BWP GROUP — Annual Report 2025

Aug 5, 2025

2025 Full-year results

==> picture [324 x 334] intentionally omitted <==

6 August 2025

Important notice

The information provided in this presentation is not intended to be comprehensive in nature and should be considered together with the financial statements for the period and previous periods, ASX announcements and other information available on BWP’s website.

This presentation has been prepared by BWP Management Limited as the responsible entity for BWP Trust. The information provided is for information purposes only and does not constitute an offer to arrange to issue securities or other financial products, nor is it intended to constitute legal, tax or accounting advice or opinion. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person.

All reasonable care has been taken in preparing the information contained in this presentation, however no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. Without limiting the preceding sentence, no representation or warranty, express or implied, is given as to the accuracy, completeness, likelihood of achievement or reasonableness of any forward-looking statements, forecasts, prospects or returns contained in this presentation. Such forward-looking statements, forecasts, prospects or returns are based on expectations, assumptions and information available at the date of this presentation and are, by their nature, subject to significant known and unknown risks, uncertainties and contingencies, which may be outside the control of BWP and which may cause actual results or performance to be materially different from expected results or performance. Also, past performance is no guarantee of future performance.

There are a number of general risks and risks specific to BWP Trust, which may affect the future operating and financial performance of BWP Trust and the value of any investment in BWP Trust, including without limitation changes in prevailing economic conditions or applicable laws.

You should not act or refrain from acting in reliance on this presentation material. Before making any investment decision, you should always conduct your own due diligence and consult with your own legal, tax or accounting adviser as to the accuracy and application of the information provided in this presentation and in respect of your particular investment needs, objectives and financial circumstances.

2

BWP 2025 FULL-YEAR RESULTS

Acknowledgement of Country

==> picture [666 x 268] intentionally omitted <==

----- Start of picture text -----

We acknowledge the Traditional
Owners of Country throughout
Australia and their continuing
connection to lands and waterways
upon which we depend. We pay our
respects to their Elders, past,
present, and emerging.
PHOTO:
HANS WISMEIJER
----- End of picture text -----

3 BWP 2025 FULL-YEAR RESULTS

Presentation outline

Presenters	Item	Slide
Mark Scatena, Managing Director	FY25 Portfolio highlights	5
Andrew Ross, Head of Property	Financial performance	8
David Hawkins, Head of Finance	Strategic framework	11
	Transaction update	13
	Portfolio optimisation	18
	Profitable growth	24
	Portfolio renewal	26
	Outlook	31
	Contact details	35
	Appendix A – Portfolio lease expiries summary	36

BWP 2025 FULL-YEAR RESULTS

4

FY25 Portfolio highlights

LAKE HAVEN, NSW

==> picture [67 x 35] intentionally omitted <==

BWP 2025 FULL-YEAR RESULTS

5

FY25 Portfolio highlights

Continued focus on portfolio optimisation and profitable growth supported increased rental income and distribution growth

• Like-for-like rental growth (3.0%)

• 12 Bunnings market rent reviews completed (3.4% average increase)

• 12 LFR[1] market rent reviews completed (3.2% average increase)

• Bunnings exercised 15 lease options

• WALE of 4.5 years (↑ 0.7 years on pcp[2] )

• Northland, VIC property leased to single third-party tenant prior to lease expiry

• Fountain Gate, VIC major redevelopment advanced with statutory approvals received and leasing well progressed

• Completion of Bunnings upgrades at Scoresby, VIC and Dubbo, NSW

Agreements reached for Bunnings expansion ($14.0m) at Pakenham, VIC and redevelopment of car showroom expansion ($11.0m) at Midland, WA

• Full-year distribution of 18.65 cents (↑ 2.0% on pcp[2] )

• NTA of $3.98 per unit (↑ 5.0% on pcp[2] )

Two property sales advanced – Port Kennedy, WA (delayed) and Morley, WA, with 1H FY26 completions expected

• Progress made on refinancing FY26 debt maturities

• Investment grade credit ratings maintained with S&P and Moody’s

• BWPM internalisation, Bunnings lease reset and extension, and capital expenditure commitments approved by unitholders (completion achieved on 1 August 2025)

• 1 Large format retail.

