CHARTER HALL GROUP — Interim / Quarterly Report 2025

Feb 19, 2025

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Charter Hall Group 2025 Half Year Results

ASX:CHC

Powerlink, TradeCoast Logistics Hub, Pinkenba (CPIF)

Charter Hall Group 2025 Half Year Results

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Acknowledgement of Country
Charter Hall acknowledges the Traditional
Custodians of the lands on which we work
and gather. We pay our respects to Elders
past and present and recognise their
continued care and contribution to Country.
Acknowledgement of Country
Charter Hall acknowledges the Traditional
Custodians of the lands on which we work
and gather. We pay our respects to Elders
past and present and recognise their
continued care and contribution to Country.
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Agenda

1. Highlights and Strategy

2. Group Funds Management

3. Property Investment and Development

4. Financial Result

5. Guidance

6. Additional Information

Charter Hall Group 2025 Half Year Results

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1 Highlights and Strategy GPO Tower, 2-10 Franklin Street, Adelaide (CHWPT & CPOF)

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Charter Hall Group 2025 Half Year Results

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Highlights and Strategy

Group highlights 1H FY25[1]

Investment Capacity

Group Returns

Group Returns Property Investments Funds Management Investment Capacity Operating earnings Co-investment portfolio Group FUM[4] Group investment capacity[2] $ 196 million $2.8bn $83.4bn $6.1bn Balance sheet OEPS Property Investment EBITDA growth (pcp) Gross property transactions NTA per security 41.5cps 5.2% $4.1bn $5.37 Return on Contributed Equity[3] PI & DI EBITDA share of Group EBITDA Group EBITDA margin[5] Balance sheet gearing 19.5% 53% 84% 5.9%

1. Figures and statistics throughout this presentation are for the 6 months to 31 December 2024 unless otherwise stated

2. Investment capacity calculated as cash plus undrawn debt facilities for CHC and the funds management platform. At 31 December 2024, platform cash was $0.8bn. Excludes committed and unallotted equity

3. Return on contributed equity is calculated as total operating earnings post-tax per security divided by the opening contributed equity per security of $3.91 for the 12 months to 31 December 2024

4. Includes Paradice Investment Management (PIM) $17.0bn (31 Jan) and HPI $1.3bn of FUM

5. Excludes earnings derived from PIM

Charter Hall Group 2025 Half Year Results

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Highlights and Strategy

Our Strategic Pillars[1]

We use our expertise to access, deploy, manage and invest equity to create value and generate superior returns for our investor customers

1. Slide refers to Property FUM unless otherwise stated

1H FY25 3 years 5 years FY24	Access Accessing equity from listed, wholesale and retail investors Deploy Creating value through attractive investment opportunities Manage Funds management, asset management, leasing and development services Invest Investing alongside our capital partners
	Gross equity allotted $1.6bn Acquisitions $2.2bn Gross Transactions $4.1bn Group FUM $83.4bn↑$2.5bn PI Portfolio $2.7bn Divestments $2.0bn Development Capex $1.0bn Property FUM $66.4bn↑$0.9bn DI Portfolio $0.1bn
	Gross equity allotted $1.6bn Acquisitions $1.7bn Gross Transactions $4.1bn Group FUM $80.9bn$6.5bn PI Portfolio $2.7bn Divestments $2.4bn Development Capex $0.5bn Property FUM $65.5bn $6.3bn DI Portfolio $0.1bn
	Gross equity allotted $8.0bn Acquisitions $13.2bn Gross Transactions $20.7bn Property FUM growth $5.1bn$1.7bn p.a. PI Portfolio $2.8bn Divestments $7.4bn Development Capex $6.2bn DI Portfolio $0.1bn
	Gross equity allotted $18.1bn Acquisitions $27.9bn Gross Transactions $39.2bn Property FUM growth $27.5bn$5.5bn p.a. PI Portfolio $2.1bn Divestments $11.3bn Development Capex $9.2bn DI Portfolio $0.1bn 5

Charter Hall Group 2025 Half Year Results

Highlights and Strategy

Operating earnings growth

• Strength of underlying retained earnings driving fund creation and growth

• Cumulative retained earnings of $1.2bn since FY15 funding organic growth of the balance sheet co-investment portfolio

• 1H FY25 OEPS of 41.5cps and DPS of 23.4cps

• FY25 OEPS guidance of approximately 81.0cps, represents growth of ~3x over 10 years

• Distribution growth of 10.2% p.a. from FY15 to FY24, inclusive of franking credits

Operating earnings and distributions growth

• DPS (cash paid) DPS (grossed up)

• OEPS (post-tax)

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115.6cps
93.3cps
2
81.0cps
75.8cps
69.3cps 61.0cps
58.2cps
47.4cps 47.6cps 50.7cps 47.8cps 2
37.7cps 43.4cps 44.4cps 45.1cps
40.0cps 42.5cps
35.9cps 36.9cps 37.9cps 40.1cps
35.7cps
30.4cps 33.7cps
31.8cps
27.5cps 30.0cps
26.9cps
24.2cps
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
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1. 10-year OEPS CAGR from the period 1 July 2015 to 30 June 2025 based on FY25 earnings guidance of approximately 81.0cps 2. Based on FY25 earnings guidance of approximately 81.0cps and DPS growth of 6% on FY24

