Thank you. Good morning, everyone, and thanks for joining us.

First, I've got a pretty bad head cold, I'll try and speak up, but I might I might start spluttering. I'm John McBain, Joint CEO of Centuria Capital, and with me today is my fellow Joint Chief Executive, Jason Huljich; the Chief Financial Officer, Simon Holt; also Tim Mitchell and Peter Hoe from Investor Relations and Strategy.

Before we begin, I'd like to acknowledge another ASX announcement released this morning in relation to our chief executive transition. Today, we announced the appointment of Jason Huljich as Group Chief Executive Officer, effective the 27th of November this year at the close of our AGM.

The move to a single CEO structure is consistent with the board's long-term strategy to ensure a seamless leadership transition. As at that date, I have decided to step down from my executive role and transition to non-executive duties, remaining as a non-executive director across a number of group boards, including Centuria Capital Limited, Centuria Life Limited, Centuria Bass Credit, and Asset Plus Limited in New Zealand.

First, I want to warmly congratulate Jason on his appointment. Jason is an extremely talented executive who has spent more than 30 years helping build the Centuria platform and brings a deep knowledge of every part of our business, strong relationships across the market, and a clear vision for where we take Centuria next.

It's been a great privilege founding and building Centuria alongside Jason from a small team with a handful of investors to the business it is today. I'm proud of what we've created together and very confident of the ability of Jason and the leadership team to take it forward.

Centuria is like a second family to me, but I feel that the time is right for me to make this decision, and I'm genuinely looking forward to staying involved, supporting Jason and the team in a non-executive capacity, as well as spending more time on my private interests and especially my family. With that, today we'll cover the group's FY '26 results, progress across our real estate and credit businesses, the execution pathway for ResetData, our financial position, and the outlook for FY '27.

I'll begin I'll begin with the group result and strategic context. Jason will then cover operating performance across real estate, credit, and AI infrastructure.

Simon will take you through the financial results and balance sheet before handing back to Jason to close on strategy and outlook. Starting on slide 4.

Before turning to the result, I want to spend a minute on who Centuria is today, particularly for investors who have joined the register more recently following the June capital raise. We manage more than $22 billion of assets across real estate equity, real estate credit, and AI infrastructure.

Our recurring management fees provide a stable and scalable fee base. As an and as an external manager, it is this scalability which provides growth potential.

Centuria is a mature, founder-led business with a strong 25-year track record servicing a range of asset classes and AI infrastructure opportunities. We work with more than 15,000 unlisted investors, over 1,200 financial advisors, 10 institutional capital partners, and 25 banking relationships.

What differentiates Centuria is the combination of capital, origination, asset management, and operating capability within one platform. Our real estate and credit businesses generate recurring earnings today and provide the relationships, capability, and cash flow base to pursue new opportunities.

Increasingly, that opportunity includes AI infrastructure through ResetData. Our key message is simple: We have an established earnings base and a substantially stronger balance sheet, which will support significant opportunities across the business.

Excuse me. FY '26 was a strong year, as outlined on slide 5.

Operating profit after tax increased to $113.8 million. Operating earnings were rebased up to 13.6 cents per security as we upgraded during the year, 11.5% above FY '25, and distributions were maintained at 10.4 cents per security.

Group assets under management increased to a record $22.2 billion. We recorded more than $1.2 billion of real estate acquisitions, 20% above the billion-dollar target we set ourselves at the beginning of FY '26.

At the same time, we materially strengthened the balance sheet with operating gearing reducing from 12.3% to 5.1%, supported by asset recycling and the $300 million equity raise completed in June. For FY '27, we are guiding to operating profit after tax of approximately $130 million, representing a 14% year-on-year growth, operating earnings of 13 cents per security, and distributions of 10.4.

The June equity raise increased securities on issue by approximately 20.6%, which will moderate the near-term per per security outcome as capital is deployed. At an EBIT level, earnings are expected to track broadly in line with that increase in the share count, with the difference to operating profit growth primarily reflecting higher interest costs and a slightly higher effective tax rate.

FY '27 is a year of deployment and growth, with benefits expected to build further through FY '28 and FY '29, and beginning to appear in the latter quarter of FY '27. Slide 6 shows the environment remains selective rather than capital constrained.

