Good morning everyone, and thank you for joining us. I'm John McBain, joint CEO, my fellow joint CEO, Jason, Huljich, Simon Holt.

Also Tim Mitchell and Peter Hove from our investor relations and corporate strategy team. Half divisional execution, financial outlook.

The group delivered repeatable earnings growth for the half, underpinned by trends and conservative balance sheet settings. During the half has improved forward earnings visibility, supporting its operating earnings guidance, the 13.6 cents per security.

Group's performance and our through-cycle approach to growth. Jason will funds management, investment, real estate finance, and Simon will cover the financial results before I comment on strategy.

Key outcomes for the half are summarised on slide. Group assets under management increased by 6% to 21.4 billion, by strong contributions across property funds management and real estate finance.

Across the property platform, we executed approximately 500 and a half, and are on track to target. We also completed the platform, adding 440 billion of agriculture AUM, our private investor and family office networks.

This execution and improved earnings underpinned our decision to upgrade to 13.6 cents, representing an 11.5% uplift. This upgrade reflects underlying run rate momentum rather.

Moving to the platform overview on slide five, the versification of Centuria today, and what matters for earnings. Virtually all verticals now under management support an operability in how and where we deploy capital.

Unlisted vehicles, real estate and credit sectors across Australia and New Zealand. It is not just about earnings volatility reduction, but based on risk-adjusted returns and invested demand to pursue growth in any single market.

In the current volatile environment, that reflects the scale. We see opportunities for margin expansion over time, product, sector or capital source.

Slide six demonstrates how an AUM resilience through the sharpest rate hiking cycle in decades in this half. While there is period-to-period volatility, the underlying base of management funds continue to grow.

This reinforces our conviction that the platform is resilient, not just in support of market conditions. environment on slide seven.

Despite higher rates, Centuria platform weighted average cap rate remains significantly above term deposit rates and real estate transaction markets, many of which are showing signs of improving rental growth. Capital flows also remain supportive.

These include continued and approximately 30 billion of capital expected to be repatriated from expiring bank hybrids over coming years. Private credit remains a good example of disciplined growth in a structurally.

We have been active in real estate credit since 2016, parted with following a strong track record, we acquired in 2021, around rate of approximately 36% for annum. Since that, we increased our stake to 80% in 2024.

Previously forecast, we announced we have exercised our option to increase our interest to 100%. During the half, this business executed approximately 1.4 billion of total loan origination, restructuring and exit activity.

Market share remains modest at around 1%, highlighting within a large and growing market. The previously announced succession and integration plan for Centuria, David Giffin and Neil Hudson to CEO and Deputy CEO respectively, supports continuity and long-term sustainable.

I'll now hand over to Jason to go through the divisional performance.

Thank you, John, and good morning everyone. Period of execution for the property platform on slide 10.

Property funds management AUM increased during the half. We executed approximately 700 million of real estate acquisitions and divestments and listed investors, which has underpinned transaction execution as property fundamentals support supply and improving rental growth across most sectors, underpinning earnings visibility.

The half was a period of preparation. We established Australia's largest unlisted single-asset, with strong participation across our investor base and significant oversubscription.

We secured Australia's largest 100-hectare glasshouse, via an off-market raising ahead of settlement. Listed REITs capital, demonstrating the ability to divest assets at premiums to book value, leasing outcomes to improve the income profile of each portfolio.

Distribution remains one of Centuria's most important. Calendar year 25 was a strong period for new investors, more than 460 investors and family offices acquired through the Arrow transaction.

This is already translating into ducks, consistent with the proven integration blueprint applied across our M&A activity. Following the Primewest merger and ongoing engagement has resulted in approximately 50% of Primewest investors committing to other Centuria funds.

This behaviour reflects the strength of Centuria's analyst, where investors can self-diversify across multiple strategies. Today we have over 15,500 unlisted investors invest in three or more Centuria funds and almost 10% in four or more funds.

This depth of engagement supports capital recycling as funds mature, consistently repatriate and redeploy private capital, with difficult to replicate and represents a durable competitive moat. Turning to property and development finance.

Property and development finance AUM increased by approximately 9% to 1. During the half, Centuria Bass Credit executed origination, restructuring, exit activity, while also raising 200 million of gross AML.

The business remains well positioned for further growth beyond its current mature private credit market. Turning slide achieved alongside high volume origination, restructuring and loan paired with a strong focus on managing the book's composition, which remains asset-backed lending.

