PFI Announces Interim Results

propertyforindustry.co.nz


24 February 2026

NZX and media
announcement
Property for Industry
Limited (PFI)

PFI ANNOUNCES INTERIM RESULTS


Property for Industry Limited (the Company, PFI), today announced the Company’s interim results for the six months
ended 31 December 2025 (H1 FY26).

“PFI has delivered a very strong interim result, demonstrating the resilience of our industrial portfolio and the benefits
of our long-term strategy,” says Chief Executive Officer, Simon Woodhams. “Robust rental growth, strong re-leasing
outcomes and disciplined capital management are supporting earnings momentum, while growing valuations have
added to reported profit and reinforced confidence in the portfolio. Together, these factors have underpinned the PFI
Board’s decision to increase FY26 dividend guidance, reinforcing the Company’s focus on delivering growing
dividends for shareholders over the long term.”

Highlights
▪ Interim results: Profit after tax
1
of $46.9m, up $18.2m on the prior interim period, Funds From Operations (FFO)
2

up 32.2% to 6.40 cents per share (cps), Adjusted Funds From Operations (AFFO) up 23.9% to 5.39 cps, interim
cash dividends of 4.40 cps.
▪ Industrial valuations growing, supported by realised rental growth: Valuation growth continues across PFI’s
$2.25b portfolio, 19 properties revalued at the half-year
3
, fair value gains on those properties of $17.1m or 3.2%,
net tangible assets (NTA) up 1.7% to $2.88 per share, $46.2m of contract rent reviewed during H1 FY26
delivering an average annualised uplift of 7.3%, $3.1m of contract rent leased during H1 FY26 at an average of
14.9% above previous contract rents, occupancy stable at 99.9%.
▪ Key Green Star development projects advanced: Stage 2 of 78 Springs Road continues to track under-budget
and ahead of programme, demolition complete at 92-98 Harris Road with redevelopment to be tenant-led, Stage
1 of Spedding Road to commence on a speculative basis, PFI retains optionality to deploy up to ~$325m on
Green Star certified projects over the medium-term.
▪ Robust capital position: $100m tranche of syndicated bank facility reclassified as ‘Green’ debt, $100m PFI020
bonds repaid, ~$154m of facility headroom, December 2025 gearing of 34.2% lifting to ~36.3% after all committed
acquisitions, divestments and development projects, considering potential retail bond offer.
▪ FY26 dividend guidance increased: Reflecting a strong H1 FY26 performance and positive trading conditions,
PFI expects to declare FY26 cash dividends of at least 9.05 cps, an increase of at least 5.2% on FY25 dividends.

Interim results
PFI reported a H1 FY26 profit after tax of $46.9m (9.34 cps), up from $28.8m (5.73 cps) in the prior interim period.
An increase in net rental income, along with a much smaller change in the fair value of derivative financial
instruments, were the main contributors to this increase.

H1 FY26 net rental income
4
increased $10.7m or 20.6% on H1 FY25 to $62.6m, driven by the early lease surrender
payment at 92-98 Harris Road (+$4.3m), leasing activity (+$5.0m) and development projects completing in the prior

1
Profit after tax refers to profit and total comprehensive income after income tax attributable to the shareholders of the Company. Please see
the FY26 Interim Report for further detail.
2
Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) are non-GAAP financial information and are common property
investor metrics, which have been calculated in accordance with the guidelines issued by the Property Council of Australia. Please refer to
Appendix 1 of the FY26 interim results presentation for more detail as to how these measures were calculated.
3
During the period, 19 properties were subject to independent full valuations. The remaining properties in the portfolio underwent desktop
valuation reviews in accordance with PFI’s Valuation Policy, which is typical for an interim reporting period. Refer to Note 2.1 of the FY26 Interim
Report for further detail.
4
Refer Appendix 2 of the FY26 interim results presentation. Excludes service charge income recovered from tenants and management fee
income.

propertyforindustry.co.nz


24 February 2026

NZX and media
announcement
Property for Industry
Limited (PFI)

period (+$1.6m), partly offset by current and prior period acquisition and divestment activity (-$0.2m) and vacancy
(-$0.1m).

Profit before finance income and expenses, other gains and losses and income tax
5
increased from $44.1m in the
prior interim period to $55.2m in H1 FY26. Interest and fees increased by $0.2m, with the benefit of lower floating
interest rates largely offset by higher borrowings and lower levels of interest capitalised to development projects.
Current tax of $6.4m increased by $2.1m as a result of higher earnings.

FFO earnings were up 32.2% to 6.40 cps, whilst AFFO earnings of 5.39 cps were up 23.9%, reflecting the
aforementioned increases in net rental income, partly offset by higher current tax.

In line with PFI’s dividend policy, the PFI Board resolved to pay a second quarter interim cash dividend of 2.20 cps
6
.

Further detail on PFI’s FY26 interim results is included in the presentation and Interim Report released with this
announcement.

Industrial valuations growing, supported by realised rental growth
PFI’s industrial property portfolio continued to perform through H1 FY26, supported by strong re-leasing outcomes
and realised rental growth. At the end of the interim period, the Company’s weighted average lease term (WALT)
was 5.37 years, and the portfolio remained near fully-occupied at 99.9%. These robust fundamentals – coupled with
the fact that all material FY26 expiries have been leased – reflect ongoing tenant demand for well-located industrial
space and the attractiveness of PFI’s portfolio.

Rent reviews were completed on 57 leases during H1 FY26, delivering an average uplift of 8.0% (7.3% annualised)
on ~$46.2m of contract rent.

Around 50,000 square metres (sqm), or $6.7m or 5.8% of rent, was leased in H1 FY26 across three new leases and
eight renewals, for an average of seven years. Minimal incentives were required to secure these leases, and a
positive re-leasing spread
7
of ~15% was observed where rents were agreed.

Combined, over 45% of contract rent was reviewed, varied, or leased during H1 FY26.

19 properties, representing ~25% of PFI’s portfolio by value, were revalued at the end of the interim period, resulting
in a fair value gain on those properties of $17.1m or an average increase of 3.2%. The valuation outcome was
attributable to realised rental growth and development progress at Stage 2 of 78 Springs Road. As a result of portfolio
and valuation activity
8
, PFI’s passing yield increased by 0.13% to 5.34%, while the portfolio market cap rate remained
stable at 5.74%.

An independent market rental assessment of the 19 properties was completed as part of the valuation process, and
when combined with June 2025 market rental assessments for the remainder of the portfolio, PFI’s portfolio is

5
Profit before finance income and expenses, other gains and losses and income tax is a non-GAAP financial measure. Please refer to page 11
of the FY26 Interim Report for further detail.
6
The dividend reinvestment scheme will not operate for this dividend.
7
A re-leasing spread is the difference between what a landlord charges on an expiring lease, and what they get on a renewed or new lease for
the same asset.
8
Excluding the Company’s active development sites (being Stages 2 & 3 of 78 Springs Road, East Tamaki and 92-98 Harris Road, East
Tamaki).

propertyforindustry.co.nz


24 February 2026

NZX and media
announcement
Property for Industry
Limited (PFI)

estimated to be ~9.1% under-rented
9
at the end of the interim period (June 2025: ~11.5%). On a like-for-like basis,
market rents were estimated to have grown by ~3.2% over the period
10
.

Net tangible assets as at the end of the interim period of $2.88 per share increased $0.04 or 1.7% on 30 June 2025,
largely driven by continued growth in investment property valuations.

Key Green Star development projects advanced
Consistent with the refreshed strategy introduced in FY25, PFI targets holding 5–15% of the portfolio in development
opportunities. Currently, ~$203m (~9%) of the portfolio is allocated to this category
11
. In line with PFI’s sustainability
strategy, all significant new developments will target a 5 Green Star rating.

Progress continues to be made at Stage 2 of 78 Springs Road, East Tamaki, where PFI is developing a dual-unit
~11,300 sqm warehouse, ~60% pre-leased to MiTek
12
for 12 years. The project continues to track under budget and
ahead of programme, with completion expected in April 2026. Based on current cost and leasing assumptions, Stage
2 is expected to deliver a yield on cost of at least 6.5%, including land, and securing a tenant for the speculative
component of this development remains a key priority for the Company.

Following the early lease surrender at 92-98 Harris Road, East Tamaki, PFI moved quickly to take advantage of
softer construction market conditions, with demolition now complete. Current master-planning provides for a ~14,500
sqm industrial facility, with a potential redevelopment involving ~$40m of additional investment (excluding land) and
targeting a yield on cost of ~6.5% including land. Any redevelopment is expected to be tenant-led, with the site
cleared, secured and held until an anchor tenant is secured.

Post balance date, PFI settled the acquisition of ~5.8 hectares of land at the Spedding Road Industrial Estate,
Whenuapai, under a deferred settlement structure. Stage 1 is due to commence in March 2026 and is progressing
on a speculative basis, with completion expected in Q4 FY27. The project is expected to involve an investment of
~$40m including land and target a yield on cost of ~6.5% including land. Future stages at Spedding Road provide a
further ~4.0 hectares of land to be developed over the next 3-4 years for an estimated cost of ~$70m.

PFI holds ~$105m in additional development opportunities, enabling the deployment of a further ~$175m over the
medium-term. These projects aim to transform obsolete assets into best-in-class, 5 Green Star-rated industrial
facilities, unlocking value and supporting long-term earnings growth.

Robust capital position
PFI reclassified Tranche C of its syndicated bank facility ($100m, expiring August 2027) as ‘Green’ debt during the
interim period, aligning total ‘Green’ facilities with the recent growth in PFI’s ‘Green’ asset base. The PFI020 retail
bonds were repaid in October 2025, and PFI is considering a potential fourth retail bond issue, to further extend and
diversify its borrowings.

At the end of the interim period, PFI’s debt instruments have a weighted average term to expiry of 3.2 years, and the
Company has approximately $154m of unutilised bank facility capacity.


9
Excluding the Company’s active development sites (being Stages 2 & 3 of 78 Springs Road, East Tamaki and 92-98 Harris Road, East
Tamaki).
10
Across the 19 properties that received full valuations at 31 December 2025.
11
Reflects latest valuations of properties classified as near-to-medium term development opportunities. See Appendix 4 of the FY26 interim
results presentation for details.
12
MiTek New Zealand Limited.

propertyforindustry.co.nz


24 February 2026

NZX and media
announcement
Property for Industry
Limited (PFI)

Following settlement of the acquisitions at 505 & 507 Mount Wellington Highway, Mount Wellington, for $36m in
December 2025, gearing at the end of the interim period was 34.2% (covenant: 50%). Post balance date, PFI reached
an unconditional agreement to divest the properties at 2 Smart Road & 18 Constance Street, New Plymouth and 41
& 55 Foremans Road, Christchurch for a combined ~$19m. Together with all other committed acquisitions and
development projects, gearing is expected to increase to ~36.3%, towards the middle of PFI’s target range of 30 –
40%.

At the end of the interim period the interest cover ratio was 3.2 times (covenant: 2 times), and interest rate hedging
covers ~74% of forecast debt at an average rate of ~3.07% for the remainder of FY26.

FY26 dividend guidance increased
At the beginning of the period, PFI guided to FY26 cash dividends of at least 8.90 cps. Reflecting a strong H1 FY26
performance and positive trading conditions, and subject to events beyond the Company’s control, the PFI Board
now expects to declare FY26 cash dividends of at least 9.05 cps, an increase of at least 0.45 cps or 5.2% on FY25
dividends.

After normalising FY26 earnings for the early lease surrender payment at Harris Road, cash dividends of at least
9.05 cps are expected to result in a dividend payout of ~90% of AFFO on a rolling three-year historic average basis,
in line with PFI’s dividend policy range.

“PFI’s interim results highlight the disciplined execution of our long-term strategy and the strength of our industrial
portfolio,” says Simon Woodhams. “PFI enters the second half of FY26 focused on harnessing embedded rental
growth, advancing its development pipeline and continuing to deliver sustainable, growing returns for shareholders.”

Key Metrics ($000, unless noted)
Earnings and Dividends H1 FY26 H1 FY25
Net rental income 62,585 51,896
Profit before finance income and expenses, other gains and losses and
income tax
55,190 44,072
Profit after tax 46,938 28,758
Funds From Operations (FFO) 6.40 cps 4.84 cps
Adjusted Funds From Operations (AFFO) 5.39 cps 4.35 cps
Dividends 4.40 cps 4.00 cps
Balance Sheet Dec-25 Jun-25
Investment properties 2,252,754 2,166,200
Net tangible assets per share $2.88 $2.84
Gearing 34.2% 32.6%

ENDS

propertyforindustry.co.nz


24 February 2026

NZX and media
announcement
Property for Industry
Limited (PFI)

The PFI Management Team will present the results via live webcast from 10am NZT on 24 February 2026. To view
and listen to the webcast, please visit:

https://edge.media-server.com/mmc/p/9qzjo3u6.

Anyone wishing to participate in the webcast (for example, to ask a question) must pre-register for the conference
call at:

https://register-conf.media-server.com/register/BI95ef20bc29974d11ada070ef2d448ba3.

Upon registering, participants will be provided with participant dial-in numbers, a passcode and a unique registrant
ID. In the 10 minutes prior to the call start time, you will need to use the conference access information provided in
the email received at the point of registering, in addition to opening the webcast (using the details above).















ABOUT PFI
PFI is an NZX listed industrial property specialist,
owning over 90 quality properties worth more than
$2 billion. Our well diversified portfolio is focused on
strategic locations that drive value and growth for
the industrial sector, for our tenants, and for our
investors. Since listing on the NZX in 1994, we’ve
built a strong track record of delivering consistent
returns. We invest for the long-term, combining our
capital and specialist industry capability to deliver
the successful outcomes all our stakeholders need.