Charter Hall Group 2025 Half Year Results

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Highlights and Strategy
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Group EBITDA margins

• Margin expansion over 5 years achieved and continuing through platform scale

• Annuity EBITDA margin continues to expand , with PI and FM EBITDA top line growth and operational leverage from net operating expense savings

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Group EBITDA margins, FY19 to 1H FY25
(%)
83.7%
81.3%
79.3%
76.2%
74.4%
65.8%
EBITDA Margin1
Annuity EBITDA Margin1,2
FY19 FY20 FY21 FY22 FY23 FY24 1H FY25
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1. Excludes earnings derived from PIM 2. Annuity EBITDA margin includes PI EBITDA and funds management EBITDA, excluding transaction and performance fees

Charter Hall Group 2025 Half Year Results

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2 Group Funds Management

Eastgate Shopping Centre, Bondi Junction (CQR & RP6)

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Charter Hall Group 2025 Half Year Results

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Group Funds Management

Group funds management portfolio

– Diversification of equity sources and by sector

• 31% Industrial & Logistics, 29% Office, 21% Listed Equities, 15% Convenience Retail and 4% Social Infrastructure

Group FUM by equity source

Group FUM by sector

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Social Infrastructure
$3.7bn
SC Retail 4.4%
Direct Equity $4.2bn
$8.7bn
Wholesale Equity 5.0%
10.4%
$62.4bn
Office
74.8% Net Lease Retail
$24.0bn
$8.1bn
28.8%
9.7%
Listed Funds
$12.4bn
14.9%
$83.4bn $83.4bn
Listed Equities
$17.9bn
21.5%
Industrial & Logistics
$25.5bn
30.6%
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Charter Hall Group 2025 Half Year Results

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Group Funds Management

Property Funds Under Management (FUM) growth Total property FUM of $66.4bn

Property FUM growth ($bn)

Property FUM by equity source ($bn)

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$1.0bn 80.0 5-year Property FUM CAGR of 11.3%
($2.0bn) $2.2bn 75.0 Wholesale 12.7% $71.9bn
$66.4bn
$65.5bn 70.0 Listed 8.9% $65.6bn $65.5bn $66.4bn
($0.3bn) 65.0 Direct 7.8% $10.5bn
$8.3bn
60.0 $10.5bn $8.8bn
$13.3bn
55.0 $52.3bn $12.4bn
$12.0bn
$13.5bn
50.0
$8.2bn
45.0 $40.5bn $48.1bn
40.0 $38.9bn $10.8bn $44.7bn $45.7bn
$6.1bn $41.6bn
35.0 $5.7bn
30.0 $8.1bn $8.2bn $33.3bn
25.0
$26.3bn
$25.1bn
20.0
15.0
10.0
5.0
0.0
Jun-24 Divestments Net Property Acquisitions Capex and Dec-24 Dec-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Dec-24
Revaluations Developments
Growth 4.1% 29.0% 25.5% 9.5% (8.8%) 1.4%
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Charter Hall Group 2025 Half Year Results

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Group Funds Management

Property funds management portfolio Largest diversified property portfolio in Australia

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Portfolio value Lettable area No. of Net rent WARR WALE Occupancy WACR
Property FUM
($bn) (m sqm) Properties ($m) (%) (years) (%) (%)
31 December 2024 66.4 11.1 1,578 3,208 3.2 8.0 97.6 5.6
30 June 2024 65.5 11.4 1,618 3,266 3.4 8.1 97.9 5.5
Property FUM by equity source Property FUM by sector WALE by sector
Listed
Social
Infrastructure Equities 12.2
$0.9bn
$3.7bn 9.7 years
1.4%
SC Retail 5.6% Anchor WALE 11.1
Direct Equity Wholesale Equity $4.2bn
$8.3bn $45.7bn 6.3% Office
12.6% 68.8% $24.0bn
8.9
36.1%
Net Lease Retail
Listed Funds $8.1bn
$12.4bn 12.2%
18.7% 6.5
$66.4bn $66.4bn 4.8
Industrial &
Logistics
$25.5bn
38.4%
SC Retail Office Industrial & Net Lease Social
Logistics Retail Infrastructure
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Charter Hall Group 2025 Half Year Results

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Group Funds Management

Diversified tenant customers

The top 20 tenants are represented by Government, multinationals and listed companies