Growth has not come from strength across the overall book. Centuria Bass Credit is highly operationally efficient, underpinned by deep in-house expertise.

In 21, we have made targeted investments in systems, processes available growth, while maintaining disciplined risk management. Centuria's broader platform with access to specialist expertise across valuation, governance, discipline as required.

forward of progressively building the platform through organic growth, selectively supplemented by inorganic. From a centre perspective, the key takeaway is that this represents the early stages of a long-dated, disciplined strategy aligned drivers.

To further emphasise this evolving strategy, slide 16 highlights represent long-dated strategic optionality within a market and significant capacity constraints. Accordingly, our can power outcomes to maximise development optionality across.

As tangible milestones are achieved, we will assess the most appropriate on a site-by-site basis. ResetData, since acquiring an interest in the business, we have partnered with leading global operators, successfully recruited and scaled internal capability following initial integration.

The visualisation phase has commenced, which is expected to support improving profitability over time. Return driven, fully considers balance sheet integrity required to meet FY26.

I hand over to Simon to cover the financial results.

Thanks, Jason, and good morning, everyone. For the numbers, it's important to revisit full year 25 and carry through into these half-year accounts.

These changes were made to better align economic exposure and how the platform is managed. We restructured our proportionate consolidation approach, providing a clearer view of underlying economics.

Attributable to these investments are disclosed separately. Now turning to the result.

FY26 was another period of disciplined capital higher, reflecting fair value, and operating EBITDA of 89.3 million. From a quality perspective, what's important here is not just the headline earnings underpinning it.

The majority of operating earnings are contracted sources, secondary contributor, rather than a dependency. This provides confidence in the sustainability through to the second half.

Property funds management earnings reflects increased transaction volumes and performance fee contributions. Invest asset recycling, rather than any deterioration in asset quality.

Real estate and development finance earnings are stable across the halves. Impacted earnings, and our share, or Centuria's share, was 2.8 million.

This happened during the negative contributor to full year earnings, reflecting its current investment and early commercial. Importantly, this reflects a deliberate and disciplined approach, stated strategic optionality contribution.

As customer onboarding progresses, we expect cost savings remain contained, balance sheet management and access to lower cost of funding. As a result, EBIT increased to 54.6 million, delivering 6.6 cents, up.

A distribution of 5.2 cents per security was declared. Turning to slide 19 highlights, sustainability of funds management earnings.

Property funds management for the group, and as such, the majority of the business. Centuria's focus on accelerating operating leverage forms part of the group's overall growth strategy and will expand as the platform scales.

Recurring management fees remain the dominant contributor to this segment. Performance fees were booked where funds performed, performed past their respective testing thresholds adopted.

Centuria's underlying funds remain unrecognized. These are expected to fluctuate from period to period, mature through the cycle.

During the half, the group realized 130 million recycling of balance sheet assets, and gearing remained steady and there are no near-term debt maturities. From a capital management, the balance sheet is doing exactly what we want it to do: funding growth and preserving flexibility.

Asset recycling continues to be a key lever without increasing balance sheet risk. In the half, following the repayment of our listed notes, lowering our all-in 25 basis points to approximately 275.

This supports self-funding, a conservative and flexible funding profile. Turnout the platform corporate balance sheet, Centuria has access to 8.3 billion of diverse lending facilities provided by a broad group.

This diversity reduces reliance on a single capital source and allows us to manage funding proactively across. Average margins improved to 1.57 percent in the half off stronger lender engagement and an active funding strategy.

Covenant show and reflect a conservative and flexible balance sheet position, being actively monitored across the cycles. For strategy and outlook.

Thanks, Simon. Our focus remains on scaling core, progressing targeted acquisitions and continuing to build data center and sovereign AI initiatives will be, and only where returns are confirmed is locked in.

These initiatives strategic optionality as we go through the build-up of this business and strategic asset. Distribution networks are unique competitive advantages, which can generate a diversified and attractive accessibility into earnings underpinning the guidance upgrade and allowing cycle momentum while remaining nimble as markets evolve.

I think I'll now hand back to the operator to commence Q and A.

Good morning, John, Jason and Simon. Thanks for your time.

Firstly, just on what you're expecting out of ResetData.

The performance fees, we're expecting pretty much half on half to be and consistent with what we said, around $20 million. In relation to ResetData, our expectation, a loss, albeit smaller than this half, in the second half, obviously setting us up for future tailwinds, but slight improvement.

