Argosy FY26 Interim Result

1
19.11.2025

FY26 Interim Result – Green, Diversified, Resilient
Argosy will present the FY26 interim result via a teleconference and webcast at 10am today. Please
visit https://s1.c-conf.com/diamondpass/10050483-su87w3.html dial 0800 453 055 and quote the
conference ID#10050483. It is recommended that you dial in or log in a few minutes before the start
time. A copy of the webcast will be available on Argosy’s website later in the day.
Argosy Property Limited (‘Argosy’ or the ‘Company’) has reported its results for the six months to 30
September 2025.
KEY RESULTS FOR THE PERIOD:
• Net property income for the period of $61.2 million, which is up by 4.9% on the prior comparable
period.
• $31.3 million interim revaluation gain for the six months to 30 September, up 1.5% on book value,
compared to a gain of $8.7 million in the prior comparable period.
• Net profit after tax of $61.1 million, compared to a net profit after tax of $33.0 million in the prior
comparable period.
• Net distributable income of $30.7 million, up 11.7% on the prior comparable period.
• Occupancy steady at 96% and a Weighted Average Lease Term (WALT) of 5.4 years, up from 5.1
years at 31 March.
• NTA per share of $1.56, up from $1.53 at 31 March.
• Portfolio gearing at 35.9%, comfortably within the target band of 30-40%.
• Very strong rent review outcomes (4.1% annualised rental growth on rents reviewed).
• Progress on green developments, continuing our portfolio transformation and progress to a 50%
green portfolio by 2031 (37.6% at 30 September, including 224 Neilson Street).
• Election of Alex Cutler as a Director at the recent Annual Meeting.
• FY26 full year dividend guidance of 6.65 cents per share reaffirmed.

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CHAIRMAN’S REVIEW
The company has delivered strong results in the interim period and the Board remains confident in its
strategic direction.
Jeff Morrison said “Encouragingly, the domestic property sector has shown signs of renewed
momentum in recent weeks. While this uplift has yet to materially impact asset values or occupancy
rates, the increase in qualified enquiry levels marks a positive shift from the beginning of FY26 and
reflects growing market engagement.”
Importantly, in light of the welcome recent increase in enquiry levels, current vacancy levels present an
opportunity heading into the next calendar year, enabling Argosy to lift income levels, reposition space
and attract tenants aligned with long-term portfolio objectives. This dynamic is expected to support
leasing activity and contribute positively to occupancy outcomes over the coming months.
The Board is very comfortable with the company's capital position and balance sheet strength. The
business has sufficient funding capacity to accommodate medium term development requirements and
strategic acquisition opportunities, should they arise.
The Government has recently announced positive reforms to the earthquake-prone building system,
which introduce a more risk-based, proportionate approach. Key changes include excluding low-risk
areas such as Auckland from the requirements, and allowing Councils to extend remediation deadlines
by up to 15 years. Many buildings in low-risk areas will be removed from the register, and remediation
deadlines are now more flexible, reducing unnecessary compliance costs.
Jeff Morrison said, “Our CEO, Peter Mence, has represented the Sector as a member of the Advisory
Group, and the Board acknowledges Peter for his continuing work in this area.”
Argosy continues to advance towards its 2031 target of 50% green assets. As at 30 September, 37.6%
of the portfolio was existing or nearly completed green assets, driven by initiatives such as 224 Neilson
Street, which is set to feature one of New Zealand’s largest rooftop photovoltaic installations. The
company’s strategy centres on transforming existing brownfield sites into modern, sustainable
environments that enhance tenant wellbeing and long-term value. With Auckland Industrial as a key
growth focus, Argosy will actively invest into green developments, principally Mt Richmond and 291
East Tamaki Road.
The company announced Peter Mence’s intention to step down as CEO in May 2027, allowing for a
well-planned leadership transition, with the Board expecting to begin the search for a successor during
2026.
The Board also reaffirmed its commitment to robust succession planning at governance level. Martin
Stearne will succeed Jeff Morrison as Board Chair following the 2027 Annual Meeting, and is now
Chair of the Remuneration and Nominations Committee.
Directors Chris Gudgeon and Mike Pohio retired during the year, having made valuable contributions
during their tenure, and Alex Cutler was formally elected as a Director. Alex, who was appointed to the
Board in October 2024, is well known in the property industry and is a career long sustainability expert.

3
The Board previously announced an expected FY26 full-year cash dividend of 6.65 cents per share, in
line with the prior year. There is no change to that guidance.
Jeff Morrison said “It’s pleasing that the business has successfully navigated another recession, while
maintaining dividends to shareholders.”
MANAGEMENT REVIEW
Challenging economic conditions and a cautious property market persisted into the first half of FY26,
contributing to longer leasing decision timelines and a reduced number of suitable tenants in the
market. Despite these headwinds, Argosy’s portfolio occupancy remains solid at 96% as at 30
September 2025, and recently enquiry levels have significantly increased.
Recent decreases in the Official Cash Rate have provided welcome relief, easing funding pressures
and supporting renewed confidence in the commercial property sector. These monetary policy
adjustments are expected to gradually improve market sentiment and transactional activity in the
months ahead.
Peter Mence said “The reforms to New Zealand’s earthquake-prone building legislation are a positive
step for the sector. The move to a more risk-based, proportionate approach provides greater certainty
for owners and tenants, reduces unnecessary compliance costs, and allows for focus on remediation
efforts where they are most needed. These changes have already improved market confidence and we
expect further benefits as the new framework is implemented.”
Financial Results
Statement of Comprehensive Income
For the six months to 30 September, Argosy reported net property income of $61.2 million for the
period, up 4.9% on the prior comparable period. Rent review outcomes have contributed strongly and
the company continues to benefit from the establishment of its insurance captive subsidiary in 2023. In
addition, net surrender fee income (after amortisation) from an Industrial tenant of $1.1m was received
in the period.
CFO, Dave Fraser said “Global insurance market conditions have continued to improve. Reinsurance
capital reached a record high in 2025, allowing insurers to secure coverage at flat or reduced rates.
This has helped stabilise or reduce premiums across more challenging occupancies and higher risk
areas, including Wellington, purely driven by historically higher rates and increased competition across
the market for high quality, well managed assets.”
Interest expense of $18.8 million was down on the prior comparable period ($21.3 million). The
combination of lower rates and higher capitalised interest more than offset higher average debt levels
in the interim period.
An independent desktop valuation assessment of the portfolio showed a 1.5% lift in value as at 30
September, equating to $31.3 million, and this has been adopted by the Company. Overall cap rates
firmed by 2 basis points to an average of 6.33%. By sector, Industrial increased by $12.0 million or
1.0%, Office increased by $16.7 million or 2.1%, and Large Format Retail increased by $2.6 million or
1.2%. The portfolio is 7.3% under-rented, excluding market rent on developments.

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Following the adoption of the change in value, Argosy’s portfolio shows a contract yield on values of
5.93% and a yield on fully let market rentals of 6.68%.
Argosy’s NTA per share has increased to $1.56 from $1.53 as at 31 March 2025.
On 22 May 2025, the Government announced its Investment Boost tax program designed to support
productivity and economic growth by providing a benefit to businesses that make new investments.
Businesses can deduct 20% of the cost of new assets in the year that they purchase (or develop) the
asset. A business can claim both Investment Boost and a standard depreciation deduction in the year
they purchase the asset.
Dave Fraser said “The impact of this new policy has been minor for Argosy in the interim period.
However, practical completion of Warehouse A at 224 Neilson Street was achieved in October 2025.
As such, an estimated Investment Boost deduction of $5.7 million will be available for this development
in the second half of this financial year, with a tax effect of $1.6 million.”
Net profit after tax was $61.1 million (including a $31.3 million revaluation gain), compared to a net
profit after tax of $33.0 million (including an $8.7 million revaluation gain) in the prior comparable
period.
Distributable Income/AFFO
Net distributable income (NDI) for the six months was $30.7 million compared to $27.5 million in the
prior comparable period, an increase of 11.7%. Net distributable income was 3.58 cents per share to
30 September 2025, compared to 3.25 cents per share in the prior comparable period.
After adjustments for incentives/leasing costs and maintenance capex, AFFO was 3.45 cents per
share, compared to 3.17 cents per share in the prior comparable period.
The dividend payout to AFFO ratio was 97%, compared to 105% in the prior comparable period.
Portfolio Activity - Portfolio Metrics, Rent Reviews and Leasing
Peter Mence said “Market conditions in the first half of the financial year remained challenging, with
ongoing economic uncertainty and a softer leasing environment. Despite this, Argosy’s focus on high-
quality, sustainable assets has helped us maintain solid occupancy and attract new tenants.”
As at 30 September, Argosy’s WALT was 5.4 years and portfolio occupancy was 96%.
For the period to 30 September, Argosy completed 49 rent reviews, achieving annualised rental growth
of 4.1%. These reviews were achieved on rents totalling $37.3 million.
On rents subject to review by sector, Argosy achieved annualised rental growth of 5.3% for Industrial
rent reviews, 2.5% for Office rent reviews and 3.9% for Large Format Retail rent reviews.
For the interim period, 70% of rents reviewed were subject to fixed reviews, 29% were market reviews
and 1% were CPI based.
Argosy completed 18 leasing transactions across 37,382m² of NLA over the period to 30 September.
Lease transactions were made up of new leases (8), renewals (6) and extensions (4).

