Precinct Properties New Zealand Limited/Announcement

Precinct FY26 Half Year Results

Half Year Results25 February 2026PCTReal Estate

View on NZX PDF 1 PDF 2 PDF 3 PDF 4 PDF 5 PDF 6

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
NZX announcement – 26 February 2026

Precinct FY26 Half Year Results
Performance summary for the six months ended 31 December 2025

Financial summary
• Investment property funds from operations of $69.2 million (1H25: $72.7 million), up
$1.2 million after adjusting for one-off income (note 1).
• Total comprehensive income after tax of nil (1H25: $3.2 million).
• Funds from operations (FFO) of 3.18 cps (1H25: 3.47 cps).
• Net tangible assets (NTA) of $1.18 per stapled security (FY25: $1.21).
• FY26 dividend guidance remains at 6.75 cents per stapled security.
• FY26 FFO guidance remains at 7.30 to 7.50 cents per stapled security.

Operating performance
• Portfolio occupancy of 97% (Jun-25: 97%) and 6.1 years weighted average lease
term (WALT) (Jun-25: 6.0 years).
• Momentum continuing in the Auckland office leasing market, underpinning 10.3%
growth in contract rents in the office portfolio.
• Over 25,000 square metres of new lease deals concluded in the half, materially
above recent years.
• Molesworth Street office development achieved practical completion.
• Committed to second student accommodation project at 256 Queen Street, taking
the total number of beds under development to 1,602 over two sites.

Funding initiatives position Precinct to execute growth strategy
• Successfully raised $325 million of new equity, providing growth capital and
ensuring Precinct maintains a balanced approach to gearing and liquidity.
• Settled Amora hotel and, post balance date, settled InterContinental Hotel and 22
Stanley Street with the proceeds used to repay bank debt, taking gearing as at 31
December 2025 to 33.7% on a pro forma basis.

Capital partnering update
• Post balance date, committed to acquire ASB North Wharf for $205 million through
Precinct’s investment partnership with global institutional investor, GIC.
• Precinct is in exclusive negotiations with a global institutional investor to form a
50:50 joint venture to acquire PwC Tower, Auckland’s premier premium office
tower.

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
• Process underway to secure a capital partner for 256 Queen Street; market
conditions remain favourable.

Downtown Car Park development update
• Significant progress has been made in the period with preliminary design now
complete and developed design underway.
• Procurement process has advanced with entry into an early contractor
involvement (ECI) arrangement anticipated in Q1 CY2026.
• Negotiations ongoing for around 50% of the office NLA.
• A substantive resource consent application has now been lodged with the
Environmental Protection Agency under the ‘Fast Track’ consenting pathway.
• Settled the acquisition of Downtown Car Park.

Environmental, Social and Governance (ESG) update
• Improved Global Real Estate Sustainability Benchmark (GRESB) score, from 89 to 91,
retaining Precinct’s position in the top 20% of more than 2,300 participating funds
and entities globally, materially above the global average score of 79.

Note: Further information can be found within the 2026 Interim Financial Statements and results
presentation. These can be found at http://www.precinct.co.nz/investors/2026-interim-results

Precinct Properties Group (Precinct) (NZX: PCT) reported its financial results for the six
months ended 31 December 2025 today.

Scott Pritchard, Precinct CEO said, “Precinct’s investment portfolio has continued to
perform well, delivering underlying income growth over the first six months of the financial
year. While the Wellington market is more challenging, Precinct’s office portfolio has
delivered like-for-like FFO growth of 3.0% compared to the same period last year after
adjusting for occupancy movements and one-off income, while the Commercial Bay
retail centre continues to show encouraging progress with FFO up 2.5% on the same
period last year and moving annual turnover (MAT) up 6.2%.

“Precinct’s team has made exceptional leasing progress over the first six months of the
year, with 25,000 square metres of new office and retail lease deals agreed including over
18,000 square metres in the Auckland office portfolio. Occupancy remains at 97%,
consistent with 30 June 2025, while significant future vacancy risk has been mitigated with
the leasing completed in the period. New leases in Precinct’s office portfolio are on
average 10.3% higher than previous rents which reflects the quality of our assets and
demand for well-located, amenity rich premium-grade office accommodation.”

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand

“The business also made solid progress on its capital management and capital partnering
initiatives over the last six months. The $325 million equity raise was well supported by both
our institutional and local retail shareholders, which resulted in the offer closing
oversubscribed. It allows Precinct to maintain a balanced approach to gearing and
liquidity management, and enabled us to capitalise on favourable construction market
pricing and commit to the new student accommodation project at 256 Queen Street in
Auckland.”

“Post balance date, we were pleased to announce the acquisition of ASB North Wharf in
Wynyard Quarter in partnership with global institutional investor, GIC. This acquisition
demonstrates the benefits of our capital partnering strategy, delivering value for our
partners and earnings accretion for Precinct shareholders, and providing strong risk-
adjusted returns.

“We also settled the sale of both the InterContinental Auckland hotel and 22 Stanley
Street post balance date. While the hotel was an outright sale, Precinct continues to hold
a 20% interest in 22 Stanley Street, in partnership with Keppel, and Precinct will continue to
manage the development of the 964-bed student accommodation project for the
partnership.”

Financial performance
Net property income (NPI) for the six months to 31 December 2025 of $68.9 million (1H25:
$71.4 million) reflects ongoing underlying income growth from the portfolio, noting the
prior period included material one-off income. Funds from operations from investment
portfolio of $69.2 million (1H25: $72.7 million) has contributed to operating profit before
income tax of $45.1 million which is consistent with the previous comparable period. Total
comprehensive income after tax of nil compares to $3.2 million for the same period last
year.

Considering the metrics assessed by the external independent valuations of Precinct's
partnership assets as at 31 December 2025, an internal review of Precinct's wholly-owned
investment properties was conducted, indicating no material movement in value during
the period.

Commercial Bay retail has delivered a pleasing result with total sales up 6.2%. First half FFO
from the centre is $8.1 million, up 2.5% on 1H25.

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Further financial commentary is provided in Precinct’s 2026 Interim Financial Statements,
which was released today. A copy has been provided to the NZX as an attachment to this
announcement and is available at http://www.precinct.co.nz/investors/2026-interim-
results

Operational performance
Precinct Flex produced an improved result in the first half, with adjusted operating profit
before net finance expense and income tax (note 2) of $1.1 million, up $0.7 million on
1H25, delivering the expected benefits of the business reset undertaken in FY25. Pipiri Lane
commenced operations in the period with a strong start in the events side of the business.

Total management fee income of $2.5 million in 1H26 is down $1.6 million on 1H25 primarily
due to completion of Wynyard Stage 3 and the disposal of 40 and 44 Bowen Street. A
stronger second half is expected with the settlement of 22 Stanley Street with Keppel, and
ASB North Wharf settlement anticipated in H2.

Development update
Precinct’s office development at Molesworth Street in Wellington achieved practical
completion post balance date in January 2026. The Ministry of Foreign affairs and Trade,
the building’s main occupier, becomes the largest client in Precinct’s portfolio.

The active pipeline of development work is weighted nearly entirely to the living sector at
present, with $375 million of residential build-to-sell projects and around $530 million of
purpose-built student accommodation projects currently under construction.

Procurement is progressing well at Pillars where contractors have been shortlisted and
construction start before the end of the financial year is targeted, subject to satisfaction of
usual development preconditions.

Significant progress has been made on the Downtown Car Park project in the period with
preliminary design now complete and developed design underway. A substantive
resource consent application was lodged under the ‘Fast Track’ consenting pathway in
the period and resource consent uplift is anticipated in the next circa six months.
Negotiations with office pre-commitment occupiers are ongoing for around 50% of the
office net lettable area and Precinct continues to target commitment to Stage 1 in Q4 of
the 2026 calendar year.

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Dividends payment
Precinct shareholders will receive a second-quarter dividend for Precinct Properties New
Zealand Limited (“PPNZ”) of 1.497500 cents per share in cash dividends. This dividend has
no imputation credits to attach for the quarter and therefore no supplementary dividend
to be paid (see note 3). Precinct shareholders will also receive a second-quarter dividend
for Precinct Properties Investments Limited (“PPIL”) of 0.220313 cents per share, comprising
cash of 0.190000 cents per share, imputation credits of 0.020851 cents per share and a
supplementary dividend of 0.009462 cents per share (see note 3).

The record date for both PPNZ and PPIL dividends above is 6 March 2026 and payment will
be made on 20 March 2026.

Outlook and guidance
Precinct’s core portfolio has continued to perform well over the last six months. The
premium office market in Auckland continues to surprise to the upside with sustained
demand observed for high quality space in amenity-rich precincts. This trend, coupled
with a constrained supply outlook, supports our optimism for the Downtown Car Park
development which will set a new benchmark for premium office accommodation in
Auckland and further strengthen the appeal of the Commercial Bay precinct.

As the economy now begins to transition into the early stages of a recovery, with
improving business and investor sentiment, Precinct continues to attract partner capital to
support its growth strategy. Importantly, the capital management and capital partnering
initiatives completed recently and currently underway, position the business for sustained
earnings growth.

Consistent with earlier guidance provided, the Board expects no change to the total
combined cash dividends for Precinct Properties New Zealand Limited and Precinct
Properties Investment Limited for the 2026 financial year of 6.75 cents per stapled security
to be paid.

Funds from operations guidance also remains at 7.30 to 7.50 cents per stapled security,
representing a FFO payout ratio of 90-92%. The near-term earnings outlook is underpinned
by lower funding costs from recent capital management initiatives, increasing income
from the completion of Molesworth Street and the acquisition of ASB North Wharf, revenue
recognition from student accommodation projects, and Investment Boost benefits.

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Further information can be found within Precinct’s 2026 Interim Financial Statements and
results presentation. These can be found at http://www.precinct.co.nz/investors/2026-
interim-results

ENDS

For further information, please contact:
Scott Pritchard
Chief Executive Officer
Mobile: +64 21 431 581
Email: scott.pritchard@precinct.co.nz

George Crawford
Deputy Chief Executive Officer
Mobile: +64 21 384 014
Email: george.crawford@precinct.co.nz

Richard Hilder
Chief Financial Officer
Mobile: +64 29 969 4770
Email: richard.hilder@precinct.co.nz

About Precinct
Listed on the NZX Main Board under the ticker code PCT and ranked in the NZX top 30, Precinct is the largest
owner, manager and developer of premium city centre real estate in Auckland and Wellington. Precinct is
predominantly invested in office buildings and also includes investment in Precinct Flex, Commercial Bay retail
and a multi-unit residential development business. As at 31 December 2025, Precinct's directly-held portfolio
totalled $3.3 billion and Precinct had a further $1.9 billion of committed capital partnering assets under
management; Precinct holds a minority interest in $1.4 billion of these assets, with the balance being
managed on behalf of third-party partners (all amounts presented on a committed, completion value basis).
For more information visit: www.precinct.co.nz

Shareholders in Precinct hold an equal number of shares in Precinct Properties New Zealand Limited and
Precinct Properties Investments Limited and these shares can only be dealt with together. The stapled issuers
are described as “Precinct Properties NZ & Precinct Properties Investments Ltd” on NZX systems and the ticker
code for the Stapled Shares remains PCT.

---

FY26 Interim Result
26 February 2026

Precinct Properties – FY26 Interim Result2
Agenda
Section 1: Highlights and key themes
Section 2: Financial performance
Section 3: Capital partnering and investment market
Section 4: Portfolio update and occupier market
Section 5: Development update
Section 6: Summary
Appendices

Operational highlights
3
Financial performance
•$69.2 million investment portfolio
Funds from Operations (FFO), up
$1.2m (1.8%) on the prior
comparable period (pcp) after
adjusting for one-off income
•3.18 cps Funds from Operations
(FFO) (1H25: 3.47 cps)
•$45.1m operating profit before
income tax, consistent with pcp
•Full year FFO guidance remains
at 7.30 to 7.50 cps supported by
Molesworth Street rent
commencement, student
accommodation profits, and
management fee income
•NTA $1.18 per share (Jun-25: $1.21)
•FY26 dividend guidance remains
at 6.75 cps
Operational performance
•97% portfolio occupancy
(Jun-25: 97%)
•6.1 years WALT
(Jun-25: 6.0 years)
•10.3% spread achieved on office
lease deals in the period (+1.9% vs.
June 2025 valuation market rents)
•Momentum continuing in
Auckland office leasing market,
underpinning 25,001 sqm of
leasing completed across the
directly-held portfolio
•61 Molesworth Street achieved
practical completion post
balance date following rent
commencement in October 2025
Active capital management
•Completed a $325 million equity
raise in the period with proceeds
used to initially repay bank debt,
allowing Precinct to progress its
growth pipeline alongside capital
partners
•Post balance date settlement of
the InterContinental Auckland
hotel and 22 Stanley Street
student accommodation site,
taking gearing as at 31-Dec to
33.7% on a pro forma basis
•In exclusive negotiations with a
global institutional investor to
form a 50:50 JV to acquire the
PwC Tower
•Capital partner process for 256
Queen Street commenced
Precinct Properties – FY26 Interim Result

Key themes
Precinct Properties – FY26 Interim Result4
Economy
•Economic activity is beginning to recover,
supported by reductions in the official cash
rate, with lower interest rates helping to
improve confidence
•Recent business surveys and performance
indices show improving sentiment and suggest
the economy has continued to grow through
the end of 2025 and into 2026
•Private investment is showing early signs of
recovery
1
Office occupier market
•Occupier demand for premium office in
Auckland continues to surprise on the upside
with leasing volumes completed by Precinct in
the first half significantly higher than recent
years
•While the Auckland office market is
outperforming, Wellington remains sluggish
with negative absorption continuing
Construction sector
•Ongoing soft construction demand leading to
continued capacity in the sector and easing in
cost inflation
•Elevated capacity in the market is leading to
continued loss of capability
Other markets
•The residential market remains slow. Sale
volumes are around long-term averages
however inventories remain elevated which is
restricting price growth. Consenting volumes
continue to recover
•A significant supply/demand imbalance
remains in the student accommodation sector
which is expected to result in continued rental
growth
•Retail card spending is improving, with total
spend up 4.1% year on year and positive for
most sectors
2
Notes: (1) RBNZ February 2026 MPS; (2) ANZ NZ Card Spending Chartpack – January 2026

Financial
performance
Precinct Properties – FY26 Interim Result5

Financial overview
Precinct Properties – FY26 Interim Result6
Total comprehensive income after tax
attributable to equity holders
nil
down $3.2m on prior period
Investment portfolio FFO
$69.2m
up $1.2m on prior period
1
Properties sold in the period (Amora) &
settled post balance date (InterContinental
Auckland hotel & 22 Stanley Street)
$264m
Equity raised in the period at an average
issue price of $1.2268 per stapled security
$325m
Net tangible assets (NTA)
per security as at 30 June 2025
$1.18
down $0.03 since
June 2025
Note 1: After adjusting for one-off lease surrender income