• The top 20 tenants represent 55% of property platform income

• 22% of platform leases are NNN

• 23% of platform net income is CPI-linked

• 71% multi-lease tenants

• 28% cross-sector tenants across more than 4,400 leases

Top 20 platform tenants by net income

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16.7%
5.4%
4.7% 4.4%
3.7% 3.6%
2.1% 2.0% 1.9% 1.8% 1.6% 1.4% 1.1% 0.8% 0.8% 0.7% 0.7% 0.6% 0.6% 0.6%
Government1 Wesfarmers Endeavour Coles Group Woolworths Telstra BP ALDI AMPOL QVC Amazon Metcash Goodstart Early David Jones Arnott's Inghams Ceva Logistics Commonwealth Visy Western
Group Learning Bank Sydney
University
Office Shopping Centre Retail
Industrial Social Infrastructure
Net Lease Retail
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1. Includes federal, state and local governments Charter Hall Group 2025 Half Year Results

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Group Funds Management

Modern, high-occupancy Industrial & Logistics portfolio ($25.5bn)

Strong leasing momentum with 328,197 sqm leased across 19 transactions

• 11.9 year WALE achieved on all lease transactions nationally

• 99.2% Industrial & Logistics portfolio occupancy versus national average of 97.5%[1]

• 8.9 year WALE across our Industrial & Logistics portfolio

• WARR of 3.0% with 62% of assets having a market review over the next 5 years

• 35% like-for-like valuation growth since FY20

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QLS, Motorway Industrial Park, Berrinba (CPIF)

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Coles Distribution Centre, Edinburgh (DIF3 & DIF4)

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Inghams, MidWest Logistics Hub, Truganina (CPIF)

1. Source: CBRE, Charter Hall Research

2. All data as at 31 December 2024

Charter Hall Group 2025 Half Year Results

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Group Funds Management

Modern, high-occupancy Office platform ($24.0bn)

Strong leasing momentum with 125,187 sqm leased[1] across 111 transactions

• 6.8 year WALE achieved on all lease transactions nationally

• 95.2% Office portfolio occupancy versus national average of 84.4%[2]

• 6.5 year WALE across our Office portfolio

• WARR of 3.5%

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Bankwest Place, 300 Murray Street, Perth (BSWF & CPOF)

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No.1 Martin Place, Sydney (CHOT)

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275 George Street, Brisbane (CHWPT & CPOF)

1. Includes Heads of Agreement

2. Source: JLL, Charter Hall Research

3. All data as at 31 December 2024

Charter Hall Group 2025 Half Year Results

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Group Funds Management

Convenience Retail platform ($12.3bn)

Strong leasing momentum with 35,847 sqm leased across 155 transactions

Shopping Centre Convenience Retail ($4.2bn)

• 9.7 year[1] WALE with portfolio occupancy of 97.5%

• CQR achieved record high specialty sales productivity of $11,278 per sqm and +3.8% specialty leasing spreads

Net Lease Convenience Retail ($8.1bn)

• 11.1 year WALE with portfolio occupancy of 100%. 87% of portfolio net income is CPI-linked

• Acquisition of ASX:HPI[2] $1.3bn, diversified portfolio of 58 hospitality assets with 100% occupancy and 9.1 year WALE. Strong CPI rent review structure with WARR of 3.6%

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Eastgate Shopping Centre, Bondi Junction (CQR & RP6)

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Ampol, Seven Hills (CQR)

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The Regatta Hotel, Toowong (CQR)

1. Anchor tenant WALE (major supermarket shopping centre retail)

2. Post balance date to 20 February 2025, acquisition 90.9% complete

Charter Hall Group 2025 Half Year Results

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Group Funds Management

100% occupancy Social Infrastructure platform ($3.7bn)

Properties for essential services with low correlation to economic cycle

• High portfolio occupancy of 100%

• 12.2 year WALE across our Social Infrastructure portfolio, with below market rents

• CQE reported strong 1H FY25 market rent reviews of 16.4% on its childcare portfolio

• Positive industry fundamentals and strong population growth providing future growth opportunities

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Only About Children, Hawthorn (CQE)

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TAFE & Wise Medical, Robina (CQE & LWF)

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Brisbane Bus Depot, Eagle Farm (CQE & CLW)

Charter Hall Group 2025 Half Year Results

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Group Funds Management

Equity inflows

• Diverse sources of equity across Wholesale, Listed and Direct

• Wholesale flows across both partnerships and pooled funds

• $10.7bn of gross inflows over 3.5 years

($m)	FY22	FY23	FY24	1H FY25
Wholesale pooled funds	1,575	817	305	451
Wholesale partnerships	1,137	1,432	1,140	1,0451
Listed funds	646	9	11	3
Direct funds	1,340	542	148	102
Gross equity inflows	4,698	2,801	1,604	1,601
Net equity inflows	4,039	1,476	991	1,036

1. Reflects 100% of HPI transaction and excludes PIM

Charter Hall Group 2025 Half Year Results

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Group Funds Management

1H FY25 property transaction activity

$4.1bn of transaction activity in the half, equivalent to 12 months of FY24

($bn)		Industrial & Logistics	Office	Shopping Centre Retail	Net Lease Retail	Social Infrastructure / Other	Total
Acquisitions Divestments Net transactions Gross transactions		0.1	0.4	0.1	1.3	0.4	2.2
		(0.4)	(1.4)	(0.0)	(0.0)	(0.1)	(2.0)
		(0.4)	(1.0)	(0.0)	1.3	0.2	0.2
		0.5	1.8	0.1	1.3	0.5	4.1