5
During the interim period Argosy retained two key Wellington Office tenants:
• New Zealand Post Limited exercised their right of renewal for the Ground Floor and Level 1 of
7WQ (4,332m²). The renewal is for six years with a final expiry date of 31 December 2031. Rent
reviews are CPI based with market reviews on 1 January 2026 and 1 January 2029.

• The Ministry of Business, Innovation and Employment (MBIE) have extended their lease at 15
Stout St (20,709m²) for a further 9 years from 23 July 2026. Reviews are fixed at 2.75% pa with
market reviews at 23 July 2026 and 23 July 2032. As part of the new lease Argosy and MBIE
will progress a decarbonisation project (including conversion of gas boilers to heat pumps, solar
panels, LED light conversion and EV chargers), and façade works (including installing additional
parapet flashings for enhanced protection and extending downpipes in various locations for
rainfall disbursement). The capital cost of the project is $13 million and the Stout St valuation
uplift on completion is $14 million, after deducting the $13 million capital cost.
Peter Mence said “We are very pleased to have retained such valuable tenants on long leases. The two
leases address the biggest expiry for both the current financial year and FY27, and lifts the weighted
average lease term to 5.4 years at 30 September. Following a quieter period for leasing activity earlier
this year, we have recently noted a welcome increase in enquiry in both Wellington and Auckland.
Notably, we are currently in active negotiations with prospective tenants for our buildings at 147 Lambton
Quay and 39 Market Place.”
Further key leasing highlights over the six month period include:
• Turners Group, 8-14 Mt Richmond, 7,677m² of yard, on a new 1 year lease.
• Intrepid Travel, 39 Market Place, 462m² on a new 6 year lease.
• Cottee Parker, 39 Market Place, 488m² on a new 6 year lease.
• Sangro Chambers, Citigroup Centre, 23 Customs Street East, 447m² on a 10 year extension.
• De’Longhi, 99-107 Khyber Pass Road, 368m² on a 3 year renewal.
• Visy Global Logistics, 4 Henderson Place, 7,186m² of warehouse and yard on a new 11.5 month
lease.
Notable leases secured post 30 September include:
• The Joint Accreditation System of Australia and New Zealand, 147 Lambton Quay, 501m² on a new
5 year lease.
• Lee Warehouse Group, Albany Mega Centre, 509m² on a new 6 year lease.
• Arthur J Gallagher, 320 Ti Rakau Drive, 514m² on a 3 year renewal.
Non Core Assets
Seven properties have been identified as non Core, with a combined current book value of $148
million, and these properties are expected to be divested over the medium term, as conditions allow.
Developments
We have seen continued strong fundamentals in the Industrial sector. Industrial assets remain
supported by low forecast vacancy and positive rental growth and are expected to deliver solid returns

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over the next three years. As at 30 September 2025, Argosy’s portfolio was 54% weighted to Industrial.
With the completion of our pipeline of green Value Add industrial developments, this weighting is set to
increase toward our medium-term target of 60–70%.
Neilson Street
In October, Warehouse A (11,500m² clear span with a 13m knee and 600m² of office) reached practical
completion on budget. Warehouse B (4,900m², clear span with a 11m knee and 500m² of office) is fully
leased to Basick Transport and has achieved a 6 Green Star Design & As Built rating. Warehouse A is
also in the final stages of obtaining a 6 Green Star Design & As Built rating.
Both warehouses feature sustainable design elements, including low carbon concrete, rainwater
harvesting, intelligent lighting and air conditioning, and a rooftop solar array of approximately 1,880
panels generating over 1.2GWh annually, one of the largest in New Zealand. Demand for quality,
sustainable industrial space remains high, positioning 224 Neilson Street to deliver strong long-term
value for investors.
Peter Mence said “With Neilson Street now complete, we’re seeing strong interest from businesses
looking for modern, sustainable industrial space in a prime location, and negotiations with two potential
tenants are ongoing for Warehouse A. Delivering high-quality, green-certified facilities like these puts
Argosy in a great position to meet tenant demand and drive value for our investors.”
Mt Richmond
Mt Richmond is a 10.6-hectare Value Add green development in the central industrial precinct of Mt
Wellington, about 15km from Auckland’s CBD. The site continues to underpin Argosy’s long-term
strategy, supporting portfolio growth and demonstrating confidence in the ongoing strength of
Auckland’s industrial market.
Stage 1 construction at Mt Richmond is advancing on schedule, with completion targeted for May
2026. This phase will deliver a 5,833m² of warehouse and office facility for Viatris Limited, a global
pharmaceutical distributor and also includes two platforms (which have now been leased to existing
tenants). Designed to achieve a 6 Green Star Design & As Built rating, the warehouse and office
facility will set a high standard for sustainability and reflects Argosy’s ongoing commitment to
environmental development.
Acquisitions
There were no acquisitions in the interim period to 30 September 2025. However, in October 2025
Argosy settled the acquisition of 291 East Tamaki Road and adjacent titles. This is a strategic purchase
that was unconditionally agreed in November 2024.
291 East Tamaki Road is a 4.6 hectare level site, located just 2km from SH1, and a prime industrial
asset within a well-established precinct. The acquisition aligns with Argosy’s strategy of delivering high-
quality, resilient, sustainable and future-ready industrial re-developments.
The initial purchase price and attendant capital works is $60 million, and the fully-let holding return is
5%.

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Peter Mence said “This location presents a rare opportunity to reshape a legacy industrial site into a
sustainably certified, modern, high-performing asset. We look forward to sharing future updates as we
transform this site into vibrant and future-ready workspaces.”
Banking Facilities
In July, Argosy successfully extended its syndicated bank facilities with ANZ Bank New Zealand
Limited, Bank of New Zealand, Commonwealth Bank of Australia, Westpac New Zealand Limited and
Industrial and Commercial Bank of China Limited. The new Tranches and expiries (which include a
new 7 Year Tranche) are:
Tranche A: $200 million, expiry 1 October 2028.
Tranche B: $225 million, expiry 1 October 2029.
Tranche D: $100 million, expiry 1 October 2030.
Tranche C: $100 million, expiry 1 July 2032.
Argosy’s weighted average debt tenor, including bonds, was 3.3 years at 30 September (2.7 years at
31 March 2025). The weighted average interest rate was 4.8% (5.1% at 31 March 2025).
Green Bond (ARG 010)
The company’s first green bond matures in March 2026. Argosy will refinance this bond later this
financial year.
DIVIDEND
A second quarter dividend of 1.6625 cents per share has been declared for the September quarter with
imputation credits of 0.263343 cents per share attached. This will bring the interim dividend for the six
months to 30 September to 3.325 cents per share. Overseas investors will receive an additional
supplementary dividend of 0.119500 cents per share to offset non-resident withholding tax.
The record date for the dividend is 3 December 2025 and the payment date is 17 December 2025.
The Dividend Reinvestment Plan (‘DRP’) remains open and will be available for shareholders to
participate in for the second quarter dividend. There will be a 2% discount applied to the price at which
shares will be issued under the DRP for this dividend.
Please see the second quarter dividend announcement today for more details.

END.
Peter Mence
Chief Executive Officer
09 304 3411
pmence@argosy.co.nz
Dave Fraser
Chief Financial Officer
09 304 3400
dfraser@argosy.co.nz

---

FY26 Interim Results:
Green, Diversified,
Resilient
19 November 2025

Argosy Property Limited
Agenda
Strategy4
Results summary5
Portfolio6
Financials12
Leasing & sector commentary22
Outlook26
Appendices29
Peter Mence, CEODave Fraser, CFO
Note: This results presentation should be read in conjunction with the NZX release dated 19 November 2025. Due to rounding, numbers presented in this
presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.
2

Argosy Property Limited
“Argosy’s focus on high-quality,
sustainable assets has helped us
maintain solid occupancy. The recent
increase in leasing activity is a positive
indicator for the rest of this financial
year.”
Peter Mence, CEO
3
Argosy Property Limited

Argosy Property Limited
4
A diversified portfolio by sector and region
A diversified asset allocation across sectors to
reduce volatility and widen growth opportunities
Targeting strategic growth opportunities with green
potential and a focus on Auckland Industrial
Maintaining a portfolio of high quality, well located
Core assets with growth potential
Proactive delivery of sustainable growth
A business culture that is environmentally focused
Executing green Value Add portfolio opportunities
to drive earnings and capital growth
A commitment to funding for green assets
A business that is adaptable and responsive
to change
Maintaining strong and valued relationships across
all stakeholders
A commitment to management excellence delivering
earnings and dividend growth
Ensuring safe working environments for Argosy and
its partners
Building a better future

