia Park precinct)
LynnMall
The Base
Core mixed-use investment portfolio

Mixed-useOfficeRetail
The Plaza
Centre Place North
32
Sylvia Park Lifestyle
(Sylvia Park precinct)
Vero Centre
ASB North Wharf
The Aurora Centre
Non-core portfolio
Held for sale
Remaining non-core

30-Sep-2531-Mar-25
Mixed-useOfficeRetailTotalMixed-useOfficeRetailTotal
Number of assets
33174329
Value ($m)
1
2,083.7815.432.92,932.02,165.0815.5158.23,138.8
% of total portfolio by value63251896625595
Weighted average capitalisation rates
2
6.26%6.09%8.70%6.23%6.26%6.13%8.84%6.37%
Net lettable area (sqm)291,21185,84319,692396,745307,87185,84351,917445,630
Number of tenants828617396276859166993
% investment portfolio by gross income69292100652510100
Occupancy (by area)
3
98.2%97.4%93.9%97.9%97.0%96.5%96.8%96.9%
Weighted average lease expiry by income (WALE)
4
2.9 years7.8 years2.5 years4.3 years3.2 years5.9 years2.3 years3.8 years
The following notes apply to all of Appendix 2(where applicable): 1: The value excludes the gross up of lease liabilities required by NZ IFRS 16 Leases. At 30-Sep-25, investment portfolio excludes development land with a value of
$162.0m (4.9% of total portfolio value) and two held for sale assets with a total value of $208.8m (6.3% of total portfolio value). 2: The weighted average capitalisation rate excludes Resido which is valued usingthediscounted
cashflow methodology and certain adjoining properties which are valued using direct comparison methodology. The rate at 30-Sep-25 also excludes held for sale assets which are held at contract price. 3: Occupancy statistics
exclude vacant tenancies with current or pending development works. 4: WALE excludes Resido. General note 1: Kiwi Property owns 100% of all assets except The Base and Centre Place North, which are 50% owned. General note
2: Mixed-use assets comprise Sylvia Park precinct (where Sylvia Park Lifestyle, and the balance of the Sylvia Park precinct, are counted as two assets), LynnMall and The Base.Held for sale assets are excluded at 30-Sep-25.
33
Investment portfolio summary

Adopted value $mCapitalisation rate %NLA sqmOccupancy %WALE years
As at30-Sep-2531-Mar-2530-Sep-2531-Mar-2530-Sep-2531-Mar-2530-Sep-2531-Mar-2530-Sep-2531-Mar-25
Sylvia Park1,090.01,080.05.885.8893,53994,24098.999.62.92.9
ANZ Raranga89.289.46.006.0011,62011,62095.895.83.43.7
Geneva House
(3 TeKehu Way)
66.065.76.006.007,2777,27795.995.98.69.0
Sylvia Park Lifestyle
1
N/A90.0N/A6.38N/A16,578N/A100.0
N/A4.1
Resido
2
200.0207.0N/AN/A18,58718,59499.381.8N/AN/A
Adjoining properties
3
204.0203.6N/AN/A34,97934,58593.690.41.32.8
Sylvia Park precinct1,649.21,735.75.895.92166,002182,89497.595.73.03.3
LynnMall205.7205.07.637.6336,77436,72099.299.82.42.6
The Base228.8224.37.137.1388,43488,25799.9100.02.93.1
Mixed-use portfolio2,083.72,165.06.266.26291,211307,87198.297.02.93.2
34
Portfolio statistics
1: Statistics for Sylvia Park Lifestyle are excluded due to being classified held-for-sale as at 30-Sep-25. 2: Resido is valued using the discounted cash flow methodology. At 31-Mar-25 Resido is recognised at its ‘as is’ value, post
deduction of costs to complete of $0.8m. 3:A capitalisation rate is not provided as many of the adjoining properties are valued using direct comparison methodology. Occupancy and WALE metrics are provided for the adjoining
properties that are not currently recorded as held for development.