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The Regatta Hotel, Toowong (CQR)

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Glebe Hill Village, Howrah (CQR & RP1)

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Australian Red Cross, Alexandria (CLW & DIF4)

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333 George Street, Sydney (CPOF & DOF)

Charter Hall Group 2025 Half Year Results

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3 Property Investment and Development

Hello Fresh, Light Horse Logistics Hub, Eastern Creek (CPIF)

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Charter Hall Group 2025 Half Year Results

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Property Investment and Development

Development pipeline of $13.3bn driving FUM growth Development completions of $0.8bn over the last 12 months, total pipeline increase $0.7bn

• 91% of Industrial committed projects are pre-leased[1]

• 73% of Office committed projects are pre-leased[1]

Completion value ($m)

Completion value ($m)
Completions (last 12 months)	Committed projects Uncommitted projects4 Total pipeline5
Industrial & Logistics 806	2,465 4,359 6,823
Office2 -	2,759 3,580 6,339
Shopping Centre Retail3 4	83 - 83
Net Lease Retail -	- - -
Social Infrastructure 21	7 - 7
Total 831	5,313 7,939 13,252

1. Based on GLA (Industrial) and NLA (Office)

2. $1.6bn of uncommitted Office developments have approved DA’s

3. Reflects development spend only and excludes existing centre value

4. Includes potential end value of uncommitted development projects

5. $7.0bn of committed and uncommitted development projects are included in FUM as at 31 December 2024

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Artist impression: 360 Queen Street, Brisbane (CPOF)

Charter Hall Group

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2025 Half Year Results

Property Investment and Development

Chifley Square, North and South Tower, Sydney ($4.0bn)

• Exceptional premium position with Chifley North including new retail, tenant amenity and public domain

• Combined precinct of ~110,000sqm NLA

• Significant value creation through site specific planning proposal increasing FSR from c. 14:1 to 21:1

• Precinct value on completion ~$4.0bn (South Tower incremental ~$2.0bn)

• Forecast completion mid 2027

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Artist impression: Chifley Square, South Tower, Sydney (CTT)

Charter Hall Group 2025 Half Year Results

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Property Investment and Development

National office development activity

Delivering high quality prime office assets

– Strong track-record in the creation of successful investment grade office investments for Charter Hall’s funds and partnerships

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480 Swan St, Richmond, Melbourne

60 King William St, Adelaide

555 Collins St, Melbourne

155 Little Lonsdale St, Melbourne

130 Lonsdale St, Melbourne

• A grade with Premium services

• Premium grade

• Premium grade

• A grade

• Premium grade

• NLA 33,483 sqm

• NLA 41,177 sqm

• NLA 49,199 sqm

• NLA 23,096 sqm

• NLA 60,051 sqm

• Completed Dec 23

• Completed Aug 23

• Completed May 23

• Completed Nov 22

• Completed Mar 20

• Occupancy on completion 95%[1]

• Occupancy on completion 100%

• Occupancy on completion 75%[1]

• Occupancy on completion 100%

• Occupancy on completion 100%

• −

• WALE on completion 10.4 yrs WALE on completion 8.9 yrs

• WALE on completion 9.1 yrs

• −

• WALE on completion 30.0 yrs WALE on completion 8.8 yrs

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1. As at 20 February 2025, space available for lease at 480 Swan Street is 0% and 555 Collins St, Melbourne is 18% Charter Hall Group 2025 Half Year Results

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Property Investment and Development

National industrial development pipeline ($6.8bn) Delivering strategically located essential industrial assets

Industrial & Logistics

• $806m of industrial development completions over CY24. 11 projects completed with a WALE of 11 years

• $2.5bn committed future developments underway (to be delivered in the next 24 months) with total $6.8bn pipeline[1]

• Secured key 19.6 ha site in Darra, Brisbane for $80m. NLA of 95,000 sqm for total completion value of $300m (completion Dec 27)

• Pre-commitment of 67,500 sqm lease in western Melbourne with a total on completion value of $440m (completion May 27)

Data Centres

• Currently working on 8 core Data Centre sites across the Industrial & Logistics platform. In the process of unlocking ~1.5gw power supply and associated planning approvals

• Optionality retained to sell powered land at premium, transact long term ground leases or develop powered DC shells with capital partners and/or funds

• Includes committed developments underway

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Connectwest Industrial Park, Darra, Brisbane (CLP, CPIF, DIF3 & DIF4)

Charter Hall Group 2025 Half Year Results

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Property Investment and Development