Interest rates remain relatively high, confidence is mixed, and investors are working harder to distinguish between managers, sectors, and individual opportunity. Real estate returns remain attractive.

Superannuation and private wealth pools continue to grow. Global institutions remain well capitalized, and approximately $30 billion of bank hybrids are expected to mature over the coming years.

We believe the proposed budget changes will encourage a greater focus on commercial real estate investment with its higher returns relative to traditional to traditional residential investment. This shift away from higher-tax capital gains to an income focus will be most evident in Centuria's traditional high-net-worth investor base.

In markets like these, capital tends to favor managers that can originate opportunities, underwrite risk, and match assets with the appropriate capital source. We believe that plays directly to Centuria's strengths.

AI infrastructure presents a different market dynamic, as we detail here on slide 7. Demand is scaling quickly, but demand itself is not the central constraint.

The constraints are physical delivery: bringing together power, data center capacity, GPUs, funding, and customers within the required timeframe. In our view, the opportunity lies with those that can actually deliver.

That is where we believe Centuria and ResetData are well positioned. ResetData is one of three NVIDIA Cloud Partners in Australia.

This is an important position that reflects the capability the team has built and the progress already being made. FY '27 is going to be an exciting year for ResetData.

Slide 8 is really about one thing: execution. We raised capital in June because we could see opportunities to grow the business.

Since then, we have been doing what we said we would do. Across the real estate platform, we are sourcing larger acquisitions, building funds for private and institutional investors, and targeting higher earnings from core property funds management and property investment.

Across ResetData, GPUs have been ordered, capacity has been secured, funding arrangements are in place, customer MOUs have been signed, and multiple customer discussions continue to progress. The Macquarie bridge financing facility adds funding flexibility, while our near-term capacity is now approximately 10 megawatts.

ResetData will remain in an investment phase through FY '27. This is the year we convert commitments into operating assets, progress customer onboarding, and prepare the platform for future earnings.

While FY '27 operating profit tax is expected to increase by 14%, operating EBIT is expected to increase by around 20%, reflecting the underlying momentum within the business. The focus now is simply on delivery.

Thank you. I'll hand now now hand over to Jason to take you take you through progress across the divisions.

Thanks, John, and good morning, everyone. FY '26 was a strong year across our property platform, as we've highlighted on slide 10.

Property funds management AUM increased to $18.6 billion. Total real estate transaction activity was approximately $1.9 billion, including acquisitions and divestments, while gross unlisted capital inflows were $425 million.

The underlying portfolio remains diversified across 102 funds, close to 400 properties, with an average occupancy of 95% and a weighted average lease expiry of 5.5 years. This scale matters because it supports recurring fee income, operating leverage, and a broad origination network across different sectors and capital sources.

Turning to slide 11. FY '26 demonstrated our ability to secure larger, high-quality opportunities.

We established Australia's largest single-asset unlisted industrial fund through the acquisition of the Port Adelaide Distribution Centre, secured Australia's largest hydroponic glasshouse for agricultural platform, and launched 680 George Street, our largest single-asset unlisted fund to date, which settled after year end. We also acquired the Arrow platform management rights, adding $444 million of unlisted AUM, and increasing our agriculture platform to $1.3 billion of assets under management.

Across the listed portfolios, active management was equally important. CIP completed near record leasing, divested assets in an average 17% premium to book value, and identified more than 250 megawatts of potential data center capacity.

COF completed substantial leasing, sold 9 Help Street above book value, and refinanced $1 billion of debt at improved margins and longer tenure. The common thread is best-in-class origination and active management.

Turning to slide 12. The recent purchase of 680 George Street is a good example of our model in practice.

We acquired a 50% interest in the World Square commercial precinct, a landmark Sydney CBD asset at a 7.5% capitalization rate and approximately 60% below replacement cost. Before settlement, leasing and valuation progress had already improved the fund's metrics significantly.

Occupancy increased from 88 to 93%, the weighted average lease expiry proved to 4 years, and an independent valuation delivered a valuation uplift from $454 million to $493 million. Encouragingly, a number of leading global institutional investors chose to invest alongside our wholesale and retail investor base, further validating the strength of the opportunity.

Moving to real estate credit on slide 13. Centuria Bass's credit assets under management grew to $2.6 billion during the period, supported by around $200 million of gross unlisted capital inflows.