CONTACT
SIMON WOODHAMS

Chief Executive Officer
—
+64 21 749 770
woodhams@pfi.co.nz
CRAIG PEIRCE

Chief Finance and
Operating Officer
—
+64 21 248 6301
peirce@pfi.co.nz
Property for Industry
Limited

—
Level 4, Hayman
Kronfeld Building,
15 Galway Street,
Auckland 1010
—
PO Box 1147,
Shortland Street,
Auckland 1140

---

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


Results for announcement to the market
Name of issuer Property for Industry Limited (PFI)
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$61,440 +23%
Total Revenue $61,440 +23%
Net profit/(loss) from
continuing operations
$46,938 +63%
Total net profit/(loss) $46,938 +63%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.02200000
Imputed amount per Quoted
Equity Security
$0.00495063
Record Date 3 March 2026
Dividend Payment Date 12 March 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$2.883 $2.723
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
This dividend is fully credited with imputation credits to the
extent permitted by the imputation credit rules and to the extent
that the directors of PFI determine were available.
This announcement is extracted from PFI’s unaudited interim
financial statements for the six-month period from 1 July to 31
December 2025 (referred to as H1 FY26). The unaudited interim
financial statements for H1 FY26 have been prepared in
accordance with Generally Accepted Accounting Practice in
New Zealand and New Zealand Equivalents to International
Financial Reporting Standards.
A copy of these unaudited interim financial statements
accompany this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
Craig Peirce

Contact person for this
announcement
Craig Peirce
Contact phone number +64 21 248 6301
Contact email address peirce@pfi.co.nz
Date of release through MAP

24 February 2026

Unaudited interim financial statements accompany this announcement.

---

Distribution Notice

Updated as at June 2023





Section 1: Issuer information
Name of issuer Property for Industry Limited
Financial product name/description Property for Industry Limited Ordinary Shares
NZX ticker code PFI
ISIN (If unknown, check on NZX
website)
NZPFIE0001S5
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 3 March 2026
Ex-Date (one business day before the
Record Date)
2 March 2026
Payment date (and allotment date for
DRP)
12 March 2026
Total monies associated with the
distribution
$11,050,417
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.02695063
Gross taxable amount $0.01768083
Total cash distribution $0.02200000
Excluded amount (applicable to listed
PIEs)
$0.00926980
Supplementary distribution amount $0.00224651
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed X
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
28%
Imputation tax credits per financial
product
$0.00495063
Resident Withholding Tax per
financial product
N/A

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP

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

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

DRP strike price per financial product

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

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Craig Peirce
Contact person for this
announcement
Craig Peirce
Contact phone number +64 21 248 6301
Contact email address peirce@pfi.co.nz
Date of release through MAP

24 February 2026

---

INTERIM RESULTS
BRIEFING.
WELCOME TO THE FY26
FY26 INTERIM RESULTS

FY26 INTERIM RESULTS
1.HIGHLIGHTS
2.DELIVERING STRONG, STABLE
RETURNS
3.PORTFOLIO
4.FY26 INTERIM RESULTS
5.CAPITAL MANAGEMENT
6.SUSTAINABILITY
7.MARKET
8.OUR PRIORITIES
9.REVIEW & QUESTIONS
CONTENTS

FY26 INTERIM RESULTS
HIGHLIGHTS
01.

INDUSTRIAL VALUATIONS GROWING, SUPPORTED BY
REALISED RENTAL GROWTH
ValuationgrowthbuildingthroughthecycleacrossPFI’s$2.25bnportfolio,19
propertiesrevaluedatthehalf-year,fairvaluegainsonthosepropertiesof$17.1m
or3.2%,nettangibleassets(NTA)up1.7%to$2.88pershare
$46.2mofcontractrentreviewedduringH1FY26deliveringanaverage
annualisedupliftof7.3%,$3.1mofcontractrentleasedduringH1FY26atan
averageof14.9%abovepreviouscontractrents,occupancystableat99.9%
INTERIM RESULTS
▪Profit after tax of $46.9m, up $18.2m on the prior interim
period
▪Funds From Operations (FFO)
1
up 32.2% to 6.40 cents per
share (cps), Adjusted Funds From Operations (AFFO) up
23.9% to 5.39 cps
▪Interim cash dividends of 4.40 cps
KEY GREEN STAR DEVELOPMENT PROJECTS ADVANCED
Stage2of78SpringsRoadcontinuestotrackunder-budgetandaheadof
programme,demolitioncompleteat92-98HarrisRoadwithredevelopmenttobe
tenant-led,Stage1ofSpeddingRoadtocommenceonaspeculativebasis,PFI
retainsoptionalitytodeployupto~$325monGreenStarcertifiedprojectsover
themedium-term
ROBUST CAPITAL POSITION
$100mtrancheofsyndicatedbankfacilityreclassifiedas‘Green’debt,$100m
PFI020bondsrepaid,~$154moffacilityheadroom,December2025gearingof
34.2%liftingto~36.3%afterallcommittedacquisitions,divestmentsand
developmentprojects,consideringpotentialretailbondoffer
FY26 INTERIM RESULTS
FY26 DIVIDEND GUIDANCE INCREASED
Reflecting a strong H1 FY26 performance and positive trading conditions, PFI
expects to declare FY26 cash dividends of at least 9.05 cps, an expected
increase of at least 5.2% on FY25 dividends
4
STAGE TWO, 78 SPRINGS ROAD
FEBRUARY 2026
1
Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) are non-GAAP
financial information and are common property investor metrics, which have been calculated
in accordance with the guidelines issued by the Property Council of Australia. Please refer to
Appendix 1 of this presentation for more detail as to how these measures were calculated.

FY26 INTERIM RESULTS
DELIVERING
STRONG,
STABLE
RETURNS
02.

STRONG,STABLE
RETURNS.
PFI offers investors the opportunity to gain exposure to a
wide selection of hard-working industrial properties through
shares listed on the NZX.
While past performance does not guarantee future returns,
in the period since PFI’s inception in 1994 to 31 December
2025 – through a variety of market conditions – investors
have enjoyed an average annual total return of around
9.27%
1
. That means $10,000 invested on day one, with all
dividends reinvested, is now worth more than 15-times that.
1
Forsyth Barr analysis, IRESS.
TOTAL RETURNS SINCE INCEPTION
FY26 INTERIM RESULTS
~
9.27%
AVERAGE ANNUAL
TOTAL RETURN
SINCE INCEPTION
TO 31 DECEMBER 2025
$180,000
$10,000
1994
2025
$156,320
1
6

1
FP24cashdividendsof4.15cpsannualisedtoaccount forasix-monthfinancialperiod.
DIVIDENDS SINCE INCEPTION
1
GROWING DIVIDEND
INCOME.
Regular and growing income is important to many
investors. Our policy is to distribute the majority of our cash
profits, with the aim of delivering a reliable income stream
for investors that grows over time to protect the real value
of their income.
Since 1994 we’ve not only paid a dividend each year, we’ve
seen that dividend grow steadily over time, recording a 1.9%
average annual increase in dividends per share since
inception.
Our strategy to continue to grow earnings, and therefore
dividends, centres on actively managing our portfolio,
including capturing under-renting. The additional revenue
from newly completed developments is also expected be an
important source of growth.
Looking to FY26, we expect to grow cash dividends per
share by at least 0.45 cps or 5.2%, to at least 9.05 cps.
Looking further ahead, a portion of our Senior Leadership
Team’s long-term incentives are linked to continuing to
grow Funds From Operations earnings per share by 2.5 –
3.5% per annum, reinforcing our commitment to delivering
reliable and growing income for investors.
FY26 INTERIM RESULTS
AT LEAST
5.2%
EXPECTED FY26
DIVIDEND GROWTH
9 CPS
5 CPS
1994
FY26
DPS (cps)
DPS (cps) – Guidance
7

3.00
1.00
2007
2025
NET TANGIBLE ASSETS PER SHARE
DELIVERING VALUE THROUGH
MARKET CYCLES.
While valuations will fluctuate with market conditions, since
listing in 1994, PFI has grown Net Tangible Assets or NTA
per share through multiple cycles.
Our focus starts with the industrial property sector. We
acquire and actively manage high quality assets, driving
rental growth and maintaining high levels of occupancy.
We divest assets when we can invest the proceeds into
opportunities with superior returns, like the development of
new assets, where we also capture development margin.
And we maintain a prudent balance sheet, with diversified
funding sources and disciplined gearing and hedging.
Since listing in 1994, this combination of focus, activity and
settings has worked together to grow NTA to $2.88 per
share as at 31 December 2025.
FY26 INTERIM RESULTS
$
2.88
NTA PER SHARE
AS AT 31 DECEMBER
2025
8

FY26 INTERIM RESULTS
PORTFOLIO
03.

FY26 INTERIM RESULTS
PROPERTIES
94
▲ June 2025: 91
TENANTS
125
▼ June 2025: 126
CONTRACT RENT
$
116.3m
▲ June 2025: $112.3m
OCCUPANCY
99.9%
◄► June 2025: 99.9%
WALT
5.37years
▼ June 2025: 5.47 years
PORTFOLIO SNAPSHOT
10

H1 FY26 VALUATION
UPLIFT
+
$
17.1 m
(▲3.2%)
FY26 INTERIM RESULTS
VALUATIONS
PORTFOLIO VALUE
$
2.25 bn
PORTFOLIO UNDER-
RENTING
2
~
9.1 %
▼ 2.4% on 30 June 2025
MARKET RENTAL
GROWTH
1
3.2%
STABILISED CAP
RATE
CAP RATE
COMPRESISON
▼0.8 bps
1
Average increase in valuer assessed market rents between 30 June 2025 and 31 December 2025 for the 19 properties that received full valuations, excluding the two development sites at 78 Springs Road and 92-98 Harris Road,
2
Based on 31 December 2025 passing rent to independent valuer assessed market rents, excludes the Company’s active development sites (being Stages 2 & 3 of 78 Springs Road, East Tamaki and 92-98 Harris Road, East Tamaki).
19 PROPERTIES REVALUED AT H1 FY26:
ENTIRE PORTFOLIO:
5.74 %
◄► on 30 June 2025
11

FY26 INTERIM RESULTS
LEASING
▪Total of $6.7m of contract rent secured in H1 FY26
▪$0.1m of contract rent secured in H1 FY26 relates to newly
developed or acquired properties
1
▪Of the $6.6m of stabilised contract rent secured during H1
FY26, rents were agreed on $3.1m
▪These rents were settled 14.9% above previous contract
rents
▪Remaining $3.5m of stabilised contract rent secured during
H1 FY26 is subject to market reviews on renewal or
commencement date
▪Those renewals (four) are ~14% under-rented as at 31
December 2025 (after factoring in review caps), with a
weighted average review date of October 2026
1
Being DEC Pharmaceutical at 11C Norris Avenue
12
CONTRACT RENT ($)
$
6.7M
% OF PORTFOLIO BY
CONTRACT RENT
5.8%
AVERAGE INCENTIVE PER
YEAR OF TERM
0.3 months
WEIGHTED AVERAGE
LEASE TERM (WALT)
AREA LEASED (SQM)
% OF DEALS COMPLETED
THAT WERE RENEWALS
7.0 years
49,523 sqm
73%

0.1%
0.1%
12.2%
12.4%
11.0%
13.8%
12.7%
9.5%
6.2%
2.8%
19.2%
0%
5%
10%
15%
20%
25%
VacantFY26FY27FY28FY29FY30FY31FY32FY33FY34Onwards
Total ExpiriesDevelopment Opportunities
Expiries <$500K
20.2%
Fletcher Distribution
5.2%
Stryker
5.4%
Shaw
6.3%
Glen Dimplex
7.8%
Iron Mountain
10.7%
NZ Comfort Group
16.7%
DHL
27.7%
FY26 INTERIM RESULTS
FY27 LEASE EXPIRIES
EXCLUDING DEVELOPMENT OPPORTUNITIES
($10.2M, 8.8% OF CONTRACT RENT)
13
EXPIRIES
▪Portfolio occupancy remains stable at 99.9% (0.1% vacancy)
▪All material FY26 expiries leased, with just 0.1% of contract rent due to
expire during the remainder of FY26 (chart below)
▪Excluding development opportunities, $10.2m or 8.8% of contract rent is due
to expire in FY27 (chart on right)
−Post-balance date, meaningful progress continues to be made across
material FY27 lease expiries – together approaching 40% of FY27
expiries – supporting FY26 dividend outlook

FIXED 27.4%
CPI 4.2%
MARKET 6.6%
EXPIRIES 0.1%
0%
5%
10%
15%
20%
25%
30%
35%
40%
FY26 INTERIM RESULTS
FY26 LEASE EVENTS
% OF CONTRACT RENT
14
RENT REVIEWS
▪57 rent reviews during H1 FY26 delivered an increase of 8.0% on ~$46.2m
of contract rent (~7.3% annualised)
−36 fixed percentage reviews delivered an increase of 3.8% on
~$33.5m of contract rent (~3.4% annualised)
−4 rent reviews were completed where rents had been pre-agreed in
prior periods, resulting in an average increase of 27.2% on ~$1.2m of
contract rent (~26.2% annualised)
−13 market rent reviews delivered an increase of 21.1% on ~$9.2m of
contract rent (annualised increase of 5.8% over an average review
period of 3.6 years since the last market review, annualised increase
of 15.1% over an average review period of 1.4 years since the last
review)
−4 CPI linked reviews delivered an increase of 5.5% on ~$2.3m of
contract rent (~3.1% annualised)
▪Around 38% of PFI’s portfolio is subject to some form of lease event during
the remainder of FY26 (chart on right):
−Just 0.1% of contract rent due to expire in the second half of FY26
−Market reviews (6.6% of contract rent) ~15% under-rented at
December 2025 after factoring in review caps
$7.9M OF CONTRACT RENT
AVERAGE TERM SINCE LAST REVIEW
AVERAGE INCREASE – 3.1%
– 1.0 YEARS

FY26 INTERIM RESULTS
FY26
INTERIM
RESULTS
04.