2 Prior corresponding period.

6 BWP 2025 FULL-YEAR RESULTS

FY25 Key portfolio metrics

Balance sheet strength maintained with portfolio quality and capitalisation rate improvement, and WALE, distribution and NTA increases

Total income	Profit (before revaluations)	Profit (before revaluations)	Full-year distribution	Net tangible assets per unit
1 $203.3m	$129.7m1	2	18.65 cents per unit	$3.98 per unit
↑16.5% on pcp	↑8.7% on pcp		9.45c per unit final distribution	↑5.0% on pcp
Weighted average	Occupancy		Like-for-like rental growth	Market rent reviews3
capitalisation rate (“cap rate”)
3 5.40%	98.6%		3.0%2	24 completed
5.54% at 30 June 2024	99.1% at 30 June 2024		4.2% for the 12 months to	↑3.3% average increase in rent
			30 June 2024
Weighted average lease expiry	Gearing (debt/ total assets)		Weighted average cost of debt	Trust owned properties with
(“WALE”)				solar installations4
4.5 years	21.6%		4.4%p.a	61%
3.8 years at 30 June 2024	21.5% as at 30 June 2024		4.3% at year end	50% at 30 June 2024

1 Excluding one-off transaction costs of $3.3 million, profit (before revaluations) was $133.0 million, a 11.5% uplift on pcp.

• 2 For the 12 months to 30 June 2025, taking into account average inflation of 2.7% on Consumer Price Index (“CPI”) linked leases.

• 3 Including 12 Bunnings Warehouse properties finalised during the year.

• 4 Includes all installations (BWP and lessee) on Trust owned properties. e 2024.

7 BWP 2025 FULL-YEAR RESULTS

Financial performance

==> picture [664 x 236] intentionally omitted <==

----- Start of picture text -----

DUBBO, NSW
----- End of picture text -----

==> picture [67 x 35] intentionally omitted <==

8

BWP 2025 FULL-YEAR RESULTS

Financial performance

FULL-YEAR ENDED		30 JUNE 2025 30 JUNE 2024
INCOME & EXPENSES
Total income	$m	203.3 174.5
Total expenses	$m	(73.6) (55.2)
Profit before fair value movements	$m	129.7 119.3
Add back: one off transaction costs1	$m	3.3 -
Amounts released from undistributed income reserve	$m	0.1 5.22
Distributable amount	$m	133.1 124.1
Management expense ratio3(annualised)	%	0.66 0.66
PORTFOLIO VALUATION & DISTRIBUTION
Property and derivative revaluation gains/(losses)	$m	135.9 61.0
Net profit including fair value movements	$m	265.6 180.2
Number of units on issue	m	714 714
Distribution per ordinary unit interim	cents	9.20 9.02
final	cents	9.45 9.27
total	cents	18.65 18.29
Number of unitholders		23,979 23,754

Figures above are subject to rounding

• 1 Includes $3.3m of one-off transaction costs (related to the BWP Trust management internalisation, Bunnings lease reset and extension, and capital expenditure commitments.

• 2 Includes $3.4m of distributions attributed from Newmark Property REIT (“NPR”) out of preacquisition profits.

3 Expenses other than property outgoings & borrowing costs as a percentage of average total assets. 9 BWP 2025 FULL-YEAR RESULTS

Financial performance (continued)

FULL-YEAR ENDED		30 JUNE 2025 30 JUNE 2024
INVESTMENT & CASH GENERATION
Capital expenditure	$m	24.8 41.9
Acquisitions of investment properties	$m	- 572.0
Free cash flow	$m	94.4 105.6
CAPITAL STRUCTURE
Total assets	$m	3,745.9 3,586.3
Borrowings	$m	808.2 771.6
Unitholders’ equity	$m	2,839.6 2,707.6
Net tangible assets	$ per unit	3.98 3.79
Weighted average cost of debt	% pa	4.4 4.4
Weighted average cap rate	%	5.40 5.54
Gearing (debt to total assets)	%	21.6 21.5

10

BWP 2025 FULL-YEAR RESULTS

Strategic framework

RYDALMERE, NSW

==> picture [67 x 35] intentionally omitted <==

BWP 2025 FULL-YEAR RESULTS

11

Strategic framework

> Consistent objective

• Key focus areas align to strategic pillars

• Portfolio optimisation – optimising & leveraging the existing network while managing asset repurposing requirements

• Profitable growth – expanding the core portfolio & assessing adjacent growth segments & addressable markets, where feasible

• Portfolio renewal – focusing on active value creation through capital recycling & reinvestment in growth initiatives to complement the core portfolio, while maintaining a strong & flexible balance sheet

• Supporting principles of operating excellence, efficient capital structure & effective asset management underpin strategic pillars

• Enablers & values reflect foundational behaviours & ways of working that guide business approach

==> picture [284 x 348] intentionally omitted <==

12

BWP 2025 FULL-YEAR RESULTS

Transaction update

Management internalisation, Bunnings lease reset and extension, and capital expenditure commitments