Operating income
7
Notes: (1) Adjusted to include intersegment eliminations and exclude share based LTI expense;
(2) IFRS 16 rent expense is eliminated from operating profit as required by accounting standards
Precinct Properties – FY26 Interim Result
For the 6 months ended
31 Dec 202531 Dec 2024Δ%
$ millions
UnauditedUnaudited
Directly held property FFO
Auckland office$37.8 m$42.0 m($4.2 m)(10.0%)
Wellington office$22.2 m$21.7 m+$0.5 m+2.3%
Commercial Bay retail$8.1 m$7.9 m+$0.2 m+2.5%
Other properties$1.2 m$1.1 m+$0.1 m+9.1%
Investment portfolio FFO$69.2 m$72.7 m($3.5 m)(4.8%)
Transactions and Developments$6.8 m$4.7 m+$2.1 m+44.7%
Directly held property FFO$76.0 m$77.5 m($1.5 m)(1.9%)
Amort. of incentives and leasing costs($7.7 m)($7.0 m)($0.7 m)+10.0%
Straight-line rents$0.6 m$0.9 m($0.3 m)(33.3%)
Net property income$68.9 m$71.4 m($2.5 m)(3.5%)
Operating businesses$3.9 m$1.9 m+$2.0 m+105.3%
Management fee income$2.5 m$4.1 m($1.6 m)(39.0%)
Employment and admin expenses
1
($4.4 m)($4.0 m)($0.4 m)+10.0%
Share based LTI expense($1.8 m)($1.3 m)($0.5 m)+38.5%
IFRS 16 rent expense
2
$4.6 m$4.5 m+$0.1 m+2.2%
Operating profit before indirect expenses$73.7 m$76.6 m($2.9 m)(3.8%)
•+1.8% investment portfolio FFO adjusting for one-off surrender income
•Auckland office FFO up 2.6% on a like-for-like basis adjusting for occupancy
movements and surrender payments
•Wellington office holding up well with a 2.3% uplift in income or +3.6% on a like-
for like basis adjusting for occupancy movements
•Solid result for Commercial Bay Retail, up 2.5% on the prior period
•Operating businesses +$2.0m due to business reset at Precinct Flex combined with
the stabilisation of the hotel
•Management fee income decreased by $1.6 million, as anticipated, mainly because
of the completion of Wynyard Stage 3, the sale of 40 and 44 Bowen Street, and the
postponed settlement of 22 Stanley Street.
$72.7m
$69.2m
$76.0m
$60 m
$62 m
$64 m
$66 m
$68 m
$70 m
$72 m
$74 m
$76 m
$78 m
Investment
portfolio FFO
1H25
Surrender
income
Invest. portfolio
FFO
Investment
portfolio FFO
1H26
1H25 trans &
devs
Change in
trans & devs
Directly held
property FFO
1H26
Movement in directly held property FFO

Funds from operations and AFFO
8Precinct Properties – FY26 Interim Result
For the 12 months ended
$ millions
31 Dec 2025
Unaudited
31 Dec 2024
Unaudited
Δ%
Directly held property FFO$76.0 m$77.5 m($1.5 m)(1.9%)
Cornerstone distributions attributable to the period$1.2 m$2.3 m($1.1 m)(47.8%)
Property investments FFO$77.2 m$79.8 m($2.6 m)(3.3%)
Operating businesses$3.9 m$1.9 m+$2.0 m+105.3%
Net management income / (expense)($3.7 m)($1.2 m)($2.5 m)+208.3%
Underlying FFO$77.4 m$80.5 m($3.1 m)(3.9%)
Net interest expense
1
($24.9 m)($29.0 m)+$4.1 m(14.1%)
Interest expense attributable to equity investments in
development properties
1
($0.6 m)($0.1 m)($0.5 m)+500.0%
Current tax benefit / (expense)$1.6 m$3.7 m($2.1 m)(56.8%)
Other indirect expenses & adjustments$0.3 m($0.1 m)+$0.4 m(400.0%)
Funds From Operations (FFO)$53.8 m$55.0 m($1.2 m)(2.2%)
FFO per weighted security3.18 cps3.47 cps(0.29 cps)(8.4%)
Dividend paid in financial year3.38 cps3.38 cps--
Dividend payout ratio to FFO106%97%9%
Adjusted Funds From Operations
Maintenance capex($2.5 m)($1.1 m)($1.4 m)+127.3%
Investment portfolio - Incentives and leasing fees($4.6 m)($2.6 m)($2.0 m)+76.9%
Adjusted Funds From Operations (AFFO)$46.7 m$51.3 m($4.6 m)(9.0%)
AFFO per weighted security2.76 cps3.23 cps(0.47 cps)(14.6%)
Note 1: Net interest expense is adjusted for interest expense attributable to equity
investments in development properties which is unable to be capitalised to the property
•Fall in cornerstone distributions attributable to sale of 40 and 44
Bowen Street, expected to grow following the settlement of ASB
North Wharf
•Lower net interest expense attributable to higher capitalised
interest from increased development activity, along with
proceeds from the recent equity issuance
•Precinct paid 3.375cents per share in dividends for the half-year,
reflecting an expected higher FFO payout ratio of 106%
•Successful leasing in the period saw an increase in leasing fees
paid rather than any increase in incentive levels
FY26 full-year guidance remains 7.30–7.50cents of FFO per share
•Full year dividend payout ratio of between 90% and 92% of FFO
•Settlement of 22 Stanley Street will see recognition of
development management fees and revenue from the delivery
of a construction contract
•Molesworth Street fully income producing in H2
•Benefit of Investment Boost in H2
•Guidance upside relates to timing of potential capital partnering
at 256 Queen Street and Pillars, and settlement of ASB North
Wharf

Capital management
9
•Successfully raised $325 million of new equity providing growth capital
•Settled Amora Hotel and, post balance date, settled InterContinental hotel and 22 Stanley
Street with the proceeds used to repay bank debt
•Pro forma December 2025 gearing was 33.7% with liquidity of around $300 million
•Investment market providing opportunities for further capital recycling during 2026
•Favourable funding environment with discussions regarding financing for Downtown ongoing
•Deleveraging has resulted in FY27-28 hedging levels exceeding policy levels with adjustments
to the swap book anticipated ahead of year end
•The weighted average debt cost was 5.0% with average hedging of 75% for the balance of the
year
Key metrics
31 Dec 2530 Jun 25
Debt drawn $1,495m$1,594m
Total debt facilities $1,775m$1,693m
Gearing
1
(Covenant: 50%) 33.7%
2
41.6%
Wtd. avg. term to expiry 2.8 yrs2.8 yrs
Wtd. avg. debt cost (incl. fees) 5.0%5.2%
Percentage of debt hedged57.5%82.8%
Interest coverage ratio
(Covenant: 1.75 times)
1.9 x2.0 x
Precinct Properties – FY26 Interim Result
Notes: (1) Adjusted total liabilities to adjusted total assets. (2) Pro forma basis post settlement of the
InterContinental Auckland hotel and 22 Stanley Street; actual gearing as at 31 December 2025 was 37.2%
$200 m
$400 m
$600 m
$800 m
Jun 27Jun 28Jun 29Jun 30Jun 31>Jun 31
Debt facilities
Year ending
Debt facilities expiry profile (pro forma
2
)
Bank (cancelled)
Convertible note
NZ Bonds
USPP
Bank debt
Bank debt
54%
USPP
12%
NZ Bonds
25%
Convertible
note
9%
Debt sources (pro forma
2
)
46%
Debt capital
markets
Capital initiatives positioning the balance sheet for growth

Capital partnering
and investment
market
Precinct Properties – FY26 Interim Result10

ASB North Wharf
acquired in partnership
Precinct Properties – FY26 Interim Result11
•Acquired for $205 million by Precinct’s real estate investment
partnership with global institutional investor, GIC
•ASB lease extended to 2040, underpinning the long-term tenant
relationship and reinforcing the strength of the Wynyard Quarter
precinct
•Partnership portfolio value expands to $0.9 billion with 80% by
value located in Auckland
•Precinct retains a 24.9% interest
•Strong incremental returns with asset-level post-capex yield on
cost exceeding 7%
•Conditional on Overseas Investment Office approval; settlement
expected CY2026
Acquisition of a high quality asset in a prime
waterfront location with strong sustainability
credentials, aligned with the partnership’s strategy

Sustained growth in partnerships, now total $1.9 billion
12
Existing partnerships
•Post balance date settled the sale of 22 Stanley Street to
Stanley LP, Precinct’s investment partnership with Keppel.
Precinct is retaining a 20% interest in the partnership and
continues to manage the development of the 964-bed
student accommodation facility
•Orams Commercial development progressing well with
completion expected December 2026
•Te Tōangaroa JV focus on 30 Mahuhu leasing
Pipeline and opportunity set
•Precinct is in exclusive negotiations with a global
institutional investor to form a 50:50 JV to acquire PwC
Tower
•Process underway to secure a capital partner for 256
Queen Street. Market conditions remain favourable
•Progress on these initiatives will provide flexibility on how
and when Downtown is funded, to ensure value for
Precinct shareholders is maximised
Capital partnerships (pro forma committed)
1
Strategy
Dec-2025
pro forma
Completion
Value
PCT
share
Commercial
GIC long-WALT partnership (PPILP)Core, long-WALT$0.9 b$0.9 b24.9%
Te Tōangaroa JV (Ngāti Whātua Ōrākei, PAG)Core plus$0.2 b$0.2 b17-19%
Orams Commercial (Orams Group)Develop to core$0.0 b$0.1 b24.9%
Living sector
Stanley LP (Keppel)Develop to core$0.1 b$0.3 b20%
Investment partnerships$1.1 b$1.4 b
Kegg & LCO portfolioValue add$0.1 b$0.1 bNil
Residential
2
Develop to sell$0.4 bNil
Total capital partnerships
3
$1.9 b
Precinct Properties – FY26 Interim Result
Notes: (1) Value of capital partnerships is presented on a pro forma basis as at 31 December including 22 Stanley Street PBSA (Stanley LP) and the PPILP
acquisition of ASB North Wharf;
(2) Residential completion value is presented exclusive of GST; (3) Capital partnerships totalling $1.9 billion reflects the value of
assets managed by Precinct and not directly owned by Precinct; as at 31 December 2025, Precinct is invested in $1.4 billion, with the balance being managed
by Precinct (all amounts presented on a committed, completion value basis)

Residential build-to-sell platform
Residential market
•Auckland residential market indicators broadly neutral to positive
1
.
Since June:
•Number of sales increased by 6.5%
•Median days to sell have decreased by 6.8%
Pipeline update
•Solid sales momentum at Pillars; targeting construction commitment
by the end of the financial year
•Dova launched February with encouraging early interest
•Orams Fast Track application lodged
Funding update
•Discussions ongoing with potential capital partners to support
delivery of pipeline projects
•Precinct’s total capital committed to date to build the residential
pipeline remains modest at $55 million
2
13
Build-to-sell pipeline
Precinct Properties – FY26 Interim Result
Forecast residential completions
3
-
50
100
150
200
250
300
FY26FY27FY28FY29FY30FY31+
No. Units
ExistingPipelinePipeline (Downtown)
Sales activity – Existing projects
4
-
10
20
30
-
$20 m
$40 m
$60 m
Dec-23Dec-24Dec-25
Value of sales (incl. GST)No. of units sold, RHS
Notes: (1) REINZ data; (2) Excludes any allocation of Downtown Car Park (3) Pipeline projects are uncommitted: unit numbers are
approximate only and are subject to change as design and planning progresses; expected completion timing is based on Precinct’s
current estimates and is subject to change; (4) Includes residual stock sales for Onehunga Mall Club which completed in FY24
ProjectStatus
Expected
completion
Units
Completion value
(incl. GST)
Fabric Stage 2
ConstructionFY26118$125 m
The Domain Collection
ConstructionFY2665$172 m
York House
ConstructionFY2744$135 m
Total existing projects227$431 m
PillarsMarketingFY2820c.$100 m
DovaMarketingFY29121c.$170 m
188 Beaumont StreetDesignFY30210-
DowntownDesignFY31+140-
Total pipeline
3
491~$1.5 b
Total existing + pipeline718~$1.9 b

•New Zealand investment market conditions continue to strengthen,
supported by a positive yield spread relative to the cost of debt and strong
occupier fundamentals
•CBRE Asia-Pacific Survey of Investor Intentions reports office as the most
preferred sector for the first time in six years
•Interest in core and core-plus investment strategies are improving,
reflective of lower debt costs providing improving equity returns relative to
higher risk strategies
•Hotel sector is notable for elevated levels of transaction activity, with
strength in pricing reflecting confidence in long-term prospects looking
through the short-term oversupply of rooms
•Offshore capital is featuring in most larger scale transactions
Precinct Properties – FY26 Interim Result14
Top sectors investment in 2026
1
Historical interest rates v yield spread
--
2%
4%
6%
8%
10%
Percent
Spread to 5Y bondAverage long-term spread (30Y)
Prime office yield5Y bond rate
Source: RBNZ, Colliers, PCT
Investment and capital markets
--
10%
20%
30%
OfficeIndustrial and
Logistics
Residential
(multifamily /
BTR)
Data CentresHotels /
Resorts
Residential
(development /
BTS)
Retail
20252026
Source: CBRE
Note 1: CBRE 2026 Asia Pacific Investor Intentions Survey

Portfolio update and
occupier market
Precinct Properties – FY26 Interim Result15

Investment portfolio update
Precinct Properties – FY26 Interim Result16
6%
Under-renting
(vs. market rents)
1
6.1yrs
Weighted average
lease term
97%
Occupancy
(by NLA)

+1.9%
Outperformance against Jun-25
valuation market rents
(office leasing)
+2.9%
Growth in contract rentals
from rent reviews
(office & retail)
+10.3%
Uplift in contract rentals on new
office leases
•25,001 sqm of lease deals concluded across the portfolio in the period
•Another solid leasing spread was achieved during this period:
•+10.3% spread achieved across 22,610 sqm of office leasing
•Over 63,250 sqm of rent reviews completed during the period (office and retail),
with +2.9% uplift achieved vs. previous contract rents
•Commercial Bay retail centre was 97% occupied as at 31 December 2025. Pleasingly,
sales turnover for the 12 months to Dec-25 was up 6.2% on the prior period
Notes: (1) Based on internally assessed movement in market rentals across
the stabilised office portfolio
0k
5k
10k
15k
20k
25k
30k
H1 FY20H2 FY20H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26
NLA (sqm)
Financial Year
Precinct leasing activity
Auckland OfficeWellington OfficeComm. Bay Retail

