HY26 Interim Results

Stride Property Group (NS) NZX Announcement
IMMEDIATE — 26 November 2025



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Stride Property Group
HY26 Interim Results
Stride Property Group (Stride) (note 1) achieved a solid first six months of FY26 as the group
continues to execute strategic transactions.
Key Highlights
• Profit after income tax of $42.6m (up +$24.2m compared to HY25)
• Distributable profit after current income tax of $24.1m in line with HY25 (note 2)
• Stride Investment Management Limited (SIML) management fee income up +$2.3m from
HY25 to $11.7m
• Balance sheet strength, with net tangible assets (NTA) of $1.75 (up +3 cents on 31
March 2025)
• Total committed assets under management (AUM) (note 3) of $3.3bn (up from $3.2bn at
31 March 2025), with external committed AUM of $2.4bn
• Stride Property Limited (SPL) committed (note 3) balance sheet loan to value ratio (LVR)
of 22.9% (note 4) and committed bank LVR of 32.1% (note 5), as at 30 September
2025, providing headroom for growth
• SPL has entered into a conditional development agreement with Auckland Council to
acquire a 125-year pre-paid ground lease at North Wharf, located on the waterfront in
Wynyard Quarter, Auckland, for $17.5m
• Sale of Silverdale Centre by SPL to Investore Property Limited (Investore), post balance
date for $114m creating balance sheet flexibility for growth, while retaining perpetual
management
• Completed a $27m development (excluding land) of a 7,055sqm industrial facility for
Industre, in Hamilton, post balance date, targeting a 5 star Green Star As Built rating
• Combined cash dividend of 2.0cps declared for SPL and SIML for the quarter ended
30 September 2025
Real Estate Investment Management business
Stride’s total committed AUM of $3.3bn (note 3) remained steady during HY26, with recurring
management fee income up +$0.6m to $8.5m for the period (HY25: $7.9m). Activity based fees
were up +$1.7m to $3.2m driven by elevated development activity.
Portfolios and Products
SPL’s exposure to the four core commercial property sectors provides risk diversity across
varying market conditions.

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SPL Office and Town Centre Portfolio (note 6)
SPL has entered into a conditional development agreement with Auckland Council to acquire a
125-year pre-paid ground lease for $17.5m at North Wharf, located on the waterfront in
Wynyard Quarter, Auckland. SPL has also partnered with central Tāmaki tangata whenua Ngāti
Whātua Ōrākei as its cultural lead for the development.
SPL proposes to develop the site over time into a 10,500sqm to 12,500sqm premium mixed-use
retail and office development. The Red Shed will be preserved via adaptive reuse as part of the
development. The development agreement is conditional on resource consent, which is
anticipated to be obtained in 2027. The property is expected to provide a holding return of
approximately 6% per annum prior to development. Auckland Council will continue to manage the
property until settlement.
SPL’s total office portfolio is valued at $706m as at 30 September 2025 (note 7).
Within the office portfolio, Like-For-Like Rental Growth of +2.5% for HY26 across 32,000sqm.
SPL has continued its strategy of upgrading its office assets, with 34 Shortland Street now
largely complete following a comprehensive refurbishment, with rental levels completed ahead of
budget. Stage 1 of the upgrade project at 215 Lambton Quay is complete, with stage 2 to follow
over the next year.
For SPL Town Centre, Like-For-Like Rental Growth of +0.5% across 10,000sqm was achieved.
Specialty moving annual turnover (MAT) decreased by (3.9)% compared with the 12 months to
30 September 2024 (note 8) although month on month sales for September and October 2025
have seen a return to growth.
The total SPL Town Centre portfolio is valued at $308m showing a +1.1% net gain for HY26
(note 7).
Investore (note 6)
Investore continued to deliver resilient operating earnings during HY26, while executing its
strategic objectives of targeted growth and portfolio optimisation.
Since 1 April 2025, Investore’s portfolio has grown to $1.1bn on a pro forma basis (+$135m on
31 March 2025) (note 9), primarily attributable to the acquisition of Bunnings New Lynn and the
acquisition of Silverdale Centre (post balance date). These acquisitions have been funded by a
combination of the sale of Woolworths Browns Bay for a premium to book value of +4.9%, and
the issue of $62.5m of subordinated convertible notes. Post balance date, Investore went
unconditional on the sale of Woolworths New Brighton at a price of +6.2% above the September
2025 book value. The new acquisitions are expected to deliver higher growth for Investore over
the medium to long term, reflecting Investore’s strategic focus on repositioning its portfolio into
properties located in key metro locations with stronger growth potential and greater tenant
diversification.
Like-for-Like Rental Growth of +4.1% across 19,000sqm of the Investore portfolio.
Industre (note 6)
Industre’s total portfolio is valued at $826m as at 30 September 2025, reflecting development
activity and a net gain in fair value of the portfolio of +2.0% over HY26 (note 7). Industre has
seen Like-for-Like Rental Growth of +3.8% across 75,000sqm for the period, with the potential
reversion to market of +8.9%. 15% of net Contract Rental (note 10) is subject to market review
or expiry over the next 18 months.

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Industre is continuing its strategy of developing quality properties with the completion of 16A
Wickham Street, Hamilton, in October 2025 at a cost of $27m (excluding land) tenanted by
Wattyl New Zealand. The development is targeting a 5 Green Star As Built rating and will deliver a
6% yield on cost (including land).
The $30m (excluding land) development at 14-20 Favona Road, Auckland, is currently on time
and within budget, targeting completion in early FY27. The development has an expected yield on
cost of 6%+ (including land).
Industre is also advancing its plans for the redevelopment of Patiki Road, with early works
expected to commence in the new year.
Post balance date, Industre also entered into an unconditional agreement for the sale of a non-
core property, 8 Reg Savory Place, for $13.6m, representing a +13% premium to March 2025
book value.
Diversified (note 6)
Diversified delivered Like-For-Like Rental Growth of +2.5% across 24,000sqm of the portfolio.
Total MAT increased by +2.1% compared with the 12 months to 30 September 2024 (note 8),
with foot traffic up +3.6%. Occupancy has remained steady at 98% with gross occupancy costs
also remaining steady at ~13% as at 30 September 2025, in line with 31 March 2025.
Diversified’s total portfolio had a value of $410m as at 30 September 2025, in line with 31
March 2025 (note 7).
Sustainability
Stride remains committed to achieving its transition plan objectives, including the goal of attaining
a 5 Green Star rating for all new developments and major refurbishments, as well as executing its
carbon transition strategy to reduce scope 1 and 2 greenhouse gas emissions. Notable recent
accomplishments include:
• Submission of the GRESB 2025 report, resulting in a score of 79 out of 100, an
improvement of +10 points over the 2024 submission
• Implementation of energy efficiency software across Auckland office properties, targeting
enhanced HVAC system performance and measurable energy savings
Capital Management
In June 2025, SPL refinanced its syndicated banking facilities, extending debt maturities until
FY30 and FY31, and securing competitive terms.
As a result of SPL’s sale of the Silverdale Centre to Investore, the bank LVR is 32.1% (note 5) as
at 30 September 2025 on a pro forma basis (note 3), and 22.9% on a balance sheet basis (note
4), also on a pro forma basis (note 3).
Outlook
Macroeconomic conditions remain soft, but we are encouraged to see the start of the positive
impact of lower interest rates in confidence, activity and spending. Investment market activity is
improving, albeit slowly.
Our near-term focus is on growing income via SPL asset repositioning initiatives, capturing
reversion and Industre’s development pipeline. Investore’s revised mandate broadens its
opportunities for growth.

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Balance sheet headroom provides scope for investment in strategically aligned investments.
The Boards of SPL and SIML confirm that, consistent with previous guidance, they are targeting a
combined annual cash dividend for FY26 of 8.0cps.
Notes:

1. Stride Property Group (Stride) comprises Stride Investment Management Limited (SIML) and Stride Property
Limited (SPL). A stapled security of the Stride Property Group comprises one ordinary share in SIML and one
ordinary share in SPL. The stapled securities are quoted on the NZX Main Board under the ticker code SPG.
2. Distributable profit is a non-GAAP measure and consists of profit/(loss) before income tax, adjusted for
determined non-recurring and/or non-cash items, share of profit/(loss) in equity accounted investments,
dividends received from equity-accounted investments and current tax. Further information, including the
calculation of distributable profit and the adjustments to profit before income tax, is set out in note 4.4 to the
consolidated interim financial statements.
3. As at 30 September 2025, assuming completion of the Silverdale Centre transaction, Woolworths New Brighton
disposal, 8 Reg Savory Place disposal and the two Industre developments as at that date.
4. Balance sheet LVR includes SPL’s office and town centre properties as well as the value of SPL’s interests in each
of the Stride Products, and SPL’s direct debt.
5. Calculated as bank debt as a percentage of the value of investment property for mortgage security purposes.
6. Metrics: (1) exclude properties reported as ‘Development and Other’ and ‘Assets classified as held for sale’ in the
respective financial statements; (2) exclude lease liabilities; (3) for SPL’s office portfolio, includes Level 12, 34
Shortland Street, Auckland, which is reported as ‘Property, plant and equipment’ in the consolidated interim
financial statements; and (4) the value of the rental guarantee receivable in relation to 110 Carlton Gore Road,
Auckland. Like-for-Like Rental Growth means the increase on prior rentals from new lettings, renewals and rent
reviews completed during HY26 on a like for like basis.
7. Value represents total portfolio values for each Stride Product, including properties categorised as ‘Development
and Other’ and ‘Assets classified as held for sale’ in the respective financial statements and excluding
commitments.
8. Sales data includes GST. MAT is calculated across the portfolio excluding properties categorised as ‘Development
and Other’ and ‘Assets classified as held for sale’ in the respective financial statements and excluding
commitments.
9. As at 30 September 2025, as if the Silverdale Centre acquisition and the Woolworths New Brighton disposal had
occurred as at that date.
10. Contract Rental means the amount of rent payable by each tenant, plus other amounts payable to SPL (or the
relevant landlord) by that tenant under the terms of the relevant lease as at the relevant date, annualised for the
12 month period on the basis of the occupancy level for the relevant property as at the relevant date, and
assuming no default by the tenant.

Ends

Attachments provided to NZX:
• Stride Property Group – HY26 Interim Results Announcement – 261125
• Stride Property Group – HY26 Consolidated Interim Financial Statements – 261125
• Stride Property Group – HY26 Interim Results Presentation – 261125
• Stride Property Group – NZX Results Announcement – 261125
• Stride Property Limited – NZX Distribution Notice – 261125
• Stride Investment Management Limited – NZX Distribution Notice – 261125

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For further information please contact:
Tim Storey, Chairman, Stride Investment Management Limited / Stride Property Limited
Mobile: 021 633 089 - Email: tim.storey@strideproperty.co.nz

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

Jennifer Whooley, Chief Financial Officer, Stride Investment Management Limited
Mobile: 021 536 406 - Email: jennifer.whooley@strideproperty.co.nz

Claire Fisher, General Manager Corporate Services, Stride Investment Management Limited and Company
Secretary of Stride Property Group
Mobile: 021 223 1401 - Email: claire.fisher@strideproperty.co.nz

A Stapled Security of the Stride Property Group comprises one ordinary share in Stride Property Limited and
one ordinary share in Stride Investment Management Limited. Under the terms of the constitution of each
company, the shares in each can only be transferred if accompanied by a transfer of the same number of
shares in the other.
Stapled Securities are quoted on the NZX Main Board under the ticker code SPG. Further information is
available at www.strideproperty.co.nz or at www.nzx.com/companies/SPG.