Argosy Property Limited
Results Summary
Net property income up 4.9%Revaluation gain to 30 September
NTA per share, up from $1.53Interim net profit after tax
Q2 dividend declared
$61.2m$31.3m
$1.56$61.1m
1.6625c
5
Argosy Property Limited
Debt to total assets within the target
30-40% band
35.9%

Argosy Property Limited
Portfolio Highlights
Occupancy (by rent)Weighted Average Lease Term
Tenant retention rateGovernment sector rental incomeWeighting to Auckland Industrial
95.6%5.4yrs
88.7%31.6%47.3%
6
Argosy Property Limited
Annualised growth on rent reviews
4.1%

Argosy Property Limited
Portfolio at a glance
7
1.Large format retail.
2.Regional North Island and South Island. This weighting also includes up to 5% allocation to the golden triangle area between Auckland, Tauranga and Hamilton.
Sector by value %Region by value %Asset mix by value %
12
Targets:
54
36
10
Industrial (60-70%)Office (20-30%)LFR (5-15%)
84
9
7
Core (75-90%)Value AddDivest
71
26
3
Auckland (70-80%)Wellington (15-25%)Regional (0-10%)

Argosy Property Limited
Revaluations
FURTHER MODEST CAP RATE FIRMING
•An independent desktop review was
performed by Colliers on the portfolio as at
30 September.
•$31.3m gain recognised, or 1.5% above
September book value.
•The portfolio is under rented by 7.3%.
•Largest contributor was the increase in 15
Stout Street, following a 9-Year lease
extension by MBIE.
6.33%
Weighted average portfolio cap rate
8
1.Book Value excludes September 2025 revaluation gain/loss.
2.Cap rate excludes 224 Neilson Street and 8-14 Mt Richmond Drive
3.Cap rate excludes 224 Neilson Street, 8-14 Mt Richmond Drive and 39 Market Place
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect
exactly absolute figures.
30 Sep 25
Book Value
1

($m)
30 Sep 25
Valuation

($m)

$m

%
Sep 25
Cap rate
2

%
Mar 25
Cap rate
3

%
Auckland1,531.11,549.017.81.2%6.34%6.27%
Wellington558.9573.915.02.7%6.29%6.55%
North Island Regional & South Island58.256.7(1.5)(2.7%)6.86%6.86%
Total2,148.22,179.531.31.5%6.33%6.35%
30 Sep 25
Book Value
1

($m)
30 Sep 25
Valuation

($m)

$m

%
Sep 25
Cap rate
2

%
Mar 25
Cap rate
3

%
Industrial1,163.51,175.512.01.0%6.24%6.21%
Office778.7795.416.72.1%6.42%6.50%
Large Format Retail206.0208.62.61.2%6.49%6.59%
Total2,148.22,179.531.31.5%6.33%6.35%

Argosy Property Limited
Value Add & Green Developments
SUSTAINABLE ASSETS, STRONGER
PORTFOLIO
•The Mt Richmond development reinforces
Argosy’s long-term growth strategy, focused
on green rated Auckland prime Industrial
assets.
•Stage 1 construction at Mt Richmond is on
programme for May 2026, and on budget.
Delivering a 5,833m² 6 Green Star Design &
As Built rating.
~$207m
Value Add properties with potential to
deliver earnings and capital growth
Value Add PropertySectorLocation
Valuation @
30 Sep 25
8-14 Mt Richmond Drive, Mt WellingtonUnderwayIndustrialAuckland127.0
32 Bell Avenue, Mt WellingtonFutureIndustrialAuckland18.7
90-104 Springs Road, East TamakiFutureIndustrialAuckland10.1
133 Roscommon Road, WiriFutureIndustrialAuckland14.0
15 Unity Drive, AlbanyFutureIndustrialAuckland8.3
101 Carlton Gore Road, NewmarketFutureOfficeAuckland29.0
TOTAL $m 207.1
% of portfolio
9.5%
9

Argosy Property Limited
224 Neilson Street Development
10
Star Design & As Built rating
targeted on Warehouse A
6 Green
NLA for Warehouse B completed
on programme and leased to
Bascik Transport
5,412m
2
value on completion
$110m
Star Design & As Built rating
achieved for Warehouse B
6 Green
Argosy Property Limited
Advanced
negotiations for Warehouse A (12,076m
2
of
warehouse/office)
$11.1m
development margin

Argosy Property Limited
8-14 Mt Richmond Drive Development (3 stages)
Stage 1 leased to Viatris Limited on a 10
year lease, with completion expected May
2026
of platforms for next phase leased
forecast IRR on completionStar Design & As Built rating
targeted for Stage 1
will be added across two buildings
in Stage 2
5,833m
2
16,365m
2
9.4%
6 Green
8,155m
2
11
Argosy Property Limited
$36m
expected capital gain, from project
commencement

Argosy Property Limited
Financials
12

Argosy Property Limited
Gross Property Income Waterfall
ANNUALISED RENT REVIEWS UP 4.1%
13
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures
66.6
2.7
0.9
(0.8)
69.4
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Gross Property Income
30 Sep 2024
Like for like
rental growth
DevelopmentsDisposalsGross Property Income
30 Sep 2025
Rental income $m
Like for like rental growth of 4.0%

Argosy Property Limited
Financial Performance
NET PROFIT UP ON PRIOR
COMPARABLE PERIOD
•Net property income for the period of
$61.2 million, up by 4.9% on the prior
comparable period.
•Global insurance markets continue to soften.
•Net interest expense of $18.8 million was
down on the prior comparable period ($21.1m).
The combination of lower rates and higher
capitalised interest more than offset higher
average debt levels in the interim period.
$61.2m
Net property income up 4.9% on the
prior comparable period
14
1H26
$m
1H25
$m
Net property income61.258.4
Administration expenses(5.6)(5.6)
Profit before financial income/(expenses), other gains/(losses) and tax55.652.8
Net interest expense(18.8)(21.1)
Gain/(loss) on derivatives(2.3) (1.5)
Other gains/(losses)
Revaluation gains/(losses) on investment property31.3 8.7
Realised gains/(losses) on disposal of investment property0.2-
Profit/(loss) before income tax attributable to shareholders66.1 38.9
Taxation expense(5.0)(5.9)
Profit/(loss) and total comprehensive income/(loss) after tax61.1 33.0
Earnings per share (cents)7.11 3.89
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not
reflect exactly absolute figures.

Argosy Property Limited
Distributable Income
SOUND RESULT
•Net distributable income (NDI) for the
period was $30.7 million compared to
$27.5 million in the prior comparable
period, an increase of 11.7%.
•NDI was 3.58 cents per share, compared to
3.25 cents per share in the prior
comparable period.
$30.7m
Net distributable income up 11.7% on
the prior comparable period
15
1H26
$m
1H25
$m
Profit before income tax66.1 38.9
Adjustments:
Revaluation (gains)/losses on investment property(31.3)(8.7)
Realised losses/(gains) on disposal(0.2)-
Derivative fair value (gain)/loss2.31.5
Gross distributable income36.831.6
Current tax expense(6.1)(4.1)
Net distributable income30.727.5
Weighted average number of ordinary shares (m)859.1847.2
Gross distributable income per share (cents)4.293.74
Net distributable income per share (cents)3.583.25
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not
reflect exactly absolute figures.

Argosy Property Limited
Adjusted Funds From Operations (AFFO)
AFFO UP ON PRIOR YEAR BY 10.4%
•After adjustments for incentives/leasing
costs and maintenance capex, AFFO
was 3.45 cents per share, compared
to 3.17 cents per share in the prior
comparable period.
•The dividend payout ratio to AFFO was
97%, compared to 105% in the prior
comparable period
97%
AFFO dividend payout ratio
16
1H261H25
$m$m
Net distributable income30.727.5
Amortisation of tenant incentives and leasing costs1.61.1
Share based payment expense-0.1
Funds from operations (FFO)32.428.6
Capitalisation of tenant incentives and leasing costs(0.7)(0.8)
Maintenance capital expenditure(2.1)(1.0)
Maintenance capital expenditure recovered through sale--
Adjusted funds from operations (AFFO)29.626.8
Weighted average number of ordinary shares (m)859.1847.2
FFO cents per share 3.773.38
AFFO cents per share 3.453.17
Dividends paid/payable in relation to period3.333.33
Dividend payout ratio to FFO88%98%
Dividend payout ratio to AFFO97%105%
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not
reflect exactly absolute figures.