51.9
62.6
+4.3
+3.5
+1.6
+1.6
+0.2
-0.4
-0.1
-0.1
$46m
$48m
$50m
$52m
$54m
$56m
$58m
$60m
$62m
$64m
$66m
H1 FY25 net
rental income
92-98 Harris
Road early
surrender
Rent reviews
& fixed rent
adjustments
New leases
& renewals
DevelopmentsAcquisitionsDisposalsOtherVacancyH1 FY26 net
rental income
FY26 INTERIM RESULTS
▪Net rental income
1
of $62.6m up $10.7m or 20.6%
on H1 FY25 ($51.9m)
▪Additional income from the early lease surrender at
92-98 Harris Road (+$4.3m)
▪Positive leasing activity contributed to an increase
totaling +$5.0m (rent reviews & fixed rent
adjustments +$3.5m, new leases & renewals
+$1.6m, other -$0.1m)
▪Additional income from the completion of 5 Green
Star development projects at 30-32 Bowden Road
and Stage 1 of 78 Springs Road contributed to an
increase of +$1.6m
▪Current and prior period acquisitions contributed to
an increase totaling +$0.2m
▪Decreases due to current and prior period
divestment activity (-$0.4m) and vacancy (-$0.1m)
NET RENTAL INCOME
1
Refer note 2.2 of the interim financial statements. Excludes service charge income recovered from tenants and management fee income. Please refer to Appendix 2 of this presentation for more detail.
16

4.35
5.39
+1.83
+0.15
-0.43
-0.41
-0.07
-0.04
3.4 cps
3.9 cps
4.4 cps
4.9 cps
5.4 cps
5.9 cps
6.4 cps
6.9 cps
H1 FY25 AFFONet rental incomeNon-recoverable
property costs
Current taxationMaintenance
capex
Administrative
expenses / Other
Interest expense
and bank fees
H1 FY26 AFFO
FY26 INTERIM RESULTS
▪AFFO of 5.39 cps, 1.04 cps or 23.9% up on H1 FY25
▪Net rental income (including AFFO adjustments) up
$9.2m on H1 FY25, reflecting the early lease
surrender at 92-98 Harris Road and other positive
leasing activity
▪Current tax up $2.1m or 0.43 cps as a result of
higher earnings
▪Maintenance capex up $2.1m or 0.41 cps to 37
basis points (annualised)
▪Interest and fees up $0.2m or 0.04 cps, with benefit
of lower floating interest rates largely offset by
higher borrowings and lower levels of capitalised
interest
▪After normalising H1FY26 AFFO for the early lease
surrender payment at Harris Road (~$3.1m net of
tax), indicative underlying AFFO was up 0.42cps or
9.6% on H1FY25
ADJUSTED FUNDS FROM OPERATIONS
17

6.50 cps
7.00 cps
7.50 cps
8.00 cps
8.50 cps
9.00 cps
9.50 cps
20222023FP24
(annualised)
FY25FY26
EARNINGS, DIVIDENDS, GUIDANCE
FY26 INTERIM RESULTS
EARNINGSH1 FY26 CPSH1 FY25 CPSCHANGE
FUNDS FROM OPERATIONS
6.404.84+1.56 cps or +32.2%
ADJUSTED FUNDS FROM OPERATIONS
5.394.35+1.04 cps or +23.9%
▪H1 FY26 cash dividends total 4.40 cps
▪Reflecting H1 FY26 performance and current
trading conditions, PFI expects to declare FY26
cash dividends of at least 9.05 cps, an expected
increase of at least 0.45 cps or 5.2% on FY25
dividends
▪FY26 dividends of 9.05 cps are expected to result in
a payout ratio below the lower bound of PFI’s
dividend policy range, and ~86% of AFFO on a one-
year basis
▪After normalising FY26 earnings for the early lease
surrender payment at Harris Road, dividends of at
least 9.05 cps are expected to result in a dividend
payout at the bottom of PFI’s dividend policy range,
and ~90% of AFFO on a one-year basis
▪Guidance remains subject to events beyond PFI’s
control
18
DPS (cps)
DPS (cps) – guidance

2,166.2
2,252.8
+38.6
+30.2
+17.1
+0.7
$1,900m
$1,950m
$2,000m
$2,050m
$2,100m
$2,150m
$2,200m
$2,250m
$2,300m
June 2025
investment
properties
AcquisitionsCapital expenditure &
interest
Fair value gainMovement in lease
incentives, fees and
fixed rental income
December 2025
investment
properties
FY26 INTERIM RESULTS
▪Portfolio value of $2.25bn at December 2025
▪11C Norris Avenue, Hamilton, acquisition settled in
August 2025
▪505 & 507 Mt Wellington Highway, Mt Wellington,
acquisition settled in December 2025
▪Material capex at 78 Springs Road (5 Green Star
development), 92-98 Harris Road (demolition), 4-6
Mt Richmond Drive (roof replacement), 1 Mayo
Road (yard works)
▪Full valuations on 19 properties resulted in write-up
of $17.1m or 3.2%
INVESTMENT PROPERTIES
19

283.6
288.3
+3.4
+1.5
-0.2
240
250
260
270
280
290
300
June 2025 NTAFair value gain on
investment properties
Retained earningsFair value loss on
derivative financial
instruments
December 2025 NTA
FY26 INTERIM RESULTS
▪NTA per share increased by 4.7 cps or 1.7%
▪Change in NTA per share driven by increases in the
fair value of investment properties (+3.4 cps) and
retained earnings (+1.5 cps), partly offset by a fair
value loss on derivative financial instruments (-0.2
cps)
NET TANGIBLE ASSETS
20

FY26 INTERIM RESULTS
CAPITAL
MANAGEMENT
05.

▪PFI020 Bonds ($100m) repaid in October 2025
▪Tranche C of PFI’s syndicated bank facility ($100m,
expiring August 2027) reclassified as ‘Green’ debt
in November 2025, aligning overall ‘Green’ facilities
with recent growth in PFI’s ‘Green’ assets
▪Post balance date, PFI entered an unconditional
agreement to dispose of 2 Smart Road & 18
Constance Street, New Plymouth, and 41 & 55
Foremans Road, Christchurch (combined $19.1m),
with proceeds to be recycled into current
development projects
▪Lower interest rate environment supporting
increased activity in the direct investment market
▪Subject to market conditions, PFI is considering a
potential retail bond issue, to further extend and
diversify borrowings
DECEMBER 2025JUNE 2025
FUNDING
BANK FACILITIES DRAWN
$570.9m$406.9m
BANK FACILITIES LIMIT
$725.0m$725.0m
BANK FACILITIES HEADROOM
$154.1m$318.1m
DCM
1
$200.0m$300.0m
FUNDING TERM (AVERAGE)
3.2 years3.4 years
BANKS
ANZ, BNZ, CBA, WestpacANZ, BNZ, CBA, Westpac
COVENANTS
LOAN-TO-VALUE RATIO (COVENANT: <50%)
34.2%32.6%
INTEREST COVER RATIO (COVENANT: >2.0X)
3.2 times2.8 times
INTEREST RATES
WEIGHTED AVERAGE COST OF DEBT
4.54%4.93%
INTEREST RATE HEDGING (EXCL. FORWARD STARTING)
$615m / 3.12% / 2.7 years$610m / 3.10% / 2.9 years
FORWARD STARTING INTEREST RATE HEDGING
$190m / 3.75% / 3.6 years$130m / 3.94% / 3.2 years
FY26 INTERIM RESULTS
FUNDING, COVENANTS, INTEREST RATES
1
Debt Capital Markets, includes Note Purchase and Private Shelf Agreement with PGIM, Inc (Pricoa)
22

2.0%
2.4%
2.8%
3.2%
3.6%
4.0%
$0m
$100m
$200m
$300m
$400m
$500m
$600m
$700m
Dec-25Jun-26Dec-26Jun-27Dec-27Jun-28Dec-28Jun-29Dec-29Jun-30Dec-30Jun-31Dec-31Jun-32
Cover (lhs)Interest Rate (rhs)
50.0
200.0
150.0
275.0
50.0
150.0
25.0
25.0
$m
$50m
$100m
$150m
$200m
$250m
$300m
$350m
FY26FY27FY28FY29FY30FY31FY32FY33
Bank DebtBondsPricoa Facility
DEBT MATURITY PROFILE, HEDGING
▪PFI’s debt instruments have an average term to
expiry of ~3.2 years (top chart), with adequate
unutilised bank facility capacity
▪Fixed rate payer hedging profile (lower chart)
provides for an average of ~74% of forecast debt to
be hedged at an average fixed rate of ~3.07%
during remainder of FY26
FY26 INTERIM RESULTS
23

34.2%
36.3%
+1.1%
+0.8%
+0.3%
+0.3%
+0.1%
-0.4%
30.0%
31.0%
32.0%
33.0%
34.0%
35.0%
36.0%
37.0%
38.0%
December 2025
LVR%
Spedding Road
land settlement
Spedding Road
(Stage 1)
78 Springs
Road
(Stage 2)
78 Springs
Road
(Stage 3 -
demolition &
asbestos removal)
Other capital
commitments
Smart and
Foremans Road
divestments
Committed LVR %
FY26 INTERIM RESULTS
▪December 2025 gearing of 34.2% lifting to ~36.3%
after all committed acquisitions, divestments and
development projects
▪Spedding Road land acquisition settled post
balance date
−PFI the beneficiary of a deferred settlement
structure, initial settlement (45% of purchase
price, ~$18.3m) paid in February 2026, with
remaining amounts due to be paid in February
2027 (25%, ~$10.2m) and February 2028
(25%, ~$10.2m)
▪Demolition and asbestos removal of existing
warehouse at 78 Springs Road (estimated
completion H1 FY28) required to enable Stage 3
development works
▪Funding for near-term development pipeline
covered by existing funding envelope, potential
bond offer providing further liquidity
COMMITTED GEARING
24

FY26 INTERIM RESULTS
SUSTAINABILITY
06.

FY26 INTERIM RESULTS
SUSTAINABILITY TARGETS
26
SOLAR POWER
Increase solar installations across the portfolio
to 1.4MW by the end of FY27
GREEN STAR
All current developments are targeting 5 Green Star
certification.
All significant new buildings to target minimum 5
Green Star certification
SCOPING
PHASE
Scoping and conversations with tenants are
underway to progress further installations.
LED LIGHTING
Install full LED lighting at 80% of tenancies by the
end of FY28
LED lighting replacements are underway, with
63% of tenancies now with full LED lighting.
STATUS:
TARGET:
PROGRESS:
STATUS:
TARGET:
PROGRESS:
STATUS:
TARGET:
PROGRESS:
63%80%
100%
ON TRACK

FY26 INTERIM RESULTS
MARKET
07.

0%
2%
4%
6%
8%
10%
12%
14%
16%
0
2
4
6
8
10
20192020202120222023202420252026202720282029
Online sales as a
percentage of total retail
sales
$billion
Online spending – actual (lhs)
E-commerce penetration – actual (rhs)
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
2020202120222023202420252026202720282029
sqm
MARKET UPDATE
FY25 ANNUAL RESULTS
1
CBRE E-Commerce Impacts on the New Zealand Industrial Property Market Outlook – November 2025,
2
CBRE Auckland Industrial Space Market Trends – January 2026,
3
Average Auckland industrial vacancy 2012 – 2019,
4
CBRE Auckland Property Market Outlook – December 2025
28
▪Despite growth in e-commerce over the last decade,
New Zealand’s e-commerce penetration as a
percentage of total retail sales remains relatively low
▪CBRE
1
forecast a ~8.5% annual increase in online
spending over the next five years (in-line with the
annual average of the last seven years), to ~$9.2
billion in 2029 (top chart)
▪Boosted by e-commerce driven logistics demand,
CBRE
1
forecast Auckland industrial prime occupancy
requirements to grow ~30% to ~3.4m sqm by 2029
▪CBRE
2
report Auckland industrial vacancy increased
from 1.5% at the end of 2024 to 2.3% at the end of
2025, close to the long-run pre-COVID average of
~2.0%
3
▪With demand set to increase as NewZealand’s
economic recovery progresses — supported by the
structural tailwind of e-commerce growth — CBRE
4

forecasts ~820,000sqm of Auckland industrial net
absorption over the four years to 2029, exceeding
projected net supply over the same period and driving
a reduction in vacancy rates (lower chart)
AUCKLAND INDUSTRIAL NET ABSORPTION AND VACANCY
2
NEW ZEALAND ONLINE SPENDING OUTLOOK
1
FORECAST
FORECAST
Online spending – forecast (lhs)
E-commerce penetration – forecast (rhs)
Net absorption – actual (lhs)
Vacancy – actual (rhs)
Net absorption – forecast (lhs)
Vacancy – pessimistic forecast (rhs)
Vacancy – base forecast (rhs)
Vacancy – optimistic forecast (rhs)

3.00%
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
6.50%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
202120222023202420252026202720282029
-30%
-20%
-10%
0%
10%
20%
30%
202120222023202420252026202720282029
MARKET UPDATE (CONTINUED)
FY26 INTERIM RESULTS
1
CBRE Auckland Property Market Outlook – December 2025,
2
CBRE analysis
29
▪CBRE report
1
prime Auckland industrial net effective
rents declined ~3.0% in 2025 as incentives expanded
from ~7 to ~9 months on a nine-year lease
▪Prime rental growth is forecast to resume at ~1–2%
in 2026, strengthening to ~3–5% p.a. from 2027 as
net absorption outpaces supply
▪As seen in prior cycles, CBRE expect
1
secondary rents
to outperform prime rents on growth, though not
sufficiently to close the prime–secondary rental
differential
▪Supported by improving vacancy, rental growth and a
more accommodative interest rate environment,
CBRE
1
forecasts yield firming of ~50 bps for prime
and ~35 bps for secondary industrial through to 2029
▪CBRE is forecasting average total returns of ~11–
12% p.a. for prime and secondary Auckland industrial
through to 2029, driven by resilient income returns
and renewed capital growth (lower chart)
AUCKLAND PRIME INDUSTRIAL TOTAL RETURNS
2
AUCKLAND INDUSTRIAL NET EFFECTIVE RENTS AND YIELDS
1
FORECAST
FORECAST
Net effective rental growth – prime (lhs)
Yield – prime (rhs)
Net effective rental growth – secondary (lhs)
Yield – secondary (rhs)
Income return
Capital return based on rent change
Capital return based on yield change
Total return

PFI POSITIONING
FY26 INTERIM RESULTS
30
▪PFI’s portfolio remains ~9.1% under-rented at
December 2025, with H2 FY26 market reviews ($7.7m,
~6.6% of contract rent) ~15% under-rented after
review caps
▪All material FY26 expiries leased, with just 0.1% of
contract rent expiring in H2 FY26. FY27 expiries are
manageable at ~8.8% (excluding development
opportunities), with meaningful post-balance date
progress on material FY27 expiries reducing further
exposure to market conditions
▪PFI has achieved a ~77% average tenant retention
rate each year since 2021, reflecting the
attractiveness of PFI’s portfolio to the tenancy market
▪PFI retains the ability to selectively activate its
~$325m Green Star development pipeline, subject to
availability of capital and hurdle rates of return,
allowing disciplined deployment
PFI WELL POSITIONED TO NAVIGATE NEAR-TERM
MARKET CONDITIONS AND CAPTURE GROWTH
~
9.1%
PORTFOLIO
UNDER-RENTING
AS AT 31 DECEMBER
2025
~
8.9%
INCOME AT RISK
THROUGH TO
30 JUNE 2027
~
77%
AVERAGE TENANT
RETENTION RATE
SINCE 2021
~$
325m
ABILITY TO
SELECTIVELY ACTIVATE
GREEN STAR
DEVELOPMENT
PIPELINE

FY26 INTERIM RESULTS
OUR PRIORITIES
08.