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

Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2025
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
Notes$000$000
Gross rental income
45,545
50,263
Direct property operating expenses
(14,479)
(14,257)
Net rental income3.131,066
36,006
Management fee income11,689
9,413
Less corporate expenses
Corporate overhead expenses
(8,336)
(7,883)
Administration expenses
(2,900)
(2,447)
Total corporate expenses2.0(11,236)
(10,330)
Profit before net finance expense, other (expense)/income and income tax31,519
35,089
Net finance expense5.3(10,047)
(9,717)
Profit before other (expense)/income and income tax21,472
25,372
Other (expense)/income
Net change in fair value of investment properties
3.2(4,068)
(3,582)
Share of profit in equity-accounted investments
6.114,087
2,864
Reversal of impairment of equity-accounted investment
6.116,002
-
Gain on disposal of investment properties
-
27
Profit before income tax47,493
24,681
Income tax expense
7.1(4,878)
(6,222)
Profit after income tax attributable to shareholders42,615
18,459
Other comprehensive income/(loss):
Items that may be reclassified subsequently to profit or loss
Deferred tax on share-based payment expense
407
247
Movement in cash flow hedges, net of tax
(3,945)
(7,120)
Changes in cash flow hedge reserve in equity-accounted investments
(734)
(2,050)
Total other comprehensive loss after tax(4,272)
(8,923)
Total comprehensive income after tax attributable to shareholders38,343
9,536
Stride Property Limited (SPL) total comprehensive income after tax attributable to shareholders
32,763
5,060
Stride Investment Management Limited (SIML) total comprehensive income after tax attributable
to shareholders
5.55,580
4,476
Total comprehensive income after tax attributable to shareholders38,343
9,536
Earnings per share (EPS)4.1
Basic EPS (cents)7.62
3.30
Diluted EPS (cents)7.55
3.28
2
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Changes in Equity
For the six months ended 30 September 2025
Number of
shares
Share
capital
Retained
earnings
Other
reservesTotal
Notes000$000$000$000$000
Balance at 31 Mar 25 (Audited)559,039884,59170,9694,109959,669
Transactions with shareholders:
Dividends paid
4.3--(22,380)-(22,380)
Employee incentive schemes
423--732732
Total transactions with shareholders423-(22,380)732(21,648)
Profit after income tax
--42,615-42,615
Total other comprehensive loss
---(4,272)(4,272)
Total comprehensive income--42,615(4,272)38,343
Balance at 30 Sep 25 (Unaudited)559,462884,59191,204569976,364
Balance at 31 Mar 24 (Audited)
558,408884,02293,65314,758992,433
Transactions with shareholders:
Dividends paid
4.3
--(22,418)-(22,418)
Employee incentive schemes631--605605
Total transactions with shareholders
631-(22,418)605(21,813)
Profit after income tax--18,459-18,459
Total other comprehensive loss---(8,923)(8,923)
Total comprehensive income
--18,459(8,923)9,536
Balance at 30 Sep 24 (Unaudited)
559,039884,02289,6946,440980,156
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025
3
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Financial Position
As at 30 September 2025
Unaudited
30 Sep 25
Audited
31 Mar 25
Notes$000$000
Current assets
Cash
12,678
15,569
Debtors and other receivables
7.33,678
3,066
Prepayments
3,617
218
Derivative financial instruments
5.2231
1,022
20,204
19,875
Asset classified as held for sale
3.4114,000
-
134,204
19,875
Non-current assets
Investment properties
3.2919,450
1,029,503
Deposit on investment property
1.61,750
-
Equity-accounted investments
6.1356,313
333,442
Loan to associate
7.23,398
3,398
Deferred tax asset
635
-
Property, plant and equipment
7.58,712
8,777
Derivative financial instruments
5.2302
788
Other non-current assets
2,014
1,874
1,292,574
1,377,782
Total assets1,426,778
1,397,657
Current liabilities
Trade and other payables
7.413,974
14,587
Lease liabilities
7
7
Current tax liability
1,831
2,587
15,812
17,181
Non-current liabilities
Borrowings
5.1401,266
390,129
Lease liabilities
27,597
27,600
Deferred tax liability
-
1,579
Derivative financial instruments
5.25,739
1,499
434,602
420,807
Total liabilities450,414
437,988
Net assets976,364
959,669
Share capital
884,591
884,591
Retained earnings
91,204
70,969
Reserves
569
4,109
Equity976,364
959,669
SPL equity
952,037
936,758
SIML equity (non-controlling interest)
5.524,327
22,911
Equity976,364
959,669
For and on behalf of the Boards of Directors of SPL and SIML, who authorised these consolidated interim financial statements for issue on
26 November 2025:
Tim Storey
Chair of the Boards
Ross Buckley
Chair of the Audit and Risk Committee
4
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Cash Flows
For the six months ended 30 September 2025
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
Notes$000$000
Cash flows from operating activities
Gross rental received
45,022
49,886
Management fee income
10,818
10,002
Interest received
215
389
Direct property operating and corporate expenses
(28,416)
(28,459)
Interest paid
(10,039)
(10,552)
Borrowings establishment costs
(774)
-
Share-based payment costs
(303)
(516)
Income tax paid
(5,899)
(3,277)
Net cash provided by operating activities10,624
17,473
Cash flows from investing activities
Dividend income from equity-accounted investments
7.26,600
3,418
Capital expenditure on investment properties
(7,439)
(7,182)
Deposit on investment property
1.6(1,750)
-
Capital expenditure on other non-current assets
(140)
(1,876)
Property, plant and equipment purchased
(3)
(30)
Net cash applied to investing activities(2,732)
(5,670)
Cash flows from financing activities
Drawdown on borrowings
15,100
11,200
Repayment of borrowings
(3,500)
(3,500)
Lease liabilities payments
(3)
(3)
Dividends paid
4.3(22,380)
(22,418)
Net cash applied to financing activities(10,783)
(14,721)
Net decrease in cash held(2,891)
(2,918)
Opening cash
15,569
14,762
Closing cash at balance date12,678
11,844
Cash consists of:
Cash at bank
12,418
11,534
Cash held for retentions
260
310
Cash at balance date12,678
11,844
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025
5
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Cash Flows (continued)
For the six months ended 30 September 2025
Reconciliation of profit after income tax attributable to shareholders to net cash provided by operating activities
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
Notes$000$000
Profit after income tax attributable to shareholders42,615
18,459
(Less)/add non-cash items:
Deferred tax (benefit)/expense
7.1(265)
1,289
Net change in fair value of investment properties
4,068
3,582
Share of profit in equity-accounted investments
6.1(14,087)
(2,864)
Reversal of impairment of equity-accounted investment
6.1(16,002)
-
Gain on disposal of investment properties
-
(27)
Spreading of fixed rental increases
(769)
(936)
Capitalised lease incentives net of amortisation
(339)
(549)
Movement in loss allowance
(25)
380
Share-based payment expense net of forfeited employee incentive rights
2.0732
605
Non-cash movements in property, plant and equipment recognised in profit and loss
68
87
Borrowings establishment costs amortisation
311
69
Non-cash interest income received
7.2(57)
(148)
Accrued interest movement in derivative financial instruments
30
92
16,280
20,039
(Less)/add activity reclassified (from)/to operating activities:
Movement in share-based payment costs classified as operating activities
(303)
(516)
Movement in working capital items relating to investing activities
801
4,247
Movement in borrowings establishment costs classified as operating activities
(774)
-
16,004
23,770
Movement in working capital:
(Increase)/decrease in debtors and other receivables
(612)
1,450
Increase in prepayments
(3,399)
(3,636)
Decrease in trade and other payables
(613)
(5,767)
(Decrease)/increase in current tax liability
(756)
1,656
Net cash provided by operating activities10,624
17,473
Certain comparative amounts have been reclassified to conform with the current period's presentation.
6
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Notes to the Financial Statements
For the six months ended 30 September 2025
1.0General Information
8
1.1Reporting entity8
1.2Basis of preparation8
1.3New standards, amendments and interpretations8
1.4Significant judgements, estimates and assumptions8
1.5Non-GAAP measures9
1.6Significant events and transactions9
2.0Operating Segments
10
3.0Property
12
3.1Net rental income12
3.2Investment properties13
3.3Capital expenditure commitments contracted for13
3.4Asset classified as held for sale13
4.0Investor Returns
14
4.1Basic and diluted earnings per share (EPS)14
4.2Net tangible assets (NTA) per share14
4.3Dividends paid14
4.4Distributable profit15
5.0Capital Structure and Funding
16
5.1Borrowings16
5.2Derivative financial instruments17
5.3Net finance expense17
5.4Share capital18
5.5SIML equity (non-controlling interest)18
6.0Investments in Property Entities
19
6.1Interests in associates and joint venture19
6.2Industre joint operation19
7.0Other
20
7.1Tax20
7.2Related party disclosures21
7.3Debtors and other receivables23
7.4Trade and other payables23
7.5Property, plant and equipment23
7.6Subsequent events23
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025
7

1.0 General Information
This section sets out Stride Property Group’s accounting policies that relate to the unaudited consolidated interim financial statements
(financial statements) as a whole.
1.1 Reporting entity
The financial statements presented are those of Stride Property Limited and its 100% owned subsidiaries, Fabric Property Limited (Fabric), Stride
Holdings Limited, and Stride Industrial Property Limited (together referred to as SPL), and Stride Investment Management Limited (SIML), each of SPL
and SIML being a 'Stapled Entity' and together the Stride Property Group (Stride). For accounting purposes, stapling gives rise to the combination of the
Stapled Entities into a consolidated group. For the purposes of financial reporting, one of the combining entities is required to be identified as the parent
entity of the consolidated group. In the case of Stride, SPL has been identified as the parent for the purposes of preparing the financial statements and
consequently SIML’s equity is presented as the non-controlling interest in the financial statements (refer note
5.5).
SPL is principally involved in the ownership of investment properties in New Zealand and SIML is principally involved in the management of real estate
investment entities in New Zealand. SPL and SIML are both domiciled in New Zealand, are both registered under the Companies Act 1993 and are both
FMC reporting entities under Part 7 of the Financial Markets Conduct Act 2013.
Shares of SPL and SIML are stapled and quoted on the Main Board equity securities market of NZX under the ticker code SPG.
The financial statements were approved for issue by the Board of Directors of SPL (SPL Board) and the Board of Directors of SIML, (together the
Boards), on 26 November 2025.
1.2 Basis of preparation
The financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (GAAP), New Zealand
International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34) and International Accounting Standard 34 Interim Financial Reporting
(IAS 34). Stride is a for-profit entity for the purposes of financial reporting.
The financial statements have been prepared under the historical cost basis except for assets and liabilities stated at fair value as disclosed. The financial
statements have been presented in New Zealand dollars and have been rounded to the nearest thousand, unless stated otherwise.
The financial statements do not contain all the disclosures normally included in an annual financial report and should be read in conjunction with the
consolidated financial statements for the year ended 31 March 2025.
1.3
 New standards, amendments and interpretations
On 23 May 2024, the New Zealand Accounting Standards Board of the External Reporting Board issued NZ IFRS 18 Presentation and Disclosure
in Financial Statements (effective for annual reporting periods beginning on or after 1 January 2027). This standard replaces NZ IAS 1 Presentation
of Financial Statements and primarily introduces a defined structure for the statement of comprehensive income, disclosure of management-defined
performance measures (a subset of non-GAAP measures) in a single note together with reconciliation requirements. Stride has not early adopted this
standard and is yet to assess its impacts.
At the date of authorisation of these financial statements, Stride has not applied any new and revised NZ IFRS standards and amendments that have been
issued but are not yet effective.
1.4
 Significant judgements, estimates and assumptions
The accounting policies applied in these financial statements are the same as those applied in Stride's consolidated financial statements for the year
ended 31 March 2025.
In applying Stride's accounting policies, the Boards and Management regularly evaluate judgements, estimates and assumptions that may have an impact
on Stride. The significant judgements, estimates and assumptions made in the preparation of these financial statements were the same as those applied
in respect of the consolidated financial statements for the year ended
31 March 2025.
8
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025