The diversified loan book comprises 38% construction, 37% bridge, 23% residual stock, and 2% subdivision and civil facilities. Since inception, the platform has originated 217 loans and exited 136.

Principal impairments remain below 1%. The portfolio is 94.4% first mortgage exposure, 93% residential exposure, and with an average loan-to-value ratio of 67%.

The opportunity remains significant, but growth will continue to be driven by underwriting discipline rather than market share target. Slide 14 shows the operating model behind those credit fund outcomes.

The two credit funds have generated annualized returns since inception of 9.03% and 9.48%, respectively, while maintaining diversified loan books and predominantly first mortgage security. Importantly, those returns have been achieved through different interest rate and property market cycles, reflecting the benefit of disciplined underwriting and active portfolio management.

Every loan requires Investment Committee approval, with larger exposures escalated to the Centuria Bass credit board. We take a highly active management approach, closely monitoring and managing sales, cash flow, construction milestones, liquidity, and recovery pathways to ensure risks are identified early and outcomes are optimized.

That active management is a key reason the funds have delivered their historical returns. Slide 15 provides a closer look at our two CBC credit funds.

Both funds are designed to provide investors with diversified exposure to real estate credit. Importantly, no single position dominates either portfolio, with most of the capital invested outside the 10 largest exposures.

Slide 16 provides additional detail on Centuria Bass Credit's Batla exposure. This has become particularly relevant given the recent media attention and the recent announcement that the Batla Group have entered a voluntary administration.

Centuria Bass Credit has $278 million secured across six residential projects in New South Wales and Victoria. Two of the facilities relate to construction projects that are close to completion.

The remaining facilities comprise residual stock and land loan exposures. Importantly, security is held across all six projects and benefits from a cross-collateralized structure.

In our view, that provides access to a broader range of repayment or recovery pathways than would typically be available on a stand-alone project basis, including project settlements, project completion, refinancing, and asset realization. Our focus remains on progressing the these pathways and maximizing outcomes across this sub-portfolio.

Turning to slide 18. This illustrates that ResetData has been building high-density AI infrastructure capability since 2021.

In 2024, the team partnered with Centuria, bringing together ResetData's AI infrastructure capability with Centuria's property development and capital expertise. In early 2026, AI Factory 1 became operational in a Centuria-owned property using NVIDIA H200 infrastructure.

The ResetData team now has more than 30 specialists across engineering, deployment, operations, and customer enablement to give to give together with NVIDIA-aligned architecture and repeatable deployment models. The capability and partnerships are are now in place.

Slide 19 shows what has been achieved in the 8 weeks since the group's equity raise in June. At AI Factory 1, the final 512 H200 GPUs have been ordered to complete the build-out of the facility.

Dell Financial Services funding is committed, and customer discussions are progressing. At AI Factory 3, 64 B300 GPUs have been ordered, vendor funding is committed, and a customer MOU has been signed.

At AI Factory 6, we secured 7 megawatts at CDC facility, ordered the initial 1,152 B300 GPUs, and established Macquarie bridge GPU financing, and continue to progress customer discussions. In parallel, we're progressing Centuria capacity, including a 10 megawatt fast-track pathway, potential further 20 megawatts, and 72 megawatts of secured generation units.

The focus is on matching capacity, deployment with customer demand and funding. The deployment pathway is structured in three layers at, as outlined on slide 20.

The near-term base is approximately 10 megawatts across AI Factory 1, 3, and 6, targeted through the second half of FY '27 and matched to initial customer demand and deployment funding. Beyond that, we have the ability to scale above 30 megawatts through additional third-party and Centuria capacity.

The longer-term opportunity is more than 220 megawatts through data center and generation assets. Each stage remains gated by power, planning, customers, funding, and returns.

This approach allows us to scale capacity in line with demand and available capital. Turning to slide 21.

This slide shows Centuria's data center real estate footprint. Centuria owns operating data centers and sites with near-term development potential across Victoria, Queensland, and Western Australia.

Across that footprint, we have identified more than 250 megawatts of potential capacity. This is optionality, not a commitment to develop every site.

Each opportunity remains subject to power, planning, customer demand, and funding and return hurdles. A number of these opportunities are already being progressed as we continue to work alongside capital and strategic partners.