Adopted value $mCapitalisation rate %NLA sqmOccupancy %WALE years
As at30-Sep-2531-Mar-2530-Sep-2531-Mar-2530-Sep-2531-Mar-2530-Sep-2531-Mar-2530-Sep-2531-Mar-25
Vero Centre456.5456.55.885.8839,71739,71794.392.44.64.7
ASB North Wharf212.0212.06.256.4321,62121,621100.0100.014.06.1
The Aurora Centre146.9147.06.506.5024,50524,505100.0100.08.28.7
Office portfolio815.4815.56.096.1385,84385,84397.496.57.85.9
Centre Place North32.932.28.708.7019,69219,68093.994.72.52.0
The Plaza
1
N/A126.0N/A8.88N/A32,237N/A97.4N/A2.3
Retailportfolio32.9158.28.708.8419,69251,91793.996.82.52.3
Investment portfolio2,932.03,138.86.236.37396,745445,63097.996.94.33.8
Properties held for sale208.8-
Development land
2
162.0159.2
Total portfolio
3
3,302.83,297.9
35
Portfolio statistics (continued)
1: Statistics for The Plaza are excluded due to being classified held-for-sale as at 30-Sep-25. 2: The value of development land includes the Stage 2 land value retained within the property portfolio plus the value of the Stage 1 land
which is carried in inventories. 3: Excludes the gross-up of lease liabilities required by NZ IFRS 16 Leases.

Rent reviewsMixed-useOfficeRetailTotal
No.1892724240
% investment portfolio gross income
1
2215138
Rental movement (%)+4.1+3.8+4.2+4.0
Compound annual growth (%)+3.4+2.1+4.2+2.7
New leases and renewals
No.5091473
% investment portfolio gross income
1
57113
Rental movement (%)+3.2%+3.4%-10.6%+2.3%
WALE (years)5.013.94.010.1
Total (excl. development leasing)
No.2393638313
% investment portfolio gross income
1
2723251
Rental movement (%)+4.0%+3.7%-4.0%+3.5%
General note 1: Leasing statistics, except the Future Rent Review Structure as at 30-Sept-25, are not adjusted to reflect Kiwi Property’s
ownership interest. General note 2: The analysis excludes Resido and held for sale assets. 1: The percentage is approximated using the newly
achieved rent compared to the portfolio’s forecast gross income as at 30-Sept-25. 2: Includes tenants that are on holdover, Activate leases and
leases that are no longer subject to review.
36
Interim rent reviews and new leasing
Fixed
58%
Market
6%
Holdovers,
Activate,
etc.²
26%
CPI-based
10%
Future rent review structure
at 30-Sep-25
74%

6%
8%
14%
14%
11%
12%
37%
0%
10%
20%
30%
40%
Vacant or holdoverFY26FY27FY28FY29FY30FY31+
Lease expiry profile
% of investment portfolio gross income
Key:Mixed-useOfficeRetail
General note: The analysis on this page excludes Resido and held for sale assets.
37
Lease expiry profile

General note: All sales include GST. Sales are for the 12 months to 30-Sep-25. Comparative figures may vary from what has been reported previously as sales figures are updated as annual audited sales are received 1: Includes
Sylvia Park, Sylvia Park Lifestyle, LynnMall, The Base Te Awa, The Base LFR, Centre Place North and The Plaza.2: IncludesSylvia Park, Sylvia Park Lifestyle, LynnMall, The Base Te Awa, The Base LFR. 3: Specialty sales and specialty
TOC includes Sylvia Park, LynnMall and The Base Te Awa. 4: Other centres includes Centre Place North and The Plaza.5: Refer to the Glossary for definitions.
12 months ended 30 September 2025
All centres
1
Mixed-use centres
2,3
Other centres
4
30-Sep-2530-Sep-2430-Sep-2530-Sep-2430-Sep-2530-Sep-24
Total sales (billion)$2.10$2.11$1.77$1.76$0.33$0.35
Total sales growth-0.6%-1.7%+0.2%-1.6%-4.4%-2.3%
Like-for-like sales growth-0.8%-4.5%-0.3%-4.9%-3.2%-2.3%
Specialty sales (per sqm)$11,600$13,400$9,700$11,000
Specialty TOC
5
15.5%14.5%13.7%13.3%
Pedestrian count (million)37.337.328.127.89.29.5
38
Retail sales