1.0 General Information (continued)
1.5 Non-GAAP measures
The consolidated statement of comprehensive income includes two non-GAAP measures: Profit before net finance expense, other (expense)/income
and income tax; and Profit before other (expense)/income and income tax. These non-GAAP measures have been presented to assist investors in
understanding the different aspects of Stride's financial performance.
Note 4.2 sets out Stride's net tangible assets per share which is a non-GAAP measure and is a common investment metric.
Note 4.4 sets out Stride's calculation of distributable profit and Adjusted Funds From Operations (AFFO) which are both non-GAAP measures.
Distributable profit is presented to provide an earnings measure which more closely aligns to Stride's underlying and recurring earnings from its
operations. AFFO is intended as a supplementary measure of operating performance. Cash spent during the period on capital expenditure as part of
maintaining a building's grade/quality, but not expensed as part of distributable profit after current income tax, is adjusted to reflect cash earnings for
the period.
Note 7.1 sets out current tax expense excluding divestments and current tax expense on divestments which are both non-GAAP measures and
are included to provide an assessment of current tax for SPL's recurring earnings from operations. Current tax expense on divestments relates to
depreciation recovered on the divestment of investment properties.
These non-GAAP measures do not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by
other entities.
1.6 Significant events and transactions
The financial position and performance of Stride was affected by the following events and transactions that occurred during the current period:
Bank refinancing
On 30 June 2025, SPL's borrowings totalling $460.0 million were refinanced, which extended the maturity of each facility to either 30 June 2029 or
30 June 2030. As part of this refinance, Bank of China Limited, Auckland Branch, joined the bank syndicate (refer note 5.1).
Ground lease and development agreement for 1-47 Jellicoe Street, North Wharf, Auckland
On 21 August 2025, SPL entered into a conditional development agreement with Auckland Council for the acquisition of a 125-year prepaid ground
lease and future development of the property at North Wharf in Wynyard Quarter, Auckland. The proposed long-term ground lease for the land will be
acquired via a prepaid ground rental totalling $17.5 million, with additional payments potentially due to Auckland Council dependent on the financial
returns of the development. As at 30 September 2025, SPL has paid a $1.75 million deposit, with $0.5 million of the deposit being non-refundable. The
lease is expected to commence in April 2027.
Asset classified as held for sale and management agreement amendments
On 8 September 2025, SPL entered into a conditional agreement to sell the investment property at 61 Silverdale Street, Auckland (Silverdale Centre),
to Investore Property Limited (Investore). The sale was conditional on Investore receiving shareholder approval at a special meeting on 20 October 2025
(refer note 7.6). As at 30 September 2025, the investment property has been reclassified from investment properties to asset classified as held for sale
(refer note 3.4).
On 8 September 2025, SIML agreed certain amendments to Investore's management agreement, which were also subject to Investore receiving
shareholder approval at the special meeting on 20 October 2025 (refer note 7.6). These amendments are to support Investore to pursue a broader range
of future investment opportunities, and provide a more equitable and market aligned fee structure for SIML.
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2025
9

2.0 Operating Segments
This section sets out how Stride’s revenue streams are reported internally, reflecting the two operating segments, being SPL and SIML.
SPL’s revenue streams are earned from investment properties owned in Auckland and Wellington in New Zealand. Given SPL’s diverse client base, no
one tenant represents greater than 10% of the portfolio contract rental. SPL also generates income from its share of profit in equity associates being
Investore, Diversified NZ Property Trust (Diversified) and Industre joint venture (refer note 6.1).
SIML’s revenue streams are earned from the management of the real estate investments of Investore, Industre joint venture, Diversified and SPL
(refer note 7.2).
The following is an analysis of Stride’s results, by reportable segments.
SPL
SPL
eliminationsSIML
SIML
eliminations
Unaudited
6 months
30 Sep 25
Segment profit$000$000$000$000$000
Net rental income29,7161,350--31,066
Management fee income--16,725(5,036)11,689
Corporate expenses
Accounting and asset management fees
(3,025)3,025---
Salaries and other benefits
--(7,651)366(7,285)
Share-based payment expense
--(872)-(872)
Forfeited employee incentive rights
--140-140
Technology expenses
--(444)-(444)
Feasibility expenses
(621)---(621)
Other expenses
(936)-(1,282)64(2,154)
Total corporate expenses(4,582)3,025(10,109)430(11,236)
Profit before net finance expense, other (expense)/income and
income tax25,1344,3756,616(4,606)31,519
Net finance expense
(10,629)509494(421)(10,047)
Profit before other (expense)/income and income tax14,5054,8847,110(5,027)21,472
Other (expense)/income
Net change in fair value of investment properties
(4,093)25--(4,068)
Share of profit in equity-accounted investments
14,087---14,087
Reversal of impairment of equity-accounted investment
16,002---16,002
Profit before income tax40,5014,9097,110(5,027)47,493
Income tax expense
(2,941)-(1,937)-(4,878)
Profit after income tax attributable to shareholders37,5604,9095,173(5,027)42,615
Total other comprehensive loss after tax
(4,679)-407-(4,272)
Total comprehensive income after tax attributable to shareholders32,8814,9095,580(5,027)38,343
Transactions between SPL and SIML include management fees, salaries and wages recovery, interest charged on the loan from SIML to SPL and net
rental income charged from SPL to SIML (refer note 7.2).
10
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025

2.0 Operating Segments (continued)
SPL
SPL
eliminationsSIML
SIML
eliminations
Unaudited
6 months
30 Sep 24
Segment profit$000$000$000$000$000
Net rental income
34,0671,939--36,006
Management fee income
--15,143(5,730)9,413
Corporate expenses
Accounting and asset management fees(3,378)3,378---
Salaries and other benefits--(7,208)475(6,733)
Share-based payment expense--(701)-(701)
Forfeited employee incentive rights--96-96
Technology expenses--(435)-(435)
Feasibility expenses(138)---(138)
Other expenses(1,089)-(1,546)216(2,419)
Total corporate expenses
(4,605)3,378(9,794)691(10,330)
Profit before net finance expense, other (expense)/income and
income tax
29,4625,3175,349(5,039)35,089
Net finance expense(10,462)565638(458)(9,717)
Profit before other (expense)/income and income tax
19,0005,8825,987(5,497)25,372
Other (expense)/income
Net change in fair value of investment properties(3,736)154--(3,582)
Share of profit in equity-accounted investments2,864---2,864
Gain on disposal of investment properties27---27
Profit before income tax
18,1556,0365,987(5,497)24,681
Income tax expense(4,464)-(1,758)-(6,222)
Profit after income tax attributable to shareholders
13,6916,0364,229(5,497)18,459
Total other comprehensive loss after tax(9,170)-247-(8,923)
Total comprehensive income after tax attributable to shareholders
4,5216,0364,476(5,497)9,536
SPL
SPL
eliminationsSIML
SIML
eliminationsTotal
Segment assets and liabilities$000$000$000$000$000
Balance at 30 Sep 25 (Unaudited)
Total assets
1,414,81862530,891(19,556)1,426,778
Total liabilities
463,445(17,204)6,564(2,391)450,414
Balance at 31 Mar 25 (Audited)
Total assets1,386,68849630,054(19,581)1,397,657
Total liabilities450,712(16,861)7,143(3,006)437,988
As at 30 September 2025, SPL had assets of $359.7 million (31 Mar 25: $336.8 million) relating to equity-accounted investments (refer note 6.1) and
loan to associate (refer note 7.2).
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2025
11

3.0 Property
This section covers property assets which generate Stride's trading performance.
3.1 Net rental income
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
SPL$000$000
Gross rental income
Rental income
33,815
37,897
Service charge income recovered from tenants
10,622
10,881
Spreading of fixed rental increases
769
936
Capitalised lease incentives
807
1,064
Lease incentives amortisation
(468)
(515)
Total gross rental income45,545
50,263
Direct property operating expenses
Rates and insurance
(7,964)
(7,879)
Property maintenance costs
(3,268)
(3,131)
Utilities
(1,592)
(1,364)
Other property operating expenses
(1,680)
(1,503)
Movement in loss allowance
25
(380)
Total direct property operating expenses(14,479)
(14,257)
Net rental income31,066
36,006
Other property operating expenses include operating expenses not recoverable from tenants and property leasing expenses. Salaries and wages
expenses of $0.8 million (30 Sep 24: $0.8 million) (refer note 7.2) charged by SIML to SPL have been eliminated in the direct property
operating expenses.
12
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025

3.0 Property (continued)
3.2 Investment properties
The movement in SPL's investment properties during the six months to 30 September 2025 is as follows:
OfficeTown Centre
Development
and OtherTotal
SPL$000$000$000$000
Balance at 31 Mar 25 (Audited)685,896309,10734,5001,029,503
Capital expenditure
6,0016262806,907
Spreading of fixed rental increases
68090(1)769
Capitalised lease incentives
73968-807
Lease incentives amortisation
(207)(249)(12)(468)
Asset classified as held for sale (refer note 3.4)
-(114,000)-(114,000)
Net change in fair value
(7,213)3,412(267)(4,068)
Balance at 30 Sep 25 (Unaudited)685,896199,05434,500919,450
Comprised of:
Investment properties at valuation
685,896171,45034,500891,846
Lease liabilities
-27,604-27,604
Balance at 30 Sep 25 (Unaudited)685,896199,05434,500919,450
A revaluation movement of $0.3 million (30 Sep 24: $0.2 million) arising from the elimination of fees charged by SIML to SPL (refer note 7.2) has been
reflected in the consolidated statement of comprehensive income.
SIML has an office located in the SPL owned office building at 34 Shortland Street, Auckland. The value attributable to this floor area has been
recognised as property, plant and equipment (refer note 7.5).
Valuation basis
All investment properties were valued by independent valuers as at 31 March 2025. The SPL Board has reviewed the fair value of the investment
properties as at 30 September 2025 on an asset by asset basis after considering recent comparable transactional evidence of market sales, leasing
activity and capital expenditure and is satisfied there has been no significant change to the overall carrying value, other than NorthWest Shopping Centre
and NorthWest Two, Auckland. Johnsonville Shopping Centre, Wellington (50%), was subject to an independent valuation as required by Diversified.
These investment properties were valued using the same valuer (each being independent registered valuers who hold an annual practising certificate with
the Valuers Registration Board and are members of the New Zealand Institute of Valuers) that valued the respective property for the 31 March 2025
independent valuations.
Included in the 30 September 2025 balance of investment property is an implicit right-of-use asset of $9.5 million (31 Mar 25: $9.5 million) in relation to
a peppercorn ground lease at 55 Lady Elizabeth Lane, Wellington, with an associated immaterial lease liability.
3.3
 Capital expenditure commitments contracted for
As at 30 September 2025, SPL has committed to the following capital expenditure works:
•$1.9 million (31 Mar 25: $0.8 million) for building upgrades at 34 Shortland Street, Auckland;
•$2.3 million (31 Mar 25: $3.0 million) for building upgrades at 215 Lambton Quay, Wellington;
•$15.9 million (31 Mar 25: $ nil) for the balance of the proposed long-term ground lease of the property at North Wharf in Wynyard Quarter,
Auckland, (refer note 1.6); and
•$0.9 million (31 Mar 25: $ nil) for various other capital expenditure works to be undertaken.
Subsequent to balance date, SPL has committed to a further $2.0 million for various other capital expenditure works (31 Mar 25: $2.2 million).
3.4
 Asset classified as held for sale
During the period, SPL entered into a conditional agreement to sell the Silverdale Centre. Upon the change in intention from holding the investment
property to disposing it, SPL reclassified the property from investment properties to asset held for sale at a value of $114.0 million.
Subsequent to balance date, the agreement became unconditional and the sale of the investment property settled on 31 October 2025 (refer note 7.6).
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2025
13