--20%40%60%80%100%
Actual
Organisation
Expectation
2 days or less3 days4 days5 days
Source: CBRE
17
Occupier demand indicators – Auckland
Precinct Properties – FY26 Interim Result
•Employment growth and occupied office
stock remained broadly correlated until
2017. Subsequent dislocation driven by
greater densities through best practice
workplace design
•Average occupier densities now appear to
have bottomed after declining over the last
decade
•Precinct is seeing office attendance
continuing to strengthen in the premium
portfolio
•Forecast supply of ~145k sqm over the next
seven years (including Downtown), equating
~21k sqm pa which is consistent with the last
10 years
•Limited premium supply over the medium
term
•Future employment growth should translate
more directly to office demand and positive
net absorption
Occupier densities – Auckland CBD
Workplace attendance
2
Indexed Auckland CBD employment vs. Occupied stock
1
(Index: 2001 = 100)
Historic and forecast CBD office supply (sqm)
0
10,000
20,000
30,000
40,000
50,000
60,000
HistoricForecast
Historic averageForecast average
Source: PCT
10
12
14
16
18
20
22
24
20152016201720182019202020212022202320242025
sqm per employee
Source: JLL, Infometrics, PCT
Average: 3.5 days
70
100
130
160
190
220
2001200520092013201720212025
EmployeesOccupied CBD stock
Source: Colliers, Infometrics, PCT
Notes: (1) Total CBD Employment as per Infometrics; change in occupied CBD stock from Colliers; Precinct analysis;
(2) Illustrates average days in office expected by organisations’ leadership, compared to actual measured attendance
Average: 3.1 days

18
Auckland CBD office occupier market
Precinct Properties – FY26 Interim Result
•Occupier right sizing largely complete.
Limited sublease space available in the
premium market
•Occupiers’ strong preference to be located
in core locations has driven strong
demand in Precinct’s portfolio
•Precinct completed over 18,000 sqm of
Auckland office leasing in the half,
significantly above historic average for the
same period
•Prime grade office continues to outperform
secondary markets with strong positive net
absorption and low premium vacancy
rates
• Precinct’s portfolio continues to
outperform
Net absorption, rolling 12m
CBD office vacancy rate by grade
Precinct Auckland office leasing activity
1
Premium net effective rental growth rate, Y/Y%
(60k)
(40k)
(20k)
--
20k
40k
60k
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
Dec-25
NLA (sqm)
PrimeSecondary
Source: JLL
(2%)
--
2%
4%
6%
8%
10%
12%
Dec-22
Dec-23
Dec-24
Dec-25
Dec-26F
Dec-27F
Dec-28F
Growth (%)
JLLColliersCBRE
0.4%
2.9%
--
5%
10%
15%
20%
25%
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25
Dec-25
Vacancy rate (%)
PremiumPrimeSecondary
PCT Vacancy - PremiumPCT Vacancy - Prime
10Y avg.
Source: JLL, PCT
Notes: (1) Average reflects the simple average of half-yearly leasing from Dec-19 to Jun-25
--
5 k
10 k
15 k
20 k
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25
Dec-25
NLA (sqm)
Auckland OfficeAverage: 5.0k
Source: PCT

19
Wellington CBD office occupier market
Precinct Properties – FY26 Interim Result
•The Wellington office market has
experienced an increase in vacancy,
largely as an outcome of central
governmental consolidation and a softer
economic backdrop
•Government consolidation provides
opportunities to higher grade office stock
as public sector office demands place
emphasis on high quality buildings
•Public sector workforce growth historically
varies depending on the governing political
party; headcount reductions this term are
broadly consistent with prior cycles
•Over the year, vacancy for prime grade
stock increased from 5% to 8% while
Precinct’s vacancy in Wellington remains
comparatively low at 4%
Prime gross effective rental growth, Y/Y%
Public sector workforce, total and Y/Y% growth
(150k)
(100k)
(50k)
--
50k
100k
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
Dec-25
NLA (sqm)
PrimeSecondary
Source: JLL
--
5k
10k
15k
20k
25k
30k
(6%)
(4%)
(2%)
--
2%
4%
6%
8%
10%
12%
Total FTE
Change (%)
YOY GrowthTotal
Source: Public Service Commission
CBD office vacancy rate by grade
Net absorption, rolling 12m
(10%)
(5%)
--
5%
10%
15%
20%
Dec-22
Dec-23
Dec-24
Dec-25
Dec-26F
Dec-27F
Dec-28F
Growth (%)
JLLColliersCBRE
4.1%
--
5%
10%
15%
20%
25%
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25
Dec-25
Vacancy rate (%)
PrimePCT Vacancy - PrimeSecondary
Source: JLL, PCT
10Y avg.

Commercial Bay Retail and Precinct Flex
20
Commercial Bay Retail
•Moving annual turnover (MAT)
1
has increased
6.2% on last year, driven by strong sales from
new retailers and tourism spend offsetting
reduced local domestic spend
•Leasing enquiries and activity has been strong
from both international and local brands, with
occupancy remaining at 97%.
•19 lease deals concluded in the period
•Introduced two new retailers to the centre
Commercial Bay trading performance
1
Dec-25Dec-24Var
Occupancy
97%97%-
Funds from operations (H1)
$8.1 m$7.9 m2.5%
Total sales (MAT)
$163.8 m$154.3 m6.2%
Specialty sales ($/sqm)
$12,452$11,8615.0%
Specialty TOC ratio
16.2%17.0%-0.8% pp
Pedestrian count (12 month)
12.6 m12.9 m-2.2%
Rolling specialty MAT ($/sqm) vs. occupancy cost
1
Notes: (1) Sales figures are reported inclusive of GST; (2) Adjusted operating profit before net finance expense and income tax
– non-GAAP measure (refer note 1.7 of the financial statements); (3) Occupancy excludes Pipiri Lane which commenced
operations in the period
Precinct Properties – FY26 Interim Result
Precinct Flex
•Achieved $1.1m operating profit
2
, up $0.7m on
1H25
•Membership revenue up 7.7% on prior period
•Cost savings realised from the business reset
undertaken during 2025
•Occupancy currently 70%
3

Operating profit bridge 1H25 to 1H26
NZ total visitor arrivals
--
1.0m
2.0m
3.0m
4.0m
5.0m
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total10 Year Average
Source: StatsNZ
14%
16%
18%
20%
$10,500
$11,000
$11,500
$12,000
$12,500
Occ cost
MAT psm
MAT psmSpecialty occ cost
$0.4 m
$0.1 m
$0.6 m $1.1 m
Dec-24
Gross op
revenue
Direct opex &
intersegment
eliminations
Dec-25
$0.2 m
$0.4 m
$0.6 m
$0.8 m
$1.0 m
$1.2 m

Development update
Precinct Properties – FY26 Interim Result21

61 Molesworth
complete
Precinct Properties – FY26 Interim Result22
Delivery of a 6 Green Star development
to deliver enhanced asset and income
resilience
•Achieved practical completion post balance
date following rent commencement in October
2025
•Targeting 6 star ‘World Leadership’ Green Star
Built rating and 5 star NABERSNZ rating
•Highly attractive net lease to NZ government
with fixed annual rent growth
Office pre-commitmentWALT on completion
100%21 yrs

Living projects
Precinct Properties – FY26 Interim Result23
Purpose-built student accommodation
22 Stanley – Construction commenced August 2025 with contractor Hadyn & Rollett
and remains on
programme for CY28 opening; project consists of 964 student beds
256 Queen – Works commenced in October 2025 with Icon Construction on track for
CY29 opening; project consists of 638 student beds
Residential
Fabric
2
and The Domain Collection – Continuing to progress well, with both projects
on schedule for completion in FY26 and remaining on budget
York House – Budget and programme remain in line, targeting November 2026
completion
Pillars – Contractors shortlisted. Targeting Q2 CY26 construction start with a capital
partner secured by then. 20% presales achieved post October 2025 launch
Dova – Launched to market in February 2026. Contractors shortlisted for early
contractor involvement to progress design alongside Precinct. Targeting Q4 CY26
construction commencement, subject to pre-sales momentum
188 Beaumont Street – Preliminary design complete. Fast Track (substantive)
application to be lodged March 2026
Artist’s impression: DOVA
Precinct continues to build momentum in the sector, with three
build-to-sell projects under construction and two additional
projects launched this financial year
Artist’s impression: Pillars of Dublin

Precinct Properties – FY26 Interim Result24
Status
•Acquisition of Downtown Car Park now settled
•Substantive resource consent application lodged
with the Environmental Protection Agency under
the ‘Fast Track’ consenting pathway; uplift
anticipated in the next six months
•Developed design has commenced with a
continued focus on optimising the scheme to
maximise development optionality
•Main contractor procurement has progressed.
Entry into an early contractor involvement (ECI)
arrangement targeted for Q1 CY2026
•Negotiations with office pre-commitment
occupiers ongoing for around 50% of NLA, all from
outside of Precinct’s portfolio
•Advancing with an iwi consortium led by Ngāti
Whātua Ōrākei on minority investment in Stage 1
•Target commitment to Stage 1 in Q4 of CY2026
Downtown
Artist’s impression: Downtown West

Summary
Precinct Properties – FY26 Interim Result25

Summary and outlook
Precinct Properties – FY26 Interim Result26
Strategic pillar
Core Investment
•6% under renting with ~70% of portfolio weighted to Auckland
•75% of portfolio subject to review in FY26, providing ~3% growth
•Outperformance of premium office
Development
•Molesworth St practical completion achieved post balance date
•256 Queen Street provides opportunity to establish further PBSA
capital partnership
•Quality of development and in house capability providing
opportunity for capital partnering
Capital partnering
Build-to -Sell
Residential
•+$400m currently underway
1
•+$900m of BTS pipeline (excl. Downtown)
1
•Good investor engagement and improving fundamentals
PBSA
•22 Stanley Street, a fund-through structure, providing fees and
revenue recognition
•Commencement of 256 Queen Street increases the committed
portfolio to over 1,600 beds
Office
•PPILP acquisition of ASB North Wharf, expected to settled in 2H26
•Downtown development provides potential for management fees
and residential profits
•PwC Tower now in exclusive negotiations
Market
•Lower interest rates, with the Reserve Bank of NZ cutting the
official cash rate to 2.25% in Nov-25 and holding in Feb-26
•Low funding margins
•Investment Boost
•Economy forecast to improve supporting strategic pillars
•Valuation stability
•Auckland Premium office market continues to outperform,
demonstrating sustained demand and rental growth; supply
outlook remains constrained
•Early stages of economic recovery leading to improved
consumer, business and investor sentiment
•Deleveraging initiatives result in lower funding costs and
balance sheet capacity to deploy into growth strategy
alongside capital partners
•Near-term earnings outlook buoyed by decreased funding costs,
growth in capital partnerships, Investment Boost, income from
completed developments, and student accommodation profit
recognition
•Target of $4-5 billion of capital partnerships over the next 3-5
years remains on track, with a current focus on completing PwC
Tower and 256 Queen Street initiatives
•Precinct remains committed to providing stable and sustainable
dividends with prudent long-term growth; dividend policy looks
through short term volatility
•FY26 funds from operations guidance of 7.30 to 7.50 cps
•FY26 dividend guidance reiterated at 6.75 cps representing a
FFO payout ratio of 90-92%
Note 1: Estimated value on completion incl. GST

Appendices
Precinct Properties – FY26 Interim Result27

A1: Financial performance
28Precinct Properties – FY26 Interim Result
For the 6 months ended31 Dec 202531 Dec 2024Δ
$ millionsUnauditedUnaudited
Operating profit before indirect expenses and income tax$73.7 m $76.6 m ($2.9 m)
Corporate overhead expense($3.1 m)($2.4 m)($0.7 m)
Net interest expense ($25.5 m)($29.1 m)+$3.6 m
Operating profit before income tax$45.1 m $45.1 m
Net change in fair value of investment and development properties($29.3 m)($0.8 m)($28.5 m)
Share of profit / (loss) in equity-accounted investments($4.9 m)$5.6 m ($10.5 m)
Net gain / (loss) on sale of investment properties($0.2 m)($16.1 m)+$15.9 m
Net change in fair value of derivative financial instruments($0.7 m)($28.6 m)+$27.9 m
Other non-operating expenses($8.2 m)($7.4 m)($0.8 m)
Net profit before income tax$1.8 m ($2.2 m)+$4.0 m
Current tax benefit / (expense)$1.6 m $3.7 m ($2.1 m)
Depreciation recovered on sale--
Deferred tax expense / (benefit)($0.5 m)$7.7 m ($8.2 m)
Net profit after income tax attributable to equity holders$2.9 m $9.2 m ($6.3 m)
Other comprehensive income / (expense)($2.9 m)($6.0 m)+$3.1 m
Total comprehensive income after tax attributable to equity holders-$3.2 m ($3.2 m)
Funds from operations (FFO)3.18 cps3.47 cps(0.29 cps)
Adjusted funds from operations (AFFO)2.76 cps3.23 cps(0.47 cps)

A2: FFO contribution from directly held property
29Precinct Properties – FY26 Interim Result
For the 6 months ended
31 Dec 202531 Dec 2024Δ%
$ millions
UnauditedUnaudited
AON Centre - AKL$6.0 m$5.5 m+$0.5 m+9.1%
HSBC Tower$11.8 m$17.4 m($5.6 m)(32.2%)
Jarden House$4.2 m$3.6 m+$0.6 m+16.7%
PwC Tower$15.8 m$15.5 m+$0.3 m+1.9%
Auckland office FFO$37.8 m$42.0 m($4.2 m)(10.0%)
NTT Tower$4.5 m$4.3 m+$0.2 m+4.7%
AON Centre - WGN$5.4 m$5.7 m($0.3 m)(5.3%)
Defence House$4.6 m$4.1 m+$0.5 m+12.2%
No 1 The Terrace$3.6 m$3.6 m--
Bowen House$4.1 m$4.0 m+$0.1 m+2.5%
Wellington office FFO$22.2 m$21.7 m+$0.5 m+2.3%
Commercial Bay retail$8.1 m$7.9 m+$0.2 m+2.5%
Other properties$1.2 m$1.1 m+$0.1 m+9.1%
Investment portfolio FFO$69.2 m$72.7 m($3.5 m)(4.8%)
Transactions and developments
1
$6.8 m$4.7 m+$2.1 m+44.7%
Directly held property FFO$76.0 m$77.5 m($1.5 m)(1.9%)
Amortisations of incentives and leasing costs($7.7 m)($7.0 m)($0.7 m)+10.0%
Straight-line rents$0.6 m$0.9 m($0.3 m)(33.3%)
Net property income$68.9 m$71.4 m($2.5 m)(3.5%)
Notes: (1) Transactions and developments includes: Deloitte Centre (1H26 and 1H25),
Molesworth Street (1H26) and Downtown Car Park (1H26)