==> picture [670 x 224] intentionally omitted <==

----- Start of picture text -----

EASTGARDENS, NSW
----- End of picture text -----

==> picture [67 x 35] intentionally omitted <==

13

BWP 2025 FULL-YEAR RESULTS

Transaction update

Successful implementation of internalisation and Bunnings lease reset

8 Jul 2025

8 Jul 2025 28 Jul 2028 October 2024 Meeting booklet and BWP Trust Unitholder 29 Jul 2025 Negotiations replacement Prospectus meeting and Last day of ASX trading commenced released Unitholder approval of BWP Trust units Negotiations & announcement Path to unitholder approval Implementation activities

27 Jun 2025

Transaction announcement and meeting booklet released

==> picture [120 x 68] intentionally omitted <==

==> picture [67 x 90] intentionally omitted <==

4 Aug 2025

1 Aug 2025 Implementation Trading of BWP completed stapled securities commenced

BWP 2025 FULL-YEAR RESULTS

14

Transaction update

Unitholder approved transaction aligned to BWP’s strategic pillars of portfolio optimisation and profitable growth, with significant benefits to Unitholders

Non-Executive Directors unanimously recommended the transaction

• Independent Expert concluded that the transaction was fair and reasonable and in the best interests of BWP Unitholders not associated with Wesfarmers

• Transaction announced on 27 June 2025 was approved by BWP unitholders on 28 July 2025

• Capital Expenditure

• 1 Internalisation 2 Lease Reset and Extension 3 Commitments[1]

• Creating an independent Long-term commitment on Securing future growth and

• platform with the potential for Bunnings lease portfolio portfolio quality future growth

• Independent, aligned  Certainty of income and  Store expansion tenant covenant

• Reduced cost of capital  Network upgrade  Platform for future  Materially longer WALE,  Increased asset life operational efficiencies

• growth and valuation uplift  Increased collaboration

• Immediately accretive  Alignment with Bunnings with Bunnings to distributions

> BWP and Wesfarmers have commenced the Cooperation and Services Agreement (CASA), governing the transitional relationship between BWP and Wesfarmers

1 Capital Expenditure Commitments are subject to development approvals, board approvals and completion of legal documentation.

15 BWP 2025 FULL-YEAR RESULTS

Transaction update

Transaction aligns with BWP’s objective of providing Unitholders with a secure and growing income stream and capital growth

==> picture [664 x 47] intentionally omitted <==

• Income and covenant certainty Lowering cost of doing business Platform for growth Accretive to DPS

• Increased certainty over future rent > Removing the management fee > Continuity of Board and senior > Proposed Transaction is forecast to payable to Wesfarmers[3] and the management team be 2.0% accretive to FY26 forecast

• Securing high quality covenant with internalisation of operating DPS[4] (2.3% accretive on a pro

• Bunnings > Potential for diversified and expenses will reduce BWP’s cost of forma full-year basis[4] ) incremental income streams

• WALE increase from 4.5 years to doing business > Allowing for implementation of the 7.7 years[1] , with Bunnings WALE > Cost reduction is expected to > Corporate governance benefits and Proposed Transaction, distribution increasing from 4.8 years to 9.1 investor alignment. Unitholders will improve BWP’s cost of capital and forecast for FY26 is 19.41 cents per

• years[1] be able to vote on election of increase BWP’s ability to bid Stapled Security directors and remuneration

• $56 million store expansion Capital competitively on potential structure and pay outcomes > DPS increase of 4.1% on FY25 Expenditure Commitment to be investments distribution

• rentalised[2] > New acquisitions should not > CASA provides framework to support transition to an

• require a material increase in internalised entity

• internal management costs or require payment of a management > Transaction may drive demand for fee and liquidity in BWP securities

• 1 As at 30 June 2025, allowing for the agreed lease extensions to commence at the next anniversary of each current Bunnings Lease, except for the Chadstone lease which will commence at Implementation.

• 2 Capital Expenditure Commitments are subject to development approvals, board approvals and completion of legal documentation.

• 3 As the current ultimate holding company of the BWP Management Entities.

• 4 Includes $5.6m of capital profits released, consistent with BWP’s estimate prior to the Proposed Transaction Assuming the Proposed Transaction were to be implemented on 1 July 2025.