Sales by property
MAT $m
1
% var
12 months ended30-Sep-25vs 30-Sep-24
Sylvia Park844.4-1.5%
Sylvia Park Lifestyle
2
44.5+3.8%
Total Sylvia Park precinct888.5-1.2%
The Base Te Awa269.7+6.4%
The Base LFR
2
284.9+1.5%
Total The Base544.7+3.9%
LynnMall323.6-1.8%
The Plaza251.9-1.5%
Centre Place North80.5-12.4%
Portfolio total2,099.6-0.6%
39
Sales by category
3
MAT $m
1
% var. from 30-Sep-24
12 months ended
30-Sep-25TotalLike-for-like
Supermarkets
203.5+6.0%+6.0%
Department stores
163.9+0.1%+0.1%
Cinemas
21.7+8.3%+8.3%
Mini-majors
379.3-0.3%-2.4%
Fashion
184.2-5.0%-6.2%
Food
135.6+1.6%-0.9%
Pharmacy and wellbeing
67.9-3.0%+2.9%
Home and living
22.5-12.5%-2.1%
General (incl. Activate
4
)
62.9+3.4%-2.2%
Commercial services (including travel)
196.2-1.9%-1.9%
Total
1,437.7-0.2%-0.8%
1: All figures include GST. Sales are for the 12 months to 30-Sep-2025. 2: Sales data is being requested from tenants who are not obliged to provide it under their current leases. Total sales reported are shown, but due to the
changing composition of those who do report, comparable statistics are variable.3: Includes Sylvia Park, LynnMall and The Base Te Awa. 4: Activate includes in-centre advertising and short-term leasing.
Retail sales by property and category

40
Glossary

Glossary
Adjusted funds from operations
(AFFO)
Adjusted funds from operations (AFFO) is an alternative non-GAAP performance measure used by Kiwi Property. AFFO is a measure
commonly used by real estate entities to describe their underlying and recurring cash flows from operations. Broadly, AFFO adjusts FFO by
deducting the cost of lease incentives, leasing fees, maintenance capital expenditure for sustaining and maintaining existing space and one-
off costs. AFFO does not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by
other entities. AFFO is calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines issued by the Prop
erty Council of
Australia (the Guidelines). The reported AFFO information has been extracted from the relevant interim consolidated financial statements
which have been the subject to a review pursuant to the External Reporting Board’s New Zealand Standard on Review Engagement 2410
(Revised).
Funds from operations
(FFO)
Funds from operations (FFO) is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the
Company’s underlying operating performance. FFO is a measure commonly used by real estate entities to describe their underlying and
recurring earnings from operations. FFO does not have a standard meaning prescribed by GAAP and therefore may not be comparable to
information presented by other entities. FFO is calculated by Kiwi Property in accordance with the Guidelines. The reported FFO information
has been extracted from the Company’s interim consolidated financial statements which have been the subject to a review pursuant to the
External Reporting Board’s New Zealand Standard on Review Engagement 2410 (Revised)..
Gearing ratioCalculated as finance debt (which includes secured bank debt and the face value of bonds) over total tangible assets (which excludes interest
rate derivatives).
Generally accepted accounting
practice (GAAP)
A common set of accounting principles,standards and procedures that companies must follow when they compile their financial
statements. Kiwi Property’s financial statements comply with New Zealand Equivalents to International Financial Reporting Standards and
other guidance as issued by the External Reporting Board, as appropriate for profit-oriented entities, and with International Financial Reporting
Standards.
Like-for-like retail salesOnly includes sales from those tenants who have traded for the past 24 full months.
Moving annual turnover(MAT)Annual sales on a rolling 12-month basis (including GST).
Net operating income(NOI)NOI is an alternative non-GAAP performance measure used by Kiwi Property. NOI is a measure commonly used by real estate entities to
describe their operating earnings from investment properties. NOI is calculated by Kiwi Property as rental revenue from investment
properties, minus expenses directly attributable to those operations. NOI excludes income resulting from straight-lining of fixed rental
increases and includes the amortisation of lease incentives.
41

Glossary
Net rental income (NRI)NRI is an alternative non-GAAP performance measure used by Kiwi Property. NRI is calculated as NOI, including rental income resulting from
straight-lining of fixed rental increases, allowance for expected credit loss, other income and expense reclassifications required under NZ IFRS
16 Leases.
Net tangible assets (NTA)Represents net asset backing per share and calculated as net assets divided by shares on issue.
Operating profit before
income tax
Operating profit before income tax is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the
Company’s performance for the year by adjusting for a number of non-operating items. Operating profit before income tax does not have a
standard meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. The reported
operating profit before income tax has been extracted from the relevant interim consolidated financial statements which have been the
which
have been the subject to a review pursuant to the External Reporting Board’s New Zealand Standard on Review Engagement 2410 (Revised).
Profit after income taxThe reported profit after income tax has been prepared in accordance with GAAP and complies with New Zealand Equivalents to International
Financial Reporting Standards. The reported profit after income tax information has been extracted from the Company’s interim consolidated
financial statements which have been the subject to a review pursuant to the External Reporting Board’s New Zealand Standard on Review
Engagement 2410 (Revised).
Total Occupancy Cost (TOC)
Total occupancy cost includes rent, operating costs and marketing levies (excluding GST) and is expressed as a percentage of moving annual
turnover (including GST).
42