I think now for our capability, locking in that demand just has to be finalized, then we get more visibility on business, and we've got a measured approach to it.

Okay. Maybe if you just provide a slip, because wasn't 26.

I think you're going to get a positive contribution.

It's just timing of...

That's clear. Maybe just turning to acquisitions, could we get a read on maybe what type of assets are falling into that, and also what level of divestments you're expecting in the second half?

Sure, Jason, here. Look, I was just going to go into due diligence, but it's a mix across industrial, data center, retail, both in Australia and New Zealand.

It's a nice asset classes. Some of that has been, but it's nice to have a really good pipeline there.

On the divestments, for the first six months, as I think I said, at risk 100 full year.

Just around reset data, you've called out that in the second half, but a significant. Given that you've said that it is here, when can we realistically expect this segment to become...

Simon, perhaps go through how significant it is. It's about 50 million after-tax profit.

Is that right? Andrew, I think we've test that comment, and yes, we prefer it not to be a drag.

Of course, like all things, we sign up, and they could sign up sooner than we think. There's significant clients.

I guess that will help us not have these conversations.

Right, okay, thanks. Are you able just to talk to what you're seeing across the book?

I sort of ask this just in the context of there's been some recent press around a troubled developer in Western Sydney and... No,

Look, it's basically nothing at the moment. The portfolio is in very good shape.

We counterparties in this business, we're very comfortable in particular relationships we have with some customers which are very liquid and a lot lower risk than obviously development finance, which is probably as good as it's ever been.

Guys, that's all I've got.

Good morning. I'd just be interested in seeing gearing, it's ticking up to almost 38% now, and just noting that around a third of your...

what level starts to cause...

I think the first point I make, Tom, is all is non-recourse, it doesn't actually flow up to the head, and vice versa, doesn't require us investing back down. Look through, mainly the big two investments and cost gearing has moved out, looks through gearing, but I think what's important, we use operating gearing and supports looking at the intangible in our business.

We buy... and we sometimes from time to time transactions.

We are at around that 12.5% on that operating gearing level, within consistently in that target band that we've been quoting for, I'm going to say,

10%. Tom, I know.

We understand that. I think the intangibles on our balance sheet are worth something.

We think Centuria Bass is worth something. Primewest is worth something.

It's easy to just kind of tasting about it. We're proud of those businesses and we think they're highly valued, and in some cases worth far more than we paid for them.

Look, we get the question, Tom. We understand it, respect it.

Thanks. Then just on ResetData, has any leasing actually occurred to date?

What is the revenue from that leasing on a... Yeah,

Look, we have leased part of the facility. We leased a chunk of the facility.

We have got strong demand over the... which we...

Sorry? Yeah,

Correct. We do expect that to...

as Simon talked about. Okay.

Probably, yeah, we're very... It is a longer cycle to get both enterprise and government committed, but increased demand over the last 12-5 months.

As I said, a very strong pipeline. We've done a chunk of it and demand over...

And

Is there a point at which we can think of this business as break-even? I don't know, EBITDA or some number that, as a guide, will...

Look,

It obviously depends on terms and it depends on... revenue can fluctuate depending on the terms of the...

It's a hard one to actually... Yeah,

I think. Tom, I think if we just the Melbourne facility and looked at just leasing that up, the GPU capacity, and looked at our capital and looked at our return on capital, it would be quite easily.

It's a very young startup business. It will require further expenditure as time goes on to grow it.

That's no different to Centuria Bass or other businesses we've built. We do think we're just trying to be measured about when it happens, but we're certain it will occur.

Look, we do think it's a huge opportunity in the space we're in and being in Australia, but yeah, it will take time to play out. I don't doubt it.

Thanks very much, guys.

Hi, John. Hi, Jason.

Apologies, another question on Reset. From an industry perspective, cooling technology seems to be preferred over immersion cooling, even as we move further into refinement chips.

It just seems to with equipment, when it's not in liquid. How would a customer necessarily prefer immersion, or is it some compute?

Look, I think it is about access. It doesn't necessarily affect bar after compute and those high-performance chips.

Where and others are doing and where they're going and the... density.

Unit of direct-to-chip is the next stage, but it works very well as well. Built, I think it's very fit for purpose.

It suits customers and customers looking at it all the way from large enterprise to government. Future facilities, assuming we build out further, go towards more the new version...

Very close to NVIDIA. I think we'll follow what technology...