Argosy Property Limited
Investment Property Waterfall
PORTFOLIO VALUE LIFT TO $2.2 BILLION
17
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.
(1)
2,149
40
31
2,219
(40)
2,179
1,400
1,600
1,800
2,000
2,200
2,400
Balance at
1 April 2025
Capitalised costsChange in fair valueChange in capitalised
leasing costs & incentives
Balance 30 Sep 2025Right of use assetBalance 30 Sep 2025
(excluding right of use
asset)
Investment Properties ($m)

Argosy Property Limited
Balance Sheet Management
DEBT TO TOTAL ASSETS IN THE
MID-RANGE OF TARGET BAND
•The balance sheet is in good shape.
•At 30 September 7 properties regarded as
non Core (valued at $148m).
•Acquisition of 291 East Tamaki Road in
October shifts proforma debt to total assets
ratio to 37.3%.
35.9%
Debt to total assets ratio, comfortably
within the target band of 30-40%
18
1.Excludes capitalised borrowing costs.
2.Excludes Right of Use Asset at 39 Market Place of $39.8 million.
1H26FY25
$m$m
Investment properties2,219.3 2,148.9
Other assets12.5 13.3
Total assets2,231.7 2,162.2
Right of Use Asset(39.8)(39.8)
Total assets (net of Right of Use Asset)2,192.0 2,122.4
Fixed Rate Green Bonds325.0 325.0
Bank debt
1
462.2 433.3
Total Bank Debt & Bond Funding787.2 758.3
Debt to total assets ratio
2
35.9%35.7%
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not
reflect exactly absolute figures.

Argosy Property Limited
Interest Rate Management
FIXED RATE COVER OF 57%
•Weighted average interest rate at 30
September 2025 reduced to 4.8% from
5.1%.
•Fixed rate cover at 57% of debt.
2.6x
Interest cover ratio. Banking covenant
set at a minimum of 2.0x
1H26
$m
FY25
$m
Weighted average interest rate
1
4.8%5.1%
Interest Cover Ratio2.6x2.5x
% of fixed rate borrowings57%63%
Weighted average duration of active payer swaps/fixed bond2.7 years2.4 years
Average rate of active payer swaps/fixed bond3.60%3.47%
19
1.Including margin and line fees.

Argosy Property Limited
Debt Profile
GREEN BOND DIVERSIFICATION 34%
•Bank debt refinanced in July, with new
7 year tranche.
•The total amount of the bank facility is
$625m, with the nearest tranche expiring
in October 2028 (FY29).
•The first bond matures in March 2026, and
we will refinance later this financial year.
3.3 years
Weighted average duration of Argosy’s debt
20
200
225
100
100100100
125
0
0
50
100
150
200
250
300
350
400
FY26FY27FY28FY29FY30FY31FY32FY33
Facilities ($m)
Bank facilitiesExisting green bonds

Argosy Property Limited
Dividends
STEADY DIVIDEND
•A 2nd quarter dividend of 1.6625 cents per
share has been declared with 0.263343
cents per share imputation credits attached.
•Overseas investors will receive an additional
supplementary dividend of 0.119500 cents
per share to offset non-resident withholding
tax.
•Dividend Reinvestment Plan remains open.
6.65c
FY26 dividend guidance in
line with prior year
21
6.03
6.10
6.20
6.28
6.35
6.45
6.55
6.656.656.656.65
5.00
5.20
5.40
5.60
5.80
6.00
6.20
6.40
6.60
6.80
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
guidance
Dividend cps

Argosy Property Limited
Leasing & sector
commentary
22

Argosy Property Limited
Leasing Outcomes
of NLA leased to 30 SeptemberMBIE lease extension at 15 Stout Street
new lease to Visy Global Logistics
at 4 Henderson Place
NZ Post lease renewal at 7WQrent reviews over the period with
annualised rental growth of 4.1%
37,382m
2
9yr
7,186m
2
6yr49
23
Argosy Property Limited
lease transactions including 8 new
leases, 6 renewals and 4 extensions
18

Argosy Property Limited
Lease Expiry & Rent Review Profile
LEASE EXPIRY PROFILE IS
WELL MANAGED
•Total expiry until 31 March 2027
(2H26 & FY27) is ~7.6%.
•Largest expiry in FY28 is break clause for
General Distributors at Favona Road
(7.6%), which is a future development site.
1.8%
Percentage of leases in 2H26 expiring
1.8%
5.8%
19.3%
8.1%
11.3%
6.2%
11.1%
4.6%
0.7%
7.7%
19.0%
4.4%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
VacantMar-26Mar-27Mar-28Mar-29Mar-30Mar-31Mar-32Mar-33Mar-34Mar-35Mar-36 +
Percentage of portfolio (by income)
Year ending
Largest single expiry
24

Argosy Property Limited
Market Insights
•As economic conditions improve, the imbalance between
supply and net absorption (demand) will correct.
•Limited land supply in Auckland and Wellington
continues pressure on land values, with prime sites
holding their value.
•Vacancy remains low, and focused in secondary and
sublease space.
•Under-renting persists, particularly in Auckland.
INDUSTRIAL
•Many organisations have settled into hybrid models.
•Notwithstanding this, there is a growing desire for organisations
to boost office attendance.
•Many organisations plan to adjust their workplace as a result of
hybrid work.
•Government sector actual attendance still lags expectations.
•The building environment is increasingly in focus, as employers
try to get more staff back to the office, with end-of -trip facilities
a must have.
•Projected demand for green buildings will exceed supply.
•More demand for serviced office/meeting room facilities.
OFFICE
•Retail surveys indicate confidence is improving.
•Large Format Retail continues to receive solid demand in
prime locations.
•Retailers consolidating to a fewer number of locations.
•Growth in demand from offshore retailers continues.
LARGE FORMAT RETAIL
25

Argosy Property Limited
Outlook
26

Argosy Property Limited
Outlook
OUTLOOK IS MORE POSITIVE
•The domestic economy is expected to gradually improve and there is a significant recent improvement in leasing enquiry.
•Restrictive interest rates have eased.
•Insurance premiums are falling as the global insurance market softens.
•Investment Boost is a positive initiative to encourage development.
•The strong bottom up fundamentals of the Industrial sector will continue to underpin top line growth.
•Tenant focus on sustainable initiatives and prime locations is positive for Argosy.
•Argosy is well placed, with a sound capital position, to continue operating as a green & environmentally sustainable business.
27

Argosy Property Limited
Questions
28

Argosy Property Limited
Appendices
29

Argosy Property Limited
Balance Sheet Management
DEBT TO TOTAL ASSETS HAS REMAINED COMFORTABLY WITHIN THE BAND THROUGH THE RECESSION
30
31.1
35.1
36.5
35.7
35.9
0
10
20
30
40
FY22FY23FY24FY251H26
Debt to total assets (%)

Argosy Property Limited
Hedges, Interest Rates & Debt Maturity
HEDGES & WEIGHTED AVERAGE
INTEREST RATES (MARCH Y/E)
31
DEBT MATURITY PROFILE (FACILITY) &
WEIGHTED AVERAGE MARGIN AND LINE FEE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
0
100
200
300
400
500
202620272028202920302031
Weighted Average Interest Rate (%)
Face Value of Hedges ($m)
Payer amountRate
200
225
100
100100100
125
0
1.79%
1.77%
2.00%
1.07%
1.13%
1.20%
1.45%
1.00%
1.20%
1.40%
1.60%
1.80%
2.00%
0
50
100
150
200
250
300
350
400
FY26FY27FY28FY29FY30FY31FY32FY33
Weighted average margin & Line fee (%)
Debt profile ($m)
DebtBondMargin + Line Fee

Argosy Property Limited
Rent review summary – by type, sector and location
32
Type#
Previous Rent
($000's)
% of rent
reviewed
New Rent
($000's)
Increase
($000's)% Increase
Annualised
Increase
($000's)
Annualised %
Increase
Total4937,291100%40,2542,9637.9%1,5224.1%
By review type
Fixed4125,86069%26,5206602.6%6602.6%
Market610,95029%13,2192,26920.7%8457.7%
CPI24811%514347.0%173.7%
By sector
Industrial1419,29652%21,6962,40012.4%1,0285.3%
Office2714,93840%15,3664292.9%3762.5%
LFR83,0578%3,1921354.4%1183.9%
By location
Auckland3926,51771%29,2472,73010.3%1,2894.9%
Wellington1010,77429%11,0072332.2%2332.2%
Other--------
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.