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 Kiwi Property Group for the six months ended 30 September 2025. Please refer to Kiwi Property Group’s consolidated interim financial statements for further information in relation to the six
months ended 30 September 2025.
The information in this presentation does not purport to be a complete description of Kiwi Property Group. In making an investment decision, investors must rely on their own examination of Kiwi Property Group,
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. This presentation does not constitute
advice of any kind whatsoever and must not be relied upon as such.
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, Kiwi Property Group Limited and its 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 Kiwi Property Group, its directors, officers, e mployees and agents) 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.
Past performance information in this presentation should not be relied upon as (and is not) an indication or guarantee of future performance. This presentation contains certain forward-looking statements such
as indications of, and guidance on, future earnings and financial position and performance. The forward-looking statements contained in this presentation are not guarantees or predictions of future performance
and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of Kiwi Property Group, and may involve significant elements of subjective judgement and
assumptions as to future events which may or may not be correct. There is no assurance or guarantee that actual outcomes will not materially differ from these forward-looking statements.
This presentation is for information purposes only and is not an invitation or offer of financial products for subscription, purchase or sale in any jurisdiction. This presentation is not a prospectus or product
disclosure statement or other offering document under New Zealand law or any other law. An investment in the financial products of Kiwi Property Group Limited is subject to investment and other known and
unknown risks, some of which are beyond the control of Kiwi Property Group. Kiwi Property Group does not guarantee its performance or the performance of any of its financial products unless and to the extent
explicitly stated in a prospectus or product disclosure statement or other offering document.
Any sales information included in this presentation has been obtained from third parties or, where such information has not been provided by third parties, estimated by Kiwi Property Group based on
information available to it. The sales information has not been independently verified. The sales information included in this presentation will not be complete where third parties have not provided complete sales
information and Kiwi Property Group has not estimated sales information. This presentation should not be relied upon as a representation, warranty or undertaking in relation to the currency, accuracy, reliability
or completeness of the sales information contained in this presentation .
Copyright in this document and the information contained in it is vested in Kiwi Property Group Limited. This document should not be copied, reproduced or redistributed without the prior written consent of Kiwi
Property Group Limited.
43
Disclaimer

Thank you
44

---

Distribution notice


Section 1: Issuer information
Name of issuer Kiwi Property Group Limited
Financial product name/description Ordinary Shares
NZX ticker code KPG
ISIN NZKPGE0001S9
Type of distribution Full Year Quarterly x
Half Year Special
DRP applies
Record date 5 December 2025
Ex-Date 4 December 2025
Payment date (and allotment date for
DRP)
19 December 2025
Total monies associated with the
distribution
$23,083,014
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.01766251
Total cash distribution $0.01400000
Excluded amount (applicable to listed
PIEs)
$0.00458212
Supplementary distribution amount $0.00166198
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Partial imputation
If fully or partially imputed, please state
imputation rate as % applied
28% on the imputed component
Imputation tax credits per financial
product
$0.00366251
Resident Withholding Tax per financial
product
N/A
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any) N/A
Start date and end date for determining
market price for DRP
N/A
Date strike price to be announced (if not
available at this time)
N/A

2
Specify source of financial products to
be issued under DRP programme
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in accordance
with DRP participation terms
N/A
Section 5: Authority for this announcement
Name of person authorised to make this
announcement
Steve Penney
Contact person for this announcement Steve Penney
Contact phone number +64 9 359 4025
Contact email address steve.penney@kp.co.nz
Date of release through MAP 24 November 2025

---

Results announcement


Results for announcement to the market
Name of issuer Kiwi Property Group Limited
Reporting Period Six months to 30 September 2025
Previous Reporting Period Six months to 30 September 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$136,655 6.46%
Total Revenue $136,655 6.46%
Net profit/(loss) from continuing
operations
$9,821 218.40%
Total net profit/(loss) $9,821 218.40%
Interim Dividend
Amount per Quoted Equity
Security
$0.01400000
Imputed amount per Quoted
Equity Security
$0.00366251
Record Date 5 December 25
Dividend Payment Date 19 December 25
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$1.12 $1.17
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
Please see attached result announcement for commentary
on the result.
Authority for this announcement
Name of person authorised to
make this announcement
Steve Penney
Contact person for this
announcement
Steve Penney
Contact phone number +64 9 359 4025
Contact email address steve.penney@kp.co.nz
Date of release through MAP 24 November 2025

Unaudited interim financial statements accompany this announcement.