A3: Reconciliation of operating profit to FFO
30Precinct Properties – FY26 Interim Result
For the 6 months ended31 Dec 202531 Dec 2024
$ millionsUnauditedUnaudited
Operating profit before indirect expenses and income tax$73.7 m $76.6 m
Corporate overhead expense($3.1 m)($2.4 m)
Net interest expense ($25.5 m)($29.1 m)
Operating profit before income tax$45.1 m $45.1 m
Current tax expense$1.6 m $3.7 m
Operating profit after tax$46.7 m $48.8 m
Adjusted for:
IFRS 16 rent expense($4.6 m)($4.5 m)
Accounting adjustments$9.7 m $8.2 m
Cornerstone distributions attributable to the period$1.2 m $2.3 m
One-off items$0.8 m $0.2 m
Funds from Operations (FFO)$53.8 m $55.0 m
FFO per weighted security3.18 cps3.47 cps
Dividend paid in financial year3.38 cps3.38 cps
Dividend payout ratio to FFO106%97%
Adjusted Funds From Operations
Maintenance capex($2.5 m)($1.1 m)
Investment portfolio - Incentives and leasing fees($4.6 m)($2.6 m)
Adjusted Funds From Operations (AFFO)$46.7 m $51.3 m
AFFO per weighted security2.76 cps3.23 cps

A4: Balance sheet
31Precinct Properties – FY26 Interim Result
As at 31 Dec 202530 June 2024Δ
$ millionsUnauditedAudited
Assets
Investment properties$2,807.5 m$2,803.7 m+$3.8 m
Development properties$454.7 m$334.9 m+$119.8 m
Inventories$43.0 m-+$43.0 m
Investment properties held for sale$249.4 m$223.7 m+$25.7 m
Investment in equity-accounted investments$132.3 m$138.7 m($6.4 m)
Property, plant and equipment$46.9 m$42.3 m+$4.6 m
Right-of-use assets$15.1 m$17.0 m($1.9 m)
Other assets$131.9 m$138.9 m($7.0 m)
Total Assets$3,880.8 m$3,699.2 m+$181.6 m
Liabilities
Interest bearing liabilities$1,528.7 m$1,610.3 m($81.6 m)
Deferred tax liability---
Lease liabilities$47.3 m$50.1 m($2.8 m)
Fair value of derivative financial instruments$37.4 m$35.3 m+$2.1 m
Other liabilities$62.4 m$59.2 m+$3.2 m
Total Liabilities$1,675.8 m$1,754.9 m($79.1 m)
Equity$2,205.0 m$1,944.3 m+$260.7 m
NIBD to Total Assets38.5%43.1%-4.6%
Liabilities to Total Assets - Loan Covenants37.2%41.6%-4.3%
Shares on Issue (m)1,852.8 m 1,587.0 m +265.8 m
Net tangible assets per security $1.18 $1.21 ($0.03)
Net asset value per security $1.19 $1.23 ($0.04)

ParticipationOverviewCurrent
2
Target
The overarching measure Precinct have chosen to use as its core
ESG performance benchmark is the Global Real Estate
Sustainability Benchmark (GRESB).
It is considered the global standard for ESG benchmarking and
reporting for real estate entities.
Score
91
+ Global
Average 79
Public Disclosure
A
+ Global
Average B
Forsyth Barr Carbon & ESG Ratings is an influential research and rating assessment
specific to NZX companies
A+
Top 5
A
Morgan Stanley Capital International (MSCI) ESG Rating aims to measure a company's
resilience to long-term, financially relevant ESG risk.
AA or better
NABERSNZ is a ratings scheme to measure and rate the energy performance of office
buildings in New Zealand.
60%
Portfolio:
>100% 4 star
by 2030
(Excellent)
Green Star is an internationally recognised, rating system for the sustainable design,
construction and operation of buildings, fitout and communities.
45%
Portfolio:
>60% 5 Star
(Excellence)
A5: ESG progress
32
Green assets
(min. 4 Star NABERSNZ or 5 Star Green Star)
Our strategy includes the integration of
sustainability across all areas of our business.
•$1.6bn
1
of green assets (excl. partnership assets)
•Committed to set near-term company-wide emission
reductions in line with climate science with the Science
Based Target Initiative (SBTi)
•Voluntarily reporting to the World Green Building
Council Net Zero Carbon Buildings Commitment and a
target that all assets be certified Green by 2030
•Offsetting upfront development carbon emissions on
completion and continuing to prioritising adaptive
reuse projects to reduce this impact
•WELL at Scale performance improved, with the
portfolio score increasing from 36 to 40 and receiving a
global Innovation Award from the IWBI.
•Preparing our third year Climate Statement
highlighting our efforts around mitigating and
responding to climate-related risks and opportunities
Notes: (1) Directly held assets as per most recent audited Use of Proceeds Report (FY25); (2) GRESB metrics relate to those received in 2025
Precinct Properties – FY26 Interim Result

Investment
portfolio including
cornerstone
1
Investment
portfolio directly
held
WellingtonAuckland
WALT
6.2 years
6.1 years 7.3 years 5.5 years
Occupancy
96%
97%96%97%
Investment portfolio value
2
$2,975 m $2,784 m $819 m $1,966 m
Weighted average cap rate
5.5%
5.8%6.1%5.7%
NLA (sqm)
331 k
246 k 101 k145 k
A6: Investment portfolio overview
33
Notes: (1) Investment portfolio metrics including Precinct cornerstone are weighted based on Precinct’s ownership interest except for NLA which reflects total
unweighted lettable area; (2) Investment portfolio value excludes development properties, inventories, assets held for sale, and IFRS16 right-of-use assets
($23.2m at 31 December 2025 for the directly held portfolio)
6.1 years
Weighted average lease term
97%
Portfolio occupancy
Precinct Properties – FY26 Interim Result
Key metrics
Occupancy
Portfolio metrics – directly held
0%
20%
40%
60%
80%
100%
% of building NLA
AucklandWellington

34
Retail
•Although CBD retail vacancy rates have increased, over the period, especially in
midtown, it is broadly anticipated that improving retail spend and consumer
confidence levels will positively impact occupancy rates and rents
•Cuts in interest rates are forecast to have a positive net effect on national disposable
incomes. OCR cuts beginning in August 2024 are already having positive impacts on
disposable incomes as households refinance their mortgages
•It takes around 18 months to 24 months for changes in OCR policy to begin materially
impacting inflation and consumer demand levels
1
•The anticipated opening of the city rail link (CRL) and the NZ International Convention
Centre is hoped to further revitalise the CBD, with the ICC projected to add $90m
2
to
the local economy and a further $25m outside of Auckland each year
•Market confidence in lower CBD retail stock is further reflected in the recent
announcement of the refurbishment of Queens Arcade
Precinct Properties – FY26 Interim Result
A7: Auckland CBD Retail market
--
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
(6k)
(4k)
(2k)
--
2k
4k
6k
8k
Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25Dec-25
Vacancy (%)
Annual net absorption (sqm)
CBD annual net absorption (LHS)CBD vacancy (RHS)
Source: JLL
Retail vacancy vs. Net absorption
Notes: (1) RBNZ monetary policy research; (2) NZICC Factsheet (beehive.govt.nz)

Disclaimer
35
The information and opinions in this presentation were prepared by Precinct Properties New Zealand Limited or one of its subsidiaries (Precinct).
Precinct makes no representation or warranty as to the accuracy or completeness of the information in this presentation.
Opinions including estimates and projections in this presentation constitute the current judgment of Precinct as at the date of this presentation and are subject
to change without notice. Such opinions are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other
factors, many of which are beyond Precinct’s control, and which may cause actual results to differ materially from those expressed in this presentation.
Precinct undertakes no obligation to update any information or opinions whether as a result of new information, future events or otherwise.
This presentation is provided for information purposes only.
No contract or other legal obligations shall arise between Precinct and any recipient of this presentation.
Neither Precinct, nor any of its Board members, officers, employees, advisers or other representatives will be liable (in contract or tort, including negligence, or
otherwise) for any direct or indirect damage, loss or cost (including legal costs) incurred or suffered by any recipient of this presentation or other person in
connection with this presentation.
Precinct Properties – FY26 Interim Result

---

2026
Interim
Financial
Statements
precinct.co.nz

Precinct Properties Group
Interim financial statements
For the six months ended 31 December 2025
Signed on behalf of the Boards of Precinct Properties New Zealand Limited and Precinct Properties Investments Limited, who
authorised the issue of these financial statements on 25 February 2026.
ANNE URLWIN
CHAIR
MARK TUME
CHAIR AUDIT & RISK COMMITTEE
Contents
Consolidated Statement of Comprehensive Income03
Consolidated Statement of Changes in Equity04
Consolidated Statement of Financial Position05
Consolidated Statement of Cash Flows06
Notes to the Financial Statements07
1. GENERAL INFORMATION07
1.1 Reporting entity07
1.2 Basis of preparation07
1.3 New standards, amendments and
interpretations
07
1.4 Changes to accounting policies and disclosure
of significant accounting policies
08
1.5 Fair value estimation08
1.6 Significant accounting judgements, estimates
and assumptions
08
1.7 Non-GAAP measures08
1.8 Significant events and transactions during the
period
09
2. OPERATING SEGMENTS10
2.1 Segment information10
2.2 Gross operating revenue12
3. PROPERTY13
3.1 Investment and development properties13
3.2 Capital commitments14
3.3 Leases14
4. GROUP STRUCTURE16
4.1 Equity-accounted investments16
4.2 Related party disclosures19
5. INVESTOR RETURNS21
5.1 Earnings per share21
5.2 Reconciliation of net profit after tax to funds
from operations (FFO)
22
5.3 Dividends paid23
6. CAPITAL STRUCTURE AND FUNDING23
6.1 Interest bearing liabilities23
6.2 Net finance expense25
6.3 Derivative financial instruments26
6.4 Loan receivables27
6.5 Share capital27
7. TAXATION28
7.1 Income tax28
8. OTHER29
8.1 Employment and administration expenses29
8.2 Corporate overhead expenses30
8.3 Key management personnel30
8.4 Debtors and other current assets30
8.5 Trade and other payables31
8.6 Contingencies31
8.7 Adjustments to prior periods31
8.8 Events after balance date32
Independent review report33
PRECINCT PROPERTIES GROUP02

Consolidated Statement of Comprehensive Income
For the six months ended 31 December 2025
Amounts in $ millions
Notes
Unaudited six
months ended
31 December
2025
Unaudited six
months ended
31 December
2024
Gross operating revenue2.2135.4134.4
Operating expenses
Direct operating expenses(55.5)(53.3)
Employment and administration expenses8.1
(6.2)(4.5)
Total operating expenses(61.7)(57.8)
Operating profit before net finance expense, other income/(expenses) and
income tax73.776.6
Corporate overhead expense(3.1)(2.4)
Interest income6.22.62.2
Interest expense6.2(28.1)(31.3)
Operating profit before income tax45.145.1
Other income / (expenses)
Net change in fair value of investment and development properties3.1(29.3)(0.8)
Share of profit / (loss) in equity-accounted investments4.1(4.9)5.6
Equity-accounted investment transaction costs-(1.8)
Net change in fair value of derivative financial instruments6.3(0.7)(28.6)
Net gain / (loss) on sale of investment properties(0.2)(16.1)
Net realised gain / (loss) on disposal of equity-accounted investments-2.8
Depreciation - property, plant and equipment(2.0)(2.1)
Amortisation of intangible assets(2.4)(2.3)
Lease depreciation(2.0)(2.0)
Lease interest
(1.8)(2.0)
Total other income / (expenses)(43.3)(47.3)
Net profit / (loss) before income tax1.8(2.2)
Income tax benefit / (expense)7.11.111.4
Net profit / (loss) after income tax attributable to equity holders of
stapled entity2.99.2
Other comprehensive income / (expense)
Items that will not be reclassified to profit or loss
Credit risk adjustments on financial liabilities designated at fair value
through profit or loss(4.1)(8.3)
Deferred tax on items transferred directly to / (from) equity
1.22.3
Total other comprehensive income / (expense)(2.9)(6.0)
Total comprehensive income / (loss) after income tax attributable to
equity holders of stapled entity-3.2
Total comprehensive income after tax attributable to equity holders of:
Precinct Properties NZ Limited ("PPNZ")10.17.2
Precinct Properties Investments Limited ("PPIL")(10.1)(4.0)
Total comprehensive income / (loss) after income tax attributable to
equity holders of stapled entity-3.2
Earnings per share (cents per share)
Basic earnings per share5.10.170.58
Diluted earnings per share5.10.160.58
Other amounts (cents per share)
Funds from operations (FFO)5.23.183.47
Adjusted funds from operations (AFFO)5.22.763.23
The accompanying notes on pages 07-32 form part of these Financial Statements
Interim Financial Statements
03
The numbers
Directory

Consolidated Statement of Changes in Equity
For the six months ended 31 December 2025
Amounts in $ millionsNotes
Attributable to the equity holders of the parent
Number
of
shares
(m)
Share
capital
Retained
earnings
Reserves
PPNZ
equity
PPIL
equity
PPG
total
equity
Balance at 1 July 2024 (restated)8.71,586.41,622.7439.414.72,076.8(29.5)2,047.3
Profit after income tax for the period-13.2-13.2(4.0)9.2
Other comprehensive income for
the period
--(6.0)(6.0)-(6.0)
Total comprehensive income-13.2(6.0)7.2(4.0)3.2
Distributions5.3--(47.5)-(47.5)(6.0)(53.5)
Long-term incentive scheme0.60.4-(0.3)0.1-0.1
Employee share scheme
0.10.1--0.10.10.2
Total transactions0.70.5(47.5)(0.3)(47.3)(5.9)(53.2)
Balance at 31 December 2024
(unaudited) (restated)
8.71,587.11,623.2405.18.42,036.7(39.4)1,997.3
Profit after income tax for the period-1.2-1.20.61.8
Other comprehensive income for
the period
--(1.9)(1.9)-(1.9)
Total comprehensive income-1.2(1.9)(0.7)0.6(0.1)
Distributions5.3--(47.6)-(47.6)(6.1)(53.7)
Long-term incentive scheme(0.1)--0.80.8-0.8
Employee share scheme-
------
Total transactions(0.1)-(47.6)0.8(46.8)(6.1)(52.9)
Balance at 30 June 2025
(audited) (restated)
8.71,587.01,623.2358.77.31,989.2(44.9)1,944.3
Profit after income tax for the period-13.0-13.0(10.1)2.9
Other comprehensive income for
the period
--(2.9)(2.9)-(2.9)
Total comprehensive income-13.0(2.9)10.1(10.1)-
Issue of shares6.5264.9317.3--317.3-317.3
Distributions5.3--(51.5)-(51.5)(6.5)(58.0)
Long-term incentive scheme0.80.6-0.61.2-1.2
Employee share scheme0.1
0.1--0.10.10.2
Total transactions265.8318.0(51.5)0.6267.1(6.4)260.7
Balance at 31 December 2025 (unaudited)1,852.81,941.2320.25.02,266.4(61.4)2,205.0
The accompanying notes on pages 07-32 form part of these Financial Statements
PRECINCT PROPERTIES GROUP
04