4.0 Investor Returns
This section sets out Stride's earnings per share, net tangible asset per share, dividends paid and how distributable profit is calculated.
Distributable profit is a non-GAAP measure (refer note 1.5) and is used by Stride to calculate profit available for distribution to shareholders
by way of dividends.
4.1 Basic and diluted earnings per share (EPS)
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
Profit after income tax attributable to shareholders ($000)42,615
18,459
Weighted average number of shares for purpose of basic EPS (000)
559,425
558,984
Basic EPS - SPL (cents)
6.70
2.54
Basic EPS - SIML (cents)
0.92
0.76
Basic EPS - weighted (cents)7.62
3.30
Weighted average number of shares for purpose of diluted EPS (000)
564,180
562,605
Diluted EPS - SPL (cents)
6.63
2.53
Diluted EPS - SIML (cents)
0.92
0.75
Diluted EPS - weighted (cents)7.55
3.28
Weighted average number of shares for the purpose of diluted EPS has been adjusted for 4.75 million (30 Sep 24: 3.62 million) rights issued under
SIML’s employee incentive schemes.
4.2
 Net tangible assets (NTA) per share
Unaudited
30 Sep 25
Audited
31 Mar 25
Unaudited
30 Sep 24
Number of shares on issue (000)
559,462
559,039559,039
Total assets ($000)
1,426,778
1,397,6571,448,797
Less total liabilities ($000)
(450,414)
(437,988)(468,641)
NTA ($000)976,364
959,669980,156
NTA per share (cents)175
172175
4.3 Dividends paid
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
$000$000
The following dividends were declared and paid by SPL during the period:
Q4 2025 final dividend 1.5625 cents (Q4 2024 1.9400 cents)
8,742
10,845
Q1 2026 interim dividend 1.5625 cents (Q1 2025 1.5625 cents)
8,742
8,735
Total dividends paid - SPL17,484
19,580
The following dividends were declared and paid by SIML during the period:
Q4 2025 final dividend 0.4375 cents (Q4 2024 0.0600 cents)
2,448
342
Q1 2026 interim dividend 0.4375 cents (Q1 2025 0.4375 cents)
2,448
2,496
Total dividends paid - SIML4,896
2,838
Total dividends paid - Stride22,380
22,418
14
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025

4.0 Investor Returns (continued)
4.4 Distributable profit
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
$000$000
Profit before income tax47,493
24,681
Non-recurring, non-cash, and other adjustments:
Net change in fair value of investment properties
4,068
3,582
Gain on disposal of investment properties
-
(27)
Share of profit in equity-accounted investments
(14,087)
(2,864)
Reversal of impairment of equity-accounted investment
(16,002)
-
Project management fees eliminated in SIML
262
154
Rental guarantee income
59
124
Rental surrender income received
380
-
Dividend income from equity-accounted investments
6,600
3,418
Incentive to anchor tenant for early lease renewal
61
728
Share-based payment expense net of forfeited employee incentive rights
732
605
Non-cash movements in property, plant and equipment recognised in profit and loss
68
87
One-off project costs
513
-
Non-cash interest income
(57)
(148)
IFRS lease adjustments
(1,108)
(1,485)
Other IFRS adjustments
308
66
Distributable profit before current income tax29,290
28,921
Current tax expense excluding divestments (refer note 7.1)(5,143)
(4,854)
Distributable profit after current income tax24,147
24,067
Adjustments to funds from operations:
Maintenance capital expenditure
(2,474)
(1,742)
Incentives and associated landlord works
(2,349)
(1,192)
Adjusted Funds From Operations (AFFO)19,324
21,133
Weighted average number of shares for the purpose of basic distributable profit per share (000)
559,425
558,984
Basic distributable profit after current income tax per share - weighted (cents)4.32
4.31
AFFO basic distributable profit after current income tax per share - weighted (cents)3.45
3.78
Weighted average number of shares for the purpose of diluted distributable profit per share (000)
564,180
562,605
Diluted distributable profit after current income tax per share - weighted (cents)4.28
4.28
AFFO diluted distributable profit after current income tax per share - weighted (cents)3.43
3.76
Certain comparative amounts have been reclassified to conform with the current period's presentation.
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2025
15

5.0 Capital Structure and Funding
Stride's capital structure includes debt and equity, comprising shares and retained earnings, as shown in the consolidated statement of
financial position. This section sets out Stride's funding exposure to interest rate risk and related financing costs.
5.1 Borrowings
Unaudited
30 Sep 25
Audited
31 Mar 25
$000$000
Non-current
Bank facility drawn down
402,000
390,400
Unamortised borrowing establishment costs
(734)
(271)
Total net borrowings401,266
390,129
Weighted average interest rate of debt (inclusive of current interest rate derivatives, margins and
line fees) at balance date
4.26%
4.92%
Total
Undrawn
facility
Drawn
amount
30 Sep 25 (Unaudited)Expiry date$000$000$000
Facility A30 June 2029
43,000-43,000
Facility B30 June 2029
62,000-62,000
Facility C30 June 2029
5,000-5,000
Facility F130 June 2030
93,0007,60085,400
Facility F230 June 2030
157,00050,400106,600
Facility F330 June 2030
45,000-45,000
Facility F430 June 2030
20,000-20,000
Facility F530 June 2030
35,000-35,000
460,00058,000402,000
31 Mar 25 (Audited)
Facility A30 Nov 202660,000-60,000
Facility B30 Nov 202750,000-50,000
Facility F130 Nov 2026100,000-100,000
Facility F230 Nov 2027150,000-150,000
Facility F430 Nov 2026100,00069,60030,400
460,00069,600390,400
SPL’s borrowings are via syndicated senior secured facilities with ANZ Bank New Zealand Limited (ANZ), Bank of China Limited, Auckland Branch
(effective from 30 June 2025), China Construction Bank Corporation (New Zealand Branch), Industrial and Commercial Bank of China Limited, Auckland
Branch, and Westpac New Zealand Limited. The bank security on the facilities is managed through a security agent who holds a registered first mortgage
on all the investment properties directly owned by SPL and a registered first ranking security interest under a General Security Deed over substantially all
the assets of SPL.
On 30 June 2025, the borrowings were refinanced, which extended the maturity of each facility to either 30 June 2029 or 30 June 2030.
In accordance with the Green Finance Framework (Framework) of Fabric, $350.0 million (31 Mar 25: $350 million) of the facilities are classified as green
loan facilities. The Framework has been developed to be consistent with the Asia Pacific Loan Market Association Green Loan Principles (2025) and
International Capital Market Association Green Bond Principles (2021 with June 2022 Appendix).
SIML does not have any borrowings (31 Mar 25: $ nil), however it does have a $3.0 million overdraft facility with ANZ, which has not been utilised during
the current period.
16
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025

5.0 Capital Structure and Funding (continued)
5.2 Derivative financial instruments
Unaudited
30 Sep 25
Audited
31 Mar 25
SPL$000$000
Active interest rate derivative contracts
280,000
280,000
Forward dated interest rate derivative contracts
75,000
75,000
Total notional principal value of interest rate derivative contracts355,000
355,000
Interest rate derivative assets - current
231
1,022
Interest rate derivative assets - non-current
302
788
Interest rate derivative liabilities - non-current
(5,739)
(1,499)
Fair values of interest rate derivative contracts(5,206)
311
Fixed interest rates ranges on active interest rate derivative contracts (excluding margins and line fees)
1.47% - 4.25%
1.47% - 4.25%
Weighted average fixed interest rate on active interest rate derivative contracts (excluding margins and
line fees)
2.98%
2.98%
Percentage of drawn debt fixed
70%
72%
SPL typically designates its interest rate derivatives as cash flow hedges of the interest flows on its variable rate borrowings. SPL enters into interest rate
derivatives that have similar critical terms as the hedged item, such as reference rate, reset dates, payment dates, maturities and notional amount.
The fair values of interest rate derivatives are determined from valuations prepared by independent treasury advisors using valuation techniques classified
as Level 2 in the fair value hierarchy (31 Mar 25: Level 2). Judgement is involved in determining the fair value by the independent treasury advisors. The
fair values are based on the present value of estimated future cash flows based on the terms and maturities of each contract and the current market
interest rates as at balance date. Fair values also reflect the current creditworthiness of the derivative counterparties. The valuations were based on
market rates at 30 September 2025 of between 2.80%, for the 90-day BKBM, and 3.70%, for the 10-year swap rate (31 Mar 25: 3.61% and 4.11%
respectively). There were no changes to these valuation techniques during the reporting period.
5.3
 Net finance expense
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
$000$000
Finance income
Bank interest income
161
389
Other finance income
111
148
Total finance income272
537
Finance expense
Borrowings interest
(9,461)
(9,396)
Lease liabilities interest
(858)
(858)
Total finance expense(10,319)
(10,254)
Net finance expense(10,047)
(9,717)
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025
17

5.0 Capital Structure and Funding (continued)
5.4 Share capital
Each of SPL and SIML have one class of shares. The shares of SPL rank equally with each other and the shares of SIML rank equally with each other. All
issued shares are fully paid and have no par value. SPL and SIML shares are 'stapled' and jointly listed on the NZX (Stapled Securities).
Stapling of shares is a contractual and constitutional arrangement between the two Stapled Entities whereby each Stapled Entity’s equity securities are
combined with (or stapled to) the equity securities issued by the other Stapled Entity. The Stapled Entities have the same shareholders, and their shares
cannot be traded or transferred independently of one another. The Stapled Securities are traded as a single economic unit with a single quoted price.
On 16 April 2025, the Boards issued 423,098 Stapled Securities pursuant to employee incentive schemes operated by SIML.
Each of SPL and SIML had 559,462,036 shares on issue as at 30 September 2025 (31 Mar 25: 559,038,938).
5.5 SIML equity (non-controlling interest)
Total
Notes$000
Balance 31 Mar 25 (Audited)22,911
Transactions with shareholders:
Dividends paid
4.3(4,896)
Other movements in reserves
732
Total transactions with shareholders(4,164)
Profit after income tax
5,173
Total other comprehensive income
407
Total comprehensive income5,580
Balance 30 Sep 25 (Unaudited)24,327
18
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025

6.0 Investments in Property Entities
This section sets out how the investments in property entities held by SPL are accounted for in Stride.
6.1 Interests in associates and joint venture
Equity-accounted investments
Unaudited
30 Sep 25
Audited
31 Mar 25
$000$000
Investore
1
103,397
87,553
Diversified
2
1,943
1,814
Industre joint venture
2
250,973
244,075
356,313
333,442
1Fair value, based on Investore's quoted closing share price on the NZX Main Board on the last business day for the six months ended 30 September 2025, was $88.2 million
(31 Mar 25: $74.7 million).
2These equity-accounted investments do not have quoted market prices as they are not listed.
As at 30 September 2025, all investment properties held by Diversified were independently valued. Two development properties held by the Industre
joint venture were independently valued and the remainder of the Industre joint venture portfolio were subject to desktop reviews. The majority of
investment properties held by Investore were independently valued as at 30 September 2025, with the remaining properties held at their respective
31 March 2025 independent valuations. SPL’s share of the valuation gains/(loss) are reflected in share of profit/(loss) in equity-accounted investments.
At each balance date, SPL performs an impairment test using the fair value less costs of disposal (FVLCD) approach (31 Mar 25: FVLCD).
The key inputs and assumptions in determining the recoverable amount of this investment through the FVLCD approach are a strategic investment
premium of 17.5% (31 Mar 25: 17.5%) as determined by a third party in March 2024, the quoted closing share price on the NZX Main Board on
the last business day for the six months ended 30 September 2025, and brokerage costs of 0.2%. The determination of the recoverable amount is
considered to be Level 3 in the fair value hierarchy. The result of the impairment test was that the investment's recoverable amount was greater than the
carrying amount as at 30 September 2025 and as at 31 March 2025. As a result, SPL has recognised a partial reversal of previous impairment losses of
$16.0 million (30 Sep 24: $ nil).
The difference between the closing net assets and share at carrying percentage for Investore largely relates to the $(11.2) million cumulative impairment
loss (31 Mar 25: $(27.2) million impairment loss).
Share of
profit/(loss) in equity-accounted investments
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
$000$000
Investore
2,408
1,819
Diversified
124
(82)
Industre joint venture
11,555
1,127
14,087
2,864
SPL's share in the Industre joint venture reduced from 49.6% as at 31 March 2025 to 49.0% as at 30 September 2025. Consequently, the share of
profit has been calculated on the weighted average proportionate holding during the relevant period.
6.2
 Industre joint operation
Due to a restructure, the Industre joint operation ceased on 31 October 2024, with revenue and expenses related to the prior period being recognised
up to that date. The assets and liabilities of the Industre joint operation were transferred to the Industre joint venture entities on 31 October 2024, and
consequently are no longer separately recognised.
Unaudited
6 months
30 Sep 25
100%
Unaudited
6 months
30 Sep 25
participating
interest
Unaudited
6 months
30 Sep 24
100%
Unaudited
6 months
30 Sep 24
participating
interest
Summarised statement of comprehensive income$000$000$000$000
Income
--
7,8663,927
Expenses
--
(4,803)(2,396)
Net change in fair value of investment properties
--
(1,310)(649)
Net profit--
1,753882
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025
19