Argosy Property Limited
32%
17%
17%
14%
9%
8%
1%
Government administration
Transport and storage
Manufacturing
Retail trade
Property and business services
Wholesale trade
Finance and insurance
Health and community services
All other
Portfolio metrics
33
RENT ROLL BY INDUSTRYTOP 10 CUSTOMERS BY RENT
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.
9%
8%
6%
6%
5%
5%
3%
2%
52%
MBIE
General Distributors Limited
Cardinal Logistics Limited
Statistics New Zealand
Kainga Ora
The Warehouse Limited
Carr & Haslam Limited
Ministry of Housing and Urban
Development
PBT Transport Limited
New Zealand Post Limited
All other

Argosy Property Limited
Industrial
Office
Large format retail
Sector Summary
Number of buildings
33
Market value of assets ($m)
$1,175.5
Occupancy (by income)
99.4%
Weighted average lease term (WALT)
4.8 years
Number of buildings
13
Market value of assets ($m)
$795.4
Occupancy (by income)
91.6%
Weighted average lease term (WALT)
6.3 years
Number of buildings
4
Market value of assets ($m)
$208.6
Occupancy (by income)
97.7%
Weighted average lease term (WALT)
4.7 years
34

Argosy Property Limited
Portfolio snapshot
35
Note: Due to rounding, numbers
presented in this presentation may not
add up exactly to the totals provided
and percentages may not reflect
exactly absolute figures.
98.7
99.3
96.7
96.5
95.6
0
20
40
60
80
100
FY22FY23FY24FY251H26
Occupancy (%)
1.74
1.58
1.45
1.53
1.56
0.00
0.50
1.00
1.50
2.00
FY22FY23FY24FY251H26
Net Tangible Assets ($ per share)
31.1
35.1
36.5
35.7
35.9
0
10
20
30
40
FY22FY23FY24FY251H26
Debt to total assets (%)
5.7
5.4
5.2
5.1
5.4
0.0
1.0
2.0
3.0
4.0
5.0
6.0
FY22FY23FY24FY251H26
WALT (years)

Argosy Property Limited
Portfolio summary - Industrial
36
Property address
Valuation
($000s)
WALT
(years)
Nett Lettable Area
(m
2
)
Vacant Space
(m
2
)
Contract
Yield
Auckland
19 Nesdale Avenue, Wiri$75,3009.1 20,621 - 5.71%
240 Puhinui Road, Manukau $47,2009.1 13,273 - 5.43%
244 Puhinui Road, Manukau $16,7009.1 4,353 - 5.21%
24-28 Highgate Parkway, Silverdale$38,0002.3 10,581 - 5.03%
32 Bell Avenue, Mt Wellington$18,7002.0 8,139 - 6.42%
12-16 Bell Avenue, Mt Wellington$37,6007.2 14,809 - 5.11%
18-20 Bell Avenue, Mt Wellington$22,6007.3 5,639 - 4.98%
2 Allens Road, East Tamaki$13,1009.0 2,920 - 5.14%
12 Allens Road, East Tamaki$8,1008.4 2,307 - 6.85%
106 Springs Road, East Tamaki$12,7007.0 3,910 - 5.14%
5 Allens Road, East Tamaki$8,1503.1 2,572 - 4.38%
1 Rothwell Avenue, Albany$37,3004.8 12,683 - 5.18%
4 Henderson Place, Onehunga$34,1000.3 10,841 1,390 5.76%
211 Albany Highway, Albany$38,6002.3 14,589 - 5.64%
9 Ride Way, Albany$32,8007.0 9,178 - 5.60%
90-104 Springs Road, East Tamaki$10,1501.4 3,885 - 4.24%
1-3 Unity Drive, Albany$18,5005.7 6,116 - 4.96%
5 Unity Drive, Albany$9,4505.7 3,046 - 4.99%
Cnr William Pickering Drive & Rothwell Avenue, Albany$24,0004.6 7,074 - 5.86%
17 Mayo Road, Wiri$37,6001.3 13,351 - 5.15%
320 Ti Rakau Drive, East Tamaki$79,3003.0 28,242 - 6.00%
80-120 Favona Road, Mangere$156,0002.5 59,386 - 6.77%
224 Neilson Street, Onehunga$106,30011.5 5,412 - -
8-14 Mt Richmond Drive, Mt Wellington$127,0002.5 23,016 - -
15 Unity Drive, Albany$8,2502.6 7,002 - 3.87%
133 Roscommon Road, Wiri$14,0008.0 15,862 - 3.92%

Argosy Property Limited
Portfolio summary – Industrial (cont.)
37
Property address
Valuation
($000s)
WALT
(years)
Nett Lettable Area
(m
2
)
Vacant Space
(m
2
)
Contract
Yield
Wellington
54-56 Jamaica Drive, Grenada North$11,50010.0 1,825 - 6.07%
147 Gracefield Road, Seaview$21,2502.5 8,018 - 5.39%
19 Barnes Street, Seaview$17,8005.9 6,857 - 7.04%
39 Randwick Road, Seaview$26,5003.7 16,249 - 6.95%
68 Jamaica Drive, Grenada North$21,0002.8 9,417 - 6.19%
Other
100 Maui Street, Hamilton$29,05011.0 12,236 - 5.86%
8 Foundry Drive, Woolston, Christchurch$16,9004.3 7,762 - 7.77%
TOTAL - INDUSTRIAL$1,175,5004.8 371,171 1,390 5.80%
Yield excludes development properties 224 Neilson Street and 8-14 Mt Richmond Drive.

Argosy Property Limited
Portfolio summary - Office
38
Property address
Valuation
($000s)
WALT
(years)
Nett Lettable Area
(m
2
)
Vacant Space
(m
2
)
Contract
Yield
Auckland
99-107 Khyber Pass Road, Grafton$16,2002.1 2,509 - 7.11%
8 Nugent Street, Grafton$48,0003.2 8,126 314 7.29%
39 Market Place, Viaduct Harbour$8,5006.3 10,366 6,817 13.01%
82 Wyndham Street$49,8006.2 6,012 - 6.24%
101 Carlton Gore Road, Newmarket$29,0003.6 4,509 1,990 4.07%
105 Carlton Gore Road, Newmarket$49,5006.4 5,196 570 6.54%
107 Carlton Gore Road, Newmarket$43,7506.4 6,093 - 6.44%
23 Customs Street East$74,8004.1 9,629 848 6.68%
Wellington
7-27 Waterloo Quay$130,1004.2 23,080 - 6.56%
15-21 Stout Street$148,5009.8 20,709 - 5.97%
143 Lambton Quay$7,250- 6,216 6,216 -
147 Lambton Quay$40,0002.5 8,949 5,430 3.54%
8-14 Willis Street/ 360 Lambton Quay$150,0009.4 16,768 - 4.63%
TOTAL - OFFICE$795,4006.3 128,162 22,185 5.89%

Argosy Property Limited
Portfolio summary – Large Format Retail
39
Property address
Valuation
($000s)
WALT
(years)
Nett Lettable Area
(m
2
)
Vacant Space
(m
2
)
Contract
Yield
Auckland
Albany Mega Centre and 11 Coliseum Drive, Albany$155,5004.8 33,791 1,007 6.76%
50 & 54-62 Cavendish Drive, Manukau$31,2005.7 9,939 - 6.47%
252 Dairy Flat Highway, Albany$11,2004.3 2,262 - 5.27%
Other
Cnr Taniwha & Paora Hapi Streets, Taupo$10,7001.5 4,212 - 7.60%
TOTAL - LARGE FORMAT RETAIL$208,6004.7 50,204 1,007 6.68%

Argosy Property Limited
Thank you
DISCLAIMER
This presentation has been prepared by Argosy
Property Limited. The details in this presentation provide
general information only. It is not intended as investment
or financial advice and must not be relied upon as such.
You should obtain independent professional advice prior
to making any decision relating to your investment or
financial needs. Thispresentation is not an offer or
invitation for subscription or purchase of securities or
other financial products. Past performance is no
indication of future performance.
All values are expressed in New Zealand currency
unless otherwise stated.
19 November 2025
40

---

attracts
QUALITY
Interim Financial Statements
30 September 2025
QUALITY

When your goal is to build
a better future for all your
stakeholders,
QUALITY in
everything you do is essential.
By achieving the highest
standards of property
development and management,
we attract and retain top
QUALITY
tenants to our portfolio.
And that leads to the highest
QUALITY outcomes for investors.
COVER
224 Neilson Street
Onehunga AUCKLAND
Argosy Property LimitedInterim Financial Statements 30 September 202502

Consolidated Financial Statements
Condensed Consolidated Interim Statement of
Financial Position
04
Condensed Consolidated Interim Statement of
Comprehensive Income
05
Condensed Consolidated Interim Statement of
Changes in Equity
06
Condensed Consolidated Interim Statement of
Cash Flows
07
Notes to the Condensed Consolidated Interim
Financial Statements
08
Independent Auditor's Review Report17
Argosy Property LimitedInterim Financial Statements 30 September 202503