OUR PORTFOLIO
FY26 INTERIM RESULTS
28

FY26 INTERIM RESULTS
33
Developments typically represent 5–15% of the portfolio and
enable regeneration of end-of-life assets into best-in-class,
5 Green Star rated industrial facilities, meeting rising
demand for sustainable premises
▪Targeting initial yields-on-cost of ~6.5% (including land),
developments offer higher returns than recent direct
acquisitions, making them a more accretive use of capital in
the current market
▪Current feasibility studies target development margins of ~15–
20%, enabling PFI to unlock additional value, supporting
gearing efficiency and enhancing long-term earnings and
dividend growth without compromising balance sheet strength
▪Backed by PFI’s experienced in-house team and strong industry
relationships, development risks are actively managed to
deliver successful outcomes
DEVELOPMENT
OPPORTUNITIES
OUR PORTFOLIO

FY26 INTERIM RESULTS
DEVELOPMENT
OPPORTUNITIES
▪Stage 1 achieved practical completion
in October 2024, now considered a
‘core-generic’ asset
▪Construction of Stage 2 (~11,300 sqm
of warehouse) expected to complete in
Q4 FY26
▪Stage 3 (~17,500 sqm warehouse)
could involve an investment of ~$60m,
is likely to be tenant-led, and could
commence in H2 FY28, subject to the
completion of demolition and asbestos
removal works
78 SPRINGS ROAD,
EAST TAMAKI
▪Demolition complete Q3 FY26, site
cleared and secured
▪Current master-planning provides for
~14,500 sqm of Green Star rated
warehouse, with a potential
redevelopment involving ~$40m of
additional investment (excluding land)
and targeting a yield on cost of ~6.5%
(including land)
▪Redevelopment of the site to be tenant-
led
92-98 HARRIS ROAD,
EAST TAMAKI
▪Spedding Road provides the opportunity
to invest an additional ~$140m
(including land) into PFI’s development
pipeline
▪Stage 1 is due to commence in March
2026 on a speculative basis, has an
estimated total incremental cost of
~$40m (including land), and is targeting
a yield on cost of ~6.5%
▪PFI is the beneficiary of a deferred
settlement structure on the land
SPEDDING ROAD,
WHENUAPAI
▪PFI to commence redevelopment of
majority of remaining brownfield sites
from FY28 and beyond
▪Further detail on PFI’s development
pipeline can be found in Appendix 3
OTHER
34

FY26 INTERIM RESULTS
78 SPRINGS ROAD
STAGE TWO
STAGE ONE
STAGE TWO
STAGE THREE
~$
55m
ESTIMATED PROJECT
COST (INCL LAND)
$
69m
AS IF COMPLETE
VALUATION
(DECEMBER 2025)
>
6.5%
TARGET RETURN
ON COST
$
3.7m
CONTRACT RENT
ON COMPLETION
~
60%
DEVELOPMENT
PRE-LEASED
~
16,000m
2
5 GREEN STAR RATED
INDUSTRIAL AREA
1
2
3
MASTER PLAN LAYOUT
35
ESTIMATED COMPLETION
Q4 FY26
COMMENCEMENT TBC
COMPLETED
OCTOBER 2024

~$
40m
ESTIMATED PROJECT
COST (INCL LAND)
FY26 INTERIM RESULTS
SPEDDING ROAD
STAGE ONE
~
6.5%
TARGET RETURN
ON COST
~$
2.5m
ESTIMATED RENT
ON COMPLETION
Q3
FY26
PROJECT TO
COMMENCE
~
8,500m
2
5 GREEN STAR RATED
WAREHOUSE
123
MASTER PLAN LAYOUT
36
STAGE ONE
STAGE THREE
ESTIMATED COMPLETION
Q4 FY27
COMMENCEMENT TBC
STAGE TWO
COMMENCEMENT TBC

~
14,500m
2
5 GREEN STAR RATED
WAREHOUSE
~$
65m
ESTIMATED PROJECT
COST (INCL LAND)
~
6.5%
TARGET RETURN
ON COST
~$
4.0m
ESTIMATED RENT
ON COMPLETION
TENANT-
LED
FY26 INTERIM RESULTS
92-98 HARRIS ROAD
37
MASTER PLAN LAYOUT
DEVELOPMENT TO BE

Dec
25
Jun
26
Dec
26
Jun
27
Dec
27
Jun
28
Dec
28
Jun
29
Dec
29
Jun
30
Dec
30
Jun
31
38
FY26 INTERIM RESULTS
COST & DURATION
Committed
Uncommitted
$38m – $43m
$29-32m
$58-65m
$9-10m
$38-42m
$17m – $19m
$27-30m
$20-23m
$26-29m
$35-40m
9 Nesdale Avenue
61-69 Patiki Road
Spedding Road – Stage 3
45 Cryers Road
Spedding Road – Land Settlement
Springs Road – Stage 3
304, 316, 318 Neilson Street
Spedding Road Stage 2
Spedding Road – Land Settlement
686 Rosebank Road
92-98 Harris Road
Spedding Road – Stage 1
Spedding – Land Settlement
Springs Road – Stage 2
~$11m
$18.3m
$10.1m
$10.1m
DEVELOPMENT
PIPELINE
▪PFI’s development pipeline comprises 11
planned projects spanning Auckland’s
key industrial precincts
▪The total pipeline represents ~$325m of
committed and potential capital
investment (excluding land values),
supporting long-term portfolio growth
▪Embedded value will be progressively
realised over the next 3-5 years, as
projects complete and leasing activity
captures market rents and development
margin
▪PFI has a strong track record of delivery,
completing over 55,000 sqm of 5 Green
Star rated industrial space since the start
of 2024, on-time and on-budget

FY26 INTERIM RESULTS
39
Core Generic assets encompass completed development
opportunities, with overall portfolio quality to continue to
improve as we progress through the ~$325m Green Star
development pipeline.
▪Core Generic assets provide ballast to the portfolio, and are
typically established, well-located industrial properties with long-
standing tenants and low vacancy risk
▪Broad tenant appeal ensures a deep leasing pool, and these
assets remain highly liquid due to strong investor demand
▪Maintenance requirements are modest, with Core Generic assets
delivering reliable income and flexibility, forming the backbone of
long-term portfolio strategy
OUR PORTFOLIO
CORE-GENERIC
HOLDINGS

505 & 507 MT WELLINGTON HIGHWAY
ACQUISITION
FY26 INTERIM RESULTS
40
~
3.3 ha
~
13,800m
2
PURCHASE PRICE
507 MT WELLINGTON HIGHWAY
505 MT WELLINGTON HIGHWAY
$
36m
PURCHASE PRICE
(COMBINED)
~
5.75%
INITIAL YIELD
SITE AREA
CONTIGUOUS
INDUSTRIAL ESTATE
WEIGHTED AVERAGE
LEASE TERM (WALT)
~
5.5 years

FY26 INTERIM RESULTS
41
PFI has a strong track record of recycling capital. Since
transitioning to a pure-play industrial fund at the end of 2021,
we’ve divested $93.5m of non-core assets at an average of
~2.5% above most recent valuations.
▪Non-Core holdings fall outside the strategic focus of the portfolio,
often held for transitional reasons
▪While liquidity is typically higher, active management is required
to realise value
▪Asset recycling is a key part of PFI’s capital management
strategy
OUR PORTFOLIO
NON-CORE
HOLDINGS

SMART & FOREMANS ROAD
DIVESTMENTS
FY26 INTERIM RESULTS
42
$
19.05m
SALE PRICE (COMBINED)
~
6.55%
YIELD ON DISPOSAL
(COMBINED)
41-55 FOREMANS ROAD,
CHRISTCHURCH
2 SMART ROAD & 18 CONSTANCE
STREET, NEW PLYMOUTH
$
18.85m
LATEST VALUATION
(COMBINED)
PROPERTY LEVEL IRR
(COMBINED)
~
9.8%%

FY26 INTERIM RESULTS
REVIEW &
QUESTIONS
09.

FY26 INTERIM RESULTS
REVIEW &
QUESTIONS
PFI’s interim results highlight the disciplined
execution of our long term strategy and the
strength of our industrial portfolio.
PFI enters the second half of FY26 focused on
harnessing embedded rental growth, advancing
its development pipeline and continuing to
deliver sustainable, growing returns for
shareholders.
SIMON WOODHAMS
Chief Executive Officer
FY26 DIVIDEND
GUIDANCE
INCREASED
INTERIM RESULTSINDUSTRIAL
VALUATIONS
GROWING,
SUPPORTED BY
REALISED RENTAL
GROWTH
KEY GREEN STAR
DEVELOPMENT
PROJECTS
ADVANCED
ROBUST CAPITAL
POSITION
44

THANK YOU FOR ATTENDING
FY26 INTERIM RESULTS

FY26 INTERIM RESULTS
APPENDIX 1 – FFO AND AFFO CALCULATIONS
FUNDS / ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, $000s, UNLESS NOTED)
FOR THE 6-MONTHS ENDED
31 DECEMBER 2025
FOR THE 6-MONTHS ENDED
31 DECEMBER 2024
Profit (loss) and total comprehensive income after income tax attributable to the shareholders of the Company
46,93828,758
Adjusted for:
Fair value (gain) / loss on investment properties
(17,088)(16,605)
Material damage insurance income
--
(Gain) / loss on disposal of investment properties
-(63)
Fair value loss / (gain) on derivative financial instruments
1,02713,794
Amortisation of tenant incentives
1,6721,263
Straight lining of fixed rental increases
(1,751)(462)
Deferred taxation
1,435(2,389)
Other
(65)-
Funds From Operations (FFO)
32,16824,296
FFO per share (cents)6.404.84
Maintenance capex(4,084)(2,027)
Incentives and leasing fees given for the period (stabilised assets only, excludes development assets)(1,059)(454)
Other2644
Adjusted Funds From Operations (AFFO)27,05121,859
AFFO per share (cents)5.394.35
46

APPENDIX 2 – NET RENTAL INCOME
FY26 INTERIM RESULTS
47
($000s, UNLESS NOTED)
FOR THE 6-MONTHS ENDED
31 DECEMBER 2025 (UNAUDITED)
FOR THE 6-MONTHS ENDED
31 DECEMBER 2024 (UNAUDITED)
GROSS RENTAL RECEIPTS61,58649,962
FIXED RENTAL INCOME ADJUSTMENTS1,751462
CAPITALISED LEASE INCENTIVE ADJUSTMENTS(726)1,516
IMPACT OF RENTAL INCOME DEFERRED AND ABATED DUE TO THE COVID-19 PANDEMIC(26)(44)
NET RENTAL INCOME62,58551,896
NET RENTAL INCOME
1
1
Refer note 2.2 of the financial statements. Excludes service charge income recovered from tenants and management fee income

APPENDIX 3 – PAYOUT RATIOS
FY26 INTERIM RESULTS
FY26FY25
Full year dividends per share (cents, FY26 = guidance, FY25 = actuals)9.058.60
Pro-rata share of full year dividends per share (cents, FY26 = 50% of guidance, FY25 = 50% of actuals)4.534.30
FFO dividend pay-out ratio (%)71%80%
AFFO dividend pay-out ratio (%)84%90%
48
FFO AND AFFO DIVIDEND PAY-OUT RATIOS

APPENDIX 4 – DEVELOPMENT OPPORTUNITIES
FY26 INTERIM RESULTS
DECEMBER 2025
VALUE
SITE AREA (SQM)
CURRENT SITE
COVERAGE
% OF TOTAL
CONTRACT RENT
CURRENT LEASE
EXPIRY
EST PROJECT
START DATE
EST PROJECT
COST (EXCL LAND)
78 Springs Road (Stage 2)
$58.0m22,950--In-progressJan-25~$11m
2
Spedding Road (Stage 1)
-17,130--In-progressMar-26$26m – $29m
92-98 Harris Road
$24.0m26,33927%-VacantSept-26$38m – $43m
686 Rosebank Road
$21.7m15,40051%1.10%Mar-28Jan-27$20m – $23m
Spedding Road (Stage 2)
-18,347--GreenfieldMay-27$29m – $32m
304, 316, 318 Neilson Street
$31.6m30,88034%1.20%Jun-27Jul-27$35m – $40m
78 Springs Road (Stage 3)
$19.5m29,934-1.60%Jul-26Jan-28$58m – $65m
45 Cryers Road
$6.8m5,0002%0.20%May-33Jul-28$9m – $10m
Spedding Road (Stage 3)
-23,061--GreenfieldAug-28$38m – $42m
61-69 Patiki Road
$20.9m14,39954%1.10%Mar-28Apr-29$17m – $19m
9 Nesdale Avenue
$20.4m16,51118%0.80%Dec-29Dec-29$27m – $30m
Total
$202.9m219,271-6.00%--$308m –$344m
49
NEAR-TO-MEDIUM TERM DEVELOPMENT OPPORTUNITIES
1
1
All development opportunities are subject to feasibility, availability of capital and hurdle rates of return, which are subject to change.
2
Estimated remaining spend as at 31 December 2025.