Property Investment portfolio Property Investment portfolio of $2.7bn

	Portfolio Value	No. of	WALE	Occupancy	WARR	WACR	WADR
	($bn)	Properties	(years)	(%)	(%)	(%)	(%)
31 December 2024	2.7	1,512	7.1	96.9	3.2	5.7	6.9
30 June 2024	2.8	1,607	7.2	97.4	3.4	5.7	6.8

Sector allocation

Geographic allocation

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Listed Equities
Social $105m WA NZ
Infrastructure $248m 3.9% TAS 8% 2%
9.2%
1%
ACT
SC Retail
7%
$150m
Office
5.5%
$1,233m
45.6% SA
4%
NSW
Net Lease Retail
40%
$342m
$2.7bn $2.7bn
12.7%
VIC
Industrial & 19%
Logistics
$626m
23.1%
QLD
20%
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Charter Hall Group 2025 Half Year Results

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Property Investment and Development

Diversified Property Investment earnings

• Property Investment portfolio provides growth and resilience given quality and strong tenant customer composition

• No single asset is more than 6% of portfolio investments

• 16% of CHPT net income CPI-linked with 3.2% WARR

• Government now makes up ~25% of portfolio income

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Property Investment earnings
(by sector)
Social Listed Equities
Infrastructure 0%
8%
SC Retail
7%
Office
52%
Net Lease Retail
14%
Industrial & Logistics
19%
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Charter Hall Group 2025 Half Year Results

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Property Investment and Development

Sustainability Initiatives

Achievements in 1H FY25

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Environment
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Social
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Governance
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Net Zero by 2025[1]

Clean energy

Circular economy

On track to achieve Net Zero Scope 1 and Scope 2 emissions from 1 July 2025.

Uplift of 16% waste diversion from landfill across our Office and Shopping Centre Retail portfolios, where we manage waste from FY22.

Over 80% renewable electricity supplied to assets under our operational control, underpinned by seven-year PPA.

3.9 MW of solar installed YTD taking the total to over 83 MW. Over 10 MW in committed solar[3] to be rolled out across our development pipeline.

Community partnership

First Nations

NPS Engagement Scores

Contributed >900 hours of corporate volunteering efforts in YTD. With a focus on delivering programs in housing, employment and food security for vulnerable young Australians.

Continued to develop our reconciliation commitments by building our cultural competency, recognising First Nations communities at our assets and developing partnerships with First Nations businesses.

+66 Net Promoter Score (NPS) for our largest cross-sector tenant customers, reflecting the strength of these key partnerships.

Charter Hall was recognised on the AFR Customer Champions List 2024 in the Established Business to Business Category.

ESG leadership

Australia’s largest Green Loan

Responsible supply chain

Additional $3.35bn Green Loan secured

Recognised as leaders in peer group

5 CAF accredited office buildings , with additional office building undergoing accreditation process. Maintained independent screening of suppliers with continued industry collaboration to support knowledge sharing. More information in Modern Slavery Statement.

for three funds, with 17 of 29 participating funds in the top 20% of total benchmark.

for flagship Charter Hall Prime Office Fund. This grows Charter Hall’s platform-wide sustainable finance to more than $9.0 billion, reflecting continued progress toward integrating sustainability into operating assets.

All listed entities[2] achieved ‘A’ ranking under GRESB Public Disclosure. CHC achieved ‘AA’ MSCI rating and ‘Negligible Risk’ under Sustainalytics.

• Our Net Zero target applies to Scope 1 and Scope 2 emissions for existing assets that fall under the operational control of responsible entities for which Charter Hall Limited is the controlling corporation. The target is achieved through energy efficiency, electrification, on-site and off-site renewable electricity and residual scope 1 emissions offset by nature-based carbon credits

• Charter Hall’s listed entities are Charter Hall Group (ASX:CHC), Charter Hall Retail REIT (ASX:CQR), Charter Hall Long WALE REIT (ASX:CLW) and Charter Hall Social Infrastructure REIT (ASX:CQE) Includes planned solar capacity agreed by all parties without formal works not yet commenced

Charter Hall Group 2025 Half Year Results

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4
Financial Result
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Australia Post, Chullora Logistics Park, Sydney (CPIF)

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Charter Hall Group 2025 Half Year Results

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Financial Result

Earnings summary

• PI EBITDA growth of 5.2%: excludes coinvestment finance costs and elimination of coinvestment FM revenue

• DI EBITDA of $25.7m excludes co-investment finance costs

• FM EBITDA of $142.9m remains resilient

• Statutory profit of $61.1m as property valuations stabilise

• Distribution growth of 6%, plus 8.5cps of franking credits

• 5.9x EBITDA to finance costs ratio

($m)	1H FY24	1H FY25	Change %
PropertyInvestment(PI)EBITDA1	129.8	136.6	5.2%
Development Investment(DI)EBITDA	35.1	25.7	(26.7%)
Funds Management(FM)EBITDA1,2	141.3	142.9	1.1%
EBITDA	306.2	305.2	(0.3%)
Depreciation	(3.9)	(4.0)	2.6%
Net finance costs3	(49.9)	(51.5)	3.2%
Operating earnings pre-tax	252.4	249.7	(1.1%)
Tax	(57.3)	(53.3)	(7.0%)
Operating earnings post-tax	195.1	196.4	0.7%
Non-operating items
Net fair value movements on investments & property	(282.3)	(104.5)
Other non-operatingitems4	(102.8)	(30.8)
Statutory earnings after tax	(190.0)	61.1
OEPSpre-tax (cps)	53.4	52.8	(1.1%)
OEPSpost tax(cps)	41.2	41.5	0.8%
Distributionper security (cps)	22.1	23.4	6%
Frankingcredit distribution(cps)	4.3	8.5	100.2%
Payout Ratio	54%	56%