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025 (UNAUDITED)
Note
Group (unaudited)
30 September 2025
$000s
Group (audited)
31 March 2025
$000s
Non-current assets
Investment properties
5
2,219,2592,148,896
Derivative financial instruments
6
–58
Other non-current assets7,3003,173
Total non-current assets2,226,5592,152,127
Current assets
Cash and cash equivalents2,0451,438
Trade and other receivables1,6602,116
Derivative financial instruments
6
176816
Other current assets1,3045,727
Total current assets5,18510,097
Total assets
4
2,231,7442,162,224
Shareholders' funds
Share capital
7
839,353829,900
Share based payments reserve573532
Retained earnings509,839477,343
Total shareholders' funds1,349,7651,307,775
Non-current liabilities
Interest bearing liabilities
8
684,707655,982
Derivative financial instruments
6
21,46819,591
Non-current lease liabilities39,62239,692
Deferred tax14,52615,608
Total non-current liabilities760,323730,873
Current liabilities
Interest bearing liabilities
8
100,000100,000
Trade and other payables14,79918,207
Taxation payable3,5831,788
Current lease liabilities137134
Derivative financial instruments
6
279571
Other current liabilities2,8582,876
Total current liabilities121,656123,576
Total liabilities881,979854,449
Total shareholders' funds and liabilities2,231,7442,162,224
For and on behalf of the Board
Jeff Morrison
Director
Stuart McLauchlan
Director
Date: 18 November 2025
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedInterim Financial Statements 30 September 202504
CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 (UNAUDITED)
Note
Group (unaudited)
Six months to
30 September 2025
$000s
Group (unaudited)
Six months to
30 September 2024
$000s
Gross property income from rentals69,37066,620
Gross property income from expense recoveries10,91211,527
Property expenses(19,057)(19,780)
Net property income
4
61,22558,367
Administration expenses5,6165,577
Profit before financial income/(expenses), other gains/(losses) and tax55,60952,790
Financial income/(expenses)
Interest expense
9
(18,831)(21,305)
Gains/(losses) on derivative financial instruments held for trading(2,283)(1,468)
Interest income61158
(21,053)(22,615)
Other gains/(losses)
Revaluation gains/(losses) on investment property
5
31,2818,686
Realised gains/(losses) on disposal of investment property232(2)
31,5138,684
Profit/(loss) before income tax attributable to shareholders66,06938,859
Taxation expense
10
5,0195,889
Profit/(loss) and total comprehensive income/(loss) after tax61,05032,970
All amounts are from continuing operations.
Earnings/(loss) per share
Basic and diluted earnings/(loss) per share (cents)7.113.89
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedInterim Financial Statements 30 September 202505

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 (UNAUDITED)
Shares
on issue
$000s
Share based
payments
reserve
$000s
Retained
earnings
$000s
Total
$000s
For the six months ended
30 September 2025 (unaudited)
Shareholders' funds at the beginning of the period829,900532477,3431,307,775
Total comprehensive income/(loss) for the period––61,05061,050
Contributions by shareholders
Issue of shares from Dividend Reinvestment Plan9,481––9,481
Issue costs of shares(28)––(28)
Dividends to shareholders––(28,554)(28,554)
Movement in share-based payment reserve–41–41
Shareholders' funds at the end of the period839,353573509,8391,349,765
For the six months ended
30 September 2024 (unaudited)
Shareholders' funds at the beginning of the period820,557475407,8961,228,928
Total comprehensive income/(loss) for the period––32,97032,970
Contributions by shareholders
Dividends to shareholders––(28,169)(28,169)
Movement in share-based payment reserve–57–57
Shareholders' funds at the end of the period820,557532412,6971,233,786
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedInterim Financial Statements 30 September 202506
CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 (UNAUDITED)
Group (unaudited)
Six months to
30 September 2025
$000s
Group (unaudited)
Six months to
30 September 2024
$000s
Cash flows from operating activities
Cash was provided from:
Property income82,21577,400
Interest received61158
Cash was applied to:
Property expenses(15,446)(15,089)
Interest paid(17,338)(19,868)
Interest paid for ground lease(996)(999)
Employee benefits(3,954)(4,390)
Taxation paid(4,053)(2,692)
Other expenses(2,621)(2,416)
Net cash from/(used in) operating activities37,86832,104
Cash flows from investing activities
Cash was provided from:
Sale of properties, deposits and deferrals224(101)
Cash was applied to:
Capital additions on investment properties(40,557)(23,730)
Capitalised interest on investment properties(2,290)(991)
Purchase of properties, deposits and deferrals(3,371)(27)
Net cash from/(used in) investing activities(45,994)(24,849)
Cash flows from financing activities
Cash was provided from:
Debt drawdown32,80031,269
Cash was applied to:
Repayment of debt(3,900)(9,600)
Dividends paid to shareholders net of reinvestments(19,327)(28,448)
Issue costs of shares(28)–
Repayment of lease liabilities(67)(64)
Bond costs(38)(35)
Facility refinancing fee(707)(743)
Net cash from/(used in) financing activities8,733(7,621)
Net increase/(decrease) in cash and cash equivalents607(366)
Cash and cash equivalents at the beginning of the period1,4381,829
Cash and cash equivalents at the end of the period2,0451,463
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedInterim Financial Statements 30 September 202507

1. General information
Argosy Property Limited (APL or the Company) is an FMC Reporting Entity under the Financial Markets Conduct Act 2013 and the
Financial Reporting Act 2013. APL is incorporated under the Companies Act 1993 and domiciled in New Zealand.
The Company's principal activity is investment in properties which include Industrial, Office and Large Format Retail properties,
predominantly in Auckland and Wellington.
These condensed consolidated interim financial statements (interim financial statements) are presented in New Zealand dollars
which is the Company's functional currency and have been rounded to the nearest thousand dollars ($000) and include those of APL
and its subsidiaries (the Group).
These interim financial statements were approved by the Board of Directors on 18 November 2025.
2. Basis of preparation
STATEMENT OF COMPLIANCE
These interim financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand
(NZ GAAP) and comply with NZ IAS 34 and IAS 34 Interim Financial Reporting as applicable to the Company as a profit-oriented
entity. These interim financial statements do not include all of the information required for full annual financial statements.
The interim financial statements have been prepared on the historical cost basis except for derivative financial instruments and
investment properties which are measured at fair value.
USE OF ESTIMATES AND JUDGEMENT
The preparation of financial statements in conformity with NZ GAAP requires the use of certain critical accounting estimates that
affect the application of policies and reported amounts of assets and liabilities, income and expenses. The area involving a higher
degree of complexity, and where assumptions and estimates are significant to the financial statements, is note 5 - valuation of
investment property.
3.
 Material accounting policies
CHANGE IN ACCOUNTING POLICIES
Accounting policies and methods of computation have been applied consistently to all periods and by all Group entities.
STANDARDS ISSUED BUT NOT YET EFFECTIVE
At the date of authorisation of these financial statements, the Group has not applied any new or revised NZ IFRS standards and
amendments that have been issued but are not yet effective.
NZ IFRS 18 Presentation and Disclosure in Financial Statements (NZ IFRS 18) will replace NZ IAS 1 Presentation of Financial
Statements. NZ IFRS 18 has been issued and will be effective from the period commencing 1 April 2027.  It is not expected that the
adoption of this standard will have a material impact on the financial statements of the Group.
Argosy Property LimitedInterim Financial Statements 30 September 202508
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

4. Segment information
The principal business activity of the Group is to invest in, and actively manage, properties in New Zealand. NZ IFRS 8 Operating
Segments requires operating segments to be identified on the basis of internal reports about components of the Group that
are regularly reviewed by the chief operating decision maker, being the Chief Executive Officer, in order to allocate resources to
segments and assess their performance.
The information reported to the Group’s Chief Executive Officer includes investment property information aggregated into three
business sectors, Industrial, Office and Large Format Retail, based on what the occupants actual or intended use is. Segment profit
represents profit earned by each segment including allocation of identifiable revaluation gains/(losses) on investment properties
and gains/(losses) on disposal of investment properties.
The following is an analysis of the Group’s results by reportable segments.
IndustrialOfficeLarge Format RetailTotal (unaudited)
Six months to
30 September
Six months to
30 September
Six months to
30 September
Six months to
30 September
2025
$000s
2024
$000s
2025
$000s
2024
$000s
2025
$000s
2024
$000s
2025
$000s
2024
$000s
Segment profit
Net property income
1
30,76326,74423,88225,2516,5806,37261,22558,367
Realised gains/(losses)
on disposal of
investment properties
232(1)–(1)––232(2)
30,99526,74323,88225,2506,5806,37261,45758,365
Interest on ground lease––(996)(999)––(996)(999)
Revaluation gains/(losses) on
investment properties
12,000
2,66216,7152,208
2,5663,816
31,2818,686
Total segment profit/(loss)
2
42,99529,40539,60126,4599,14610,18891,74266,052
Unallocated:
Administration expenses(5,616)(5,577)
Net interest expense(17,774)(20,148)
Gain/(loss) on derivative financial instruments held for trading(2,283)(1,468)
Profit before income tax66,06938,859
Taxation expense(5,019)(5,889)
Profit for the period61,05032,970
1.Net property income consists of revenue generated from external tenants less property operating expenditure.
2.There were no inter-segment sales during the period (30 September 2024: Nil).
Industrial
$000s
Office
$000s
Large Format Retail
$000s
Total
$000s
Segment assets as at 30 September 2025 (unaudited)
Current assets991954141,959
Investment properties1,175,500835,159208,6002,219,259
Total segment assets1,176,491836,113208,6142,221,218
Unallocated assets10,526
Total assets2,231,744
Segment assets as at 31 March 2025 (audited)
Current assets6,4943,0852509,829
Investment properties1,128,870815,326204,7002,148,896
Total segment assets1,135,364818,411204,9502,158,725
Unallocated assets3,499
Total assets2,162,224
For the purposes of monitoring segment performance and allocating resources between segments, all assets are allocated to
reportable segments other than cash and cash equivalents, derivatives, other non-current assets and other minor current assets
that cannot be allocated to particular segments.
Argosy Property LimitedInterim Financial Statements 30 September 202509