7.0 Other
This section contains additional information to assist in understanding the financial performance and position of Stride.
7.1 Tax
SPL is a listed Portfolio Investment Entity for the purposes of the Income Tax Act 2007 and is required to pay income tax to Inland Revenue in
accordance with this legislation.
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
Income tax$000$000
Current tax expense excluding divestments
(5,143)
(4,854)
Current tax expense on divestments
-
(79)
Deferred tax benefit/(expense)
265
(1,289)
Income tax expense per the consolidated statement of comprehensive income(4,878)
(6,222)
Profit before income tax47,493
24,681
Prima facie income tax using the company tax rate of 28%(13,298)
(6,911)
(Increase)/decrease in income tax due to:
Net change in fair value of investment properties
(1,139)
(1,003)
Share of profit in equity-accounted investments
3,944
802
Reversal of impairment of equity-accounted investment
4,481
-
Gain on disposal of investment properties
-
8
Assessable income
(879)
(179)
Depreciation
1,943
2,085
Non-deductible expenses
(453)
(202)
Expenditure deductible for tax
217
375
Temporary differences
(196)
(229)
Other adjustments
237
400
Current tax expense excluding divestments(5,143)
(4,854)
Current tax expense on divestments-
(79)
Current tax expense total(5,143)
(4,933)
Investment property depreciation
(530)
(1,140)
Other
795
(149)
Deferred tax credited/(charged) to profit or loss265
(1,289)
Income tax expense per the consolidated statement of comprehensive income(4,878)
(6,222)
Income tax expense arising from the Industre joint venture is $(0.8) million (30 Sep 24: $(0.2) million).
20
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025

7.0 Other (continued)
7.2 Related party disclosures
DiversifiedInvestore
Industre
joint
ventureDiversifiedInvestore
Industre
joint
venture
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 24
The following transactions with a related party
took place:
Asset management fee income
1,2362,6321,808
1,2672,5711,026
Salaries and wages recovery
1,283--
1,165--
Project management fee income
804151,321
61107110
Building management fee income
864217113
88822572
Leasing fee income
772115175
475189147
Accounting fee income
87125-
87125-
Disposal fee income
-122-
--190
Refinancing fee income
25100-
---
Other fee income
358636
357918
Total fee income4,3823,8123,453
3,9783,2961,563
Rent paid
(52)--
(52)--
Interest income received
111--
148--
Reinvestment of unit holder interest
(57)--
(147)--
Reinvestment of unit holder distributions
---
(63)--
Distribution/dividends received
1072,3114,182
-2,2881,130
Interest expense
---
--(1,203)
Unaudited
30 Sep 25
Unaudited
30 Sep 25
Unaudited
30 Sep 25
Audited
31 Mar 25
Audited
31 Mar 25
Audited
31 Mar 25
The following balances were receivable from/
(payable to) a related party:
Related party receivable
401166351
168141322
Interest-bearing loan
3,398--
3,398--
Other fee income includes licencing, maintenance and sustainability fees (30 Sep 24: licencing, maintenance, sustainability).
Subsequent to balance date, the sale of the Silverdale Centre to Investore settled (refer note 7.6).
The following fee income earned by SIML from the Industre joint operation represented the participating interest held by the participant
AP SG 17 Pte. Limited.
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
$000$000
Asset management fee income
-
327
Leasing fee income
-
186
Other fee income
-
37
-
550
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025
21

7.0 Other (continued)
7.2 Related party disclosures (continued)
The following table details the transactions between SPL and SIML, which are eliminated on consolidation (refer note 2.0).
Unaudited
6 months
30 Sep 25
Unaudited
6 months
30 Sep 24
$000$000
Charged from SIML to SPL:
Building management fee
579
625
Asset management fee
2,900
3,253
Salaries and wages recovery
836
838
Project management fee
262
154
Leasing fee
303
702
Accounting fee
125
125
Maintenance fee
31
33
Total fees charged5,036
5,730
Interest on loan
509
565
Charged from SPL to SIML:
Rental and service charges for offices
399
259
Unaudited
30 Sep 25
Audited
31 Mar 25
$000$000
The following balances were receivable/(payable) between SPL and SIML:
SPL - related party receivable (recognised in SIML)
404
61
SIML - related party payable (recognised in SPL)
(404)
(61)
SPL - related party loan receivable (recognised in SIML)
16,800
16,800
SIML - related party loan payable (recognised in SPL)
(16,800)
(16,800)
SIML provides ancillary services in accordance with the management agreement between SPL and SIML to ensure proper management of SPL. Payment
for these services by SPL to SIML is included in the total asset management fee paid.
During the current period, $0.4 million (30 Sep 24: $0.5 million) of personnel costs directly attributable to particular SPL projects were capitalised.
A loan agreement, based on commercial terms, exists between SIML and SPL under which SIML can loan funds to SPL for general corporate
purposes. On 27 June 2025, the loan agreement was amended to increase the total funds that SIML can lend to SPL to up to $30.0 million
(31 Mar 25: up to $20.0 million). As at 30 September 2025, SIML had loaned $16.8 million (31 Mar 25: $16.8 million) to SPL. The average interest
rate charged for the six month period ended 30 September 2025 was 6.04% (30 Sep 24: 8.17%). On consolidation, the loan and interest earned/paid
are eliminated.
22
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025

7.0 Other (continued)
7.3 Debtors and other receivables
Unaudited
30 Sep 25
Audited
31 Mar 25
$000$000
Debtors
3,359
3,001
Less loss allowance
(795)
(820)
Debtors net of loss allowance
2,564
2,181
Rental guarantee receivable in relation to 110 Carlton Gore Road, Auckland
196
254
Related party receivable (refer note 7.2)
918
631
3,678
3,066
7.4 Trade and other payables
Unaudited
30 Sep 25
Audited
31 Mar 25
$000$000
Trade payables
1,850
1,659
Development and capital expenditure payables and accruals
2,720
2,867
Retentions held
260
644
Rent in advance
1,213
1,191
Operating expense recovery accruals
852
458
Tenant deposits held
880
909
Employee entitlements
1,863
3,268
Other accruals and payables
4,336
3,591
13,974
14,587
Other accruals and payables include Goods and Services Tax, direct property operating expense accruals and other corporate expense accruals.
7.5
 Property, plant and equipment
Unaudited
30 Sep 25
Audited
31 Mar 25
$000$000
Property, plant and equipment
8,712
8,777
SIML has an office at 34 Shortland Street, Auckland, which is a property owned by SPL and therefore held as investment property. The value attributable
to this premise of $8.3 million (31 Mar 25: $8.3 million) has been recognised as property, plant and equipment.
7.6
 Subsequent events
On 20 October 2025, the shareholders of Investore approved the amendments to the management agreement with SIML and the agreement to sell the
Silverdale Centre became unconditional.
On 31 October 2025, the sale of the Silverdale Centre settled for a value of $114.0 million, with net proceeds used to repay borrowings. Under the terms
of this disposal, SPL will either undertake works or reimburse part of the purchase price, for certain seismic strengthening works up to a maximum of
$0.8 million, if required.
On 12 November 2025, the SIML Board granted 30,671 rights under the executive long term incentive scheme for FY26 (the period 1 April 2025 to
31 March 2028).
On 12 November 2025, the SIML Board granted 24,472 rights to an executive as part of their FY26 fixed remuneration compensation. These rights vest
after 31 March 2027 if the employee remains employed by SIML at that time.
On 26 November 2025, SPL declared a cash dividend for the period 1 July 2025 to 30 September 2025 of 1.5625 cents per share, to be paid on
16 December 2025 to all shareholders on SPL’s register at the close of business on 4 December 2025. This dividend will carry imputation credits of
0.374743 cents per share. This dividend has not been recognised in the financial statements.
On 26 November 2025, SIML declared a cash dividend for the period 1 July 2025 to 30 September 2025 of 0.4375 cents per share, to be paid on
16 December 2025 to all shareholders on SIML’s register at the close of business on 4 December 2025. This dividend will carry imputation credits of
0.170139 cents per share. This dividend has not been recognised in the financial statements. SIML’s equity (non-controlling interest) consists largely of
retained earnings and the declared dividend represents 10% of SIML’s equity as at 30 September 2025.
Stride Property Group
Consolidated Interim Financial Statements for the six months ended 30 September 2025
23

Independent auditor's review report
To the shareholders of Stride Property Limited and Stride Investment Management Limited
Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated interim financial statements of Stride Property Group, which consists of Stride Property Limited and its controlled
entities (SPL) and Stride Investment Management Limited (SIML) (together Stride or the Group), which comprise the consolidated statement of financial
position as at 30 September 2025, and the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the six months ended on that date, and notes and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial statements of the
Group do not present fairly, in all material respects, the financial position of the Group as at 30 September 2025, and its financial performance and cash
flows for the six months then ended, in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand
Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities
for the review of the consolidated interim financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to the audit of the annual financial
statements, and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements.
In our capacity as auditor and assurance practitioner, our firm provides other assurance services. In addition, certain partners and employees of our firm
may deal with Stride on normal terms within the ordinary course of trading activities of the businesses. The firm has no other relationship with, or interests
in, Stride.
Responsibilities of Directors for the consolidated interim financial statements
The Directors of SPL and SIML, respectively, are responsible, on behalf of Stride, for the preparation and fair presentation of these consolidated interim
financial statements in accordance with IAS 34 and NZ IAS 34 and for such internal control as the Directors determine is necessary to enable the
preparation and fair presentation of the consolidated interim financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the consolidated interim financial statements
Our responsibility is to express a conclusion on the consolidated interim financial statements based on our review. NZ SRE 2410 (Revised) requires us to
conclude whether anything has come to our attention that causes us to believe that the consolidated interim financial statements, taken as a whole, are
not prepared in all material respects, in accordance with IAS 34 and NZ IAS 34.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and
other review procedures. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance
with International Standards on Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might identify in an audit.
Accordingly, we do not express an audit opinion on these consolidated interim financial statements.
Who we report to
This report is made solely to the Shareholders of SPL and SIML, as a body. Our review work has been undertaken so that we might state those matters
which we are required to state to them in our review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Shareholders of SPL and SIML, as a body, for our review procedures, for this report or for the conclusion we
have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Samuel Shuttleworth.
For and on behalf of:
PricewaterhouseCoopers
26 November 2025
Auckland

pwc.co.nz
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West,
Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000
24
Stride Property Group Consolidated Interim Financial Statements for the six months ended 30 September 2025