Consolidated Statement of Financial Position
As at 31 December 2025
Amounts in $ millions
Notes
Unaudited as at
31 December 2025
Audited as at
30 June 2025
Current assets
Cash25.628.4
Fair value of derivative financial instruments6.33.41.0
Debtors and other current assets8.418.824.1
Loan receivables6.425.938.9
Tax receivable
0.4-
74.192.4
Inventories3.143.0-
Investment properties held for sale3.1
249.4223.7
Total current assets
366.5316.1
Non-current assets
Investment properties3.12,807.52,803.7
Development properties3.1454.7334.9
Investment in equity-accounted investments4.1132.3138.7
Property, plant and equipment46.942.3
Right-of-use assets3.315.117.0
Fair value of derivative financial instruments6.334.622.3
Deferred tax asset15.914.3
Other assets1.21.5
Intangible assets
6.18.4
Total non-current assets3,514.33,383.1
Total assets3,880.83,699.2
Current liabilities
Provision for tax-2.4
Lease liabilities3.34.65.1
Trade and other payables8.562.456.8
Fair value of derivative financial instruments6.3
2.31.3
Total current liabilities
69.365.6
Non-current liabilities
Interest bearing liabilities6.11,528.71,610.3
Lease liabilities3.342.745.0
Fair value of derivative financial instruments6.3
35.134.0
Total non-current liabilities1,606.51,689.3
Total liabilities1,675.81,754.9
Net assets2,205.01,944.3
Equity
Share capital1,941.21,623.2
Retained earnings (restated)8.7320.2358.7
Other reserves (restated)8.7
5.07.3
Total equity - PPNZ
2,266.41,989.2
PPIL equity (non-controlling interest)(61.4)(44.9)
Total equity2,205.01,944.3
The accompanying notes on pages 07-32 form part of these Financial Statements
Interim Financial Statements
05
The numbers
Directory

Consolidated Statement of Cash Flows
For the six months ended 31 December 2025
Amounts in $ millions
Notes
Unaudited six
months ended
31 December
2025
Unaudited six
months ended
31 December
2024
Cash flows from operating activities
Operating revenue received136.7140.7
Interest income received0.60.8
Property expenses paid(48.6)(47.6)
Other expenses paid(4.4)(3.1)
Interest expense paid(29.7)(28.8)
Employment and administration expenses paid(4.7)(4.4)
Income tax paid(2.0)(1.0)
Net cash inflow / (outflow) from operating activities47.956.6
Cash flows from investing activities
Capital expenditure on investment and development properties(63.2)(84.3)
Capital expenditure on inventories (development projects)(25.6)-
Acquisition of investment and development properties1.8(115.8)-
Investment in equity-accounted investments1.5(55.1)
Acquisition of subsidiary-(4.7)
Mezzanine loan facilities advanced-(9.3)
Loan facilities repaid6.415.0-
Expenditure on property, plant and equipment(6.5)(0.6)
Net proceeds from disposal of investment properties(0.6)(1.2)
Capitalised interest on investment and development properties(13.2)(7.3)
Net cash inflow / (outflow) from investing activities(208.4)(162.5)
Cash flows from financing activities
Loan facility drawings808.01,246.6
Loan facility repayments(906.8)(1,056.3)
Repayment of senior secured bonds-(100.0)
Repayment of leasing liabilities(2.8)(2.5)
Distributions paid to share holders(58.0)(53.6)
Net proceeds from issue of shares317.3-
Net proceeds from debt instrument issuance-75.0
Net cash inflow / (outflow) from financing activities157.7109.2
Net increase / (decrease in cash held(2.8)3.3
Cash at the beginning of the year28.422.1
Cash as the end of the period25.625.4
The accompanying notes on pages 07-32 form part of these Financial Statements
PRECINCT PROPERTIES GROUP
06

Notes to the Financial Statements
For the six months ended 31 December 2025
1. GENERAL INFORMATION
1.1 Reporting entity
The interim condensed financial statements presented are those of Precinct Properties New Zealand Limited and its wholly-
owned subsidiaries (PPNZ) and Precinct Properties Investments Limited and its wholly-owned subsidiaries (PPIL), each of
PPNZ and PPIL being a "Stapled Entity", and together the Precinct Properties Group (Precinct or the Group).
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 Precinct, PPNZ has been identified as the parent for the purposes of preparing the
financial statements and consequently PPIL's equity is presented as the non-controlling interest in the financial statements.
PPNZ and PPIL are both incorporated in New Zealand and registered under the New Zealand Companies Act 1993 and are
both FMC reporting entities for the purposes of the Financial Markets Conduct Act 2013.
PPNZ's principal activity is investment in predominantly prime CBD properties in New Zealand. The principal activity of PPIL is
the management of real estate investment entities in New Zealand.
Shares of PPNZ and PPIL are stapled and therefore cannot be traded separately and can only be traded as stapled
securities. They are quoted on the Main Board equity securities market of NZX under the ticker code PCT.
1.2
Basis of preparation
The interim financial statements were prepared in accordance with Generally Accepted Accounting Principles in New
Zealand (GAAP), For the purposes of complying with NZ GAAP Precinct is a for-profit entity.
NZ IAS 34 and IAS 34 Interim Financial Reporting and waivers granted to Precinct from certain NZX Listing Rules on 18 April
2023, which each permit PPNZ and PPIL, subject to the conditions of the waivers, to prepare interim financial statements in
respect of Precinct in place of separate interim financial statements of each stapled entity.
In preparing the consolidated financial statements, all inter-company balances and transactions, income and expenses and
profit or losses resulting from intra-group transactions have been eliminated in full.
The financial statements have been prepared:
•On a historical basis except for financial instruments, investment and development properties which are measured at
fair value.
•Using the New Zealand Dollar functional and reporting currency.
•On a GST exclusive basis, except for receivables and payables that are stated inclusive of GST.
All financial information has been presented in millions, unless otherwise stated.
1.3
New standards, amendments and interpretations
In May 2024, the XRB introduced NZ IFRS 18 Presentation and Disclosure in Financial Statements (NZ IFRS 18) (effective for
annual reporting periods beginning on or after 1 January 2027). This standard replaces NZ IAS 1 Presentation of Financial
Statements (NZ IAS 1) 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. Precinct has not early adopted this standard and is yet to assess its impacts.
Interim Financial Statements
07
The numbers
Directory

Notes to the Financial Statements
For the six months ended 31 December 2025
1.4 Changes to accounting policies and disclosure of significant accounting policies
The same accounting policies and methods of computation are followed in the interim financial statements as compared
with the most recent annual financial statements.
These interim financial statements should be read in conjunction with the financial statements and related notes included in
Precinct's Annual Report for the year ended 30 June 2025.
1.5 Fair value estimation
Precinct classifies its fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in
making the measurements. The fair value hierarchy has the following levels:
•Level 1 – Quoted prices (unadjusted) in active market for identical assets or liabilities.
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (by price) or indirectly (derived from prices).
•Level 3 – Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
1.6
Significant accounting judgements, estimates and assumptions
In preparing Precinct’s interim financial statements, the boards and management continually make judgements, estimates
and assumptions based on experience and other factors, including expectations of future events that may have an impact
on Precinct.
All judgements, estimates and assumptions made are believed to be reasonable based on the most current set of
circumstances available to the boards and management. Actual results may differ from the judgements, estimates and
assumptions made by the boards and management.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised and in any future periods affected.
The significant judgements, estimates and assumptions made in the preparation of these interim financial statements are in
relation to:
i.Investment and development properties – refer Note 3.1
ii.Investment in associates and joint ventures – refer Note 4.1
iii.Lease liabilities –refer Note 3.3
iv.Derivative financial instruments – refer Note 6.3
1.7
Non-GAAP measures
Precinct has chosen to present the following non-GAAP measures to assist investors in understanding the different aspects
of Precinct's financial performance.
The consolidated statement of comprehensive income includes the non-GAAP measure of operating profit before net
finance expense, other income/(expenses) and income tax.
Note 2.1 adjusted operating profit before net finance expense, other income/(expenses) and income tax. This measure adds
back the rent expenses eliminated through the application of NZ IFRS 16. This measure is shown as all internal reporting for
operating segments is provided to the boards of PPNZ and PPIL at a pre NZ IFRS 16 level.
Note 5.2 sets out Precinct's calculation of Funds From Operations (FFO) which is one of the industry's best practice measures
for a REIT to show the organisation's underlying and recurring earnings from its operations.
PRECINCT PROPERTIES GROUP
08

1.8 Significant events and transactions during the period
Precinct's financial position and performance was affected by the following events and transactions that occurred during
the reporting period:

i.Syndicated Facility Agreement Refinance
On 26 August 2025, Precinct secured a refinance of $268.0 million in bank loans maturing in 2026 with $275.0 million in
bank loans with maturity in 2030. Additionally, Precinct secured a further $75.0 million of bank liquidity facilities.

ii.Equity Raise and commitment to commence a new PBSA facility at 256 Queen Street, Auckland
On 13 October 2025, Precinct announced a $310.0 million equity raise target to fund its growth strategy through a
fully underwritten $285.0 million placement (Placement) and a non-underwritten share purchase plan (SPP) targeting
$25.0 million. Following SPP oversubscription, the offer was upsized to $40.0 million. The purpose of the equity raise is to
increase flexibility to progress Precinct’s pipeline of development opportunities, including its commitment to commence
a newly announced purpose-built student accommodation (PBSA) facility at 256 Queen Street in Auckland, planned
development of Downtown Car Park, residential build-to-sell projects and other growth opportunities.

iii.Updated IRD Binding Ruling
On 24 November 2025, Precinct announced that it had received a binding tax ruling from Inland Revenue in relation to its
stapled structure, updating the terms of the existing ruling and extending its validity through to 24 November 2030.

iv.Conversion Price Caps Adjustment for subordinated convertible notes PCTHB and PCTHC
On 18 December 2025, Precinct announced an adjustment to the Conversion Price Cap for its subordinated convertible
notes, with PCTHB reset to $1.3449 and PCTHC to $1.3845. The adjustment followed the issuance of stapled shares at less
than 98% of market price under the Placement and SPP completed and settled over October and November 2025.

v.Purchase of Downtown Car Park, Auckland
On 18 December 2025, Precinct announced the acquisition of Downtown Car Park in Auckland, with a final settlement
payment of $115.8 million.

vi.Sale of Amora Hotel, Wellington
On 23 December 2025, Precinct early settled the sale back of the Amora Hotel in Wellington for $15.0 million. The
property had previously been accounted for as a loan receivable due to a sell back provision.

Interim Financial Statements
09
The numbers
Directory

Notes to the Financial Statements
For the six months ended 31 December 2025
2. OPERATING SEGMENTS
2.1 Segment information
a) Basis for segmentation
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker. The chief operating decision-maker has been identified as the respective board of each of PPNZ and PPIL as
each makes all key strategic resource allocation decisions.
Precinct has the following reportable segments that are managed separately because of different operating strategies. The
following describes the operation of each of the reportable segments.
Reportable segmentOperations
Investment propertiesInvestment in predominately prime CBD properties
Flexible spaceOperation of co-working and shared office and event space
Hotel and hospitalityOperating of hotel and hospitality venues
Investment managementManagement of real estate investments
b) Information about reportable segments
Information related to each reportable segment is set out below. Segment profit/(loss) before tax is used to measure
performance because management believes that this information is the most relevant in evaluating the results of the
respective segments relative to other entities that operate in the same industries.
There are varying levels of integration between the investment properties, co-working and investment management
segments. This integration includes occupied space, future leasing and events.
The following is an analysis of Precinct's results, by reportable segments.
Adjusted operating profit before net finance expense and income tax
Amounts in $ millionsInvestment
properties
Flexible spaceHotel and
hospitality
Investment
management
Unaudited six
months ended
31 December
2025
Gross operating revenue109.711.511.72.5135.4
Intersegment property
transaction eliminations1.4(0.4)0.1(1.1)-
Intersegment management
transaction eliminations-(1.1)-1.1-
Direct operating expenses(40.9)(5.6)(9.0)-(55.5)
Employment and
administration expenses---(6.2)(6.2)
Operating profit before net finance
expense and income tax70.24.42.8(3.7)73.7
Add back rent eliminated in application
of IFRS 16(1.3)(3.3)--(4.6)
Adjusted operating profit before net
finance expense and income tax
1
68.91.12.8(3.7)69.1
1See Note 1.7 for further details of this measure.
PRECINCT PROPERTIES GROUP10

Amounts in $ millionsInvestment
properties
Flexible spaceHotel and
hospitality
Investment
management
Unaudited six
months ended
31 December
2024
Gross operating revenue107.811.411.14.1134.4
Intersegment property
transaction eliminations1.4(0.3)(0.1)(1.0)-
Intersegment management
transaction eliminations(0.1)(0.1)-0.2-
Direct operating expenses(36.4)(7.4)(9.5)-(53.3)
Employment and
administration expenses---(4.5)(4.5)
Operating profit before net finance
expense and income tax72.73.61.5(1.2)76.6
Add back rent eliminated in application
of IFRS 16(1.3)(3.2)--(4.5)
Adjusted operating profit before net
finance expense and income tax
1
71.40.41.5(1.2)72.1
1See Note 1.7 for further details of this measure.
Reconciliation to net profit / (loss) before income tax
Amounts in $ millionsUnaudited six
months ended
31 December 2025
Unaudited six
months ended
31 December 2024
Operating profit before net finance expense and income tax73.776.6
Interest income2.62.2
Interest expense(28.1)(31.3)
Corporate overhead expense(3.1)(2.4)
Net change in fair value of investment and development properties(29.3)(0.8)
Share of profit / (loss) in equity-accounted investments(4.9)5.6
Equity-accounted investment transaction costs-(1.8)
Net change in fair value of derivative financial instruments(0.7)(28.6)
Net gain / (loss) on sale of investment properties(0.2)(16.1)
Net realised gain / (loss) on disposal of equity-accounted investments-2.8
Depreciation - property, plant and equipment(2.0)(2.1)
Amortisation of intangible assets(2.4)(2.3)
Lease depreciation(2.0)(2.0)
Lease interest(1.8)(2.0)
Net profit / (loss) before income tax1.8(2.2)
Interim Financial Statements11
The numbers
Directory