5. Investment properties
Industrial
Six months to
30 September
2025
$000s
Office
Six months to
30 September
2025
$000s
Large Format Retail
Six months to
30 September
2025
$000s
Group (unaudited)
Six months to
30 September
2025
$000s
Movement in investment properties
Balance at 1 April1,128,870815,326204,7002,148,896
Capitalised costs35,4873,1871,34740,021
Change in fair value12,00016,7152,56631,281
Change in capitalised leasing costs(279)164(259)
Change in lease incentives(578)(85)(17)(680)
Investment properties at 30 September1,175,500835,159208,6002,219,259
Less lease liability (39 Market Place)–(39,759)–(39,759)
Investment properties at 30 September
excluding NZ IFRS 16 lease adjustments
1,175,500795,400208,6002,179,500
Industrial
12 months to
31 March 2025
$000s
Office
12 months to
31 March 2025
$000s
Large Format Retail
12 months to
31 March 2025
$000s
Group (audited)
12 months to
31 March 2025
$000s
Movement in investment properties
Balance at 1 April1,014,900803,403195,4502,013,753
Capitalised costs53,7038,2171,23563,155
Change in fair value60,5664,1097,99172,666
Change in capitalised leasing costs278(356)(18)(96)
Change in lease incentives(577)(47)42(582)
Investment properties at 31 March1,128,870815,326204,7002,148,896
Less lease liability (39 Market Place)–(39,826)–(39,826)
Investment properties at 31 March excluding NZ
IFRS 16 lease adjustments
1,128,870775,500204,7002,109,070
Investment properties are classified as Level 3 (inputs are unobservable for the asset or liability) under the fair value hierarchy on the
basis that adjustments must be made to observable data of similar properties to determine the fair value of an individual property.
The Group holds the freehold to all investment properties other than 39 Market Place, Viaduct Harbour, Auckland.
Valuation of investment properties
In accordance with the valuation policy of the Group, property valuations are carried out at least annually by independent registered
valuers. The Board and Management engaged Colliers International New Zealand Limited (Colliers) to review key valuation metrics
in order to undertake a review of the property portfolio as at 30 September 2025.
Colliers did not re-inspect the properties and did not undertake a full market valuation as at 30 September 2025. They undertook
relevant investigations, including considering any tenant changes, assessing market rentals and reviewing capitalisation rates in
order to determine the value of Argosy’s properties.
Whilst the valuations were provided for Argosy internal purposes, they have been reviewed and assessed by Management and
subsequently adopted by the Board. Overall, there was a revaluation gain of $31.3 million (2024: $8.7 million gain) which has been
recognised as a revaluation gain on investment property as at 30 September 2025.
The major inputs and assumptions that are used in the valuation that require judgement include forecasts of the current and
expected future market rentals and growth, maintenance and capital expenditure requirements, an assessment of yields, discount
rates, occupancy, leasing costs and weighted average lease terms.
The right-of-use asset and investment were recognised on the ground lease that exists over 39 Market Place, Viaduct
Harbour, Auckland.
Argosy Property LimitedInterim Financial Statements 30 September 202510
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

5. Investment properties (continued)
Investment property metrics for the period ended 30 September 2025 are as follows:
IndustrialOffice
Large Format
RetailTotal
Contract yield
1
- Average5.80%5.89%6.68%5.93%
Market yield
1
- Average6.44%7.00%6.51%6.68%
Occupancy (rent)99.4%91.6%97.7%95.6%
Occupancy (net lettable area)99.6%82.7%98.0%95.5%
Weighted average lease term (years)4.86.34.75.4
No. of buildings
2
3313450
Fair value total ($000s)1,175,500795,400208,6002,179,500
1.224 Neilson Street and 8-14 Mt Richmond Drive have been excluded from the yield metrics as these have been valued on the basis of completion of the
developments currently underway.
2.Certain titles have been consolidated and treated as one.
Investment property metrics for the year ended 31 March 2025 are as follows:
IndustrialOffice
Large Format
RetailTotal
Contract yield
1
- Average5.54%6.32%6.89%6.00%
Market yield
1
- Average6.41%7.44%6.64%6.85%
Occupancy (rent)100.0%92.8%100.0%96.5%
Occupancy (net lettable area)100.0%88.3%100.0%97.3%
Weighted average lease term (years)5.64.55.05.1
No. of buildings
2
3313450
Fair value total ($000s)1,128,870775,500204,7002,109,070
1.224 Neilson Street and 8-14 Mt Richmond Drive have been excluded from the yield metrics as these have been valued on the basis of completion of the
developments currently underway.
2.Certain titles have been consolidated and treated as one.
Argosy Property LimitedInterim Financial Statements 30 September 202511

6. Derivative financial instruments
Group (unaudited)
30 September 2025
$000s
Group (audited)
31 March 2025
$000s
Nominal value of interest rate swaps - fixed rate payer400,000425,000
Nominal value of interest rate swaps - fixed rate receiver275,000275,000
Average fixed interest rate - fixed rate payer3.77%3.62%
Interest rate swaps are measured at present value of future cash flows estimated and discounted based on applicable yield curves
derived from observable market interest rates. Accepted market best practice valuation methodology using mid-market interest
rates at the period end date is used, provided from sources perceived to be reliable and accurate. Interest rate swaps have been
classified into Level 2 of the fair value hierarchy on the basis that the valuation techniques used to determine the values at period end
date use observable inputs.
The net liability for derivative financial instruments as at 30 September 2025 is $21.6 million (31 March 2025: $19.3 million). The
mark-to-market increase in the liability for derivative financial instruments is a result of movements in the interest rate curve during
the interim period.
7.
 Share capital
Group (unaudited)
30 September 2025
$000s
Group (audited)
31 March 2025
$000s
Balance at the beginning of the period829,900820,557
Issue of shares from Dividend Reinvestment Plan9,4819,371
Issue costs of shares(28)(28)
Total share capital839,353829,900
The number of shares on issue at 30 September 2025 was 865,031,230 (31 March 2025: 856,546,809).
All shares are fully paid and rank equally with one vote attached and carry the right to dividends.
Reconciliation of number of shares
(in 000s of shares)
Group (unaudited)
30 September 2025
Group (audited)
31 March 2025
Balance at the beginning of the period856,547847,169
Issue of shares from Dividend Reinvestment Plan8,4849,378
Total number of shares on issue865,031856,547
Argosy Property LimitedInterim Financial Statements 30 September 202512
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

8. Interest bearing liabilities
Group (unaudited)
30 September 2025
$000s
Group (audited)
31 March 2025
$000s
Non-current liabilities
Syndicated bank loans462,171433,271
Fixed rate green bonds225,000225,000
Borrowing costs(2,464)(2,289)
684,707655,982
Current liabilities
Fixed rate green bonds
1
100,000100,000
100,000100,000
Total interest bearing liabilities784,707755,982
Weighted average interest rate on interest bearing liabilities
(inclusive of bonds, interest rate swaps, margins and line fees)4.82%5.11%
1.ARG010 fixed rate green bonds are due to mature on 27 March 2026. Given the maturity date is within 12 months the ARG010 bonds have been classified as a
current liability.These interest bearing liabilities will be refinanced later in the financial year ending 31 March 2026.
Syndicated bank loans
Group (unaudited)
30 September 2025
$000s
Group (audited)
31 March 2025
$000s
ANZ Bank New Zealand Limited99,67158,271
Bank of New Zealand30,00060,000
Commonwealth Bank of Australia75,00075,000
Industrial and Commercial Bank of China95,00090,000
Westpac New Zealand Limited162,500150,000
Total syndicated bank loans462,171433,271
As at 30 September 2025, the Group had a syndicated revolving facility with ANZ Bank New Zealand Limited, Bank of New Zealand,
Commonwealth Bank of Australia, Industrial and Commercial Bank of China and Westpac New Zealand Limited for $625.0 million
(31 March 2025 $525.0 million) secured by way of mortgage over the investment properties of the Group.
Group (unaudited)
30 September 2025
$000s
Group (audited)
31 March 2025
$000s
LimitMaturity DateLimitMaturity Date
Tranche A200,0001 October 2028210,0001 October 2027
Tranche B225,0001 October 2029215,0001 October 2028
Tranche C100,0001 July 2032--
Tranche D100,0001 October 2030100,0001 October 2029
625,000525,000
Fixed rate green bonds
NZX code
Value of Issue
$000sIssue DateMaturity DateInterest Rate
Fair Value
$000s
ARG010100,00027 March 201927 March 20264.00%100,329
ARG020100,00029 October 201929 October 20262.90%99,654
ARG030125,00027 October 202027 October 20272.20%120,739
The fair value of the fixed rate green bonds is based on the listed market price at balance date and is therefore classified as Level 1
in the fair value hierarchy. Interest on ARG010 bonds is payable in equal instalments on a quarterly basis in March, June, September
and December. Interest on ARG020 and ARG030 bonds is payable in equal instalments on a quarterly basis in April, July, October
and January.
The green bonds are secured by way of mortgage over the investment properties of the Group.
Argosy Property LimitedInterim Financial Statements 30 September 202513