==> picture [67 x 35] intentionally omitted <==

16 BWP 2025 FULL-YEAR RESULTS

Transaction update – pro forma impact[1] Transaction forecast to be 2.0% accretive to FY26 forecast distribution[2] , with Bunnings’ medium-term vacancy and income risk removed with WALE extension

Bunnings WALE

Portfolio WALE[3] NTA

==> picture [383 x 96] intentionally omitted <==

----- Start of picture text -----

10.0 9.1 10.0
7.7
8.0 8.0
1 2
6.0 4.8 6.0 4.5
4.0 4.0
2.0 2.0
0.0 0.0
30-Jun-25 Pro forma 30-Jun-25 Pro forma
----- End of picture text -----

==> picture [78 x 7] intentionally omitted <==

----- Start of picture text -----

FY26 forecast DPS
----- End of picture text -----

==> picture [378 x 117] intentionally omitted <==

----- Start of picture text -----

Gearing FY26 forecast DPS
23.2
25.0 21.6 20.0 19.41
19.03
20.0 19.0
15.0 18.0
10.0 17.0
5.0
16.0
0.0
15.0
30-Jun-25 Pro forma Pre Transaction Post Transaction
----- End of picture text -----

==> picture [179 x 239] intentionally omitted <==

----- Start of picture text -----

5.0
3.98 3.85
4.0
3.0
2.0
1.0
0.0
30-Jun-25 Pro forma
FY26 forecast DPS growth
5.0%
4.1%
4.0%
3.0%
2.0%
2.0%
1.0%
0.0%
Pre Transaction Post Transaction
----- End of picture text -----

1 Pro forma as at 30 June 2025.

• 2 2.3% accretive on a pro-forma full-year basis.

• 3 Refer Appendix A for portfolio lease expiry profile post-implementation of transaction.

BWP 2025 FULL-YEAR RESULTS

17

Portfolio optimisation

==> picture [664 x 236] intentionally omitted <==

----- Start of picture text -----

THORNLEIGH, NSW
----- End of picture text -----

==> picture [67 x 35] intentionally omitted <==

18

BWP 2025 FULL-YEAR RESULTS

Portfolio optimisation Contracted rent escalation & balanced lease structure (fixed & CPI)

FY25 3.0% 2.7% 3.0% like-for-like rental growth Average increase CPI Market/ other1 Fixed 53.2% 7.1% 39.7% 4.6%1 Rental income composition	FY25 3.0% 2.7% 3.0% like-for-like rental growth Average increase CPI Market/ other1 Fixed 53.2% 7.1% 39.7% 4.6%1 Rental income composition	FY25 3.0% 2.7% 3.0% like-for-like rental growth Average increase CPI Market/ other1 Fixed 53.2% 7.1% 39.7% 4.6%1 Rental income composition	FY25 3.0% 2.7% 3.0% like-for-like rental growth Average increase CPI Market/ other1 Fixed 53.2% 7.1% 39.7% 4.6%1 Rental income composition	FY25 3.0% 2.7% 3.0% like-for-like rental growth Average increase CPI Market/ other1 Fixed 53.2% 7.1% 39.7% 4.6%1 Rental income composition	FY25 3.0% 2.7% 3.0% like-for-like rental growth Average increase CPI Market/ other1 Fixed 53.2% 7.1% 39.7% 4.6%1 Rental income composition	FY25 3.0% 2.7% 3.0% like-for-like rental growth Average increase CPI Market/ other1 Fixed 53.2% 7.1% 39.7% 4.6%1 Rental income composition	FY25 3.0% 2.7% 3.0% like-for-like rental growth Average increase CPI Market/ other1 Fixed 53.2% 7.1% 39.7% 4.6%1 Rental income composition	FY26 (expected) 3.4%	FY26 (expected) 3.4%	FY26 (expected) 3.4%	FY26 (expected) 3.4%	FY26 (expected) 3.4%
								Rental income composition4		~55.0% 51.0%
										~35.0% 45.6%
								2018 2017 2016 2.5 2.1 2.4 2.0 1.4 1.6
Year ended 30 June (%)	2025	2024	2023	2022	2021	2020	2019	2018	2017		2016
Rental growth2	3.0	4.2	4.9	3.0	1.2	2.1	2.3	2.5	2.1		2.4
CPI Growth3	2.7	5.3	6.7	3.3	0.5	1.6	2.0	2.0	1.4		1.6

• 1 Includes 14 finalised market rent reviews and one formula review relating to the year ending 30 June 2025.

• 2 Like-for-like rental growth compares the passing rent at the end of the period to the passing rent at the end of the previous corresponding period, but excludes any properties acquired, divested, vacated, developed or upgraded during or since the previous corresponding period.

• 3 Reflects the annual average like-for-like growth resulting from CPI rent reviews completed during each period.