I'll now hand over to Simon to take you through the financial results.

Thanks, Jason, and good morning, everyone. Turning to slide 23.

The result reflects growth across the core platform, with operating profit after tax increasing 11.5% to $113.8 million. Operating EBITDA increased to 185 $182.5 million, and operating EBIT increased to $175.2 million.

Property funds management was the strongest contributor to the growth, increasing to $74.8 million, supported by record assets under management, transaction activity, and a higher contribution from performance fees. Property investment earnings increased to $92.2 million, and the property and development finance earnings are $24.3 million.

Loan loan origination activity remained strong during the year, while earnings reflected lower residual and penalty fees compared with FY '25. ResetData remains in scale-up mode.

The sovereign AI segment recorded an operating result of -$10.9 million, while the net loss attributable to Centuria was $5.9 million. This reflects investment in people, infrastructure, and capacity ahead of expected earnings contribution.

Net group finance costs were reduced to $24.5 million, reflecting lower-cost funding sources and the stronger balance sheet. Statutory profit was $54 million, compared to $82.6 million in FY '25, primarily reflecting movements in the share prices of the group's listed REITs and other non-operating items.

The reconciliation to operating profit is provided in the appendices of this presentation. Looking more specifically at property funds management on slide 24.

Revenue increased to $186.7 million, and operating EBIT increased to $72.6 million. The EBITDA margin increased from 35% to 40%, highlighting the operating leverage available as the platform scales.

Management fees remain the largest and most most recurring revenue stream at $145.1 million, while performance fees increased to $20 million from $7 million. The group also has approximately $69 million of latent underlying underlying performance fees at current valuations.

While unrecognized and subject to market movements, this highlights embedded optionality within the platform. Performance fees can enhance earnings from time to time, but recurring management fees remain the foundation of the this business.

Turning to the group balance sheet on slide 25. Operating gearing declined from 12.3% to 5.1% during the year.

We realized $197 million of from asset recycling initiatives and completed the $300 million equity raise in June, significantly enhancing our ability to seed opportunities, support fund establishment, and execute on the growth opportunities identified across the platform. Net asset value is $1.76 per security, compared to $1.79 a year ago, and the weighted average debt duration increased to 3.1 years.

There are no group debt maturities until June 2028. The balance sheet is now positioned to do what we need it to do: warehouse and seed opportunities, support disciplined investment, and preserve flexibility as capital is deployed.

Moving to our debt capital management on slide 26. Across the broader real estate platform, Centuria manages $8.6 billion of lending facilities through 25 lenders.

Average margins improved to approximately 1.44% in FY '26, and weighted average debt duration increased to 2.3 years, with the average hedge profile increased to 56%. This lender diversity and active refinancing capability supports the funds we manage and reduces reliance on any single source of capital.

That now concludes the financial section. I'll now hand you back to Jason to relay our strategy and outlook.

Thank you, Simon. The message for FY '27 is execution.

We enter the year with a significantly stronger balance sheet, record assets under management, and identified growth opportunities across both our real estate platform and AI infrastructure business. Our priority now is disciplined deployment of capital and delivery against the opportunities already in front of us.

Across real estate, we're focused on growing earnings through large acquisitions, new fund opportunities, and active asset management. Across ResetData, FY '27 remains a year of deployment, customer progression, and capacity build-out as we execute on the foundations established over recent years.

Importantly, the underlying momentum of the business remains strong. Operating EBIT is expected to increase by around 20% in FY '27, while operating profit after tax is expected to increase by approximately 14% to $130 million.

We are also guiding to operating earnings of 13 cents per security and distributions of 10.4 cents per security. We believe the actions we're taking today position the business well beyond FY '27.

As capital is deployed, acquisitions are integrated, and growth growth initiatives mature, we expect the benefits of today's investments to increasingly emerge through FY '28 and FY '29. FY '27 is about execution.

FY '28 and '29 are about realizing the benefits of the capital we are deploying and the investments we're making today. Centuria has a strong foundation, an experienced team, and significant opportunities ahead.

I remain very confident in the future of the business. Before we conclude, I'd like to acknowledge John.