1. Includes elimination of co-investment FM revenue, increasing PI and decreasing PFM (1H FY25 $16.5m & 1H FY24 $17.9m) 2. Includes PIM NPAT (1H FY25 $5.6m & 1H FY24 $6.7m)

2. Includes net interest expense on balance sheet borrowings (1H FY25 $6.7m & 1H FY24 $8.8m) and co-investment share of funds’ interest expense (1H FY25 $44.8m & 1H FY24 $41.1m)

3. Includes net losses on derivatives $22.7m (1H FY24 $41.1m) and amortisation expense $12.6m (1H FY24 $11.5m)

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Financial Result

Funds management earnings

• Transaction and performance revenue growth of 15.3% due to increase in transaction activity levels

• Property services revenue increase of 5.0% primarily due to increased leasing volumes

• Operating expense savings of 12.3% reflecting strong cost control

• FM EBITDA positive despite base management fee reduction from lower June-24 valuations

($m)	1H FY24	1H FY25	Change %
Funds management revenue	153.9	140.5	(8.7%)
Transaction and performance revenue	16.3	18.8	15.3%
Investment management revenue	170.2	159.4	(6.3%)
Property services revenue	55.7	58.5	5.0%
Gross FM revenue	225.9	217.9	(3.5%)
Elimination of co-investment FM revenue	(17.9)	(16.5)	(7.8%)
Operating expenses	(66.7)	(58.5)	(12.3%)
FM EBITDA	141.3	142.9	1.1%

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Financial Result

Balance sheet and return metrics

• Available cash of $289 million

• Strong balance sheet maintained with low gearing at 5.9%

• Investment capacity of $0.7 billion available for fund creation and growth opportunities

• Continued strong return on NTA and contributed equity

• Charter Hall Group Moody’s (Baa1 / Stable) rating reaffirmed January 2025

($m)	30 Jun 2024	31 Dec 2024
Cash	383	289
Property investment	2,758	2,704
Development investment	74	71
Receivables	100	105
Other assets1	196	200
Intangibles	113	113
Total assets	3,624	3,482
Borrowings1	482	482
Other liabilities	322	238
Total liabilities	803	720
Total equity	2,821	2,762
Contributed equity per stapled security	$3.91	$3.91
NTA per stapled security2	$5.49	$5.37
Balance sheet gearing	3.0%	5.9%
Headstock investment capacity3	683	669
Return metrics
Return on NTA (pre-tax)4	15.5%	16.8%
Return on NTA (post-tax)4	12.1%	13.2%
Return on contributed equity (pre-tax)5	24.9%	24.8%
Return on contributed equity (post-tax)5	19.4%	19.5%

1. Net of swap mark-to-market of $43m relating to the USPP note and A$MTN (representing USPP and A$MTN repayment values of $231.5m and $250m, respectively) 2. Net tangible assets (NTA) per stapled security ($) is calculated using assets less liabilities, net of intangible assets and related deferred tax 3. Investment capacity calculated as cash plus undrawn debt

3. Return on NTA is calculated as total operating earnings pre-tax/post-tax per security divided by the opening NTA per security for the 12 months to 31 December 2024

4. Return on contributed equity is calculated as total operating earnings pre-tax/ post-tax per security divided by the opening contributed equity per security for the 12 months to 31 December 2024

Charter Hall Group 2025 Half Year Results

30

Financial Result

Platform capital profile

• $6.1bn of available liquidity plus committed and uncalled equity

• $7.4bn of new and refinanced debt facilities in 1H FY25

• $9.3bn ($2.9bn increase in the period) of sustainable finance facilities, representing ~32% of all platform facilities

• Weighted average gearing across the funds is 36.4%

• Six investment grade external credit ratings currently held with Moody’s and Standard & Poor’s

Funds platform debt metrics1	30 Jun 2024	31 Dec 2024
Total facility limits ($m)	30,054	29,559
Total undrawn debt ($m)	5,782	5,297
Total cash ($m)	795	781
Weighted average debt maturity (yrs.)2	3.7	3.6
Weighted average cost of debt (%)3	4.4%	4.7%
Weighted average hedge (%)	62%	58%

1. Total platform includes Corporate debt facility limits of $861.5m, drawn to $481.5m, with $288.5m as cash balance

2. Duration is based on facility limits

3. Passing cost of debt includes floating rate, hedge rate, margins, line fee but excludes undrawn line fees and amortised borrowing costs

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5 Guidance

555 Collins Street, Melbourne (CPOF)

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Charter Hall Group 2025 Half Year Results

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Guidance

FY25 operating earnings guidance upgrade

Based on no material change in current market conditions, FY25 guidance for post-tax operating earnings per security has been upgraded from 79 cents to approximately 81 cents, representing 6.9% over FY24

FY25 distribution per security guidance is for 6% growth over FY24.