• 4 Market rent reviews for Bunnings leases are reset as part of the internalisation and lease reset transaction. FY25 market rent reviews to be resolved include Bunnings Warehouses at Mile End and Nunawading.

19

BWP 2025 FULL-YEAR RESULTS

Portfolio optimisation

Continued active management of Bunnings market rent review process

FY25

Twelve Bunnings market rent reviews finalised > Variance to passing rent of 3.4% (compares to average of prior three financial years of 1.9%)

Nunawading, VIC and Mile End, SA unresolved at 30 June 2025

FY26

Seventeen previously scheduled market rent reviews (excluding Pakenham and Wagga Wagga) to be replaced by annual escalations per lease as agreed under Bunnings lease reset and extension

PROPERTY LOCATION	PASSING RENT ($pa)	REVIEWED RENT ($pa)	VARIANCE (%)	EFFECTIVE DATE
Balcatta, WA1,2	2,477,363	2,550,000	2.9	24-Sep-23
Southport, QLD1,2	1,952,876	2,030,000	3.9	10-Nov-23
Tuggeranong, ACT1,2	2,036,300	2,178,841	7.0	1-Dec-23
Cannon Hill, QLD1,3	2,923,225	3,050,000	4.3	1-Apr-24
Bayswater, VIC1,3	2,316,558	2,310,000	-0.3	21-Apr-24
Wallsend, NSW1,2	2,425,573	2,550,000	5.1	31-May-24
Thornleigh, NSW2	1,642,097	1,700,000	3.5	6-Sep-24
Maitland, NSW2	1,678,627	1,750,000	4.3	18-Oct-24
Bibra Lake, WA2	1,946,104	2,030,000	4.3	1-Nov-24
Mornington, VIC2	2,110,399	2,110,399	0.0	13-Dec-24
Fyshwick, ACT2	1,504,562	1,600,000	6.3	24-Dec-24
Morayfield, QLD2	2,201,962	2,201,962	0.0	22-Mar-25
Total/weighted average	25,215,645	26,061,202	3.4

• 1 The market rent review was due during the year ended 30 June 2024, but the outcome was only finalised during the current financial year. 2 The market rent review was agreed between the parties.

• 3 The market rent review was determined by an independent valuer.

20 BWP 2025 FULL-YEAR RESULTS

Portfolio optimisation

Continued covenant strength driven by Wesfarmers Group and national retailers (collectively ~97%) with WALE extended and occupancy remaining high

Rental income mix

Wesfarmers Group covenant coverage – 80.8% (82.3% at 30 June 2024)

% of Total Rent

==> picture [279 x 173] intentionally omitted <==

----- Start of picture text -----

100.0%
1.3% 1.5% 1.0% 2.4% 2.7%
95.0%
9.3%
10.3% 11.1%
90.0% 14.2% 15.3%
0.8%
1.3%
2.7%
85.0%
1.1%
1.2%
80.0%
88.6%
86.9%
85.2%
82.3%
75.0% 80.8%
70.0%
Jun-21 Jun-22 Jun-23 Jun-24 Jun-25
----- End of picture text -----

==> picture [152 x 31] intentionally omitted <==

----- Start of picture text -----

Remaining tenants
Other national retailers, automotive & self-storage
Commonwealth & State Governments
Wesfarmers
----- End of picture text -----

> National retailer coverage

• 97.3% of rental income with national retailers and government

> Occupancy of 98.6% (99.1% at 30 June 2024)

COVENANT	% OF TOTAL RENT
Wesfarmers Group	80.8
Commonwealth & State Governments	1.2
Other national retailers, automotive & self-storage businesses1	15.3
Remaining tenants	2.7
Total	100.0

1 Includes Adairs, Amart, AP Eagers, Autobarn, BBQ’s Galore, Beacon Lighting, Chemist Warehouse, Crunch Fitness, Drummond Golf, Freedom, Goodlife, Harvey Norman, Jaycar, JB Hi-Fi, Kennards Storage, KFC, Petbarn, Petstock, Pillow Talk, Rebel, Repco, Reject Shop, RSEA, Salvation Army, Savers, Snooze, Spotlight, Super Retail Group, Sydney Tools, The Good Guys, Total Tools & Trek.