DISCLAIMER: The information included in this presentation is provided as at 24 February 2026 and should be read in conjunction with the Interim Report, NZX results announcement,
NZX Form –Results Announcement and NZX Form –Distribution Notice issued on that same day.
Property for Industry Limited (PFI) does not guarantee the repayment of capital or the performance referred to in this presentation.
Past performance is not a reliable indicator of future performance.
The presentation includes a number of forward looking statements. Forward looking statements, by their nature, involve inherent risks and uncertainties. Many of those risks and
uncertainties are matters which are beyond PFI’s control and could cause actual results to differ from those predicted. Variations could either be materially positive or materially
negative.
Our results are reported under NZ IFRS. This presentation includes non-GAAP financial measures which are not prepared in accordance with NZ IFRS. The non-GAAP financial
measures used in this presentation include Funds From Operations (FFO), Adjusted Funds From Operations (AFFO) and Profit before finance income/(expenses), other gains/(losses)
and income tax. The calculation of Profit before finance income/(expenses), other gains/(losses) and income tax is set out in Appendix 1 of this presentation. The calculation of FFO
and AFFO is set in Appendix 1 of this presentation.
FFO, AFFO and Profit before finance income/(expenses), other gains/(losses) and income tax are common property investor metrics and therefore we believe they provide useful
information to readers to assist in the understanding of our financial performance, financial position and returns. They should not, however, be viewed in isolation, nor considered as a
substitute for measures reported in accordance with NZ IFRS. Non-GAAP financial measures may not be comparable to similarly titled measures reported by other entities.
While every care has been taken in the preparation of this presentation, PFI makes no representation or warranty as to the accuracy or completeness of any statement in it including,
without limitation, any forecasts.
This presentation has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An
investor should, before making any investment decisions, consider the appropriateness of the information in this presentation, and seek professional advice, having regard to the
investor’s objectives, financial situation and needs.
This presentation is solely for the use of the party to whom it is provided.
FY26 INTERIM RESULTS
50

---

STRONG FOUNDATIONS
FOR GROWTH.
INTERIM REPORT FY26

01. DELIVERING STRONG, STABLE RETURNS 3
02. INTERIM FINANCIAL STATEMENTS 10
03. DIRECTORY 34
04. CALENDAR 35
CONTENTS.
OUTCOMES OUR STAKEHOLDERS CAN COUNT ON
PFI is an NZX listed industrial property specialist, owning more than
90 quality properties worth more than $2 billion. Our well-diversified portfolio
is focused on strategic locations that drive value and growth for the industrial
sector, for our tenants, and for our investors. Since listing on the NZX in 1994,
we’ve built a strong track record of delivering consistent returns. We invest for
the long-term, combining our capital and specialist industry capability to
deliver the successful outcomes all our stakeholders need.
COVER: Progressing our
Springs Road redevelopment
(February 2026).
LEFT: Concrete pour
at our Springs Road
redevelopment.
2
PFI INTERIM REPORT FY26DELIVERING STRONG,
STABLE RETURNS
INTERIM FINANCIAL
STATEMENTS
DIRECTORYCALENDAR

STRONG, STABLE
RETURNS.
PFI offers investors the opportunity to
gain exposure to a wide selection of
hard-working industrial properties through
shares listed on the NZX.
While past performance does not guarantee
future returns, in the period since PFI’s inception
in 1994 to 31 December 2025 – through a
variety of market conditions – investors have
enjoyed an average annual total return of around
9.27%
1
. That means $10,000 invested on day
one, with all dividends reinvested, is now worth
more than 15-times that.
01.
1. Forsyth Barr analysis, IRESS.
19942025
$10,000
$180,000
$156,320
TOTAL RETURNS
SINCE INCEPTION
AVERAGE ANNUAL
TOTAL RETURN

SINCE INCEPTION
TO 31 DECEMBER 2025
~
9.27
1
%
3
PFI INTERIM REPORT FY26INTERIM FINANCIAL
STATEMENTS
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

GROWING DIVIDEND
INCOME.
Regular and growing income is important to many
investors. Our policy is to distribute the majority
of our cash profits, with the aim of delivering a
reliable income stream for investors that grows
over time to protect the real value of their income.
Since 1994 we’ve not only paid a dividend each
year, we’ve seen that dividend grow steadily over
time, recording a 1.9% average annual increase in
dividends per share since inception.
Our strategy to continue to grow earnings, and
therefore dividends, centres on actively managing
our portfolio, including capturing under-renting.
The additional revenue from newly completed
developments is also expected be an important
source of growth.
Looking to FY26, we expect to grow cash
dividends per share by at least 0.45 cps or
5.2%, to at least 9.05 cps.
Looking further ahead, a portion of our Senior
Leadership Team’s long-term incentives are linked
to continuing to grow Funds From Operations
2

earnings per share by 2.5 – 3.5% per annum,
reinforcing our commitment to delivering reliable
and growing income for investors.
1. FP24 cash dividends of 4.15 cps annualised to account for a six-month financial period.
2. Further information on Funds From Operations (FFO) is provided on page 9 of this Interim Report.
1994
5 CPS
9 CPS
FY26
5
6
7
8
9
DIVIDENDS
SINCE INCEPTION
1

DPS (cps)

DPS (cps) – Guidance
EXPECTED FY26
DIVIDEND GROWTH
AT LE A ST
~
5.2
%
4
PFI INTERIM REPORT FY26INTERIM FINANCIAL
STATEMENTS
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

DELIVERING VALUE
THROUGH MARKET CYCLES.
While valuations will fluctuate with market
conditions, since listing in 1994, PFI has grown
Net Tangible Assets or NTA per share through
multiple cycles.
Our focus starts with the industrial property
sector. We acquire and actively manage high
quality assets, driving rental growth and
maintaining high levels of occupancy.
We divest assets when we can invest the
proceeds into opportunities with superior
returns, like the development of new assets,
where we also capture development margin.
And we maintain a prudent balance sheet,
with diversified funding sources and disciplined
gearing and hedging.
Since listing in 1994, this combination of
focus, activity and settings has worked
together to grow NTA to $2.88 per share
as at 31 December 2025.
NTA PER SHARE ($)
20072025
3.00
1.00
$2.88
NTA PER SHARE
AS AT 31 DECEMBER 2025
NET TANGIBLE ASSETS
PER SHARE
5
PFI INTERIM REPORT FY26INTERIM FINANCIAL
STATEMENTS
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

THE FOUNDATIONS FOR
DELIVERING STRONG,
STABLE RETURNS.
We invest in high-quality industrial buildings in the
most in-demand locations. Our assets are well-
leased, well-maintained, and attract strong tenant
demand. That means fewer vacancies, consistent
rent, and less risk. By holding the right mix of core
and growth-focused properties, we can deliver both
growing income and long-term capital gains.
01. THE RIGHT MIX
OF HARD WORKING
PROPERTIES.
STRATEGIC ALLOCATIONS:
75 - 90%
CORE GENERIC
HOLDINGS
82%
5 - 15%
DEVELOPMENT
OPPORTUNITIES
9%
5 - 10%
SPECIALISED
ASSETS
7%
CURRENT:
CURRENT:
CURRENT:
CURRENT:
0 - 10%
NON-CORE
HOLDINGS
2%
AUCKLAND
OUT OF

AUCKLAND
88%12%
CURRENT:CURRENT:
≥
80%
≤
20%
6
PFI INTERIM REPORT FY26INTERIM FINANCIAL
STATEMENTS
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

We spread risk across multiple tenants and properties.
Diversification helps smooth out the bumps and supports a more
predictable income over the long term.
Sustainable features can help attract high-quality tenants, command
prime rents, and reduce operating costs. That adds up to better
leasing outcomes and ultimately better returns for investors.
We work with our tenants to ensure their needs are met, their
spaces are fit for purpose, and their leases are renewed early.
Strong tenant relationships mean longer leases, fewer vacancies,
and higher retention.
02. DIVERSIFIED TENANTS,
LOCATIONS AND SECTORS.
03. GREEN UPGRADES
TODAY AND TOMORROW.
04. HAPPY TENANTS,
HEALTHY INCOME.
94
99.9
%5.37years
125
PROPERTIES
OCCUPANCY
WEIGHTED AVERAGE
LEASE TERM (WALT)
TENANTS
SIGNIFICANT NEW BUILDINGS
TO TARGET MINIMUM 5
GREEN STAR CERTIFICATION
INCREASE SOLAR
INSTALLATION CAPACITY
ACROSS THE PORTFOLIO TO
1.4MW BY THE END OF FY27
80% OF TENANCIES TO
HAVE FULL LED
LIGHTING BY THE END
OF FY28
OUR TARGETS:
100%
ON TRACK
63%80%
SCOPING PHASE
7
PFI INTERIM REPORT FY26INTERIM FINANCIAL
STATEMENTS
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

We keep our borrowing at conservative levels, hedge interest rates to
reduce volatility, and hold enough in reserve to act when opportunity
knocks. That means we’re not over-exposed when markets shift.
Our experienced Board and leadership team bring deep expertise
and oversight to every decision. We’re clear on our strategy, careful
with risk, and committed to delivering enduring value.
Our team has the experience, insights, and local-market
knowledge to spot opportunities that others miss. We know what
industrial tenants want, what drives performance in this sector
today, and what is needed to plan for tomorrow.
05. SMART FINANCIAL
DECISIONS.
06. A STEADY HAND FOCUSED
ON THE LONG-TERM.
07. ELEVATING INDUSTRY,
SUSTAINING SUCCESS.
“We drive the sector’s success
by delivering efficiencies for
tenants, New Zealand, and our
investors - supporting
sustainable returns and a
growing dividend over time.”
6.70years
34.2%
GEARING
AVERAGE PFI TENURE ACROSS THE
BOARD AND LEADERSHIP TEAM
8
PFI INTERIM REPORT FY26INTERIM FINANCIAL
STATEMENTS
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

HIGHLIGHTS.
PROFIT
AFTER TAX
1
:
$46.9m
UP $18.2M ON H1 FY25
ADJUSTED FUNDS FROM

OPERATIONS (AFFO)
2
:
5.39cps
23.9% ON H1 FY25
INDUSTRIAL VALUATIONS
GROWING:
$ 17.1m (+3.2%)
H1 FY26 FAIR VALUE GAINS ON
INVESTMENT PROPERTIES
GEARING
STABLE:
34.2%
AS AT 31 DECEMBER 2025
GREEN STAR
DEVELOPMENT PIPELINE:
~
$325m
OVER THE MEDIUM TERM
9.05cps
FY26 DIVIDEND
GUIDANCE INCREASED:
AT LEAST 5.2% ON FY25 DIVIDENDS
AT LE A ST
1. Profit after tax refers to profit and total comprehensive income after income tax attributable to the shareholders of the Company.
2. Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) are non-GAAP financial information and are common
property investor metrics, which have been calculated in accordance with the guidelines issued by the Property Council of Australia.
Please refer to Appendix 1 of the FY26 interim results presentation for more detail as to how these measures were calculated.
Demolition work at our
Harris Road redevelopment.
“PFI has a strong track record
of delivery, completing over
55,000 sqm of 5 Green Star
rated industrial space since
the start of 2024, on-time and
on-budget.”
9
PFI INTERIM REPORT FY26INTERIM FINANCIAL
STATEMENTS
DIRECTORYCALENDARDELIVERING STRONG,
STABLE RETURNS

INTERIM FINANCIAL
STATEMENTS.
02.
Spedding Road Industrial
Estate (February 2026).
10
PFI INTERIM REPORT FY26DELIVERING STRONG,
STABLE RETURNS
DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

ALL VALUES IN $000SNOTE
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2025
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2024
Rental and management fee income2.2 73,584 61,229
Property costs2.3 (12,144) (11,241)
Net property income 61,440 49,988
Administrative expenses5.1 (6,250) (5,916)
Profit before finance income/(expenses), other gains/(losses) and income tax 55,190 44,072
Finance income/(expenses)
Interest expense and bank fees (16,515) (16,357)
Fair value loss on derivative financial instruments3.2 (1,027) (13,794)
Interest income 20 72
(17,522) (30,079)
Other gains/(losses)
Fair value gain on investment properties 2.1 17,088 16,605
Gain on disposal of investment properties– 63
Material damage insurance income 54 –
17,142 16,668
Profit before income tax54,810 30,661
Income tax expense5.3 (7,872) (1,903)
Profit and total comprehensive income after income tax attributable to the shareholders of the Company46,938 28,758
Basic earnings per share (cents)4.19.34 5.73
Diluted earnings per share (cents)4.19.34 5.72
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2025
The accompanying notes form part of these interim financial statements.
11
PFI INTERIM REPORT FY26DELIVERING STRONG,
STABLE RETURNS
DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2025
CENTS
PER SHARE
(CENTS)
NO. OF
SHARES
(#)
ORDINARY
SHARES
($000S)
SHARE-BASED
PAYMENTS
RESERVE
($000S)
RETAINED
EARNINGS
($000S)
TOTAL
EQUITY
($000S)
Balance as at 1 July 2024 (audited) – 502,199,351 573,227 570 785,698 1,359,495
Total comprehensive income– – – – 28,758 28,758
Dividends
Q2 2024 final dividend – 11/9/2024 2.20 – – – (11,048) (11,048)
Q1 2025 interim dividend – 26/11/2024 2.00 – –– (10,044) (10,044)
Long-term incentive plan– – 317 – 317
Balance as at 31 December 2024 (unaudited)– 502,199,351 573,227 887 793,364 1,367,478
Balance as at 1 July 2025 (audited)– 502,284,064 573,608 592 850,034 1,424,234
Total comprehensive income– – – –46,938 46,938
Dividends
Q4 2025 final dividend – 10/9/2025 2.50 – –– (12,557) (12,557)
Q1 2026 interim dividend – 10/12/2025 2.20 – –– (11,050) (11,050)
Long-term incentive plan7,600 96 261– 357
Balance as at 31 December 2025 (unaudited)– 502,291,664 573,704 853 873,365 1,447,922
The accompanying notes form part of these interim financial statements.
12
PFI INTERIM REPORT FY26DELIVERING STRONG,
STABLE RETURNS
DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
ALL VALUES IN $000SNOTE
UNAUDITED
31 DECEMBER 2025
AUDITED
30 JUNE 2025
CURRENT ASSETS
Cash and cash equivalents 2,681 1,623
Accounts receivable, prepayments and other assets 6,511 3,778
Derivative financial instruments3.2 94 207
Total current assets 9,286 5,608
NON-CURRENT ASSETS
Investment properties2.1 2,252,754 2,166,200
Property, plant and equipment 2,639 2,853
Other non-current assets 3,171 2,749
Derivative financial instruments3.2 8,407 9,417
Total non-current assets 2,266,971 2,181,219
Total assets 2,276,257 2,186,827
The accompanying notes form part of these interim financial statements.
13
PFI INTERIM REPORT FY26DELIVERING STRONG,
STABLE RETURNS
DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