We've worked together for 30 years, and I've spent my entire professional career working alongside him as we've built Centuria together. From a small team with a handful of investors, Centuria has grown into a diversified funds management platform with more than $22 billion of assets under management and an Australasian presence throughout multiple business lines.

On behalf of everyone at Centuria, I want to thank John for his partnership, leadership, friendship, and unwavering commitment to the business and its people. What we've built together is something I'm incredibly proud of.

I'm honored by the board's confidence and excited for what lies ahead. Centuria is in a strong position, and I'm looking forward to leading the team as we continue to build on the platform John and I have grown together.

I'm also very pleased that John and I will continue working together as he moves into his new role on our boards. His experience, judgment, and support will remain a valuable asset to Centuria.

Importantly, this transition is built on continuity. The strategy remains the same, the opportunities remain the same, and the leadership team that has helped build the business remains firmly in place.

Thank you. That concludes the formal presentation.

We will now hand back to the operator and take questions.

Hey, good day, guys. I was hoping you could walk me through how you get to your $130 million NPAT guidance for FY '27.

I'm just a little bit confused, guys, right? Like, you you did $114 mil in FY '26.

I I get that. That was a good result.

You raised $300 million a month or so ago, right? If I just assume you reinvest the $300 mil at 5%, which is very conservative, right, because 680 George Street is yielding way higher than that, 300 $300 mil at 5% will give you $15 mil.

$15 mil plus $114 equals $130 mil anyway. I guess my question is what what what's happening to the base business?

Because I I could get to $130 mil just by, paying down debt or putting money into George Street. What's happening to the property business?

What's happening in the fundraising? What's happening to ResetData contribution like in in '20 '27?

I think there are a number That's a that's a lot of questions in that, Simon. More than two, I would hazard a guess.

I think FY '27, obviously, as we work through it, there are some key impacts happening at NPAT versus versus EBIT, particularly around tax and the allocation of tax as a result of the equity raise. There's also the interest cost in particular coming through that's playing, I would say, a a a position of of higher interest rates in our forecasting as opposed to maybe where the market or the street might be.

They are the probably the two main line items at that is called below EBIT. In terms of the core, there's a lot of different things that are playing out here.

Obviously, we still at a ResetData level are expecting to make a smaller loss, but it is still a loss. In Centuria Bass, given recent events, we have pared back that a little bit in the first half and expect that to to come back to a bit more normal in the second half of this financial year.

In relation to the core business, I think, as we said at the capital raise, we need to bed down 680 George Street in particular, and then and then look to look to go again. Again, that will push earnings back into the second half in particular.

Jason, you might have any a few more things that you'd like to add. Yeah.

No, look, I agree I agree with all that. Look, the core business is still is still very strong.

As we said, 680 is the largest transaction we've done in history. Investors' response has been very positive, both on the institutional side and the high-net-worth side.

We still got some work to do to mop up the remaining equity we have, but we've got a number of institutional groups in due diligence at the moment and we expect that to be taken up over the shorter term.

Great. Thanks.

Simon, you you mentioned that tax, allocation of tax, and interest cost as being two main line items. Can can you put some numbers around that?

Like like, what's your effective tax rate moving from and to? What's your weighted average cost of debt?

Like, is it going to be higher than the 7.8% for FY '26? Yeah.

Just Yeah. Tax and tax and interest expense, please.

Just on the tax, we we see the the effective tax rate probably moving up by about 2%. I'm sure, through the course of the afternoon, as we go through in the in detail, we can talk through the specifics on the on what is happening in relation to how that how that links back to the equity raise and the impact to that that effective tax rate.

On on the interest line, the main thing that is really the change, or what we're using there in the forecast, is we've got a forecast of of 4.7% as the as the BBSY. That that plays out.

In terms of our margins, they're consistent. We don't have any new refinancing going on in the numbers.

The BBSY that we're using is is a forecast of 4.7%.

Which would get you to a cost of debt of not too much higher than what you were factoring in in FY '26, though, right?

That that's correct. I just think, we may people may have been assuming that we've had the interest costs would have been a bit a fair bit lower than what what we are seeing, what we're forecasting.

Indeed. Looking at consensus numbers, that that seems to be the case.

All right, guys, um thanks for that. I'll leave you to it.

Cheers.

hey, good morning, guys. Just a follow-on.