BWP 2025 HALF-YEAR RESULTS

21

Portfolio optimisation

Interest rate outlook and alignment between buyer and seller expectations supported increased transaction activity in FY25

• Transaction volume materially increased over last 12 months indicating renewed investor appetite

• NPR portfolio acquisition

completed at implied cap rate above transaction history & BWP portfolio

• BWP continues to review acquisition opportunities relative to its cost of capital

Transaction capitalisation rates

==> picture [389 x 195] intentionally omitted <==

----- Start of picture text -----

7.00%
6.50%
6.00%
5.50%
5.00%
4.50%
4.00%
3.50%
Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25
----- End of picture text -----

New Bunnings Store Transactions Secondary Market Bunnings Transactions BWP Cap Rate NPR Portfolio

22

BWP 2025 FULL-YEAR RESULTS

Portfolio optimisation

Capitalisation rate compression of 3 basis points for the half year (14 basis point compression over 12 months to 30 June 2025)

• 82 properties valued at $3,704.8 million at 30 June 2025, on a weighted average capitalisation rate of 5.40% (December 2024: 5.43% & June 2024 5.54%)[1]

• 29 independent valuations completed and 53 director valuations completed in the 12 months to 30 June 2025

• Net fair value portfolio valuation gain of $45.9m[2 ] for the period

30 June 2025 gross valuation gain composition

Capitalisation rate outcomes

==> picture [582 x 166] intentionally omitted <==

----- Start of picture text -----

6.50%
Increase in rental 6.00%
55% incomes
5.50%
5.00%
Capitalisation rate
32% compression
4.50%
13% Other adjustments 4.00%
Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun
20 20 21 21 22 22 23 23 24 24 25
Bunnings Warehouse (stand-alone) weighted average capitalisation rate of 5.06% (30 June 2025). BWP Portfolio Bunnings Warehouse (stand-alone)
----- End of picture text -----

1 Bunnings Warehouse (stand-alone) weighted average capitalisation rate of 5.06% (30 June 2025).

• 2 Valuations are based on lease term certain at 30 June 2025 (excludes the impact of the Bunnings lease tenure extensions announced on 28 June 2025).

23

BWP 2025 FULL-YEAR RESULTS

Profitable growth

==> picture [664 x 237] intentionally omitted <==

----- Start of picture text -----

COBURG, VIC
----- End of picture text -----

==> picture [67 x 35] intentionally omitted <==

24

BWP 2025 FULL-YEAR RESULTS

Profitable growth

Continued tenant expansion activity in FY25 with Scoresby, VIC and Dubbo, NSW completed and Pakenham, VIC and Midland, WA approved

PROPERTY	CAPITAL COMMITMENT ($m)	COMMENTS
Pakenham, VIC	14.0	> Advancing through planning approval process and legal documentation > Store expansion works (12-month programme) expected tocommence 2H FY26
Midland, WA	11.0	> Lease extension agreed with documentation executed > Planning approval received for building expansion (subject to building permit) > Construction tenderprocess completed; worksto commence September 2025
Dubbo, NSW	13.6	> Store expansion workscompleted (March 2025); 4,637 sqmor 37% increase in total retail area > New 10-year lease commenced (March 2025); 38% uplift in rent
Scoresby, VIC	1.4	> Capital workscompleted > New 10-year lease commenced (May 2025)
Total capital	40.0	> Completed works (to FY25 end) of $15.0m

25

BWP 2025 FULL-YEAR RESULTS

Portfolio renewal

==> picture [664 x 237] intentionally omitted <==

----- Start of picture text -----

HOXTON PARK, NSW
----- End of picture text -----

==> picture [67 x 35] intentionally omitted <==

26

BWP 2025 FULL-YEAR RESULTS

Portfolio renewal

Material repositioning works planned in FY26 reflecting cumulative Bunnings lease vacancy impacts

27	PROPERTY	FORECAST CAPEX ($m)	LEASE EXPIRY	COMMENTS
	Noarlunga, SA	28.0	> Lease expired	> Development application for 12,100 sqm large format retail centre with food and beverage pad sitereceived (April 2025) > Active negotiations with several large format retailers for >60% of available GLA
	Wagga Wagga, NSW	Nil	> March 2026	> Considering redevelopment options > Bunnings yet to commence developing alternate site > Tenant option (second) notificationrequired by September 2025
	Rocklea, QLD	1.0	> October 2025	> Bunnings advised its intention to close store and vacate the property > Management intends to re-lease the property with campaign launched targeting industrial users
	Northland, VIC	1.0	> Lease surrendered	> Progressing redevelopment/rezoning options, supported by local and State governments > New third-party tenant has taken possession for a 3-year lease commencing June 2025
	Broadmeadows HMC, VIC	4.0	> N/A	> Quick service restaurant (“QSR”) pad site > Lease terms agreed and documentation issued
	BWP 2025 FULL-YEAR Fountain Gate, VIC	RESULTS 35.0	> July 2025	> Development approval received (July 2025) > Leasing campaign advanced > Construction expected to commence in September 2025