9. Interest expense
Group (unaudited)
Six months to
30 September 2025
$000s
Group (unaudited)
Six months to
30 September 2024
$000s
Interest expense(20,125)(21,297)
Interest on ground lease (39 Market Place)(996)(999)
Less amount capitalised to investment properties2,290991
Total interest expense(18,831)(21,305)
Capitalised interest relates to the developments at 8-14 Mt Richmond Drive, Mt Wellington, Auckland and 224 Neilson Street,
Onehunga, Auckland (30 September 2024: Capitalised interest relates to the developments at 101 Carlton Gore Road, Newmarket,
Auckland and 224 Neilson Street, Onehunga, Auckland).
10.
 Taxation
Group (unaudited)
Six months to
30 September 2025
$000s
Group (unaudited)
Six months to
30 September 2024
$000s
The taxation charge is made up as follows:
Current tax expense6,1874,369
Deferred tax expense(1,082)1,758
Adjustment recognised in the current year in relation to the current tax of prior years(86)(238)
Total taxation expense recognised in profit5,0195,889
Reconciliation of accounting profit/(loss) to tax expense
Profit/(loss) before tax66,06938,859
Current tax expense/(credit) at 28%18,49910,881
Adjusted for:
Capitalised interest(641)(277)
Fair value movement in investment properties(8,759)(2,432)
Fair value movement in derivative financial instruments639411
Depreciation(2,985)(3,145)
Deductible repairs and maintenance expenditure capitalised for accounting purposes(427)(444)
Tax on accounting gain on disposal of investment properties(65)–
Other(74)(625)
Current taxation expense6,1874,369
Movements in deferred tax assets and liabilities attributable to:
Investment properties(259)1,759
Fair value movement in derivative financial instruments(639)(411)
Other(184)410
Deferred tax expense(1,082)1,758
Prior year adjustment(86)(238)
Total tax expense recognised in profit or loss5,0195,889
Argosy Property LimitedInterim Financial Statements 30 September 202514
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

11. Distributable income and adjusted funds from operations
Group (unaudited)
Six months to
30 September 2025
$000s
Group (unaudited)
Six months to
30 September 2024
$000s
Profit/(loss) before income tax66,06938,859
Adjustments:
Revaluation (gains)/losses on investment property(31,281)(8,686)
Realised (gains)/losses on disposal of investment property(232)2
(Gains)/losses on derivative financial instruments held for trading2,2831,468
Gross distributable income36,83931,643
Current tax expense(6,101)(4,131)
Net distributable income30,73827,512
Weighted average number of ordinary shares (000s)859,074847,169
Gross distributable income cents per share4.293.74
Net distributable income cents per share3.583.25
Net distributable income30,73827,512
Amortisation of tenant incentives and leasing costs1,6491,074
Share based payment expense4157
Funds from operations (FFO)32,42828,643
Capitalisation of tenant incentives and leasing costs(710)(835)
Maintenance capital expenditure(2,110)(983)
Maintenance capital expenditure recovered through sale––
Adjusted funds from operations (AFFO)29,60826,825
FFO cents per share3.773.38
AFFO cents per share3.453.17
Dividends paid/payable in relation to period3.333.33
Dividend payout ratio to FFO88%98%
Dividend payout ratio to AFFO97%105%
The Company's dividend policy is based on AFFO from the Property Council of Australia Voluntary Best Practice Guidelines for
disclosing FFO and AFFO as interpreted by the Company and amended to include maintenance capital expenditure recovered
through sale.
FFO and AFFO are non-GAAP measures and may not be directly comparable with other entities.
Argosy Property LimitedInterim Financial Statements 30 September 202515

12. Commitments
Building upgrades and developments
Estimated capital commitments contracted for building projects not yet completed at 30 September 2025 and not provided for were
$19.1 million (31 March 2025: $48.8 million).
The acquisition of 291 East Tamaki Road, Auckland settled on 1 October 2025. The purchase price was $56.0 million.
There were no other capital commitments as at 30 September 2025 (31 March 2025: An unconditional sale and purchase agreement
was entered into to acquire 291 East Tamaki Road, Auckland for $56.0 million).
The Company has the following guarantees, which are not expected to be called upon:
As a condition of listing on the New Zealand Stock Exchange (NZX), NZX requires all issuers to provide a bank bond to NZX under
NZX Main Board/Debt Market Listing Rule 2.6.2. The bank bond required from APL for listing on the NZX Main Board is $75,000.
A bank guarantee of $30,000 was provided by Argosy Property No.1 Limited to Auckland Council to allow building consents and LIM
reports to be obtained on account.
13.
 Contingencies
There were no contingencies as at
30 September 2025 (31 March 2025: Nil).
14.
 Subsequent events
On 1 October 2025, the acquisition of 291 East Tamaki Road, Auckland, was settled. The purchase price was $56.0 million.
On 18 November 2025 a dividend of 1.6625 cents per share was approved by the Board. The record date for the dividend is
3 December 2025 and a payment is scheduled to shareholders on 17 December 2025. Imputation credits of 0.2633 cents per share
are attached to the dividend.
15.
 Related party transactions
Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been
eliminated on consolidation and are not disclosed in this note.
There were no other significant changes in relationships or transactions with related parties during the period ended
30 September 2025.
Argosy Property LimitedInterim Financial Statements 30 September 202516
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

INDEPENDENT REVIEWREPORT
TO THE SHAREHOLDERS OF ARGOSY PROPERTY LIMITED
Conclusion
We have reviewed the condensed consolidated interim financial statementsof
Argosy Property Limited and its subsidiaries (the Group)on pages 4to 16which comprise the condensed
consolidated interimstatement of financial position as at 30 September 2025, and the condensed consolidated
interim statement of comprehensive income, condensed consolidated interim statement of changes in equity and
condensed consolidated interim statement of cash flows for the period ended on that date, and notes to the
condensed consolidatedinterim financial statements, including material accounting policy information.
Based on our review, nothing has come to our attention that causes us to believe that the interim financial
statements of the Group do not present fairly, in all material respects, the financial position of the Group as at 30
September 2025and its financial performance and cash flows for the period ended on that date in accordance
with NZ IAS 34 Interim Financial Reportingand IAS 34Interim Financial Reporting.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by
the Independent Auditor of the Entity
Interim Financial Statementssection of our report.
We are independent of the Groupin accordance with the relevant ethical requirements in New Zealand relating to
the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance
with these requirements.
Other than in our capacity as auditor and scrutineering at the Annual Meeting, we have no
relationship with or interests in Argosy Property Limited or any of its subsidiaries. These services have not
impaired our independence as auditor of the Group.
responsibilitiesfor the interim financial statements
The directors areresponsibleon behalf of the Company for the preparationand fair presentation of the interim
financial statementsin accordance with NZ IAS 34 Interim Financial Reportingand IAS 34Interim Financial
Reportingand 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.
esponsibilitiesfor 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 Interim Financial Reportingand IAS 34Interim Financial Reporting.
A review of the interim financial statements in accordance with NZ SRE 2410 (Revised)is alimited assurance
engagement. Weperform procedures, primarily consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. The procedures
performed in a review are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand)and consequently do not enableus to obtain assurance that
we might identify in an audit. Accordingly,we do not express an audit opinion on theinterim financial statements.
Argosy Property LimitedInterim Financial Statements 30 September 202517

Restriction on use
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
have formed.
Peter Gulliver
Partner
for Deloitte Limited
Auckland, New Zealand
18November 2025
Argosy Property LimitedInterim Financial Statements 30 September 202518

39 Market Place
PO Box 90214
Victoria Street West
Auckland 1142
P / 09 304 3400
argosy.co.nz

---

1
19.11.2025
Results Announcement
Results for announcement to the market
Name of issuer Argosy Property Limited
Reporting Period Six months to 30 September 2025
Previous Reporting Period Six months to 30 September 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $61,225 4.9%
Total Revenue $61,225 4.9%
Net profit/(loss) from continuing operations $61,050 85.2%
Total net profit/(loss) $61,050 85.2%
Interim Dividend
Amount per Quoted Equity Security $0.01662500
Imputed amount per Quoted Equity Security $0.00263343
Record Date 3 December 2025
Dividend Payment Date 17 December 2025
Current period 31 March 2025 NTA
Net tangible assets per Quoted Equity Security $1.56 per share $1.53 per share
A brief explanation of any of the figures above necessary to enable
the figures to be understood
The financial information for this announcement has been
extracted from the unaudited financial statements of Argosy
Property Limited which have been released to NZX in
conjunction with this announcement.
Authority for this Announcement
Name of person authorised to make this announcement Dave Fraser
Contact person for this announcement Dave Fraser
Contact phone number (09) 304 3400
Contact email address dfraser@argosy.co.nz
Date of release through MAP 19/11/2025

Unaudited financial statements accompany this announcement.