ALL VALUES IN $000SNOTE
UNAUDITED
31 DECEMBER 2025
AUDITED
30 JUNE 2025
CURRENT LIABILITIES
Accounts payable, accruals and other liabilities5.2 19,023 18,336
Taxation payable 4,210 4,547
Borrowings3.1 50,000 100,000
Derivative financial instruments3.2 816 340
Total current liabilities 74,049 123,223
NON-CURRENT LIABILITIES
Borrowings3.1 718,055 603,680
Derivative financial instruments3.2 4,243 4,816
Lease liabilities5.5 1,358 1,503
Deferred tax liabilities5.3 30,630 29,371
Total non-current liabilities 754,286 639,370
Total liabilities 828,335 762,593
Net assets4.2 1,447,922 1,424,234
EQUITY
Share capital 573,704 573,608
Share-based payments reserve 853 592
Retained earnings 873,365 850,034
Total equity 1,447,922 1,424,234
These interim financial statements are signed on behalf of Property for Industry Limited and were authorised for issue on 24 February 2026.
Dean Bracewell Carolyn Steele
Chair, Board of Directors Chair, Audit and Risk Committee
CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONTINUED
AS AT 31 DECEMBER 2025
The accompanying notes form part of these interim financial statements.
14
PFI INTERIM REPORT FY26DELIVERING STRONG,
STABLE RETURNS
DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2025
ALL VALUES IN $000SNOTE
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2025
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Property and management fee income received 71,429 63,010
Net goods and services tax paid 91 740
Interest received 20 72
Interest and other finance costs paid (17,497) (16,217)
Payments to suppliers and employees (18,601) (15,739)
Income tax paid (6,774) (3,965)
Net cash flows from operating activities 28,668 27,901
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investment properties– 12,735
Material damage insurance income received 54 –
Acquisition of / deposit on investment properties2.1(38,327) (2,028)
Expenditure on investment properties – development (20,273) (32,797)
Expenditure on investment properties – stabilised (8,574) (3,872)
Capitalisation of interest on development properties2.1 (755) (2,910)
Acquisition of property, plant and equipment (22) (29)
Net cash flows from investing activities (67,897) (28,901)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from syndicated bank facilities 164,073 97,630
Proceeds from Pricoa facility– 25,000
Repayment of fixed rate bonds (100,000) (100,000)
Dividends paid to shareholders (23,607) (21,092)
Principal elements of finance lease payments (179) (123)
Net cash flows from financing activities 40,287 1,415
Net increase in cash and cash equivalents 1,058 415
Cash and cash equivalents at beginning of period 1,623 1,481
Cash and cash equivalents at end of period 2,681 1,896
The accompanying notes form part of these interim financial statements.
15
PFI INTERIM REPORT FY26DELIVERING STRONG,
STABLE RETURNS
DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

1. GENERAL INFORMATION17
1.1. Reporting entity17
1.2. Basis of preparation17
1.3. Critical judgements, estimates and assumptions17
1.4. Accounting policies17
1.5. Non-GAAP measures17
1.6. Significant events and transactions17
2. PROPERTY19
2.1. Investment properties19
2.2. Rental and management fee income21
2.3. Property costs21
2.4. Net rental income21
3. FUNDING22
3.1. Borrowings22
3.2. Derivative financial instruments24
4. INVESTOR RETURNS AND INVESTMENT METRICS26
4.1. Earnings per share26
4.2. Net tangible assets per share26
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2025
5. OTHER27
5.1. Administrative expenses27
5.2. Accounts payable, accruals and other liabilities27
5.3. Taxation28
5.4. Related party transactions29
5.5. Leases30
5.6. Operating segments31
5.7. Capital commitments31
5.8. Subsequent events32
16
PFI INTERIM REPORT FY26DELIVERING STRONG,
STABLE RETURNS
DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
1. GENERAL INFORMATION
IN THIS SECTION
This section sets out the basis upon which the Group’s interim financial statements
are prepared.
1.1. Reporting entity
These unaudited consolidated interim financial statements (the interim financial
statements) are for Property for Industry Limited (the Company) and its subsidiaries,
P.F.I. Property No. 1 Limited (PFI No. 1) and P.F.I. Cover Limited (PFI Cover), (collectively,
the Group). The Company is a limited liability company incorporated in New Zealand and
is registered under the New Zealand Companies Act 1993. The Company is a FMC
reporting entity under Part 7 of the Financial Markets Conduct Act 2013 and the Financial
Reporting Act 2013 and these interim financial statements have been prepared in
accordance with the requirements of the NZX Listing Rules. The Company is listed on the
NZX Main Board (NZX: PFI).
The Group’s principal activity is property investment and management in New Zealand.
1.2. Basis of preparation
The interim financial statements have been prepared in accordance with Generally
Accepted Accounting Practice in New Zealand (GAAP). They comply 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).
The interim financial statements have been prepared on the historical cost basis except
where otherwise identified. All financial information is presented in New Zealand dollars
and has been rounded to the nearest thousand.
These interim financial statements should be read in conjunction with the Annual Report
for the year ended 30 June 2025 which may be downloaded from the Company’s website
(www.propertyforindustry.co.nz/investor-relations/reports-and-presentations).
1.3. Critical judgements, estimates and assumptions
In applying the Group’s accounting policies, the Board and Management regularly
evaluate judgements, estimates and assumptions that may have an impact on the Group.
The significant judgements, estimates and assumptions made in the preparation of these
interim financial statements were the same as those applied to the consolidated financial
statements as at and for the year ended 30 June 2025.
1.4. Accounting policies
The accounting policies adopted are the same as those applied by the Group in its
consolidated financial statements as at and for the year ended 30 June 2025.
1.5. Non-GAAP measures
The consolidated interim statement of comprehensive income includes a non-GAAP
measure, Profit before finance income/(expenses), other gains/(losses) and income tax.
This non-GAAP measure is presented to provide additional insight to the Group’s financial
performance and assist investors in assessing the performance of the Group’s core
operating activities.
This non-GAAP measure does not have a standard meaning prescribed by GAAP and
therefore may not be comparable to information presented by other entities.
17
PFI INTERIM REPORT FY26DELIVERING STRONG,
STABLE RETURNS
DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
1.6. Significant events and transactions
The financial position and performance of the Group were affected by the following
events and transactions that occurred during the reporting period:
Investment property acquisitions and disposals
On 22 August 2025, the Group settled the acquisition of the property located at
11C Norris Avenue, Hamilton, for a net purchase price of $2.24 million.
On 5 December 2025, the Group settled the acquisition of the properties located
at 505-507 Mt Wellington Highway, Mt Wellington, for a net purchase price of
$36.00 million.
Development – 92-98 Harris Road, East Tamaki
On 5 August 2025, the Group entered into a lease surrender agreement with GrainCorp
Foods NZ Limited (GrainCorp) at 92-98 Harris Road, East Tamaki, effective 11 August
2025. GrainCorp vacated the premises prior to the original lease expiry date of
3 November 2028. A surrender payment of $5.12 million was received and recognised
as Gross rental receipts within Rental and management fee income in the statement
of comprehensive income (31 December 2024: nil). Following the surrender, the Group
has retained the site for development with demolition works currently in progress.
Pricoa facility
On 3 July 2025, the Group renewed its Note Purchase and Private Shelf Facility with
PGIM, Inc (also known as Pricoa), reducing the total facility from US$250 million to
US$200 million and extending the availability period from 19 August 2025 to 19 August
2028. Existing drawings are not impacted by the extension. To date, NZ$50 million has
been drawn under the facility.
PFI020 Bonds
On 1 October 2025, the $100 million PFI020 fixed rate bonds matured and were repaid
with bank facilities.
Reclassification of Tranche C Syndicated Bank Facility as a Green Loan Facility
On 27 November 2025, the Group reclassified Tranche C of its syndicated bank
facility (also formerly known as Syndicated Bank Facility C), with a facility amount of
$100 million and an expiry date of 14 August 2027, as a Green Loan Facility (Syndicated
Bank Green Facility C). This reclassification is in line with the Group’s Green Finance
Framework, launched on 20 July 2023, and supports the alignment of debt facilities
with the ongoing growth in the Group’s Eligible Green Assets. Refer note 3.1 for
further information.
1. GENERAL INFORMATION CONTINUED
18
PFI INTERIM REPORT FY26DELIVERING STRONG,
STABLE RETURNS
DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
IN THIS SECTION
This section shows the real estate assets used to generate the Group’s trading performance which are considered to be the most relevant to the operations of the Group.
2.1. Investment properties
ALL VALUES IN $000S
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2025
AUDITED
12 MONTHS ENDED
30 JUNE 2025
Opening balance 2,166,200 2,050,525
Capital movements:
Additions 38,551 8,505
Disposals– (12,672)
Capital expenditure 29,419 32,721
Capitalised interest 755 3,360
Movement in lease incentives, fees and fixed rental income 741 13,019
69,466 44,933
Unrealised fair value gain 17,088 70,742
Closing balance 2,252,754 2,166,200
2. PROPERTY
19
PFI INTERIM REPORT FY26DELIVERING STRONG,
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DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
2. PROPERTY CONTINUED
2.1. Investment properties (continued)
(i) Valuation
All investment properties were valued as at 30 June 2025. The Board determined that a desktop review of the property portfolio should be undertaken by CBRE Limited (CBRE), CVAS
(NZ) Limited (Colliers), Jones Lang LaSalle Limited (JLL) or Savills (NZ) Limited (Savills) as at 31 December 2025 to ensure that investment properties continue to be held at fair value
(with the exception of 505-507 Mt Wellington Highway, Mt Wellington which was independently valued as at 14 October 2025 by JLL as part of the acquisition). In addition to this
desktop review, the following 19 investment properties were subject to independent valuations due to a change of plus or minus 5% of the market value assessed in the asset valuation
as compared to the prior year end, or the Board determining that a full valuation was appropriate due to other considerations, such as significant capital expenditure or leasing activity
undertaken during the period:
ALL VALUES IN $000SVALUERVALUATION
6 Autumn Place, Penrose Colliers 5,100
10 Autumn Place, Penrose Colliers 19,300
76 Carbine Road, Mt Wellington JLL 14,200
92-98 Harris Road, East Tamaki Savills 24,000
124b Hewletts Road, Mt Maunganui CBRE 20,400
15 Jomac Place, Avondale CBRE 35,100
1 Mayo Road, Manukau Savills 19,150
9 Narek Place, Manukau CBRE 15,200
312 Neilson Street, Penrose Colliers 9,400
11C Norris Avenue, Hamilton Colliers 2,400
320 Rosebank Road, Avondale Colliers 19,800
528-558 Rosebank Road, Avondale CBRE 73,300
51-61 Spartan Road, Takanini Savills 24,500
78 Springs Road, East Tamaki JLL 199,500
11 Vestey Drive, Mt Wellington CBRE 12,950
15a Vestey Drive, Mt Wellington Savills 11,000
36 Vestey Drive, Mt Wellington JLL 5,700
41 William Pickering Drive, North Shore Colliers 11,200
12 Zelanian Drive, East Tamaki JLL 22,800
Total545,000
As a result of the independent valuations of the 19 properties above, the unrealised net gain in the value of investment properties for the six months ended 31 December 2025
was $17,088,000 (six months ended 31 December 2024: net gain of $16,605,000). The portfolio will next be revalued by independent valuers as at 30 June 2026.
20
PFI INTERIM REPORT FY26DELIVERING STRONG,
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DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
2.2. Rental and management fee income
ALL VALUES IN $000S
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2025
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
Gross rental receipts 61,586 49,962
Service charge income recovered from tenants 10,526 8,911
Fixed rental income adjustments 1,751 462
Capitalised lease incentive adjustments (726) 1,516
Impact of rental income deferred and abated due to the
COVID-19 pandemic (26) (44)
Management fee income 473 422
Total rental and management fee income 73,584 61,229
2.3. Property costs
ALL VALUES IN $000S
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2025
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
Rates & insurance (6,355) (5,948)
Property maintenance costs (3,631) (3,320)
Utilities (474) (429)
Bad and doubtful debts expense (14) (12)
Lease incentives amortisation (391) (349)
Other non-recoverable property costs (1,279) (1,183)
Total property costs (12,144) (11,241)
Other non-recoverable costs represent property maintenance not recoverable from
tenants, property valuation fees and property leasing costs.
2.4. Net rental income
ALL VALUES IN $000S
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2025
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
Gross rental income
Gross rental receipts 61,586 49,962
Service charge income recovered from tenants 10,526 8,911
Fixed rental income adjustments 1,751 462
Capitalised lease incentive adjustments (726) 1,516
Impact of rental income deferred and abated due to the
COVID-19 pandemic
(26) (44)
Total gross rental income 73,111 60,807
Service charge expenses
Rates & insurance (6,355) (5,948)
Property maintenance costs (3,631) (3,320)
Utilities (474) (429)
Total service charge expenses (10,460) (9,697)
Net rental income 62,651 51,110
2. PROPERTY CONTINUED
21
PFI INTERIM REPORT FY26DELIVERING STRONG,
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DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
IN THIS SECTION
This section outlines how the Group manages its capital structure, financing costs and exposure to interest rate risk.
3.1. Borrowings
(i) Borrowings
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER 2025
AUDITED
30 JUNE 2025
Current
Fixed Rate Bonds (PFI020)– 100,000
ANZ & CBA Green Facility D1 50,000 –
Total current borrowings 50,000 100,000
Non-current
ANZ & CBA Green Facility D1– 50,000
BNZ Green Facility D2 25,000 25,000
Westpac Green Facility D3 75,000 75,000
Syndicated Bank Facility C – 100,000
Syndicated Bank Green Facility C 100,000 –
Syndicated Bank Facility A 150,000 31,870
Syndicated Bank Facility B 45,943 –
Bilateral CBA Bank Facility 125,000 125,000
Pricoa (2029 maturity) 25,000 25,000
Fixed Rate Bonds (PFI030) 150,000 150,000
Pricoa (2033 maturity) 25,000 25,000
Unamortised borrowings establishment costs (2,888) (3,190)
Total non-current borrowings 718,055 603,680
Total borrowings 768,055 703,680
Weighted average interest rate for drawn debt (inclusive of current interest rate swaps, margins and line fees)4.54%4.52%
Weighted average term to maturity (years) 3.23 3.39
3. FUNDING
22
PFI INTERIM REPORT FY26DELIVERING STRONG,
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DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
3.1. Borrowings (continued)
(ii) Composition of borrowings
ALL VALUES IN $000S
AS AT 31 DECEMBER 2025 (UNAUDITED)
ISSUE
DATE
MATURITY
DATE
INTEREST
RATE
FACILITY
DRAWN / AMOUNT
UNDRAWN
FACILITY