Portfolio renewal

Fountain Gate redevelopment reflects BWP’s repurposing capabilities including feasibility assessment, planning approval, construction and leasing

Project overview	Project overview
Address	64-86 Narre Warren North Road, Narre Warren, Victoria
Current use / GLA	Bunnings Warehouse (vacated); 7,273 sqm (FECA)
Future use / GLA	Large Format Retail Centre; 14,089 sqm
Committed tenants	Super Retail Group (“SRG”) Other large format retail (“LFR”) Quick service restaurant (“QSR”)
Current valuation	$30.5m
Development cost	~$35.0m
Construction commencement	September 2025 (expected)
Project timeframe	12 months
Project scope	> Subdivision of ex-Bunnings Warehouse into multiple large format retail tenancies > Extensions added to northern and southern ends of existing building > Stand-alone, QSR store to be constructed on north-western corner

==> picture [235 x 102] intentionally omitted <==

==> picture [306 x 203] intentionally omitted <==

----- Start of picture text -----

Negotiations SRG LFR
progressing
QSR
----- End of picture text -----

28

BWP 2025 FULL-YEAR RESULTS

Portfolio renewal

Active divestment activity with proceeds recycled into growth initiatives

PROPERTY	LEASE EXPIRY	COMMENTS
Port Kennedy, WA	> Expired	> Sale and marketing timelineextended reflectingmarket conditions > Divestment processadvanced and party completing due diligence (July 2025) > Sale completion expected (calendar year-end 2025)
Morley, WA	> Expired	> Tenant (Australian Electoral Commission) didnot renew lease, with notification received (June 2025) > Divestment processcommenced (May 2025) with expressions of interest closed (July 2025) > Sale completion expected (calendar year-end 2025)
Geraldton, WA	> December 2026	> Bunnings to not renew lease, advising of its intent to relocate to an alternate, new site > Management is considering divestment options

29

BWP 2025 FULL-YEAR RESULTS

Portfolio renewal

Capital management: Diversified debt sources and maturities

• Average borrowings for the year $799.9m

• 36.2% up on pcp, largely due to NPR debt assumed as part of the takeover

• 4.4% weighted average cost of debt after hedging (2024: 4.4%)

• Borrowing costs for the year $35.0m (up 37.7% on pcp)

• Bank facilities with CBA and WBC can be extended, subject to agreement

• A- / stable S&P rating and A3 (negative) Moody’s rating

> As at 30 June 2025:

• Hedging cover of 48.3%

• • Weighted average rate of 1.9% (excluding margins)

  • Weighted average term to maturity of 1.4 years

• Interest cover of 4.8 times (2024: 6.5 times)

• Gearing at 21.6% (2024: 21.5%)

• FY2026 focus on refinancing to support upcoming debt maturities

AS AT 30 JUNE 2025	LIMIT ($m)	DRAWN ($m)	EXPIRY
Sumitomo Mitsui BankingCorporation(“SMBC”)	100.0	100.0	June 2027
Westpac BankingCorporation(“WBC”)	135.0	86.9	April 2028
Sumitomo Mitsui BankingCorporation	110.0	85.0	June 2028
Bank of China	50.0	50.0	June 2028
Westpac BankingCorporation	85.0	37.3	July2028
Commonwealth Bank of Australia(“CBA”)	150.0	122.8	July2028
Bank of China	50.0	-	June 2029
Institutional term loan	75.0	75.0	Nov 2030
Corporate bonds
Fixed term seven-year	150.0	150.0	April 2026
Fixed term seven-year	100.0	100.0	March 2028
Total/weighted average	1,005.0	807.0	2.8years

Debt maturity profile as at 30 June 2025 ($m)

==> picture [290 x 187] intentionally omitted <==

----- Start of picture text -----

400.0
73.1
300.0 221.9
124.9
200.0
160.1
150.0
100.0
100.0 100.0
75.0
0.0
FY26 FY27 FY28 FY29 FY30 FY31
Bonds Drawn bank facilities Undrawn bank facilities
----- End of picture text -----

30 BWP 2025 FULL-YEAR RESULTS

Outlook

PORT MELBOURNE, VIC

==> picture [67 x 35] intentionally omitted <==

31

BWP 2025 FULL-YEAR RESULTS

Outlook

FY26 sees peak impact of Bunnings vacancies with material site repurposing activity impacting rental income, with capital profit release to support DPU growth (prior to benefits of internalisation)