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Coles, MidWest Logistics Hub, Truganina (CPIF)

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6 Additional Information

Charter Hall Offices

No. 1 Martin Place, Sydney (CHOT)

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Charter Hall Group 2025 Half Year Results

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Additional Information

Management bench experience Charter Hall Executive Committee (EXCO)

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David Harrison Managing Director & Group CEO 37 years industry experience

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Sean McMahon

Chief Investment Officer

• 34 years industry experience

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Anastasia Clarke

• Chief Financial Officer 32 years industry experience

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Avi Anger

Diversified CEO 21 years industry experience

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Carmel Hourigan

• Office CEO 32 years industry experience

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• Steven Bennett Direct CEO 23 years industry experience

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Natalie Devlin

Chief Experience Officer

• 27 years industry experience

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Richard Stacker

Ben Ellis

Industrial & Retail CEO Logistics CEO 25 years industry 30 years industry experience experience

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Additional Information

Charter Hall Group Property Platform[1]

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

$0.1bn
$10.4bn
$4.7bn
$2.7bn
$27.9bn
$16.6bn
$0.7bn
$0.5bn
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1. Excludes HPI, Maxim and other smaller investments

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Additional Information

Charter Hall investment strategies

Wholesale $62.4bn Listed Funds $12.4bn Direct Funds $8.7bn Pooled Partnerships Listed CPIF $13.8bn Industrial $6.6bn PIM $16.7bn ASX:CLW $5.5bn Industrial $3.6bn CPOF $8.6bn Office $10.8bn ASX:CQR 1 $4.8bn Office $3.6bn Retail $4.7bn ASX:CQE $2.1bn Retail $0.2bn Social Infra/Other $1.2bn Social Infra/Other 2 $1.2bn	Wholesale $62.4bn Listed Funds $12.4bn Direct Funds $8.7bn Pooled Partnerships Listed CPIF $13.8bn Industrial $6.6bn PIM $16.7bn ASX:CLW $5.5bn Industrial $3.6bn CPOF $8.6bn Office $10.8bn ASX:CQR 1 $4.8bn Office $3.6bn Retail $4.7bn ASX:CQE $2.1bn Retail $0.2bn Social Infra/Other $1.2bn Social Infra/Other 2 $1.2bn	Wholesale $62.4bn Listed Funds $12.4bn Direct Funds $8.7bn Pooled Partnerships Listed CPIF $13.8bn Industrial $6.6bn PIM $16.7bn ASX:CLW $5.5bn Industrial $3.6bn CPOF $8.6bn Office $10.8bn ASX:CQR 1 $4.8bn Office $3.6bn Retail $4.7bn ASX:CQE $2.1bn Retail $0.2bn Social Infra/Other $1.2bn Social Infra/Other 2 $1.2bn	Wholesale $62.4bn Listed Funds $12.4bn Direct Funds $8.7bn Pooled Partnerships Listed CPIF $13.8bn Industrial $6.6bn PIM $16.7bn ASX:CLW $5.5bn Industrial $3.6bn CPOF $8.6bn Office $10.8bn ASX:CQR 1 $4.8bn Office $3.6bn Retail $4.7bn ASX:CQE $2.1bn Retail $0.2bn Social Infra/Other $1.2bn Social Infra/Other 2 $1.2bn	Listed Funds $12.4bn	Listed Funds $12.4bn	Direct Funds $8.7bn	Direct Funds $8.7bn
	CPIF $13.8bn	Industrial $6.6bn	PIM $16.7bn		ASX:CLW $5.5bn		Industrial $3.6bn
	CPOF $8.6bn	Office $10.8bn			ASX:CQR 1 $4.8bn		Office $3.6bn
		Retail $4.7bn			ASX:CQE $2.1bn		Retail $0.2bn
		Social Infra/Other $1.2bn					Social Infra/Other 2 $1.2bn

1. Includes HPI FUM of $0.7bn

2. Including PIM fund of $0.3bn

Charter Hall Group 2025 Half Year Results

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Additional Information

Charter Hall sector valuation movement – December 2024

	Valuation	Valuation	Cap rate	Cap rate	December
	movement	movement	increases	increases	2024
	(6 months)	(12 months)	(6 months)	(12 months)	cap rate
Industrial & Logistics	0.8%	(1.2%)	7 bps	35 bps	5.3%
Office	(3.5%)	(9.6%)	21 bps	62 bps	6.0%
Shopping Centre Retail	1.2%	1.1%	1 bps	7 bps	6.1%
Net Lease Retail	1.0%	(0.7%)	3 bps	14 bps	5.0%
Social Infrastructure	0.3%	(1.9%)	4 bps	29 bps	5.2%
Platform Total	(0.9%)	(4.5%)	11 bps	39 bps	5.6%