FAIR VALUE
ANZ & CBA Green Facility D1–18-Jul-26Floating 50,000 – 50,000
BNZ Green Facility D2–18-Jul-27Floating 25,000 – 25,000
Westpac Green Facility D3–18-Jul-27Floating 75,000 – 75,000
Syndicated Bank Green Facility C–14-Aug-27Floating 100,000 – 100,000
Syndicated Bank Facility A–14-Aug-28Floating 150,000 – 150,000
Syndicated Bank Facility B–14-Aug-29Floating 45,943 104,057 45,943
Bilateral CBA Bank Facility–14-Aug-29Floating 125,000 – 125,000
Pricoa (2029 maturity)–15-Dec-29Floating 25,000 – 25,820
Fixed Rate Bonds (PFI030)13-Mar-2513-Sep-305.43% 150,000 – 155,834
CBA Bank Facility–31-May-31Floating– 50,000 –
Pricoa (2033 maturity)–05-Jan-33Floating 25,000 – 25,914
Total borrowings 770,943 154,057 778,511
ALL VALUES IN $000S
AS AT 30 JUNE 2025 (AUDITED)
ISSUE
DATE
MATURITY
DATE
INTEREST
RATE
FACILITY
DRAWN / AMOUNT
UNDRAWN
FACILITY

FAIR VALUE
Fixed Rate Bonds (PFI020)01-Oct-1801-Oct-254.25% 100,000 – 101,038
ANZ & CBA Green Facility D1–18-Jul-26Floating 50,000 – 50,000
BNZ Green Facility D2–18-Jul-27Floating 25,000 – 25,000
Westpac Green Facility D3–18-Jul-27Floating 75,000 – 75,000
Syndicated Bank Facility C–14-Aug-27Floating 100,000 – 100,000
Syndicated Bank Facility A–14-Aug-28Floating 31,870 118,130 31,870
Syndicated Bank Facility B–14-Aug-29Floating– 150,000 –
Bilateral CBA Bank Facility–14-Aug-29Floating 125,000 – 125,000
Pricoa (2029 maturity)–15-Dec-29Floating 25,000 – 25,501
Fixed Rate Bonds (PFI030)13-Mar-2513-Sep-305.43% 150,000 – 152,968
CBA Bank Facility–31-May-31Floating– 50,000 –
Pricoa (2033 maturity)–05-Jan-33Floating 25,000 – 25,339
Total borrowings 706,870 318,130 711,716
3. FUNDING CONTINUED
23
PFI INTERIM REPORT FY26DELIVERING STRONG,
STABLE RETURNS
DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
3.1. Borrowings (continued)
(ii) Composition of borrowings
The Group has long-term revolving facilities (A and B) with a banking syndicate
comprising ANZ, BNZ, CBA and Westpac (each providing $75 million), for $300 million,
and CBA, providing facilities totalling $175 million.
In accordance with the Group’s Green Finance Framework, the Group also has $250
million of Green Loan facilities during the period to fund its committed development
projects. The Green Loan facilities consists of ANZ & CBA green facility (D1) providing
$50 million, BNZ green facility (D2) providing $25 million and Westpac green facility
(D3) providing $75 million. During the period, Facility C of the banking syndicate was
reclassified as a Green Loan Facility (Green Facility C) with ANZ, BNZ, CBA and
Westpac each providing $25 million.
The carrying values of the bank facilities approximate the fair value of the facilities
because the loans have floating rates of interest that reset every 30-90 days.
The fair value of any fixed rate bonds on issue is based on the listed market price at
the balance date and is classified as Level 1 in the fair value hierarchy (30 June 2025:
Level 1). The $150 million PFI030 fixed rate bonds are listed on the NZDX with interest
payable quarterly in March, June, September and December in equal instalments. The
$100 million PFI020 fixed rate bonds matured on 1 October 2025 and were repaid with
bank facilities.
The fair value of the Pricoa facilities is classified as Level 2 and is measured using a
present value calculation of the future cash flows using the relevant term swap rates as
the discount factor. The discount curve will incorporate both the credit spreads and risk
free rate.
(iii) Security
The bank facilities, Pricoa facilities and the fixed rate bonds are secured by way of a
security trust deed and registered mortgage security which is required to be provided
over Group properties with current valuations of at least $1,850,000,000 (30 June 2025:
$2,050,000,000). In addition to this, the bank facility agreements, fixed rate bond terms
and Pricoa facility agreements also contain a negative pledge. The Company and PFI No.
1 are guarantors to the facility, fixed rate bonds, and Pricoa facilities. As at 31 December
2025, investment properties totalling $2,228,775,000 (30 June 2025: $2,149,100,000)
were mortgaged as security for the Group’s borrowings.
3.2. Derivative financial instruments
(i) Fair values
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER 2025
AUDITED
30 JUNE 2025
Current assets 94 207
Non-current assets 8,407 9,417
Current liabilities (816) (340)
Non-current liabilities (4,243) (4,816)
Total 3,442 4,468
3. FUNDING CONTINUED
24
PFI INTERIM REPORT FY26DELIVERING STRONG,
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DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
3.2. Derivative financial instruments (continued)
(ii) Notional principal values, maturities and interest rates
UNAUDITED
31 DECEMBER 2025
AUDITED
30 JUNE 2025
Notional value of interest rate swaps – fixed rate
payer – start dates commenced ($000s)
615,000 610,000
Notional value of interest rate swaps – fixed rate
receiver
1
– start dates commenced ($000s)
150,000 250,000
Notional value of interest rate swaps – fixed rate
payer – forward starting ($000s)
190,000 130,000
Total ($000s) 955,000 990,000
Percentage of borrowings fixed (%)80%86%
Fixed rate payer swaps:
Average period to expiry – start dates
commenced (years)
2.74 2.87
Average period to expiry – forward starting
(years from commencement)
3.57 3.19
Average (years) 2.93 2.93
Fixed rate payer swaps:
Average interest rate
2
– start dates
commenced (%)
3.12%3.10%
Average interest rate
2
– forward starting
(% during effective period)
3.75%3.94%
Average (%)3.27%3.25%
1. The Group has $150 million fixed rate receiver swaps for the duration of the $150 million PFI030 fixed
rate bonds, the effect of the fixed rate receiver swaps is to convert the $150 million fixed rate bonds to
floating interest rates.
2. Excluding margin and fees.
(iii) Fair value loss on derivative financial instruments
ALL VALUES IN $000S
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2025
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2024
Interest rate swaps (1,027) (13,794)
Total fair value loss on derivative
financial instruments
(1,027) (13,794)
Key estimates and assumptions: Derivative financial instruments
The fair values of derivative financial instruments are determined from valuations
prepared by independent treasury advisers using Level 2 valuation techniques
(30 June 2025: Level 2). These are based on the present value of estimated future
cash flows accounting for the terms and maturity of each contract and the current
market interest rates at reporting date. Fair values also reflect the current
creditworthiness of the derivative counterparty. These values are verified against
valuations prepared by the respective counterparties. The valuations were based on
market rates at 31 December 2025 of between 2.52% for the 90 day BKBM (30 June
2025: 3.29%) and 4.09% for the 10 year swap rate (30 June 2025: 4.06%). There were
no changes to these valuation techniques during the reporting period.
3. FUNDING CONTINUED
25
PFI INTERIM REPORT FY26DELIVERING STRONG,
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DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
4. INVESTOR RETURNS AND INVESTMENT METRICS
IN THIS SECTION
This section summarises the earnings per share and net tangible assets per share
which are common investment metrics.
4.1. Earnings per share
(i) Basic earnings per share
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2025
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2024
Profit and total comprehensive income after
income tax attributable to the shareholders of
the Company ($000s)
46,938 28,758
Weighted average number of ordinary shares
(shares)
502,289,392 502,199,351
Basic earnings per share (cents) 9.34 5.73
(ii) Diluted earnings per share
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
adjustment for the effects of all dilutive potential ordinary shares. Weighted average
number of shares for the purpose of diluted earnings per share has been adjusted for
167,469 (31 December 2024: 185,945) rights issued under the Group’s LTI Plan as at
31 December 2025. This adjustment has been calculated using the treasury share method.
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2025
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2024
Profit and total comprehensive income after
income tax attributable to the shareholders of
the Company ($000s)
46,938 28,758
Weighted average number of shares for purpose
of diluted earnings per share (shares)
502,456,861 502,385,296
Diluted earnings per share (cents) 9.34 5.72
4.2. Net tangible assets per share
UNAUDITED
31 DECEMBER 2025
AUDITED
30 JUNE 2025
Net assets ($000s) 1,447,922 1,424,234
Net tangible assets ($000s) 1,447,922 1,424,234
Closing shares on issue (shares) 502,291,664 502,284,064
Net tangible assets per share (cents) 288 284
26
PFI INTERIM REPORT FY26DELIVERING STRONG,
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DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
5. OTHER
IN THIS SECTION
This section includes additional information that is considered less significant
in understanding of the financial performance and position of the Group, but is
disclosed to comply with New Zealand Equivalents to International Financial
Reporting Standards.
5.1. Administrative expenses
ALL VALUES IN $000SNOTE
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2025
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
Auditor remuneration
Audit and review of the financial statements (192) (162)
Other audit related services
1
(29) (20)
Other services
2
(8) (1)
Depreciation (237) (237)
Directors' fees5.4 (339) (343)
Employee benefits (3,282) (3,493)
IT – licence fees and support (350) (304)
Office expenses (605) (512)
Other expenses (1,158) (770)
Sustainability (50) (74)
Total administrative expenses (6,250) (5,916)
1. Other assurance services include the limited assurance engagement in the area of greenhouse gas
emissions disclosures. Agreed upon procedures include recalculations performed over amounts within
the FY25 Annual Results presentation.
2. Other services include the provision of remuneration market data and the purchase of PwC’s 2025
Property Supplement Report.
5.2. Accounts payable, accruals and other liabilities
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER
2025
AUDITED
30 JUNE
2025
Accounts payable 5,393 3,022
Accrued interest expense and bank fees 3,817 5,109
Accruals and other liabilities in respect of investment
properties 3,110 3,253
Accrued employee benefits 235 179
Accruals and other liabilities 6,468 6,773
Total accounts payable, accruals and other liabilities 19,023 18,336
27
PFI INTERIM REPORT FY26DELIVERING STRONG,
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DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
5.3. Taxation
(i) Reconciliation of accounting profit before income tax to income tax expense
ALL VALUES IN $000S
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2025
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2024
Profit before income tax 54,810 30,661
Prima facie income tax calculated at 28% (15,347) (8,585)
Adjusted for:
Current tax prior period adjustment 333 184
Deductible capital expenditure 1,260 1,363
Depreciation 2,401 1,601
Disposal of depreciable assets 275 4
Fair value gain on investment properties 4,785 4,649
Gain on disposal of investment properties– 18
Impairment allowance (4) (3)
Lease incentives, fees and fixed rental income 360 656
Loss on derivative financial instruments (284) (3,859)
Non-tax deductible revenue and expenses (12) (24)
Other (204) (296)
Current taxation expense (6,437) (4,292)
Depreciation (1,107) (871)
Impairment allowance 4 3
Lease incentives, fees and fixed rental income (360) (621)
Loss on derivative financial instruments 284 3,859
Other (256) 19
Deferred taxation (expense) / benefit (1,435) 2,389
Total income tax expense reported in Consolidated
Statement of Comprehensive Income
(7,872) (1,903)
(ii) Deferred tax
ALL VALUES IN $000S
AUDITED
30 JUNE 2025
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2025
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2025
UNAUDITED
31 DECEMBER
2025
AS AT
RECOGNISED
IN PROFIT
RECOGNISED
IN EQUITY AS AT
Deferred tax assets
Impairment allowance (34) (4)– (38)
Office lease liability (498) 38 – (460)
Other (375) 256 (176) (295)
Gross deferred tax assets (907) 290 (176) (793)
Deferred tax liabilities
Derivative financial
instruments
1,228 (284)– 944
Investment properties 28,637 1,467 – 30,104
Office lease asset 413 (38)– 375
Gross deferred tax
liabilities
30,278 1,145 – 31,423
Net deferred tax liability 29,371 1,435 (176) 30,630
5. OTHER CONTINUED
28
PFI INTERIM REPORT FY26DELIVERING STRONG,
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DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
5.4. Related party transactions
The Group also has related party relationships with the following parties:
RELATED PARTYABBREVIATIONNATURE OF RELATIONSHIP(S)
The Board of
Directors
DirectorsThe Board of Directors.
Bayleys Valuation
Limited
BayleysAngela Bull is a Non-Executive Director of Bayley
Corporation Limited. Bayleys Valuation Limited is
a wholly owned subsidiary of Bayley Corporation
Limited and an independent valuer used by the
Group for investment property valuations.
ANZ Bank
New Zealand
Limited
ANZCarolyn Steele was appointed as an Independent
Non-Executive Director of ANZ on 1 April 2025.
ANZ is a member of the Group’s banking syndicate
and provides lending and other financial services
to the Group.
The following transactions with a related party took place:
NUMBER
RELATED
PA RT Y
UNAUDITED
31 DECEMBER
2025
AUDITED
30 JUNE 2025
Shares held beneficially in the companyDirectors 170,000 122,500
Shares held non-beneficially in the companyDirectors––
ALL VALUES IN $000S
RELATED
PA RT Y
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2025
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
Net interest and other finance costs incurredANZ 1,435 N/A
Valuation fees paid Bayleys– 17
ALL VALUES IN $000S
RELATED
PA RT Y
UNAUDITED
31 DECEMBER
2025
AUDITED
30 JUNE 2025
Amounts owingANZ (624) (642)
Amounts owedANZ– 76
Bank facilities providedANZ 125,000 125,000
Bank facilities drawnANZ 98,986 57,968
Notional value of interest rate swaps:
Current fixed rate payer swapsANZ 142,500 127,500
Forward starting fixed rate payer swapsANZ 70,000 35,000
Current fixed rate receiver swapsANZ– 50,000
No related party debts have been written off or forgiven during the period (30
June 2025: NIL).
5. OTHER CONTINUED
29
PFI INTERIM REPORT FY26DELIVERING STRONG,
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DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
5.5. Leases
(i) Amounts recognised in the Consolidated Statement of Financial Position
The Consolidated Statement of Financial Position shows the following amounts relating
to leases:
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER
2025
AUDITED
30 JUNE 2025
Right-of-use assets
1
Properties 1,340 1,476
Total right-of-use assets 1,340 1,476
1. Included in the line item ‘Property, plant and equipment’ in the Consolidated Statement of Financial
Position.
There were no additions to the right-of-use assets for the six months ended 31 December
2025 (30 June 2025: Nil).
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER
2025
AUDITED
30 JUNE 2025
Lease liabilities
Current
2
286 275
Non-current
3
1,358 1,503
Total lease liabilities 1,644 1,778
2. Included in the line item ‘Accounts payable, accruals and other liabilities’ in the Consolidated Statement
of Financial Position.
3. Included in the line item ‘Lease liabilities’ in the Consolidated Statement of Financial Position.
(ii) Amounts recognised in the Consolidated Statement of Comprehensive Income
The Consolidated Statement of Comprehensive Income shows the following amounts
relating to leases:
ALL VALUES IN $000S
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2025
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
Depreciation charge of right-of-use assets
4