The facilities we build are built on the NVIDIA architecture, size and protocols.

The interesting part that came out is the three now cloud partners, NVIDIA partners in the country, we're one that's purely sovereign. I think, particularly when you're talking federal government and universities, for example, initiative or a capability mandate, important.

That's another thing that we're really looking forward to unfolding. Very early days.

Nahee on the sovereign, just a follow-up, just remind me how the chip finance works. Are you on the hook if you don't the terms there?

DNI asset finance lend that we have at the moment on 818 in particular. If you have a tenant, you're generating revenue.

If you don't...

That's clear. of acquisitions indeed they post balance date?

Sorry if I've missed it. Color on what sectors they're in and where the momentum's coming from?

It's a mix of geographies being Australia, and it's got a bit of everything. We've got industrial, we've got data center, we've got REITs.

It is a nice range and all by our investors, both in New Zealand and Australia.

More from me, just on the performance fees coming through, which, and just a bit of color on the funds, where they're coming from?

This year is coming through from Primewest assets,

mainly retail.

That would be the two.

Okay. Thank you.

If you can discuss the Arrow funds, how they came about, and I guess how you think about organic growth and bolt-ons?

Sure, I'm happy to. On your first, we've been talking to them for a number of years.

I think Primewest we even talked about merge that business in. Sort of came to a head where we worked with the owners of that business.

Why we like their strategy is quite focused. What it does allow, we like, and it got us some very strong tenant relationships in some other subsectors in ag that we like.

I think Bayer is about half, they're a very strong company, and there was a few other. I think it gave us a bit more diversification into ag, but into ag subsectors that we like.

There's just under 500 investors. Another thing we liked is a lot of high-net-worths and a lot of family offices, and will ensure individuals strengthen our investor base down in that state.

I think we got the financials stacked up too, picking up for about five and a half screens pretty well. Presentation, we're already talking to someone investing into the class, other products.

Obviously the other large... The second part of the question, organic growth.

Inorganic growth, we look value to us, be it we can scale up. Also we like obviously things that are very accretive.

This sort of did help us scale up and get us through that billion-dollar mark and get us into those other sub-sectors.

Just the second question, just on the ResetData what is the deployment that business needs? Can you discuss the options from a funding perspective that we're talking about?

Look, it really depends where you take it, as we think it's a huge opportunity. You're seeing what others are doing, some of our peers, and some are scaling up pretty quickly.

We have chosen really to take a measured approach out in this sort of sub-sector of AI and data centres, where is definitely a huge asset. I think it helps the other play, which is as well, and does give us some optionality there.

We don't necessarily have to commit a lot of capital onto it unless it makes sense. At this stage, growing up in that sort of fashion.

I think it's good. It's nice to make.

We started buying data centres some... but the Telstra one for 400 million.

Back at that time no one heard the one, and we've been adding to that this real estate investment, it's data centre with data centre operator or someone playing. That's fine.

As Jason said, that gives us... so we're going to have.

ResetData came along, and that just gave us an opportunity just to be a... Some of the important things about ResetData are the Nvidia relationship, and we're different to other people, and you balance your question.

The answer to it is, we want customers to be locked in and secure, described before. It's unlikely that we're going to try and attempt to raise a lot of debt and then hope customers are on.

A little bit of build-it-as-they-come. We have actually got government, and more measured, more lot happens, I think we can start to fund progress as we...

Thank you, John. Just one more quick...

Yep, sorry.

No,

just we don't want any... This space is dominated by flash releases.

We just don't... hope it's not too slow, but measured and deliberate and based on customer demand, because there's a big pipeline, but we want that pipeline to behave as we have done it.

Thanks, John. Just a quick one for Simon.

Just can you tell us where you think that heads for the margin reduction on balance sheet?

First half, has the list of those being repaid. About 60 bps from last full year, and it'll probably come down another 60 in terms of the full second half.

Another question?

That'd be 7% for the second half. The question was any further capacity for margin reduction that forward?

No, look, we've refinanced all of our corporate. At the corporate level, I think at 2.75% at the moment.

Some of the shorter-term debt, slightly, but that's where we're kind of sitting on the margin side.

Thank you.

Thank you. Now

You previously flagged dividendities. I'm just wondering if you could provide an update on that.

Is that something you're still considering?

We are. It's subject to, obviously, market conditions.