Notes to the Financial Statements
For the six months ended 31 December 2025
2.2 Gross operating revenue
Amounts in $ millionsUnaudited six
months ended
31 December 2025
Unaudited six
months ended
31 December 2024
Revenue
Gross property income from rentals87.887.9
Straightline rental adjustments0.60.9
Amortisation of capitalised lease incentives(4.7)(4.8)
Revenue from contracts with customers
Gross property income from expense recoveries26.023.8
Precinct Flex operating revenue11.511.4
Commercial Bay Hospitality operating revenue0.31.0
Hotel operating revenue11.410.1
Management fee income2.54.1
Total gross operating revenue135.4134.4
PRECINCT PROPERTIES GROUP12

3. PROPERTY
3.1 Investment and development properties
Amounts in $ millionsValuerCapitalisation
rate
1
Valuation
30 June
2025
Capitalised
incentives
Additions /
disposals
2
Transfers
3
Revaluation
gain /
(loss)
Book value
31 December
2025
Investment properties
4
Auckland
AON Centre - AkldCBRE6.1%220.00.11.2--221.3
HSBC TowerColliers5.5%445.0(0.6)1.6--446.0
Jarden HouseCBRE5.9%128.0(0.1)0.3--128.2
Commercial Bay RetailJLL6.0%340.0(0.6)0.9--340.3
PwC Tower (Commercial Bay)JLL5.4%623.0(1.5)0.1--621.6
Deloitte CentreColliers5.3%174.0(0.5)(0.2)--173.3
Wellington
NTT TowerCBRE6.8%130.50.41.1--132.0
No. 1 and 3 The TerraceBayleys6.0%129.9(0.1)0.1--129.9
No. 3 The Terrace
5
BayleysN/A12.4----12.4
AON Centre - WgtnColliers6.8%204.50.21.4--206.1
Defence HouseColliers5.5%190.00.3---190.3
Bowen HouseCBRE5.5%147.50.5---148.0
Other investment properties
6
Colliers7.8%34.9-0.1--35.0
Right-of-use assets
7
N/AN/A24.0---(0.9)23.1
Market value (fair value) of
investment properties5.8%2,803.7(1.9)6.6-(0.9)2,807.5
Investment properties held for sale
4
22 Stanley StreetN/AN/A43.7-25.7--69.4
One Queen Street (Hotel)N/AN/A180.0----180.0
Market value (fair value) of investment properties held
for sale223.7-25.7--249.4
Development properties
4
Auckland
Downtown Car ParkCBREN/A43.9-129.4-(23.3)150.0
256 Queen StreetN/AN/A11.0--(11.0)
8
--
Other development propertiesN/AN/A6.4--(6.4)
8
--
Wellington
Freyberg BuildingColliersN/A30.7-2.4--33.1
61 Molesworth StreetColliersN/A242.9-33.8-(5.1)271.6
Market value (fair value) of development properties334.9-165.6(17.4)(28.4)454.7
Inventories (development projects)
256 Queen StreetN/AN/A--10.011.0
8
-21.0
Other residential
development projectsN/AN/A--15.66.4
8
-22.0
Lower of cost and NRV of development projects--25.617.4-43.0
1Total weighted average by market value.
2Additions arise from subsequent expenditure recognised in the carrying amount. Additions include $13.3 million of capitalised interest. Disposals
relate to completed sales and unconditional contracts for sale at year-end.
3Transfers occur when a property is transferred to another category of property.
4All properties are categorised as level 3 in the fair value hierarchy.
5No. 3 The Terrace relates to the freehold title in respect to Precinct's leasehold interest.
6Other investment properties are small value properties held for strategic purposes.
7Right-of-use assets associated with ground leases at AON Centre - Wgtn, 204 Quay Street and Viaduct Car Park.
Interim Financial Statements13
The numbers
Directory

Notes to the Financial Statements
For the six months ended 31 December 2025
8Properties in the process of development for sale in the ordinary course of business have been transferred from Development properties to
Inventories, consistent with Precinct’s growing programme of developments structured for sale into capital partnerships.
Accounting policies
Valuation of investment and development properties
In line with Precinct's valuation policy, for 31 December 2025 interim financial reporting purposes, all development
properties under construction were externally valued. The Board and Management have reviewed the remainder
of the portfolio using available market data and considered other key property information. Where fair value
movements were material in the context of Precinct's valuation policy the internal valuation amount was adopted as
fair value.
Inventories
Precinct develops residential, commercial and mixed‑use properties for sale in the ordinary course of business.
Inventories are presented as current assets when they are expected to be realised within the normal operating
cycle; otherwise, they are presented as non‑current.
Development projects classified as inventories are measured at the lower of cost and net realisable value (NRV).
Cost includes acquisition, development, capitalised interest, and other costs directly attributable to the specific
project. NRV is the estimated selling price in the ordinary course of business less the estimated costs to complete
and sell. NRV is determined using the most reliable evidence available at the reporting date, including expected
movements in selling prices and updated estimates of costs to complete and sell.
3.2
Capital commitments
Precinct has $285.3 million of capital commitments as at 31 December 2025 (30 June 2025: $164.8 million) relating to
construction contracts and property purchases still to be settled. The capital commitments balance as at 31 December
2025 includes $138.6 million in respect of the 22 Stanley Street capital commitments, which was settled to Stanley Limited
Partnership on 12 February 2026 (see Note 8.8).
3.3
Leases
a) Lease liabilities
Precinct has entered into ground leases (as lessee) and property leases (Precinct Flex as lessee). Ground leases have
remaining non-cancellable lease terms of between one and 47 years (30 June 2025: one and 47 years). Precinct Flex property
leases have remaining non-cancellable lease terms of between one and 7 years (30 June 2025: one and 8 years).
Amounts in $ millionsInvestment
properties
Flexible spaceUnaudited as at
31 December
2025
Investment
properties
Flexible SpaceAudited as at
30 June 2025
Current1.33.34.61.33.85.1
Non-current24.218.542.724.820.245.0
Total lease liabilities25.521.847.326.124.050.1
PRECINCT PROPERTIES GROUP14

b) Right-of-use assets
Amounts in $ millionsInvestment
properties
Flexible spaceUnaudited as at
31 December
2025
Investment
properties
Flexible SpaceAudited as at
30 June 2025
Total right-of-use assets23.1
1
15.138.224.017.041.0
1Right-of-use assets for investment properties are included within investment properties value in the Consolidated Statement of
Financial Position.
Interim Financial Statements15
The numbers
Directory

Notes to the Financial Statements
For the six months ended 31 December 2025
4. GROUP STRUCTURE
4.1 Equity-accounted investments
Set out below are the associates and joint ventures of Precinct as at 31 December 2025. For those which, in the opinion of the
directors, are material to Precinct the key financial information has been disclosed. For associates or joint ventures which,
in the opinion of the directors, are individually immaterial to Precinct the key financial information has been aggregated
for disclosure.
a) Ownership structures
Amounts in $ millionsCountry ofOwnershipOwnership interestNature ofMeasurement
incorporationUnaudited as at
31 December
2025
Audited as at
30 June 2025
relationshipmethod
Material equity-accounted investments
Precinct Pacific Investment Limited
Partnership ("PPILP")
1
New ZealandUnits24.9%24.9%AssociateEquity
Individually immaterial equity-accounted investments
Mahuhu Investment Limited
Partnership ("MILP")
1
New ZealandUnits33.3%33.3%AssociateEquity
Tangihua Investment Limited
Partnership ("TILP")
1
New ZealandUnits33.3%33.3%AssociateEquity
Westhaven Residential Limited
Partnership ("WRLP")
1
New ZealandUnits50.0%50.0%
Joint
VentureEquity
Westhaven Commercial Limited
Partnership ("WCLP")
1
New ZealandUnits24.9%24.9%AssociateEquity
1There has been no change in ownership interests during the period.
b) Equity-accounted investments
Amounts in $ millionsUnaudited as at
31 December
2025
Audited as at
30 June 2025
Precinct Pacific Investment Limited Partnership ("PPILP")73.979.0
Individually immaterial equity-accounted investments58.459.7
Total equity-accounted investments132.3138.7
Individually immaterial equity-accounted investments balance includes $21.0 million of investment into WCLP (30 June 2025:
$21.1 million), $22.0 million of investment into WRLP (30 June 2025: $22.1 million) and $15.3 million of other individually
immaterial investments (30 June 2025: $16.5 million).
PRECINCT PROPERTIES GROUP
16

Precinct Pacific Investment Limited Partnership ("PPILP")
Given the extent of Precinct's equity investment as at balance date of 24.9%, the appointment of Precinct Properties
Management Limited ("PPML") as manager, and that two of Precinct's current executives are directors of the PPILP General
Partnership, the Precinct board has concluded that Precinct has "significant influence" over PPILP. As such, Precinct's interest
in PPILP has been treated as an interest in an associate.
Mahuhu Investment Limited Partnership ("MILP"), Tangihua Investment Limited Partnership ("TILP") and the Te Tōangaroa Joint
Venture ("Te Tōangaroa")
Te Tōangaroa is a Joint Venture between Precinct, PAG and Ngāti Whātua Ōrākei to invest in the regeneration of the Te
Tōangaroa precinct in the Tāmaki Makaurau city centre. Precinct and PAG have invested in the Joint Venture through MILP
and TILP and Precinct's look-through investment in the Joint Venture through MILP is 16.8% and TILP is 19.0%.
Given the extent of Precinct's equity investment in MILP and TILP as at balance date of 33.3% respectively, the appointment
of Precinct Properties Management Limited ("PPML") as manager of MILP, TILP and Te Tōangaroa, and that two of Precinct's
current executives are directors of the MILP and TILP General Partnerships, the Precinct board has concluded that Precinct
has "significant influence" over MILP and TILP. As such, Precinct's interest in both MILP and TILP has been treated as an
interest in an associate.
Westhaven Residential Limited Partnership ("WRLP") and Westhaven Commercial Limited Partnership ("WCLP")
Precinct and Orams Group have entered a Joint Venture to develop Orams significant waterfront site at Wynyard Quarter
including a small scaled commercial development (through Westhave n Commercial Limited Partnership) and a large scale
residential development site (through Westhaven Residential Limited Partnership).
Given the extent of Precinct's equity invesment as at balance date of 24.9%, the appoinment of Precinct Properties
Management Limited ("PPML") as development manager, and that two of Precinct's current executives are directors of
WCLP General Partnership, the Precinct board has concluded that Precinct has "significant influence" over WCLP. As such,
Precinct's interest in WCLP has been treated as an interest in an associate.
Westhaven Residential Limited Partnership is jointly owned by Precinct and Orams Group and is focussed on the delivery of
a high-quality multi-unit residential development.
Interim Financial Statements
17
The numbers
Directory

Notes to the Financial Statements
For the six months ended 31 December 2025
c) Summarised financial information for associates and joint ventures
The following tables provide summarised financial information for the associates and joint ventures of Precinct and reflect
the amounts presented in the financial statements of the relevant entities, not Precinct's share of those amounts.
Summarised statement of comprehensive income
Amounts in $ millionsUnaudited six months ended
31 December 2025
Unaudited six months ended
31 December 2024
PPILPBILP
1
OtherPPILPBILP
1
Other
Net operating income15.6-6.88.76.91.5
Finance income0.0--0.1--
Finance expense(11.3)-(3.0)(5.0)-(1.3)
Other income / (expense)(1.3)-(0.3)(0.8)(0.4)(0.1)
Net change in fair value of investment and
development properties(19.6)-(4.8)8.62.8-
Net change in fair value of derivative financial instruments
0.2--(7.4)-(0.7)
Profit / (loss)(16.5)-(1.3)4.29.3(0.6)
Other comprehensive income------
Total comprehensive profit / (loss)(16.5)-(1.3)4.29.3(0.6)
1Precinct sold its entire interest in Bowen Investment Limited Partnership ("BILP") on 31 May 2025.
Summarised statement of financial position
Amounts in $ millionsUnaudited as at 31 December 2025Audited as at 30 June 2025
PPILPBILP
1
OtherPPILPBILP
1
Other
Assets
Current assets6.6-1.012.61.73.0
Investment properties657.6-270.5668.6252.6271.1
Other non-current assets--0.7--0.7
Total assets664.2-272.2681.2254.3274.8
Liabilities
Current liabilities9.8-3.05.10.73.8
Borrowings - non-current350.3-93.3351.3-91.2
Other non-
current liabilities7.5-0.97.7-0.9
Total liabilities367.6-97.2364.10.795.9
Net assets296.6-175.0317.1253.6178.9
1Precinct sold its entire interest in Bowen Investment Limited Partnership ("BILP") on 31 May 2025.
PRECINCT PROPERTIES GROUP18

4.2 Related party disclosures
Precinct Properties Management Limited ("PPML", subsidiary of PPIL), earns revenue streams from the management of
real estate investments including PPILP and Te Tōangaroa. Under the various management agreements PPML is entitled
to receive mangement fees for services performed including: asset management, building management, development
management and transaction fees.
The table below sets out transactions with a related party that took place:
Unaudited six months ended 31 December 2025
Amounts in $ millions
Fees charged during periodAmounts owing at period end
Associates
Joint
VenturesTotalAssociates
Joint
VenturesTotal
Asset management fee income1.2-1.2---
Development management fee income0.2-0.22.9-2.9
Building management fee income0.4-0.4---
Leasing fee income------
Total management fee income1.8-1.82.9-2.9
Rent paid(0.1)-(0.1)---
Unaudited six months ended 31 December 2024
Amounts in $ millions
Fees charged during periodAmounts owing at period end
Associates
Joint
VenturesTotalAssociates
Joint
VenturesTotal
Asset management fee income1.1-1.1---
Development management fee income1.30.41.7---
Building management fee income0.4-0.4---
Leasing fee income---0.1-0.1
Total management fee income2.80.43.20.1-0.1
Rent paid(1.5)-(1.5)---
Interim Financial Statements19
The numbers
Directory