Just curious to hear what FY '27 guidance assumes around private credit flows and also just timing of the sell-down of the $130 mil the balance sheet has had to take up in the World Square acquisition. Thanks.

Just on the World Square acquisition, that $130 is already coming down. We're probably sitting at uncommitted close to $100.

As I said, we've got, multiple parties in DD, institutional groups, as well as, a decent level of further EOIs from our high net worth and family offices. We think that will be wrapped up over the coming months on that side.

What was the first question? What was your first question, sorry?

Just on on your assumptions around private credit flows.

Yes, just obviously, credit flows are a slow for us in the first half of this this this calendar year, oh, sorry, this fiscal year. We've we've we have pared back on on on some of those spreads, as well.

Then we seek to We've we've seeing the opportunity post working through what's been in the press lately. We'll be working through to build that out over the course of the second half.

As always, in our in our forecast, January and and historically, January and February have always been slow in that in that space, as well.

Okay. Are you able just to talk about, I guess, some of the drivers behind the the 28% decline in Centuria Bass EBITDA in the second half versus first half?

It's a pretty big decline.

Oh, this is for FY '26?

Yeah.

Yeah. I To be honest, at the half-year, I think we for And and even going back a year ago, we foreshadowed that that the opportunity and the margins were were tightening quite considerably on the spreads.

That has actually played out as we envisaged as part of that process. As we have gone and and sought to work with borrowers who probably provide less risk, and and what was a very competitive marketplace at the time.

Okay. Then just finally, are are you able just to comment on if any of the the $278 mil of exposure you've got out to Batla right now, has any of that been independently revalued?

I can talk to that, Jason here. Basically, all the all the facilities bar one have been revalued in the last 12 months.

The one that hasn't was undergoing a refinance, so that's the reason it was delayed, but the majority of them have been refinanced in the last 12 months. The construction project at Rouse Hill, which is the the one project really that's that's got a little bit of completion left, that was revalued in May of this year.

All right. Great.

Thank you, guys.

Just finish on that, also, the sales that we're seeing coming through across the the portfolio are at those valuations levels.

Thanks so much, guys. Congrats, John, on on a on a long career.

I'd just be interested in the the Bass business a bit more. Have you contributed any more than the $4.5 million of your own capital to that business?

Do you foresee that you might need to contribute more to complete that project?

We've always had a a revolver facility with the Bass business to manage liquidity. That ebbs and flows.

We use that, as I said, to manage liquidity into the business. At this stage, we're not we're not saying we're going to put any more money into the Batla deals, but, obviously, we reserve we reserve our rights there.

We are comfortable with the security pool we have across the portfolio and the embedded equity across those six projects. As we said, there's the the majority of those projects are land bridges and and residual stock.

The one construction facility is, sort of weeks away from completion and titling. We're still seeing pre-sales come through there.

Look, obviously, it's a moving feast at the moment, but, as we've said, it's not material to the CNI platform with the amount of security we have in the security pool.

What's the LVR on that Rouse Hill construction loan? We're not

We are not outlining our individual LVRs across the facilities for a number of reasons. Including, if we are if we are going to sell them, we don't want the market sort of knowing what the LVRs are at, because that's the offer you'll get for the property.

Okay. Then just on ResetData, is it Are you expecting the loss to narrow in F '27, or do you think it could could be bigger than it was in '26?

We're fore- We're forecasting it to to narrow.

Okay. Thanks.

Hi, guys. Thanks for your time.

Congratulations to John, and all the best for the future. Just on 680 George, can you just comment maybe on how much you plan on keeping at the end?

Knowing you've commented you're down to kind of $100 million, but, yeah, where do you plan to to get to to keep kind of longer term?

Look, I think, we probably don't want to hold too much in there. I think with the institutional groups that are undertaking due diligence, the further high-net-worth and family offices doing the work, I think it will be minimal by the end of it.

Thanks, guys. Just one other question.

Just interested in terms of Bass Capital, can you just make any comments on inflows or outflows over the last few months since the balance date?

Look, the As you'd know in the press, we we did suspend redemptions on the two funds, so there's obviously been no outflows out of those. We're still seeing demand from some some offshore groups and others to to invest, and also, refinance out some of the facilities within the funds as well, and that's not at discounts.