Market's a bit all over the shop at the moment, so that window isn't there. We have done a lot of preparatory and we're ready to go on certain vehicles.

It's totally the market at the moment, and look, we don't need those particular vehicles to be launched over the next four months.

Financials. I was wondering if operating earnings recognized from the invest?

If so, if you could just quantify.

There's no profit coming through. I'm just trying to remember what was in my list of inventory.

Most of what was in inventory were property held for sale as opposed to development. It's just more of a class as to why they call inventory.

For coming through this period, it was zero profit coming through from any developments on balance sheet.

Performance fee is pretty good, and you've raised around 20 mil for the year. Just, you started booking performance fees.

That's some funds or some AUM that's coming towards the end of their set periods, right? Am I right?

If I am right, how much of your unlisted platform is coming off their lives over the next, I guess?

The majority still is in 28-23 purchase Primewest, and a lot of what is unperformance fees related. These are just some other funds in that two-year window that have come into that two-year window.

Some of that will because the fund's expiring. Some will because investors do different things that create that outcome of something likely to happen within the next year.

As has been the case the last couple of years, extend those funds as well, even though they come into that mix of things that are going on, but in essence there's a number of there around industrial and retail that are coming into that two-year window. The latent performance fees that are in there, certainly...

I'm talking about the funds bucket that you

were... A few hundred.

Yeah.

Sorry, Jason, did you say a few hundred?

A few hundred million.

Fair enough. That excludes the Primewest, right?

That would include the Primewest assets.

Okay.

Most of what's being booked— a big chunk of the Primewest on their listing, but there was a big... it was also a part that didn't, they did expire earlier.

Hey, how's fundraising at Two Wells going?

That vehicle's got a... yeah, we expect them to take a significant chunk of the equity required for that, as well as new investors coming into the fund.

The last, I guess, 12 months, you've done Logan, you've done— well, you're doing Two

Wells.

Which of those three sectors, money?

The Port Adelaide raise is probably the best I've ever seen. Sort of circa 300 million for 100, which was reasonably large at that time for an Adelaide asset.

We got bowled over, over 50%. We also said no to a number of offshore.

That was the most demand I've seen. Logan went well as well.

That was oversubscribed. Particularly, yeah, retail and ag is good, but yeah, that one cornerstone is they keep supporting, which is great.

Can I check in on Allendale? Are you guys still holding onto some units there, or have you managed to get it away now?

We now don't have a time, but there is a...

Get back to me later. That's fine.

Yes, of course. That's fine.

Thanks, guys.

hi guys, just a couple from me. Can you just talk if any there is across the various funds?

We only have the three funds that have redemptions. They're open-ended funds.

CDPF, which is our diversified fund. It's a small fund, our healthcare fund.

We have redemption features. Now both the healthcare came up, the five-year liquidity events where we go out to investors and give them the opportunity if they do want to redeem out of the fund, we then have a period of time to, and so forth, to satisfy that.

CHPF, I think we reported last results we were at over 30 put their hand up there, and we're just going through the process of satisfying those. CDPF Diversified Fund, again around 30-odd percent exemptions, about 25 percent of them, and the rest will be sorted out as it's about going through the sale process at the moment.

It's less than 120-odd mil across the

bank. Chat on bank hybrid rolling off.

Anything either Bass or Centuria could play a role in funding products here?

We think, yeah, these investors looking for yield and supply that across either the credit or equity side of things. We think it will be a tail as well.

As I said earlier, we have been pretty surprised on some of our raises, the amount of... as these hybrids roll off, year on year over time, demand for our sorts of products.

Attractive yield and a buffer over term deposit on both sides of the Tasman, our product should be pretty well received. So

lastly for me, the LVR, just wondering kind of where you're happy with that sitting?

In the funds?

Yeah.

Look, I don't think it's moved too much. We sort of sit normally around 45 to 50 percent range.

Oh, sorry, I meant Centuria Bass, apologies.

A couple of percent on the LVRs. Look, we put that graph in there to show it hasn't moved that much.

We've stuck to about, I think, just over about 92 percent. It's about 90 percent residential.

Look, where the LVRs, around where it is now is where we... each deal is obviously on the counterparty, on the quality of the asset, but how we look at it is, and what is the value of what we're lending against, and can really have a close look at it, a large development.

I think it really gives us a bit of a point of difference compared to most of the other managers out

there.

this morning and for the questions. We enjoy it, and Peter in particular for helping put a really nice set of documents together.

Thank you.