Notes to the Financial Statements
For the six months ended 31 December 2025
The following table details the transactions between PPNZ and other Precinct entities, which are eliminated on consolidation.
Amounts in $ millions
Amounts charged during periodAmounts owing at period end
Unaudited six
months ended
31 December
2025
Unaudited six
months ended
31 December
2024
Unaudited as at
31 December
2025
Unaudited as at
31 December
2024
Charged from PPIL to PPNZ
Asset management fee5.75.7--
Development management fee3.83.1--
Building management fee3.02.7--
Leasing fee1.10.71.70.6
Acquisition and disposal fees1.4---
Additional services fee1.20.8--
Total management fee income16.213.01.70.6
Charged from PPNZ to PPIL
Rental income1.51.3--
Interest income1.61.718.014.6
Total charges3.13.018.014.6
There were expense recharges between PPNZ and other Precinct entities for items such as insurance premiums, directors
fees and travel where the transactions were not eliminated on consolidation. The total value of these recharges for the
period ended 31 December 2025 were $0.1 million charged from PPIL to PPNZ (31 December 2024: $0.2 million) and
$1.5 million recharged from PPNZ to PPIL (31 December 2024: $1.4 million) .
Interest bearing loans exist between PPNZ and other Precinct entities. At 31 December 2025, interest bearing loans of
$75.1million (30 June 2025: $70.1 million) were receivable by PPNZ from other Precinct entities. Loans to related Precinct
entities bear interest at PPNZ's weighted average cost of capital. Loans are repayable on demand.
PRECINCT PROPERTIES GROUP
20

5. INVESTOR RETURNS
5.1 Earnings per share
Amounts in $ millions unless otherwise statedUnaudited six
months ended
31 December
2025
Unaudited six
months ended
31 December
2024
Weighted average number of shares for both PPNZ and PPIL
Weighted average number of shares for basic earnings per share (millions)1,692.61,586.9
Weighted average number of shares for diluted earnings per share (millions)
1
1,704.01,597.0
PPNZ
Net profit after tax for basic and diluted earnings per share - PPNZ13.013.2
Basic earnings per share (cents) - PPNZ0.770.83
Diluted earnings per share (cents) - PPNZ0.760.83
PPIL
Net profit after tax for basic and diluted earnings per share - PPIL(10.1)(4.0)
Basic earnings per share (cents) - PPIL(0.60)(0.3)
Diluted earnings per share (cents) - PPIL(0.60)(0.3)
Stapled entity
Net profit after tax for basic and diluted earnings per share - stapled entity2.99.2
Basic earnings per share (cents) - stapled entity0.170.58
Diluted earnings per share (cents) - stapled entity0.160.58
1Effect of dilution relates to share rights under the long-term incentive scheme for key management personnel.
The calculation of diluted earnings per share has been based on the profit attributable to ordinary shareholders and
weighted average number of ordinary shares outstanding after the adjustment for all dilutive potential ordinary shares.
Interim Financial Statements
21
The numbers
Directory

Notes to the Financial Statements
For the six months ended 31 December 2025
5.2 Reconciliation of net profit after tax to funds from operations (FFO)
FFO is a non‑GAAP financial measure that shows the organisation’s underlying and recurring earnings from its operations
and is used as a measure of operating performance. This is determined by adjusting operating income after current tax for
IFRS 16, other non‑cash accounting adjustments, cash distributions received from equity‑accounted investments, and other
one‑off items. FFO is intended as a supplementary measure of operating performance.
Amounts in $ millions unless otherwise statedUnaudited six
months ended
31 December
2025
Unaudited six
months ended
31 December
2024
Net profit / (loss) after income tax2.99.2
Income tax (benefit) / expense(1.1)(11.4)
Total other (income) / expenses43.347.3
Operating profit before income tax45.145.1
Current tax benefit / (expense)1.63.7
Share-based payments scheme1.81.3
Convertible note option value amortisation0.80.8
IFRS 16 lease adjustments(4.6)(4.5)
Amortisations of incentives and leasing costs7.77.0
Straightline rents(0.6)(0.9)
Distributions from equity-accounted investment attributable to the period1.22.3
Adjust for one-off items0.80.2
Funds from operations (FFO)53.855.0
Funds from operations per share (cents)3.183.47
Maintenance capex(2.5)(1.1)
Incentives and leasing costs(4.6)(2.6)
Adjusted funds from operations (AFFO)46.751.3
Weighted average number of shares for net operating income per share (millions)1,692.61,586.9
Adjusted funds from operations per share (cents)2.763.23
PRECINCT PROPERTIES GROUP22

5.3 Dividends paid
Amounts in $ millions unless otherwise statedUnaudited six months ended
31 December 2025
Unaudited six months ended
31 December 2024
Payment DateCents
per
share
TotalPayment DateCents
per
share
Total
The following dividends were declared and paid by PPNZ
during the period:
Q4 final dividend19-Sep-251.497523.820-Sep-241.497523.8
Q1 interim dividend12-Dec-25
1.497527.7
13-Dec-24
1.497523.7
Total dividends paid - PPNZ
2.99551.52.995047.5
The following dividends were declared and paid by PPIL
during the period:
Q4 final dividend19-Sep-250.19003.020-Sep-240.193.0
Q1 interim dividend12-Dec-25
0.19003.5
13-Dec-24
0.19003.0
Total dividends paid - PPIL
0.38006.50.38006.0
Total dividends paid - Precinct3.375058.03.375053.5
Supplementary dividends of $59,104 were paid to PPIL shareholders not resident in New Zealand for which PPIL received a
foreign investor tax credit entitlement (31 December 2024: $50,278).
6.
CAPITAL STRUCTURE AND FUNDING
6.1 Interest bearing liabilities
Amounts in $ millionsUnaudited as at
31 December
2025
Audited as at
30 June 2025
Bank loans749.6848.2
US private placement195.4195.4
NZ senior secured bonds400.0400.0
Convertible note150.0150.0
Total drawn debt1,495.01,593.6
US private placement - fair value adjustment38.221.7
Convertible note - embedded financial derivative and amortisation adjustment0.30.2
Capitalised borrowing costs(4.8)(5.2)
Net interest bearing liabilities1,528.71,610.3
Interim Financial Statements23
The numbers
Directory

Notes to the Financial Statements
For the six months ended 31 December 2025
Breakdown of borrowings:
Amounts in $ millionsHeld atMaturity
1
FacilityCoupon
1
Unaudited as
at
31 December
2025
Audited as at
30 June 2025
Bank loansAmortised costAug-2568.0Floating
2
-12.0
Bank loans
3
Amortised costNov-27180.0Floating
2
167.6139.2
Bank loansAmortised costJun-29200.0Floating
2
7.0197.0
Bank loansAmortised costJun-28300.0Floating
2
300.0300.0
Bank loansAmortised costAug-30275.0Floating
2
275.0200.0
Bank loansAmortised costJun-2775.0Floating
2
--
NZ senior secured bond (PCT030)Amortised costMay-27150.02.85%150.0150.0
NZ senior secured bond (PCT040)Amortised costMay-28175.05.25%175.0175.0
NZ wholesale green bond (PCTW29)Amortised costOct-2975.05.42%75.075.0
Convertible note (PCTHB)Amortised costSep-2665.07.56%65.065.0
Convertible note (PCTHC)Amortised costSep-2785.07.53%85.085.0
US private placementFair valueJan-2732.64.23%32.632.6
US private placementFair valueJul-29118.44.28%118.4118.4
US private placementFair valueJul-3144.44.38%44.444.4
Total drawn debt1,495.01,593.6
Weighted average term to maturity2.8 years2.8 years
Weighted average interest rate before swaps (including funding costs)4.41%5.20%
1As at 31 December 2025.
2Interest rates on bank loans are at the 90-day benchmark borrowing rate (BKBM) plus a margin. Precinct also pays facility fees.
3Term bank loan relating to the 61 Molesworth Street property.
Precinct has committed funding of $1,775.5 million (30 June 2025: $1,693.4 million) including the NZ retail bonds, NZ wholesale
bond, US private placements and convertible notes.
All lenders (excluding convertible noteholders) have the benefit of security over certain assets of the Group. The Group has
given a negative pledge which provides that it will not permit any security interest in favour of a party other than the lenders
to exist over more than 15% of the value of substantially all of its properties. The value of the mortgaged property pool as at
31 December 2025 is $2,990.4 million (30 June 2025: $2,990.4 million).
The convertible notes are subordinated to all secured debt and will convert into ordinary shares of Precinct subject to a Cash
Election. The cash election allows Precinct to elect to instead pay a cash amount to noteholders at the end of the term.
The number of shares into which each holding of notes converts will be determined by dividing the Principal Amount ($1.00
per note) by the Conversion Price, which is the lesser of:
1.the Conversion Price Cap of $1.3449 for PCTHB notes and $1.3845 for PCTHC notes; and
2.the Market Price.
PRECINCT PROPERTIES GROUP
24

Accounting Policies
Interest bearing liabilities
Bank loans, the NZ retail bonds and the NZ wholesale bond are recognised initially at fair value less any attributable
transaction costs. Subsequent to initial recognition, these liabilities are stated at amortised cost using the effective
interest method.
The US private placements are recognised at fair value including translation to NZD with any gains or losses
recognised in the profit or loss as they arise. This fair value is determined using swap models and present value
techniques with observable inputs such as interest rate and cross-currency curves. The movement in fair value
attributable to changes in Precinct's own credit risk is calculated by determining the changes in credit spreads
above observable market interest rates and is recognised in other comprehensive income. This measurement falls
into level 2 of the fair value hierarchy.
The convertible note embedded financial derivatives are recognised at fair value with any gains or losses
recognised in the profit or loss as they arise. This fair value is determined using the black-scholes model with
observable inputs such as Precinct's share price and it historic standard deviation, the convertible note strike price
and the risk free rate. This measurement falls into level 2 of the fair value hierarchy.
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are
capitalised as part of the cost of that asset.
6.2
Net finance expense
Amounts in $ millionsUnaudited six
months ended
31 December
2025
Unaudited six
months ended
31 December
2024
Finance income
Bank interest income0.30.4
Interest income on loan receivables
2.31.8
2.62.2
Finance expense
Interest bearing liabilities interest expense(41.4)(38.6)
Capitalised interest
13.37.3
(28.1)(31.3)
Net finance expense(25.5)(29.1)
Interim Financial Statements25
The numbers
Directory

Notes to the Financial Statements
For the six months ended 31 December 2025
6.3 Derivative financial instruments
Amounts in $ millionsUnaudited as at
31 December
2025
Audited as at
30 June 2025
Financial derivative assets
Current3.41.0
Non current
1
34.622.3
38.023.3
Financial derivative liabilities
Current(2.3)(1.3)
Non current
(35.1)(34.0)
(37.4)(35.3)
Total fair value of derivative financial instruments0.6(12.0)
Notional contract cover (fixed payer)1,695.02,295.0
Notional contract cover (fixed receiver)465.0465.0
Notional contract cover (cross currency swaps - fixed receiver)195.5195.5
Percentage of net drawn borrowings fixed57.5%82.8%
Weighted average term to maturity (fixed payer)2.9 years2.5 years
Weighted average interest rate after swaps (including funding costs)4.96%5.22%
1This includes the cross currency interest rate swap valuation of $32.5 million (June 2025: $17.8 million) and a net debit value adjustment of
$0.3 million debit (June 2025: $0.1 million debit).
Accounting Policies
Derivative financial instruments
Precinct uses derivative financial instruments (interest rate and cross currency swaps) to manage its exposure to
interest rate and foreign exchange risks arising from operational, financing and investment activities.
Derivative financial instruments are recognised initially at fair value and subsequently re-measured and carried at
fair value. They are carried as assets when the fair value is positive and liabilities when the fair value is negative. The
gain or loss on re-measurement to fair value is recognised directly in profit or loss.
The fair value is the estimated amount that Precinct would receive or pay to terminate the swap at the balance
date, taking into account current rates and creditworthiness of the swap counterparties. This is determined using
swap models and present value techniques with observable inputs such as interest rate and cross-currency curves.
The fair value of derivatives fall into level 2 of the fair value hierarchy.
PRECINCT PROPERTIES GROUP
26

6.4 Loan receivables
Amounts in $ millionsHeld atMaturity
1
FacilityCouponUnaudited as at
31 December
2025
Audited as at
30 June 2025
Sale and lease back property
2
Amortised costDec-2515.05.00%-15.0
Mezzanine loanAmortised costApr-2620.014.00%20.020.0
Total loan receivables35.020.035.0
Capitalised interest and line fees6.04.1
Capitalised borrowing costs(0.1)(0.2)
Total net loan receivables25.938.9
1As at 31 December 2025.
2Precinct sold the Amora Hotel property during the period.
6.5 Share capital
There is only one class of shares, being ordinary shares, and they rank equally with each other. All issued shares are
fully paid, carry full voting rights, have no redemption rights, have no par value and are subject to the terms of the
constitution. PPNZ and PPIL shares are "stapled" and jointly listed on the NZX (Stapled Securities). Each of PPNZ and PPIL has
1,852,849,352 shares on issue as at 31 December 2025.
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.
The following table provides details of movements in Precinct's issued shares:
Amounts in $ millions unless otherwise stated
Unaudited as at 31 December 2025
Audited as at 30 June 2025
Number (m)AmountNumber (m)Amount
Balance at the beginning of the period1,587.01,623.41,586.41,622.8
Issue of shares:
Equity raise (Placement and SPP)
1
264.9317.3--
Long term incentive plan - shares vested0.80.60.50.4
Employee share scheme - shares issued0.10.10.10.2
Balance at the end of the period1,852.81,941.41,587.01,623.4
1Precinct raised $285.0 million of equity through a fully underwritten placement (Placement) and a further $40.0 million through a
non‑underwritten share purchase plan (SPP) during the period. See Note 1.8 for details.
Share capital is recognised at the fair value of the consideration received by Precinct. Costs relating to the issue of new
shares have been deducted from the proceeds received.
Interim Financial Statements
27
The numbers
Directory

Notes to the Financial Statements
For the six months ended 31 December 2025
7. TAXATION
7.1 Income tax
Amounts in $ millionsUnaudited six
months ended
31 December
2025
Unaudited six
months ended
31 December
2024
Current tax benefit / (expense)1.63.7
Depreciation recovered on sale--
Deferred tax benefit / (expense)(0.5)7.7
Income tax benefit / (expense) as per consolidated statement of comprehensive income1.111.4
Amounts in $ millionsUnaudited six
months ended
31 December
2025
Unaudited six
months ended
31 December
2024
Net profit / (loss) before taxation1.8(2.2)
Tax benefit / (expense) at the statutory income tax rate of 28.0%(0.5)0.6
(Increase) / decrease in income tax due to:
Unrealised (gain) / loss on value of investment and development properties(8.2)-
Net realised (gain) / loss on sale of investment & development properties(0.1)(4.5)
Unrealised (gain) / loss on financial instruments(0.2)(8.0)
Net realised gain / (loss) on disposal of investment in joint venture-0.5
Disposal of depreciable assets0.50.3
Capitalised interest3.72.1
Prior period adjustments-1.1
Other adjustments(0.2)2.0
Depreciation7.77.5
Deductible capital expenditure0.2-
Tax impacts of equity-accounted investments(1.4)2.1
Current tax benefit / (expense)1.63.7
Depreciation recovered on sale of depreciable assets--
Deferred tax charged to profit or loss:
Fair value of financial instruments0.48.4
Investment property depreciation(1.0)2.5
Other deferred tax0.1(3.2)
Total deferred tax benefit / (expense)(0.5)7.7
Total income tax benefit / (expense)1.111.4
Effective tax rate-59%518%
PRECINCT PROPERTIES GROUP28