Corporate Directory
Boards of Directors
Tim Storey (Chair)
Ross Buckley
Michelle Tierney
Nick Jacobson
Tracey Jones
David Green (appointed 19 June 2025)
Registered Office
Level 12, 34 Shortland Street, Auckland 1010
PO Box 6320, Victoria Street West
Auckland 1142, New Zealand
T +64 9 912 2690
W strideproperty.co.nz
Share Registrar
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road, Takapuna
Private Bag 92119, Victoria Street West
Auckland 1142
T +64 9 488 8777
F +64 9 488 8787
E enquiry@computershare.co.nz
Auditor
PwC
PwC Tower, Level 27,
15 Customs Street West, Auckland 1010
Private Bag 92162, Auckland 1142
T +64 9 355 8000
Bankers
ANZ Bank New Zealand Limited
Bank of China Limited, Auckland Branch
China Construction Bank Corporation (New Zealand Branch)
Industrial and Commercial Bank of China Limited,
Auckland Branch
Westpac New Zealand Limited

---

Stride Property Group | Interim Results HY26
Stride Property Group
Interim Results
for the six months ended
30 September 2025 (HY26)

Stride Property Group | Interim Results HY26
Capitalised and technical terms are defined in the glossary on page 30.
Numbers in charts may not sum due to rounding.
Unless otherwise stated, property portfolio metrics: (1) exclude properties reported as ‘Development and
Other’ and ‘Assets classified as held for sale’ in the respective financial statements; (2) exclude lease
liabilities; (3) for SPL’s office portfolio, includes Level 12, 34 Shortland Street, Auckland, which is reported
as ‘Property, plant and equipment’ in the consolidated interim financial statements; and (4) the value of the
rental guarantee receivable in relation to 110 Carlton Gore Road, Auckland.
3Overview
4Financial overview
5Sector update
6Funds management strategy delivery
7North Wharf development opportunity
9Investment management business
12Portfolio
19Sustainability
21HY26 consolidated financial results
24Capital management
27Outlook
29Glossary
31Appendices
Contents
2

Stride Property Group | Interim Results HY26
Weighted average
cost of debt
4.5%
Occupancy
93%
WALT
6.8 years
Value
$1.4bn
Overview
WACR
6.1%
Committed
2
total AUM
$3.3bn
Committed
2
external AUM
$2.4bn
Drawn debt fixed

97%
Stride Property Group as at 30 Sep 25
Stride’s look-through Investment Portfolio
1
Investment management business
Capital management
2
1.Comprising SPL’s office and town centre portfolios and SPL’s proportionate ownership in the portfolios of each of the Stride Products.
2.As at 30 Sep 25, assuming completion of the Silverdale Centre transaction and for balance sheet LVR, Woolworths New Brighton disposal, 8 Reg Savory Place disposal and the two Industre developments as at that date.
3.Balance sheet LVR includes SPL’s office and town centre properties, as well as the value of SPL’s interests in each of the Stride Products, and SPL’s direct debt.
4.Calculated as bank debt as a percentage of the value of investment property for mortgage security purposes.
External management fees
$11.7m for HY26
3
Balance sheet LVR
3
23%
Bank LVR
4
32%

Stride Property Group | Interim Results HY26
Stride Property Group
Financial overview
Profit after income tax
$42.6m
up +$24.2m from HY25
Distributable Profit after
current income tax
$24.1m
in line with HY25
Net tangible assets (NTA)
as at 30 Sep 25
$1.75
up +$0.03 from 31 Mar 25
Distributable Profit per share
4.32cps
in line with HY25
SIML management fee income
110 Carlton Gore Road, Auckland
4
$11.7m
up +$2.3m from HY25
HY26 combined cash dividend
4.0cps

Stride Property Group | Interim Results HY26
Sector update
Office
•Quality of space, location, amenity and sustainability features
continue to be key occupier requirements
1
•Lower grade offices are carrying higher vacancy than historic
averages, while premium and refurbished assets continue to
outperform the market
•LFL Rental Growth of +2.5%
Town Centres
•SIML managed centres foot traffic up +2.2% vs HY25.
Market data shows credit card spending up +3.2%
2
, with
most sectors showing growth
•Low vacancy and tight supply relative to population. SIML’s
managed centres at 97% occupancy
•LFL Rental Growth of +1.9%
Industrial
•Auckland industrial vacancy remains low at ~2.2%
3
compared to
Australian cities at ~4% average
4
•Consents in Auckland are down 22% on last year and is lower
than the 5-year average
3
, indicating lower supply
•15% of Industre’s net Contract Rental is subject to market review
or expiry over the remainder of FY26 and FY27, providing
potential to capture reversion to market
•LFL Rental Growth of +3.8%
Convenience Based Retail
•Recent market transactions characterised by lower risk
properties such as supermarket-anchored assets
•Non-discretionary based tenants are less cyclical, leading
to resilient portfolio metrics
•Investore’s occupancy remains high at 99% and WALT
over 6 years on a pro forma basis
5
•LFL Rental Growth of +4.1%
5
1.CBRE, New Zealand Office Occupier Sentiment Survey 2025.
2.ANZ NZ Card Spending October 2025.
3.Colliers, Auckland Industrial Colliers Essentials 2H 2025.
4.JLL, Industrial Real Estate Market Analysis: Q2 2025, “Latest Industrial Vacancy Rates Across Australia”.
5.As at 30 Sep 25, as if the Silverdale Centre acquisition and the Woolworths New Brighton disposal had occurred as at that date.

Stride Property Group | Interim Results HY26
Funds management strategy delivery
6
20 Customhouse Quay, Wellington
•Sold
1
Silverdale Centre to Investore for $114m, creating balance
sheet flexibility for growth, while retaining perpetual management
•Investore has transacted
1
$319m of properties over the past 18
months, recycling into higher total returning assets and growth in
AUM
•Industre is unconditional on a secondary industrial asset sale for
$13.6m, representing a +13% premium to book value
3
, and is
using the proceeds to fund (in part) the developments of Wattyl in
Hamilton ($27m), and its property at Favona Road ($30m)
Since Mar 25 $202m of strategic deals have been transacted
1
across the Stride Products, with external AUM
increasing from $2.2bn to $2.4bn
2
Recent management internalisations illustrate the value of SIML’s management business, which is not
recognised in Stride’s $1.75 NTA per share
Recent NZ
internalisation
transactions
4
Transaction
date
AUM
multiple
EBIT
multiple
PrecinctMar-216.1%14.7x
GoodmanMar-245.9%12.7x
Vital HealthcareNov-256.5%12.2x
1.Acquisitions and disposals completed or unconditional as at or post balance date.
2.As at 30 Sep 25, assuming completion of the Silverdale Centre transaction, Woolworths New Brighton disposal, 8 Reg Savory Place
disposal and the two Industre developments as at that date.
3.Book value as at 31 Mar 25.
4.Source: Analysis from NZX company announcements.

Stride Property Group | Interim Results HY26
North Wharf development opportunity
Conditional contract signed
•Stride has entered into a conditional agreement with Auckland
Council to acquire a 125-year pre-paid ground lease for $17.5m at
North Wharf, located on the waterfront in Wynyard Quarter, Auckland
•Stride has also partnered with central Tāmaki tangata whenua Ngāti
Whātua Ōrākei as its cultural lead for the development
•Stride proposes to redevelop the site over time into a 10,500sqm to
12,500sqm premium mixed-use retail and office development
•Prior to development, the property is expected to provide a holding
return of ~6% per annum
•The agreement with Auckland Council is conditional on resource
consent, which is underway and anticipated to be obtained in 2027.
Auckland Council will continue to manage the property until
settlement
7

Stride Property Group | Interim Results HY26
Wynyard Quarter
Precinct
Highlights
•Prime waterfront location in Wynyard Quarter
•Opportunity to create a world-class mixed-use
destination
•Close proximity to proposed Downtown car park
development and Waitematā Train Station
8
North Wharf development
Potential office development at North Wharf Indicative only

Stride Property Group | Interim Results HY26
Stride Property Group | Interim Results HY26
Investment
management
business
9

Stride Property Group | Interim Results HY26
Office
Retail
Shopping
Centres
Convenience
Based Retail
Industrial
Recurring
management
fees
Activity
fees
Diversified portfolio and revenue sources
Stride combines a property investment
business (SPL) with an investment
management business (SIML)
1.Values represent total portfolio values for each Stride Product, including properties categorised as
'Development and Other’ and ‘Assets classified as held for sale’ in the respective financial statements
and excluding commitments.
2.Look-through revenue comprises external management fee income and net Contract Rental from
SPL’s directly held property and from the Stride Products, based on SPL’s proportionate ownership.
HY26 look-through revenue sources
2
34%
19%
11%
16%
15%
5%
10
34 Shortland Street, Auckland
49.0%
18.8%
2.2%
$706m $706m
$308m
$317m
$410m
$1,012m
$191m
$826m
$405m
$1,014m
$2,248m
$1,619m
Directly heldStride ProductsWeighted
look-through
SPL’s weighted look-through portfolio value
as at 30 Sep 25
1
Office
Retail Shopping Centres / Town Centre
Convenience Based Retail
Industrial

Stride Property Group | Interim Results HY26
$8.5m
$7.9m
$3.2m
$1.5m
$11.7m
$9.4m
HY26HY25
External management
fees by type
$3.8m
$3.3m
$3.5m
$2.1m
$3.1m
$2.8m
$1.3m
$1.2m
$11.7m
$9.4m
HY26HY25
External management
fees by product
Diversified (staff recharges)
Diversified (management fees)
Industre
Investore
SIML management fee income
11
HY26 external management fee income $11.7m (+$2.3m)
•$8.5m recurring fees, up +$0.6m from HY25
•+$1.3m p.a. additional recurring fees expected
following settlement of Silverdale Centre and
completion of current Industre developments
•$3.2m activity-based fees, up +$1.7m from HY25,
supported by development and transactional activity
Recurring fees
Activity fees
Perpetual
contracts

Stride Property Group | Interim Results HY26
Stride Property Group | Interim Results HY26
12
Portfolio

Stride Property Group | Interim Results HY26
Portfolio composition by value as at 30 Sep 25
Products
Sector focus:Office and Town CentreConvenience Based RetailIndustrialRetail Shopping Centres
SPL investment:
100%18.8%49.0%2.2%
13
Office
Town Centre
Stride has AUM of $3.3bn over four Products
$694m
$171m
$387m
$993m
$688m
$35m
$20m
$125m
$23m
$114m
$14m
$1,014m
$1,012m
$826m
$410m
Property categorised as ‘Assets classified as held for sale’
Property categorised as ‘Development and Other’

Stride Property Group | Interim Results HY26
HY26 highlights
•LFL Rental Growth of +4.1% across 19,000sqm
•Total portfolio valuation of $1.1bn on a pro forma basis
1
•Divested Woolworths Browns Bay for $24.4m (+4.9% on book value
2
), and the
sale of Woolworths New Brighton became unconditional for $7.4m (+6.2% on
book value
2
) post balance date
•Acquired Bunnings New Lynn for $43m and Silverdale Centre for $114m (post
balance date). Supported by $62.5m subordinated convertible note capital raise
Pro forma
1
30 Sep 2530 Sep 2531 Mar 25
Number of properties434343
Portfolio value$1,100m$993m$965m
WACR6.3%6.2%6.3%
WALT6.3 years6.6 years6.8 years
Net Lettable Area282,337 sqm261,535 sqm254,684 sqm
Occupancy99%99%99%
Investment Portfolio snapshot
14
1.As at 30 Sep 25, as if the Silverdale Centre acquisition and the Woolworths New Brighton disposal had occurred as at that date.
2.Book value as at 31 Mar 25 for the Woolworths Browns Bay disposal, and as at 30 Sep 25 for the Woolworths New Brighton disposal.
Bunnings, Westgate

Stride Property Group | Interim Results HY26
HY26 highlights
•LFL Rental Growth of +3.8% across 75,000sqm
•Potential reversion to market of +8.9%
1
, with 15% of net Contract Rental subject to
market review or expiry over the next 18 months
•Total portfolio valuation of $826m as at 30 Sep 25, +2.0% net gain over HY26
•Development updates
−$27m (excl. land) project at 16A Wickham Street, Hamilton, completed in
Oct 25, WALT of 15 years and a 6% yield on cost (incl. land)
−$30m (excl. land) project at Favona Road expected to complete Apr 26
−Patiki Road early works expected to commence early in the new year
•8 Reg Savory Place disposal unconditional for $13.6m (+13% on book value
2
) post
balance date
30 Sep 2531 Mar 25
Number of properties
1819
Portfolio value
$688m$689m
WACR
5.7%5.8%
WALT
8.9 years9.1 years
Net Lettable Area
178,444 sqm182,477 sqm
Occupancy
95%97%
15
Investment Portfolio snapshot
16A Wickham Street, Hamilton
1.Based on lease review mechanisms and independent valuations as at 30 Sep 25.
2.Book value as at 31 Mar 25.

