APL - Result for the six months ended 30 September 2025

Wednesday 19th November 2025

• Total profit after tax of $1.61 million, down from a $2.32 million profit in the prior corresponding period.

• AFFO increased to $1.19 million from a $0.35 million deficit in the prior corresponding period.

• The new Aderant lease was announced during the reporting period which will increase occupancy to 74% when the lease commences in early 2026.

Asset Plus Limited (NZX: APL ) announces its unaudited interim financial results for the period ended 30 September 2025, reporting a total profit of $1.61 million, down from a $2.32 million profit in the prior corresponding period. The prior period included a fair value gain due to the unwind of the discount in respect to the 35 Graham Street property fair value. Net operating performance increased following the 35 Graham Street settlement in November 2024, with all debt now repaid.

Funds from Operations (FFO(1)) represented a profit of $1.61 million against a $0.35 million deficit in the prior corresponding period. The primary driver was a reduction in net finance costs of $1.53 million, as well as a reduction in operating costs and management fees.

Adjusted Funds from Operations (AFFO(1)) were $1.19 million after reflecting leasing costs incurred.

Key points:

• Portfolio occupancy of 65%, which is unchanged from March 2025. This increases to 74% following the Aderant lease commencement.

• WALE of 8.5 years, down from 9.0 years at 31 March 2025. This improves by one year when the Aderant lease commences.

• The portfolio fair value now stands at $107.7 million.

• Net tangible assets (NTA) of 32.4 cents per share (cps), which is unchanged from 31 March 2025.

• Net revenues from the property portfolio increased marginally, primarily due to the reduction in unrecovered operating expenditure following the 35 Graham Street settlement.

Munroe Lane

No independent valuation was commissioned as at 30 September 2025 as the Board determined there was no material movement in the fair value of the property. Leasing the balance of the space at Munroe Lane remains challenging.

Dividend

The Board has declared a 0.2 cents per share cash dividend for the quarter ended 30 September 2025. The dividend record date is 27 November 2025, with payment to be made on 5 December 2025. The dividend remains subject to quarterly review.

Conference call

A conference call to present the results is being held at 10.00am NZDT time today. Participants can pre-register by going to:

https://s1.c-conf.com/diamondpass/10051257-2rc76l.html

Registered participants will receive dial-in details upon registration.

Announcement authorised by the Board of Asset Plus Limited

Notes:

(1) FFO and AFFO are non-GAAP financial information, calculated based on guidance issued by the Property Council of Australia. Asset Plus considers that FFO and AFFO are a useful measure for shareholders and management because FFO assists in assessing the Group’s underlying operating performance and AFFO assists in assessing the ability to service leasing costs from FFO in the absence of the Company’s cash reserves. This non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information prescribed by other entities. The calculation of

FFO and AFFO has been reviewed by Asset Plus' auditor, Grant Thornton New Zealand Audit Limited. A reconciliation of FFO and AFFO to Total Comprehensive Income Net of Tax is included in the accompanying results presentation.

-ENDS-

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