Precinct holds its properties on capital account for income tax purposes.
The group has tax losses of $246.7 million available to carry forward as at 31 December 2025 (30 June 2025: $243.0 million).
Imputation credits available for use as at 31 December 2025 are $nil (PPNZ) and $1,159,026 (PPIL) (30 June 2025: $nil (PPNZ)
and $653,657 (PPIL)).
Accounting Policies
Income tax
a) Recognition and measurement
Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to
the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively
enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
b) Key estimates and assumptions
Precinct undertakes transactions in the ordinary course of business where the income tax treatment requires the
exercise of judgement. Precinct estimates the amount expected to be paid to / recovered from tax authorities based
on its understanding and interpretation of the law, seeking external advice where appropriate, and considers that
it holds appropriate provisions. Uncertain tax positions are presented as current or deferred tax assets or liabilities
with reference to the nature of the underlying uncertainty based on management's determination of the likelihood
that uncertain tax positions will be accepted by the tax authorities.
Precinct applies judgement in evaluating whether the proceeds of sale of properties are on capital or revenue
account for income tax purposes.
8.
OTHER
8.1 Employment and administration expenses
Amounts in $ millionsUnaudited six
months ended
31 December
2025
Unaudited six
months ended
31 December
2024
Salaries and other short-term benefits11.39.1
Long-term benefits expense1.81.3
Less: management expenses recognised in direct operating expenses(3.5)(3.2)
Less: management expenses capitalised to properties being developed(5.9)(4.6)
Other employment and administration expenses2.51.9
Total employment and administration expenses6.24.5
Interim Financial Statements29
The numbers
Directory

Notes to the Financial Statements
For the six months ended 31 December 2025
8.2 Corporate overhead expenses
Amounts in $ millionsUnaudited six
months ended
31 December
2025
Unaudited six
months ended
31 December
2024
Audit fees0.20.2
Directors' fees and expenses0.90.9
Other
1
2.01.3
Total corporate overhead expenses3.12.4
1Other includes valuation fees, NZX listing fees, share registry costs, annual report publication and property investigations and feasbility costs.
8.3 Key management personnel
Amounts in $ millionsUnaudited six
months ended
31 December
2025
Unaudited six
months ended
31 December
2024
Directors' fees
1
0.40.4
Executive team remuneration
2
4.43.3
Total key management personnel expenses4.83.7
1Includes due diligence committee (DDC) fees that may be capitalised depending on the nature of the DDC.
2Total remuneration comprising base salary, STI payments, market value of LTI shares vesting and employer contributions to superannuation.
8.4 Debtors and other current assets
Amounts in $ millionsUnaudited as at
31 December
2025
Audited as at
30 June 2025
Trade receivables7.69.8
Less Allowance for expected credit losses on trade receivables
(0.3)(0.7)
Net trade receivables7.39.1
Receivables from related parties0.20.2
Other receivables
1.3-
Total debtor and other receivables (excluding prepayments)8.89.3
Prepayments10.014.8
Total debtor and other receivables18.824.1
PRECINCT PROPERTIES GROUP30

8.5 Trade and other payables
Amounts in $ millionsUnaudited as at
31 December
2025
Audited as at
30 June 2025
Trade creditors1.83.3
Accrued capital expenditure17.511.7
Retention accruals5.35.6
Accrued other expenses22.322.9
Accrued interest9.08.1
Rent received in advance6.55.2
Total other accruals and payables62.456.8
8.6 Contingencies
a) Contingent liabilities
There are no contingent liabilities as at 31 December 2025 (30 June 2025: $nil).
b) Contingent assets
There are no contingent assets as at
31 December 2025 (30 June 2025: $nil).
8.7
Adjustments to prior periods
In December 2025, Precinct conducted a review of the reserve balance within equity. It was identified that $18.2 million,
which accumulated as a result of movements in the fair value of the US private placements attributable to changes
in Precinct’s own credit risk during 2020 and 2021, had been incorrectly recognised in profit or loss instead of other
comprehensive income. The impact is limited to retained earnings and reserves within equity. The correction did not require
any change to net assets or total equity previously presented.
The error has been corrected by restating the opening retained earnings and reserve balances in the comparative period for
the impact arising in prior periods, as follows:
Amounts in $ millionsAudited as at
30 June 2025
(restated)
Audited as at
30 June 2025
(as reported)
Unaudited as
at 31 December
2024 (restated)
Unaudited as at
31 December
2024 (as
reported)
Audited as at
1 July 2024
(restated)
Audited as at
1 July 2024
(as reported)
Retained earnings358.7376.9405.1423.3439.4457.6
Reserves7.3(10.9)8.4(9.8)14.7(3.5)
Interim Financial Statements31
The numbers
Directory

Notes to the Financial Statements
For the six months ended 31 December 2025
8.8 Events after balance date
On 27 January 2026, Precinct announced the acquisition of ASB North Wharf by Precinct Pacific Investment Limited
Partnership (PPILP) for $205.0 million as part of an existing partnership with global institutional investor, GIC. The acquisition
remains conditional on Overseas Investment Office approval, with settlement expected to occur in the first half of 2026.
On 30 January 2026, Precinct announced the settlement of the sale of the InterContinental Hotel at One Queen Street in
Auckland for $180.0 million. Following the settlement, Precint has cancelled $150.0 million of bank loan facilities maturing in
June 2028.
On 12 February 2026, Precinct announced the settlement of the sale of 22 Stanley Street to Stanley Limited Partnership
(Stanley LP), a newly-formed investment partnership between Precinct and Keppel, a leading global asset manager
and operator.
On 25 February 2026, the PPNZ and PPIL Boards approved the financial statements for issue.
On 25 February 2026, the Board of PPNZ approved the payment of a dividend of 1.4975 cents per share to be paid on
20 March 2026.
On 25 February 2026, the Board of PPIL approved the payment of a dividend of 0.1900 cents per share to be paid on
20 March 2026.
PRECINCT PROPERTIES GROUP
32

Independent Auditor's review report to the shareholders of Precinct Properties New Zealand Limited
and Precinct Properties Investments Limited
Conclusion
We have reviewed the interim condensed financial statements of Precinct Properties New Zealand Limited (“PPNZ”) and its
subsidiaries and Precinct Properties Investments Limited (“PPIL”) and its subsidiaries (together “the Group”), which comprise
the consolidated statement of financial position as at 31 December 2025, and the consolidated statement of comprehensive
income, consolidated statement of changes in equity and consolidated statement of cash flows for the six months ended on
that date, and explanatory notes. Based on our review, nothing has come to our attention that causes us to believe that the
accompanying interim financial statements of the Group do not present fairly, in all material respects, the financial position
of the Group as at 31 December 2025, and its financial performance and its cash flows for the six months ended on that
date, in accordance with New Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting (NZ
IAS 34) and International Accounting Standard 34: Interim Financial Reporting (IAS 34).
TThis report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that we might
state to the Company’s shareholders those matters we are required to state to them in a review report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Company and the Company’s shareholders as a body, for our review procedures, for this report, or for the conclusion we
have formed.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised)
Review of Financial Statements Performed by the
Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s responsibilities for the review of
the financial statements section of our report. We are independent of the Group in accordance with the Professional and
Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including International Independence Standards)
(New Zealand) as applicable to audits and reviews of public interest entities. We have also fulfilled our other ethical
responsibilities in accordance with Professional and Ethical Standard 1.
Ernst & Young provides other assurance related services to the Group. Partners and employees of our firm may deal with
the Group on normal terms within the ordinary course of trading activities of the business of the Group. We have no other
relationship with, or interest in, the Group.
Directors' responsibilities for the interim financial statements
The directors of PPNZ and PPIL are responsible, on behalf of the Group, for the preparation and fair presentation of
the interim financial statements in accordance with NZ IAS 34 and IAS 34 and for such internal control as the directors
determine is necessary to enable the preparation and fair presentation of the interim financial statements that are free from
material misstatement, whether due to fraud or error.
A member firm of Ernst & Young Global Limited
Interim Financial Statements33
The numbers
Directory
33

Auditor’s Responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised)
requires us to conclude whether anything has come to our attention that causes us to believe that the interim financial
statements, taken as a whole, are not prepared in all material respects, in accordance with NZ IAS 34 and IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement.
We perform procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. The procedures performed in a review are substantially less
than those performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and
consequently do not enable us to obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion on those interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Susan Jones.
Chartered Accountants
Auckland
25 February 2026
A member firm of Ernst & Young Global Limited
PRECINCT PROPERTIES GROUP34

Directory
Interim Financial Statements35
The numbers
Directory

Directory
Registered Office of Precinct
Level 12,
188 Quay Street
Auckland, 1010
New Zealand
T: +64-9-927-1647
E: hello@precinct.co.nz
W: www.precinct.co.nz
Directors of Precinct
Anne Urlwin – Chair, Independent Director
Alison Barrass - Independent Director
Nicola Greer – Independent Director
Christopher Judd – Independent Director
Chris Meads – Independent Director
Mark Tume – Independent Director

Precinct Executive Team
Scott Pritchard, Chief Executive Officer
George Crawford, Deputy Chief Executive Officer
Richard Hilder, Chief Financial Officer
Emma de Vries, GM - People & Culture
Nicola McArthur, GM - Marketing, Communications & Experience
Anthony Randell, GM - Property
Louise Rooney, General Counsel & Company Secretary
Tim Woods, GM - Development
Manager
Precinct Properties Management Limited
Level 12,
188 Quay Street
Auckland, 1010
New Zealand
Bankers
ANZ New Zealand Bank
Bank of New Zealand
Westpac New Zealand
Commonwealth Bank of Australia
Industrial and Commercial Bank of China (New Zealand) Limited
Bank of China (New Zealand) Limited
Auditor
Ernst & Young
2 Takutai Square
Britomart
Auckland 1010
New Zealand
Bond Trustee
The New Zealand Guardian
Trust Company Limited
Level 15
191 Queen Street
Auckland
Security Trustee
Public Trust
Level 35, Vero Centre
48 Shortland Street
Auckland 1010
Registrar – Investors
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna, North Shore City
Private Bag 92 119
Auckland 1142
Telephone:+64-9-488-8700
Email:enquiry@computershare.co.nz
Website:www.computershare.co.nz
Fax:+64-9-488-8787
Please contact our registrar:
•To change investment details such as name, postal address or method of payment.
•For queries on dividends and interest payments.
•To elect to receive electronic communication.
PRECINCT PROPERTIES GROUP
36

---

Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Full yearQuarterly
Half yearX Special
DRP applies
Record date
Ex-date
Payment date (and allotment date for DRP)
Total monies associated with the distribution
1
Source of distribution
Currency
Gross distribution
2
Gross taxable amount
3
Total cash distribution
4
Excluded amount (applicable to listed PIEs)
Supplementary distribution amount
X
If fully or partially imputed, please state imputation rate as %
applied
6
0.00%
Imputation tax credits per financial product
Resident Withholding Tax per financial product
DRP % discount
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
Name of person authorised to make this announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
3. "Gross taxable amount" is the gross distribution minus any excluded income.
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.
$0.00000000
6. Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
Type of distribution
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.
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 2: Distribution amounts per financial product
$0.01497500
$0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5
6/03/2026
5/03/2026
20/03/2026
$27,746,419
Section 1: Issuer information
Precinct Properties New Zealand Limited
Precinct Properties New Zealand Limited Shares
PCT
NZAPTE0001S3
Retained earnings
NZD
N/A
Is the distrbution imputed
Fully imputed
Partial imputation
No imputation
$0.00000000
N/A
Section 4: Distribution re-investment plan (if applicable)
N/A
N/AN/A
$0.01497500
$0.01497500
+64 22 1941 263
hello@precinct.co.nz
26/02/2026
N/A
N/A
N/A
Section 5: Authority for this announcement
Richard Hilder
Martin Boys

---

Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Full yearQuarterly
Half yearX Special
DRP applies
Record date
Ex-date
Payment date (and allotment date for DRP)
Total monies associated with the distribution
1
Source of distribution
Currency
Gross distribution
2
Gross taxable amount
3
Total cash distribution
Excluded amount (applicabel to listed PIEs)
Supplementary distribution amount
X
If fully or partially imputed, please state imputation rate as %
applied
6
9.89%
Imputation tax credits per financial product
Resident Withholding Tax per financial product
DRP % discount
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
Name of person authorised to make this announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
6. Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
Martin Boys
+64 22 1941 263
hello@precinct.co.nz
26/02/2026
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.
N/A
20/03/2026
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.
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.
Richard Hilder
$0.00020851
$0.00048730
Section 4: Distribution re-investment plan (if applicable)
N/A
N/A
Section 5: Authority for this announcement
$0.00210851
$0.00009462
Section 3: Imputation credits and Resident Withholding Tax
5
N/A
N/AN/A
N/A
Section 2: Distribution amounts per financial product
$0.00210851
Is the distrbution imputed
Fully imputed
Partial imputation
No imputation
$0.00190000
$0.00000000
NZD
Section 1: Issuer information
Precinct Properties Investments Limited
Precinct Properties Investments Limited Shares
PCT
NZAPTE0001S3
Type of distribution
$3,520,414
Retained earnings
6/03/2026
5/03/2026

---

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

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.

Results for announcement to the market
Name of issuer Precinct Properties NZ & Precinct Properties Investment Ltd
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency NZD (New Zealand Dollar)
Amount (000s) Percentage change
Revenue from continuing
operations
$135,400 0.7%
Total Revenue $135,400 0.7%
Net profit/(loss) from
continuing operations
$0 -100.0%
Total net profit/(loss) $0 -100.0%
Interim Dividend - Precinct Properties New Zealand Limited
Amount per Quoted Equity
Security
$0.01497500
Imputed amount per Quoted
Equity Security
$0.00000000
Record Date 6 March 2026
Dividend Payment Date 20 March 2026
Interim Dividend - Precinct Properties Investments Limited
Amount per Quoted Equity
Security
$0.00190000
Imputed amount per Quoted
Equity Security
$0.00020851
Record Date 6 March 2026
Dividend Payment Date 20 March 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$1.18 $1.25
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the attached Interim Financial Statements and
Interim Results presentation for the period ended 31 December
2025

Authority for this announcement
Name of person

authorised
to make this announcement
Richard Hilder
Contact person for this
announcement
Martin Boys
Contact phone number 022 1941 263
Contact email address hello@precinct.co.nz
Date of release through MAP

26 February 2026

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

SPH Notice - Forsyth Barr Investment Management Limited Ongoing Disclosure Notice - Chris Judd

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.