Stride Property Group | Interim Results HY26
HY26 highlights
•LFL Rental Growth of +2.5% across 24,000sqm
•Total MAT up +2.1% against 30 Sep 24
•Foot traffic increased +3.6% on HY25, with improved evening visitation
•Specialty GOC for the portfolio remained steady at ~13% as at 30 Sep 25
•Total portfolio valuation of $410m as at 30 Sep 25 (in line with 31 Mar 25)
30 Sep 2531 Mar 25
Number of properties22
Portfolio value$387m$384m
WACR8.2%8.3%
WALT3.0 years2.7 years
Net Lettable Area85,654 sqm85,627 sqm
Occupancy98%97%
Chartwell Shopping Centre, Hamilton
16
Investment Portfolio snapshot

Stride Property Group | Interim Results HY26
SPL
Town centre portfolio
HY26 highlights
1
•LFL Rental Growth of +0.5% across 10,000sqm
•Specialty MAT decreased (3.9)% against 30 Sep 24, although MoM for most
recent two months shows return to growth. Specialty GOC remains low at ~12%
•Leasing strategy focused on remix opportunities which will grow the daily needs
offer and increase occupancy
•Updated research forecasts primary catchment growth for NorthWest Shopping
Centre of +3.2% p.a. over 10 years from 2023-2033
•Total portfolio
2
valuation of $308m, +1.1% net gain over HY26
30 Sep 25
1
31 Mar 25
Number of properties
2 3
Portfolio value
$171m $282m
WACR
7.6%7.4%
WALT
3.8 years 3.6 years
Net Lettable Area35,666 sqm58,675 sqm
Occupancy93%96%
17
Investment Portfolio snapshot
1.Comprises NorthWest Shopping Centre and NorthWest Two, referenced as ‘NorthWest Shopping Centre’.
2.As at 30 Sep 25 (incl. Silverdale Centre and 50% Johnsonville Shopping Centre).
Refer appendix 3 for metrics on SPL’s combined directly held office and town centre portfolio.
NorthWest Shopping Centre, Auckland

Stride Property Group | Interim Results HY26
SPL
Office portfolio
HY26 highlights
•LFL Rental Growth of +2.5% across 32,000sqm
•Refurbishment and leasing updates:
−34 Shortland Street: Works largely complete. ~1,500sqm of new lettings closed,
~1,500sqm in advanced negotiations, leaving only ~1,600sqm remaining
−215 Lambton Quay: Lobby, café and end of trip upgrades complete.
Approximately 1,500sqm leased to date and a further ~1,000sqm in advanced
negotiations
−1 Grey Street: Upgrade works under review with further update at FY26 results
•Test piling works at 55 Lady Elizabeth Lane underway
30 Sep 2531 Mar 25
Number of properties
66
Portfolio value
$694m$694m
WACR
5.9%5.9%
WALT
7.0 years7.0 years
Net Lettable Area
72,341 sqm72,344 sqm
Occupancy
85%88%
Refer appendix 3 for metrics on SPL’s combined directly held office and town centre portfolio.
215 Lambton Quay, Wellington
18
Investment Portfolio snapshot

Stride Property Group | Interim Results HY26
Stride Property Group | Interim Results HY26
19
Sustainability

Stride Property Group | Interim Results HY26
Progress on sustainability
20
Office
Town Centre
Total electricity usage stable with HY25 (+1%), while total
electricity usage is -17% since HY20
1
Draft HY26 Scope 1 and 2 emissions was 1,089 tCO2e
(+18% on HY25), primarily driven by the increase in the
HY26 electricity emissions factor
2
Completed GRESB 2025 submission receiving a score of
79 of 100, improving by +10 points from 2024
Energy efficiency software installed in Auckland office
assets, targeting efficiency improvement of HVAC
1.Adjusted for changes in net lettable area.
2.For SIML and each of the Products in aggregate.

Stride Property Group | Interim Results HY26
Stride Property Group | Interim Results HY26
HY26 Consolidated
financial results
21

Stride Property Group | Interim Results HY26
30 Sep 25
$m
30 Sep 24
$m
Change
$m%
Net rental income
31.136.0(4.9)(13.7)
Management fee income
11.79.4+2.3+24.2
Total corporate expenses
(11.2)(10.3)(0.9)(8.8)
Profit before net finance expense, other income/(expense) and income tax
31.535.1
(3.6)
(10.2)
Net finance expense
(10.0)(9.7)(0.3)(3.4)
Profit before otherincome/(expense) and income tax
21.525.4(3.9)(15.4)
Other income/(expense)
1
26.0(0.7)+26.7+3,865.7
Profit before income tax
47.524.7+22.8+92.4
Income tax expense
(4.9)(6.2)+1.3+21.6
Profit after income tax attributable to shareholders
42.618.5+24.2+130.9
1.Other income/(expense) includes net reduction in fair value of investment properties of $(4.1)m (30 Sep 24: $(3.6)m net reduction), share of profit in equity-accounted investments$14.1m (30 Sep 24: $2.9m profit), reversal of
impairment of equity-accounted investment $16.0m (30 Sep 24: $ nil).
Values in the table above are calculated based on the numbers in the consolidated interim financial statements for each respective financial period and may not sum accurately due to rounding.
Financial performance
Stride Property Group (Stride) - Consolidated
22
Following the Industre restructure on 31 Oct 24, net rental
income (HY25: $3.1m) and net finance expense (HY25:
$(1.2)m) now form part of share of profit in equity-accounted
investments recognised in other income/(expense) for HY26

Stride Property Group | Interim Results HY26
30 Sep 25
$m
30 Sep 24
$m
Change
$m%
Profit before income tax
47.524.7+22.8+92.4
Non-recurring, non-cash and other adjustments:
- Net change in fair value of investment properties4.13.6+0.5+13.6
- Share of profit in equity-accounted investments(14.1)(2.9)(11.2)(391.9)
- Reversal of impairment of equity-accounted investment(16.0)-(16.0)(100.0)
- Dividend income from equity-accounted investments6.63.4+3.2+93.1
- One-off project costs0.5-+0.5+100.0
- Share-based payment expense net of forfeited employee incentive rights
0.70.6+0.1+21.0
- Other movements-(0.5)+0.5+94.7
Distributable Profit before current income tax
29.328.9+0.4+1.3
Current tax expense excluding divestments
(5.1)(4.9)(0.3)(6.0)
Distributable Profit after current income tax
24.124.1+0.1+0.3
Basic Distributable Profit after current income tax per share – weighted
4.32cps4.31cps
Adjustments to funds from operations:
- Maintenance capital expenditure
(2.5)(1.7)(0.7)(42.0)
- Incentives and associated landlord works
(2.3)(1.2)(1.2)(97.1)
Adjusted Funds From Operations (AFFO)
19.321.1(1.8)(8.6)
AFFO basic Distributable Profit after current income tax per share – weighted
3.45cps3.78cps
Weighted average number of shares (million)
559.4559.0
Values in the table above are calculated based on the numbers in the consolidated interim financial statements for each respective financial period and may not sum accurately due to rounding.
Distributable Profit
Stride Property Group (Stride) - Consolidated
23

Stride Property Group | Interim Results HY26
Stride Property Group | Interim Results HY26
Capital
management
24

Stride Property Group | Interim Results HY26
$350m
$110m
FY26FY27FY28FY29FY30FY31
Debt maturity profile
as at 30 Sep 25
Bank facilities
Green loan facilities
•Effective 30 Jun 25, bank debt facilities refinanced
and extended. No debt facilities maturing until FY30
•39.7% bank LVR
2
as at 30 Sep 25, or 32.1% on a
pro forma
1
basis
•29.3% balance sheet gearing
4
as at 30 Sep 25,
taking into account investments in the Stride
Products, or 22.9% on a pro forma basis
Syndicated debt facilities
Pro forma
1
as
at 30 Sep 25
As at
30 Sep 25
As at
31 Mar 25
Debt facility limit $460m$460m$460m
Debt facilities drawn$288m$402m$390m
Weighted average maturity of debt facilities4.5 years4.5 years2.1 years
Debt metrics
Bank LVR
2
Covenant: ≤ 50%
32.1%39.7%38.7%
Look-through gearing
3
34.6%38.5%38.1%
Balance sheet gearing
4
22.9%29.3%29.0%
Interest Cover Ratio
Covenant: ≥ 2.125x
n/a2.9x3.2x
Weighted Average Lease Term
5
Covenant: > 3.0 years
4.8 years4.7 years4.8 years
1.See footnote 2 on page 3.
2.Calculated as bank debt as a percentage of the value of investment property for mortgage security purposes.
3.Look-through gearing includes SPL’s directly held property and debt as well as its proportionate share of the property and debt of each of the Stride Products.
4.Balance sheet gearing includes SPL’s office and town centre properties, as well as the value of SPL’s interests in each of the Stride Products, and SPL’s direct debt.
5.The unexpired lease term in a property or portfolio, assuming the property or portfolio is fully leased. This is weighted by the income applicable to each lease and a current market rental with nil term for vacant space.
Capital management – debt facilities
25

Stride Property Group | Interim Results HY26
Cost of debt
Pro forma
1

as at
30 Sep 25
As at
30 Sep 25
As at
31 Mar 25
Weighted average cost of debt
(incl. margins & line fees)
4.5%4.3%4.9%
Weighted average interest rate on
current swaps (excl. margins & line
fees)
3.0%3.0%3.0%
Weighted average
hedging term remaining
1.9 years1.9 years2.3 years
% of drawn debt hedged97%70%72%
Capital management – cost of debt
•As at 30 Sep 25, SPL had $280m of active interest
rate swaps, representing 97% of drawn debt on a
pro forma
1
basis
•Weighted average cost of debt at 4.3%, a decrease
of (66)bps from 31 Mar 25
26
1.See footnote 2 on page 3.
$280m
$280m
$230m
$100m
3.0%
3.6%
3.7%
3.6%
Sep 25Sep 26Sep 27Sep 28
Fixed rate interest profile
as at 30 Sep 25
Notional fixed rate debt
Weighted average fixed interest rate (excl. margin & line fees)

Stride Property Group | Interim Results HY26
Stride Property Group | Interim Results HY26
Outlook
27

Stride Property Group | Interim Results HY26
Outlook
•Macroeconomic conditions remain soft, but starting to
see the positive impact of lower interest rates in
confidence, activity and spending
•Investment market activity is improving, albeit slowly
•Near term focus on growing income via our asset
repositioning initiatives, capturing reversion, Industre’s
development pipeline, and continuing to grow our
products
•Balance sheet headroom provides scope for
investment in strategically aligned investments
•Investore revised mandate broadens its opportunities
for growth
•The Stride Boards confirm they intend to pay a
combined cash dividend for SPL and SIML during
FY26 of 8.0 cents per share
28
110 Carlton Gore Road, Auckland