Properties (136) (136)
Total depreciation charge of right-of-use assets (136) (136)
4. Included in the line item ‘Administrative expenses’ in the Consolidated Statement of Comprehensive
Income.
ALL VALUES IN $000S
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2025
UNAUDITED
6 MONTHS
ENDED
31 DECEMBER
2024
Interest cost
5
(46) (52)
5. Included in the line item ‘Interest expense and bank fees’ in the Consolidated Statement of
Comprehensive Income.
The total cash outflow for leases in the six month period ended 31 December 2025 was
$179,000 (31 December 2024: $175,000).
5. OTHER CONTINUED
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PFI INTERIM REPORT FY26DELIVERING STRONG,
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DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
5.6. Operating segments
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 Board of Directors. The Group is internally reported as a single
operating segment to the chief operating decision-maker.
5.7. Capital commitments
As at 31 December 2025, the Group had capital commitments totalling $65,351,000
(30 June 2025: $73,768,000) as follows:
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER
2025
AUDITED
30 JUNE 2025
Development capital commitments 12,695 33,215
Other capital commitments 52,656 40,553
Total capital commitments 65,351 73,768
Development capital commitments
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER
2025
AUDITED
30 JUNE 2025
30-32 Bowden Road Design and build (Green Star)
Land value on commencement– 32,500
Development cost
1
– 67,914
Less: spend to date– (67,914)
Committed costs to complete– –
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER
2025
AUDITED
30 JUNE 2025
78 Springs Road - Stage 1 Design and build (Green Star)
Land value on commencement– 37,817
Development cost
1
– 76,562
Less: spend to date– (76,562)
Committed costs to complete– –
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER
2025
AUDITED
30 JUNE 2025
78 Springs Road - Stage 2 Design and build (Green Star)
Land value on commencement 17,649 17,649
Development cost
1
41,796 41,796
Less: spend to date (29,101) (8,581)
Committed costs to complete 12,695 33,215
Total development capital commitments 12,695 33,215
1. Excluding land value
5. OTHER CONTINUED
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PFI INTERIM REPORT FY26DELIVERING STRONG,
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DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED
5.7. Capital commitments (continued)
Other capital commitments
ALL VALUES IN $000S
UNAUDITED
31 DECEMBER
2025
AUDITED
30 JUNE 2025
AddressProject
Spedding Road
1
Land acquisition 38,537 38,537
78 Springs RoadDemolition – Stage 3 9,727 –
11 Vestey DriveSeismic and roof works 1,250 –
Spedding RoadEarly works 1,128
124b Hewletts RoadCorrosion repairs 1,050 –
124a Hewletts RoadYard works 650 –
92-98 Harris RoadDemolition 314 –
11C Norris AvenueAcquisition (net of deposit paid)– 2,016
Total other capital commitments52,656 40,553
1. In 2023, the Group entered into a sale and purchase agreement to purchase two lots within the
proposed industrial subdivision at Spedding Road, Auckland, for an estimated total purchase price
of $40.57 million. The Group paid a deposit of $2.03 million (5% of the total purchase price) on
13 September 2024. Refer note 5.8 for further information.
5.8. Subsequent events
On 4 February 2026, the Group was notified of the issue of legal titles to the two lots
at Spedding Road, Auckland. The receipt of these titles and completion of certain
works by the vendor triggered settlement of the acquisition under a deferred settlement
structure set out in the sale and purchase agreement. Having previously paid a deposit
of $2.03 million (being 5% of the total purchase price) on 13 September 2024, the
first deferred settlement payment of $18.32 million (representing 45% of the total
purchase price), was paid on 20 February 2026. Two further deferred settlement
amounts of $10.17 million are due on 20 February 2027 and 20 February 2028.
On 16 February 2026, the Group announced the divestment of the properties at 2 Smart
Road and 18 Constance Street, New Plymouth for a gross sales price of $4.70 million
and 41 and 55 Foremans Road, Christchurch for a gross sales price of $14.35 million.
Settlement is scheduled to take place in late March 2026.
On 24 February 2026, the Board of Directors of the Company approved the payment of
a cash dividend of 2.200000 cents per share to be paid on 12 March 2026. The gross
dividend (2.695063 cents per share) carries imputation credits of 0.495063 cents per
share. The payment of this dividend will not have any tax consequences for the Group
and no liability has been recognised in the Consolidated Statement of Financial Position
as at 31 December 2025 in respect of this dividend.
5. OTHER CONTINUED
32
PFI INTERIM REPORT FY26DELIVERING STRONG,
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DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

Independent auditor’s review report
To the shareholders of Property for Industry Limited
Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated interim financial statements of Property for Industry
Limited (the Company) and its subsidiaries (the Group), which comprise the consolidated
statement of financial position as at 31 December 2025, and the consolidated statement of
comprehensive income, the consolidated statement of changes in equity and the consolidated
statement of cash flows for the six months ended on that date, and selected explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated interim financial statements of the Group do not present fairly,
in all material respects, the financial position of the Group as at 31 December 2025, and its
financial performance and cash flows for the six months then ended, in accordance with
International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand
Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the
Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s
responsibilities for the review of the consolidated interim financial statements section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board
(PES 1), as applicable to audits and reviews of public interest entities. We have also fulfilled our
other ethical responsibilities in accordance with PES 1.
In our capacity as auditor and assurance practitioner, our firm also provides audit, other
assurance and agreed-upon procedures. Our firm carried out other assignments in the area
of other services relating to the provision of remuneration market data. In addition, certain
partners and employees of our firm may deal with the Group on normal terms within the
ordinary course of trading activities of the business. The firm has no other relationship with,
or interests in, the Group.
Responsibilities of the Directors for the consolidated interim financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and
fair presentation of these consolidated interim financial statements in accordance with IAS 34
and NZ IAS 34 and for such internal control as the Directors determine is necessary to enable
the preparation and fair presentation of the consolidated interim financial statements that are
free from material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the consolidated interim financial
statements
Our responsibility is to express a conclusion on the consolidated interim financial statements
based on our review. NZ SRE 2410 (Revised) requires us to conclude whether anything
has come to our attention that causes us to believe that the consolidated interim financial
statements, taken as a whole, are not prepared in all material respects, in accordance with
IAS 34 and NZ IAS 34.
A review of consolidated interim financial statements in accordance with NZ SRE 2410
(Revised) is a limited assurance engagement. We perform procedures, primarily consisting of
making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. The procedures performed in a review are
substantially less than those performed in an audit conducted in accordance with International
Standards on Auditing (New Zealand) and consequently does not enable us to obtain assurance
that we might identify in an audit. Accordingly, we do not express an audit opinion on these
consolidated interim financial statements.
Who we report to
This report is made solely to the Company’s Shareholders, as a body. Our review work has been
undertaken so that we might state those matters which we are required to state to them in our
review report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company and the Company’s Shareholders,
as a body, for our review procedures, for this report or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is
Samuel Shuttleworth.
For and on behalf of:
PricewaterhouseCoopers Auckland
24 February 2026
PwC New Zealand, PwC Tower, 15 Customs Street West,
Private Bag 92162, Auckland 1142
+64 (9) 355 8000
pwc.co.nz
33
PFI INTERIM REPORT FY26DELIVERING STRONG,
STABLE RETURNS
DIRECTORYCALENDARINTERIM FINANCIAL
STATEMENTS

DIRECTORY.
03.
ISSUER OF SHARES
AND BONDS
Property for Industry
Limited
Level 4, Hayman Kronfeld
Building
15 Galway Street
PO Box 1147
Auckland 1140
Tel: +64 9 303 9450
propertyforindustry.co.nz
info@propertyforindustry.
co.nz
DIRECTORS
Dean Bracewell
(Board Chair)
Angela Bull
Carolyn Steele
David Thomson
Jeremy Simpson
CHIEF EXECUTIVE
OFFICER
Simon Woodhams
Tel: +64 9 303 9652
woodhams@
propertyforindustry.co.nz
CHIEF FINANCE AND
OPERATING OFFICER
Craig Peirce
Tel: +64 9 303 9651
peirce@
propertyforindustry.co.nz
AUDITOR
PricewaterhouseCoopers
Level 27, PwC Tower
15 Customs Street West
Private Bag 92162
Auckland 1142
Tel: +64 9 355 8000
Fax: +64 9 355 8001
LAWYERS
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West
PO Box 2206
Auckland 1140
Tel: +64 9 357 9000
VALUATION PANEL
Bayleys Valuation Limited
CBRE Limited
CVAS (NZ) Limited trading
as Colliers
Jones Lang LaSalle
Limited
Savills (NZ) Limited
LENDERS
ANZ Bank New Zealand
Limited
Bank of New Zealand
Commonwealth Bank of
Australia
Westpac New Zealand
Limited
PGIM, Inc (Pricoa)
SECURITY TRUSTEE
New Zealand Permanent
Trustees Limited
SAP Tower, Level 16,
151, Queen Street,
Auckland 1010
PO Box 1598
Auckland 1140
Tel: 0800 371 471
BOND SUPERVISOR
Public Trust
SAP Tower, Level 16,
151, Queen Street,
Auckland 1010
PO Box 1598
Auckland 1140
Tel: +64 9 985 5300
REGISTRAR
Computershare Investor
Services
159 Hurstmere Road
Private Bag 92119
Auckland 1142
Tel: +64 9 488 8700
Fax: +64 9 488 8787
investorcentre.com/nz
This Interim Report is
dated 24 February 2026
and signed on behalf of
the Board by:
Dean Bracewell
Board Chair

Carolyn Steele
Audit and Risk
Committee Chair
34
PFI INTERIM REPORT FY26DELIVERING STRONG,
STABLE RETURNS
INTERIM FINANCIAL
STATEMENTS
CALENDARDIRECTORY

04.
CALENDAR.
MARCH
■
FY26 Half-year dividend payment
M AY
■
FY26 Third-quarter announcement
JUNE
■
FY26 Third-quarter dividend payment
AUGUST
■
FY26 Full-year announcement
■
FY26 Annual report released
2026
Canopy construction at
Stage Two, Springs Road
(February 2026).
35
PFI INTERIM REPORT FY26DELIVERING STRONG,
STABLE RETURNS
INTERIM FINANCIAL
STATEMENTS
DIRECTORYCALENDAR