Thanks, guys.

Maybe a question for Simon. Just on the Batla administration, obviously happened post-balance date, would that change the credit provisioning you'd have in your accounts?

The very simple answer to that is no.

Okay. Performance fees for '27, are you able to give us a guide as to what they might be?

Similar to '26.

Similar to '26, okay. Thank you.

Let me pass on my congrats to you as well, John, on a on a long career at Centuria.

Thanks, mate.

Morning, guys. Thanks for the time, and congrats, John, for your time at Centuria.

Just another one on on Bass. Look, a little bit surprised again at second half versus first half.

You had the step-up in ownership. Just for '27, how much of what you're assuming is is Batla?

How much of it is, spreads coming back? How how much of it is increased costs?

Can you kind of just walk us through in a little bit more detail?

I think I I'll say what I said in an earlier question question answer was that we've we've we've pared back some of the spreads and margins as to what we've been seeing in the marketplace itself, and obviously, the the pause at this particular point in time in relation to the first half of of of new opportunities. With the view that the second half, we should see an improvement in those numbers.

Right. What about, higher operating costs for for the platform?

I don't think we're seeing higher operating costs for the platform in relation to Bass.

Sure. Then maybe just on ResetData, got first revenues coming through second half '27.

If you just step back, when do you guys see that business line making a positive contribution to to your OPAT? Second

well, second half of of '27 is when we're forecasting to come through.

Sorry, that that's revenues, but that'll be a little bit longer for a positive contribution? Would that be right or?

We'll

we will see improvement in in EBIT coming through in the second half of '27, and obviously, we we see it earnestly kicking off into '28. But '27 will see some positive EBIT being created.

Got it. Thanks, guys.

good morning. Um just keen to understand your fund flows uh post-June for your other real estate funds.

Um whether Batla has had a im- impact?

Look, we we we haven't seen an impact. The main focus has been on the George Street raise, and, that that raise is ongoing, and we continue to see demand from both offshore and from our traditional investor base.

We haven't seen anything come through from the Batla on that side.

My second question, it it sounds like, obviously, with 680, the the ability to raise funds fell a bit short of what you were expecting. I noted in your presentation you're looking to source larger acquisitions.

I guess how do you think about that, if it fell short, but you're looking to source bigger acquisitions?

Yeah. Look, I think as the year showed, we we we did do some of our largest acquisitions across the different sectors, be it be it, ag, or industrial, or or office.

I think what probably didn't help this raise was, obviously, there's some volatility around, but, obviously, the budget with capital gains. I think that did slow down some of our traditional investors in terms of, entities for investment.

I we believe that once that settles down and gets legislated and investors know exactly the implications, we'll actually see interest increase further. I think we are well positioned in terms of real estate to get a get a good allocation from investors' pockets, seeing that a lot of our returns are yield-based rather than than capital gains.

I think once that does settle down, I think you'll see those those flows increase.

Thank you.

Oh, hi, John, Jason. Firstly, congrats, John, on on your career at Centuria, and thanks for your engagement over the years.

I I just have a couple of questions. First one of which is on ResetData.

I was wondering if you could just talk about what type of capital contribution you expect to deploy into the business over the next, 12, 24 months, just obviously noting it has vendor finance in place and and the facility with Macquarie. Should we assume that you think that you can continue to operate, with those facilities in place or or are you expecting to invest CNI equity?

Look, with that business, and I think we've talked about it, for a while since we've invested in it, at some stage, it will require external equity. Then that will be a matter for the CNI board on on if we can if we participate.

As you as you can see, we it is starting to ramp up, which is great, as we order more GPUs and and secure more capacity as well as, the the pipeline we've got over the medium term through the portfolio. Look, it's it it is a capital-intensive business.

We have been balancing the capital needs with our balance sheet. I think the the funding with Macquarie was a real positive, the bridging facility.

We also have, a number of the more traditional GPU financiers talking to us as well. As it grows, and if we really do want to scale it as an as its own entity, it will need further capital.

There will be, equity raises into the future for the business.

Yep. Simon, you referenced earlier turning marginally positive in terms of EBIT as you exit FY '27.

Could you give some feedback as to what revenue expectations you're assuming, as you as you, move into that higher marginally positive EBIT run rate?