Stride Property Group | Interim Results HY26
Stride Property Group | Interim Results HY26
Glossary
29

Stride Property Group | Interim Results HY26
AUMAssets under management
CBRConvenience Based Retail
Contract RentalContract Rental is the amount of rent payable by each tenant, plus other amounts payable to SPL (or the relevant landlord) by that tenant under the terms of the relevant lease as at
the relevant date, annualised for the 12 month period on the basis of the occupancy level for the relevant property as at the relevant date, and assuming no default by the tenant
Distributable ProfitDistributable profit is a non-GAAP measure and consists of profit/(loss) before income tax, adjusted for determined non-recurring and/or non-cash items, share of profit /(loss) in
equity-accounted investments, dividends received from equity-accounted investments and current tax. Further information, including the calculation of distributable profit and the
adjustments to profit before income tax, is set out in note 4.4 to the consolidated interim financial statements
DiversifiedDiversified NZ Property Trust, a Stride Product
FYThe financial year ended 31 March of the relevant year
HYThe six month period ended 30 September of the relevant year
GOCTotal gross occupancy costs (excluding GST) expressed as a percentage of MAT
IndustreA joint venture between SPL and JPMAM (through its special purpose vehicle, SP (NZ) 1 Limited). Industre is a Stride Product
Investment PortfolioThe investment portfolio of SPL or the relevant Stride Product, which (1) excludes properties reported as ‘Development and Other’ or ‘Assets held for sale’ in the respective financial
statements; (2) excludes lease liabilities; and (3) for SPL’s office portfolio, includes Level 12, 34 Shortland Street, Auckland, which is reported as ‘Property, plant and equipment’ in the
consolidated interim financial statements
InvestoreInvestore Property Limited, a Stride Product
JPMAMA group of international institutional investors, through a special purpose vehicle, and advised by J.P. Morgan Asset Management
Lease Expiry ProfileRepresents the scheduled expiry for each lease, excluding any rights of renewal that may be granted under each lease, for the portfolio as at 30 September 2025, as a percentage of
Contract Rental
LFL Rental GrowthThe increase on prior rentals from new lettings, renewals and rent reviews completed during HY26 on a like-for-like basis
LVRLoan to value ratio
MATMoving annual turnover, which is the annual sales on a rolling 12 month basis, including GST
NTANet tangible assets
OccupancyTotal net lettable area that is leased, calculated as a proportion of total net lettable area. Occupancy for retail properties is calculated including casual licences with an initial term
greater than three months, and excluding units held for committed redevelopment or remix works
SIMLStride Investment Management Limited
SPLStride Property Limited
StrideStride Property Group, comprising the stapled entities of SPL and SIML
Stride Boards or BoardsThe Boards of SPL and SIML together
ProductsAny or all, as the context may require, of Diversified, Investore and Industre, being entities or funds managed by SIML
WACRWeighted average market capitalisation rate
WALTWeighted average lease term which is the lease term remaining to expiry across a property or portfolio and weighted by rental income
Glossary
30

Stride Property Group | Interim Results HY26
Stride Property Group | Interim Results HY26
Appendices
31

Stride Property Group | Interim Results HY26
Appendix 1: Total AUM
Stride’s strategy is to
create a group of
Products in core
commercial property
sectors which form the
basis of its investment
management business
Total committed AUM is
$3.3bn as at 30 Sep 25
32
$989m
$1,012m
+$114m
$1,119m
$407m
$410m
-
$410m
$784m
$826m
+$18m
$(135)m
$831m
$1,010m
$1,014m
$900m
$3,189m
$(23)m
+$44m
+$24m
+$16m
+$12m
$3,262m
$3,260m
AUM
as at Mar 25
DisposalsAcquisitionsDevelopmentsMaintenance
capex
and other
items
Net
revaluation
movement
AUM
as at Sep 25
Industre
development
commitments
Committed
acquisitions
Committed
disposals
Pro forma
AUM
as at Sep 25
AUM movements over HY26

Stride Property Group | Interim Results HY26
OverviewTotalOfficeIndustrial
Convenience
Based Retail
Town Centre/
Retail Shopping Centres
Office and Town Centre portfolio
Properties (no.)
8
62
Net Contract Rental

($m)
52.1
38.913.1
WALT (years)
6.2
7.03.8
Occupancy (% by area)
87
8593
Portfolio valuation ($m)
866
694171
Percentage of portfolio (% by value)
100
80
20
Stride ProductsSPLIndustreInvestoreDiversified
Properties (no.)
63
18432
Net Contract Rental ($m)
136.4
35.565.335.7
WALT

(years)
6.2
8.96.63.0
Occupancy (% by area)
98
959998
Portfolio valuation ($m)
2,068
688993387
SPL investment metrics on a weighted, look-through basis
SPL investment in managed entities100%49.0%18.8%2.2%
Portfolio valuation ($m)
1,398
8663371878
WALT (years)
6.8
6.28.96.63.0
Occupancy (% by area)
93
87959998
Percentage of portfolio (% by value)
1006224131
Appendix 2: Investment Portfolio by sector
33

Stride Property Group | Interim Results HY26
SPL Overview
As at
30 Sep 25
As at
31 Mar 25
Properties (no.)
89
Tenants (no.)
181222
Net Lettable Area (sqm)
108,007131,019
Net Contract Rental

($m)
52.1 60.6
WALT (years)
6.2 5.9
Occupancy (% by area)
8791
Portfolio Valuation ($m)
866 976
Weighted Average Age (years)
12.211.8
Weighted Average Capitalisation Rate (%)
6.26.3
Appendix 3: SPL Office and Town Centre portfolio
Location by Contract Rental
Sector by Contract Rental
Lease Expiry Profile by Contract Rental
as at 30 Sep 25
34
4%
11%
10%
6%
14%
9%
3%
43%
FY26FY27FY28FY29FY30FY31FY32FY33+
Office
72%
Town Centre
28%
Auckland
63%
Wellington
37%

Stride Property Group | Interim Results HY26
$60.6m
$52.1m
$0.9m
$(1.7)m
$0.1m
$(7.7)m
As at
31 Mar 25
Rent reviewsNet leasing impactOther items
(includes casual income)
Asset classified as held for
sale
As at
30 Sep 25
Net Contract Rental
Appendix 4
35
$25.4m
$21.5m
$(1.9)m
$(1.5)m
$(0.4)m
$2.3m
$(0.4)m
$(0.5)m
$(1.5)m
HY25Industre restructureNet rental
decrease -
directly held
portfolio
IFRS movementsHigher management
fee income
Higher corporate
overhead expenses
and administration
expenses
Higher one-off
project costs
Higher net finance
expense
HY26
Profit before other (expense)/income and income tax

Stride Property Group | Interim Results HY26
$1.72
$1.75
$0.04
$(0.01)
$(0.01)
$(0.01)
$0.03
$0.03
$(0.04)
As at
31 Mar 25
Profit before other
(expense)/income
and income tax
Income tax
expense
Movement in
cash flow hedges,
net of tax
Net change in
fair value of
investment
properties
Reversal of
impairment of
equity-accounted
investment
Share of profit in
equity-accounted
investments
Dividends
paid
As at
30 Sep 25
Net Tangible Assets per share
Appendix 4 (cont.)
36
$1,010.2m
$900.1m
$(114.0)m
$6.9m
$(4.1)m
$1.1m
As at
31 Mar 25
Asset classified as held for
sale
Capital expenditureNet reduction in fair valueIFRSAs at
30 Sep 25
Investment Property

Stride Property Group | Interim Results HY26
Thank you
Stride Property Group
Level 12, 34 Shortland Street
Auckland 1010, New Zealand
PO Box 6320
Victoria Street West
Auckland 1142, New Zealand
P +64 9 912 2690
W strideproperty.co.nz
Important Notice: The information in this presentation is an overview and does
not contain all information necessary to make an investment decision. It is
intended to constitute a summary of certain information relating to the
performance of Stride Property Group for the six months ended 30 September
2025. Please refer to Stride 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 Stride Property Group. In making an investment decision,
investors must rely on their own examination of Stride 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.
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, each of Stride Property Limited,
Stride Investment Management Limited (together, the Stride Property Group) and
their respective directors, officers, employees, agents and advisers disclaim all
liability and responsibility (including without limitation any liability arising from fault
or negligence on the part of Stride Property Group, its directors, officers,
employees 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.
This presentation is not a product disclosure statement or other
disclosure document.

---

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



Results for announcement to the market
Name of issuer Stride Property Group
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 6 months to 30 September 2024
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$42,755 (5.87)%
Total Revenue $42,755 (5.87)%
Net profit/(loss) from
continuing operations
$42,615 130.86%
Total net profit/(loss) $42,615 130.86%
Dividend – Stride Property Limited
Amount per Quoted Equity
Security
$0.01562500
Imputed amount per Quoted
Equity Security
$0.00374743
Record Date 04/12/2025
Dividend Payment Date 16/12/2025
Dividend – Stride Investment Management Limited
Amount per Quoted Equity
Security
$0.00437500
Imputed amount per Quoted
Equity Security
$0.00170139
Record Date 04/12/2025
Dividend Payment Date 16/12/2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.75 $1.75
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the attached Consolidated Interim Financial
Statements and Interim Results presentation for the six months
ended 30 September 2025.

Authority for this announcement
Name of person

authorised
to make this announcement
Claire Fisher
Contact person for this
announcement
Claire Fisher
Contact phone number +64 21 223 1401
Contact email address claire.fisher@strideproperty.co.nz
Date of release through MAP

26 November 2025

The consolidated interim financial statements reviewed by the independent auditor in
accordance with NZ SRE 2410 (Revised) accompany this announcement.

---

Template
Distribution Notice

Updated as at June 2023



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

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

Section 1: Issuer information
Name of issuer STRIDE PROPERTY LIMITED
Financial product name/description Ordinary Shares of Stride Property Limited
NZX ticker code SPG
ISIN (If unknown, check on NZX
website)
NZSPGE0001S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 04/12/2025
Ex-Date (one business day before the
Record Date)
03/12/2025
Payment date (and allotment date for
DRP)
16/12/2025
Total monies associated with the
distribution
1

$8,741,594
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.01937243
Gross taxable amount
3
$0.01338367
Total cash distribution
4
$0.01562500
Excluded amount (applicable to listed
PIEs)
$0.00598876
Supplementary distribution amount $0.00170051


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

Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

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

28%
Imputation tax credits per financial
product
$0.00374743
Resident Withholding Tax per
financial product
n/a
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)

Start date and end date for
determining market price for DRP

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

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

DRP strike price per financial product

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

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Claire Fisher
Contact person for this
announcement
Claire Fisher
Contact phone number +64 21 223 1401
Contact email address claire.fisher@strideproperty.co.nz
Date of release through MAP

26/11/2025






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



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

---

Template
Distribution Notice

Updated as at June 2023



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

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

Section 1: Issuer information
Name of issuer STRIDE INVESTMENT MANAGEMENT LIMITED
Financial product name/description Ordinary Shares of Stride Investment Management
Limited
NZX ticker code SPG
ISIN (If unknown, check on NZX
website)
NZSPGE0001S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 04/12/2025
Ex-Date (one business day before the
Record Date)
03/12/2025
Payment date (and allotment date for
DRP)
16/12/2025
Total monies associated with the
distribution
1

$2,447,646
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.00607639
Gross taxable amount
3
$0.00607639
Total cash distribution
4
$0.00437500
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.00077206


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

Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

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

28%
Imputation tax credits per financial
product
$ 0.00170139

Resident Withholding Tax per
financial product
$ 0.00030382
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)

Start date and end date for
determining market price for DRP

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

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

DRP strike price per financial product

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

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Claire Fisher
Contact person for this
announcement
Claire Fisher
Contact phone number +64 21 223 1401
Contact email address claire.fisher@strideproperty.co.nz
Date of release through MAP

26/11/2025





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



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