==> picture [340 x 106] intentionally omitted <==

----- Start of picture text -----

Bunnings rental income downtime
35
15 months’ rent
25
Increase in rental
income downtime 15
and site repurposing
5
capex… FY25 FY26 (F)
Port Kennedy Rocklea Fountain Gate Noarlunga
Months of rent
----- End of picture text -----

==> picture [232 x 121] intentionally omitted <==

----- Start of picture text -----

~4x capex spend
increase planned in FY26
Capex
100%
80%
60%
40%
20%
0%
FY25 FY26 (F)
Building / SIB Tenant expansions Site repurposing
% total
----- End of picture text -----

..results in requirement for capital profit release in FY26 to maintain DPU growth

==> picture [495 x 151] intentionally omitted <==

----- Start of picture text -----

Distributable profit DPU impact
$5.6m capital
Properties divested achieved ~87% profits release +4.1%
premium to cost-base on average Year on year
140.0 +2.0%
+2.0%
19.41
19.03
120.0
18.65
18.29
100.0
80.0
FY22 FY23 FY24 FY25 FY26 (F)
Net profit Capital profit release
FY24 distribution FY25 distribution FY26F distribution FY26F distribution
(Pre Transaction) (Post Transaction)
$m
----- End of picture text -----

32

BWP 2025 FULL-YEAR RESULTS

Outlook

Internalisation and lease reset implementation improves ability to deliver secure & growing income stream & long-term capital growth

FY26 focus areas

• Transition to internalised model: With transaction completion achieved, management to focus on optimising BWP operations, including the Cooperation and Services Agreement with Wesfarmers

• Optimise cost of capital: Internalisation enables immediate savings in costs of doing business that will lower BWP’s cost of capital and expand the addressable market

> Efficient deployment of material capex commitments:

• Organic growth initiatives: Active assessment and actioning of suitable opportunities to grow portfolio that will create value for BWP, with a focus on investing in core retail portfolio to support tenant network optimisation and expansion plans

• Other growth opportunities: Recycling proceeds from divestments of non-core assets into growth initiatives whilst maintaining a strong & flexible balance sheet

• Peak impact of Bunnings’ lease exits reflects material increase in FY26 capital expenditure, largely focused on site repurposing works

• BWP has agreed with Bunnings to invest $56 million in store expansions across five properties, with capital expenditure rentalised at a funding rate equal to the five-year swap rate plus a margin of 200 basis points with works to commence within three years of transaction implementation

33

BWP 2025 FULL-YEAR RESULTS

Outlook (continued)

Continued focus on BWP’s objective of providing unitholders a secure & growing income stream & long-term capital growth

Operating market & environment

Income generation

• Well positioned with rental income comprising largely the Wesfarmers Group (81%), other national large format retail, automotive & self-storage businesses (15%) & Commonwealth/ State Governments (1%)

  • FY26 rent reviews

    • 62 CPI (~ 46% of FY25 income)

    • 107 fixed (~ 51% of FY25 income)

• Bunnings well supported by its external environcment[1] :

• Bunnings continues to pursue opportunities to expand its addressable market complemented by a disciplined productivity focus

• Bunnings continues to have a significant opportunity to drive sustainable sales and earnings growth over the long term by expanding and innovating its offer, growing and optimising its retail space, driving commercial growth, accelerating digital, data and retail media, and enhancing productivity

• Two Bunnings MRR’s to be finalised in FY26

Distribution

• Subject to no major disruption of the Australian economy or material change in market conditions, BWP provides distribution per unit guidance for FY26 of 19.41 cents (approximately 4.1% growth on FY25)

• FY26 distribution growth guidance includes:

• $5.6m of capital profits released, to mitigate the impacts on rental income due to increased repurposing activity

• Positive impact of cost reduction upon internalisation

1 Bunnings Investor Briefing and Site Tour (27 March 2025).

34

BWP 2025 FULL-YEAR RESULTS

Q&A

Thank you

Further Information

Responsible entity:

BWP Management Limited Tel: +61 8 9327 4356 Email: investorrelations@bwptrust.com.au

==> picture [418 x 357] intentionally omitted <==

Appendices

==> picture [324 x 334] intentionally omitted <==

Appendix A

Lease expiry profile post transaction implementation

Weighted average lease expiry profile (at 30 June 2025 – pro forma for transaction)

==> picture [575 x 227] intentionally omitted <==

----- Start of picture text -----

25%
20%
15%
10%
5%
0%
FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 Beyond
Showrooms Bunnings
% of Rental Income
----- End of picture text -----

37

BWP 2025 FULL-YEAR RESULTS