Ben, it's a little bit hard to give a a revenue position because, obviously, a lot of these things are are in the process of starting up, identify getting the customers a really important step in that process, and when these chips come in. There's a little bit of a timing difference coming through in '27.

At this point in time, we will as as we can, we will provide more guidance through the through through the year on on where we we see things landing on Reset.

All right. Thanks, guys.

Good morning, guys. Thanks a lot for taking the question.

Again, congratulations, John, and yeah, appreciate, the amount of engagement you've had with us. Just wanted to follow up on a couple of questions around Centuria Bass.

When do you think you will resume redemptions from there? Can you give me an idea around your broader assessment of the stress in the book?

Like, what portion of loans you've currently got on a watch list? Have you had any other borrowers request loan extensions, covenant waivers, restructures, or standstill agreements or any other indications of stress?

Look. Obviously, private credit is you have to be an active manager in the space.

We've got teams, 50 people in the in the Centuria Bass team, but all of our real estate experience and other resources to to to help with this management is particularly our development teams. It's not set and forget in this in this sector, as you'd you'd understand.

On that on that Bass and on your question around liquidity and redemptions, yeah, there's a We've got a number of pathways to get there. Obviously, with the the facilities that are residual stock, they continue to sell down, at rates that are as per valuation, which is good to see.

I think we are fortunate to have focused our strategy on first home buyer market, and the the lower-cost accommodation, which we we do continue to see demand, even though, as you've seen across the board, it has come off a bit since the budget. We're seeing those come through.

There's potential refinances out of the fund, not at discounts, but refinances out of the fund to provide liquidity, as well. Also, this for example, one of the one of the properties is is under heads of agreement, as well, to sell.

We've got different pathways, and as they come off, we'll have a better view on exactly when we can bring that liquidity back into the fund and and and and bring redemptions back on track. As with the correspondence to investors, we've said, somewhere in that 2 to 6-month period.

Can you also just talk then to the kind of committed capital you've got in Reset versus, I guess, what your requirements are to commit more capital around customer contracts as well in that in that business? I I know you kind of talk to MOUs or LOIs, but at what point do you expect to have a legally binding contract?

Look. The team is working around the clock at at the moment.

There are numerous customer discussions. There is significant demand for compute capacity at the moment, and definitely in the immediate term, being in the next 6 to 12 months, and and I think we're well positioned to what we're we're gearing up for it for that.

Look, we would be hopeful that we'll have some news, definitely in the shorter term.

How does that work for like the the potential mismatch with agreements to pay for capacity in the CDC facility? What do you

sorry, what do you mean by that question? Oh,

I assume you'll eventually have to pay for the capacity that you've secured

in

is it in the CDC facilities? I'm just wondering how you manage that expense versus, revenue.

Oh, we obviously

Yeah, we've built into our forecasts the any rent payable on the CDC CDC facility is taken into account as per our assumptions with revenue coming off the customers. Obviously, we'll line line them up as best we can.

When do you start paying rent at CDC?

December and February. It's it's not till for part of it, right at the end of the year, and then early next year.

Thank you so much.

Hi. Good morning, everyone.

John, congratulations from me from me as well on an impactful career. Just one question from me, please.

Would you be able to give us an idea of the average remaining duration on the loans across the Bass platform, please?

That's 9 to 10 months.

Thank you.

Hi. Good morning, guys, and congratulations, John, on your on your retirement.

I guess just one question for me on ResetData. I vaguely remember a few months ago in your equity raise, you talked about the CapEx on ResetData is in a ballpark of $55 million per megawatt.

I was just wondering if you're seeing what you're seeing on the cost front there given what has emerged in the past few months? Thanks.

Look, I think what we are seeing across the board is pricing for GPUs increasing in terms of of purchasing them, but we're also seeing the the rates that you can get on the compute increasing, as well. You're you are seeing escalations on both sides of the equation.

Right. Was that $55 million number still I guess accurate or do you expect further escalation there?

Look. Look, as I said, the the GPU price have gone up, so that has that has increased with, obviously, the issues around memory and so forth.

The the the pricing we can get for that compute has also increased.

Great. Thanks.

That's all for me.

Thank you, everyone, for joining the call. Obviously, any further questions, please come see Tim, Peter, or ourselves.

Thank you.