Charter Hall Group 2025 Half Year Results

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Additional Information

Recent valuation cycle

Charter Hall sector LFL WACR over the last 4.5 years

Cap rate movements more than offset by valuation growth

• On average across all sectors, cap rates have risen over the last two years by almost the same amount they fell during Jun-20 to Jun-22

• Despite this cap rate reversion, most sectors have higher values compared to Jun-20, driven by contracted and market rental growth

• Although Industrial cap rates have been the most volatile, peak to trough ~120bps, Industrial FUM has grown the most due to strong market rent growth

	Platform Sector LFL valuationgrowth1
	Industrial +35.4%
	Office -5.5%
	ShoppingCentre Retail +19.4%
	Net Lease Retail +28.4%
	Social Infrastructure +27.1%
	CHC Platform +8.9%

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

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
Office Industrial Shopping Centre Retail
Net Lease Retail Social Infrastructure CHC Platform
----- End of picture text -----

1. Like-for-like (LFL) valuation growth from Jun-20 to Dec-24

Charter Hall Group 2025 Half Year Results

39

Additional Information

Scaleand cross sector capability create significant sale and leaseback opportunities Sale and leaseback transactions continue to grow our NNN exposure

Charter Hall sale and leaseback transactions (by tenant industry)

Existing Charter Hall sale and leaseback partnerships

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

Other
Capital Goods 5%
3% Food & Staples
Transportation
Retailing
4%
23%
Retailing
9%
Household &
Personal
Products $11bn
8% in sale & leaseback
transactions
Energy
Government &
19%
Universities
9%
Telecommunication Food, Beverage
Services & Tobacco
9% 11%
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----- Start of picture text -----

Government &
universities
Food & beverage
retail and
production
Transportation &
logistics
Fuel &
Packaging convenience
retail
Other major
corporates &
multinationals
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Additional Information

Wholesale pooled funds and partnerships

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FUM Gearing $45.7bn 37.0% Occupancy WALE 97.0% 7.9yrs Cap rate CHC investment 5.2% $1.6bn

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130 Lonsdale Street, Melbourne (CPOF)

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Additional Information

Wholesale investment performance (major funds) Relative to sector specific IPD/MSCI core wholesale indices

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14.4%
14.0%
13.3%
10.5% 10.3% 10.3% 10.4%
7.2%
6.0% 6.0%
2.8% 2.8%
1 2 3
CHOT CPOF CPIF CLP LWHP LWIP
10 years 10 years 10 years 10 years 10 years 10 years
Net Return (% p.a) % MSCI/IPD Sector Benchmarks %
Office (% p.a) Net Lease Retail (% p.a)
Industrial (% p.a) Benchmark (% p.a)
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Additional Information

Listed REITs ASX : CLW, CQR & CQE

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FUM $12.4bn

Occupancy 99.2% Cap rate 5.5%

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Gearing 31.4% WALE 9.1yrs CHC investment[1] $0.7bn

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The Regatta Hotel, Toowong (CQR)

1. Held at accounting value not market value

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Additional Information

Direct property funds

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FUM Gearing $8.3bn 39.9% Occupancy WALE 98.2% 7.2yrs Cap rate CHC investment 6.0% $0.3bn

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Bunnings, South Burnie (LWF)

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Additional Information

Direct investment performance (major funds)

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

15%
13.9%
13.2%
13%
11%
9%
7.1%
6.7%
7%
5.7% 5.9%
5.3% 5.3% 5.5% 5.1%
5%
3.9%
3.5%
3.0%
2.7%
3%
0.8%
0.5%
1%
(1%)
(3%) (2.2%)
(3.8%)
(5%)
DOF 1 PFA1 DIF31 DIF4 BW Trust LWF WPS1 WPS2 Maxim2
2014-2025 2017-2025 2014-2025 2016-2025 2014-2025 2017-2025 2020-2025 2022-2025 2014-2025
Australian Office Australian Office Australian Industrial & Australian Industrial & Australian Industrial & Australian Diversified Australian Diversified Australian Diversified Australian Listed
Logistics Logistics Logistics Diversified
3 4
Direct Fund (% p.a.) Benchmark (% p.a.)
----- End of picture text -----

1. Returns refer to the following unit classes; DIF3 – Wholesale, PFA – Ordinary and DOF – Wholesale A. 2. Benchmark refers to S&P/ASX 300 A-REIT Accumulation Index. Charter Hall Maxim Property Securities Fund and Benchmark Index returns series as at 31 December 2024, over the past 10-year return period. Past performance is not a reliable indicator of future performance. 3. DOF, DIF3, DIF4, LWF – returns assume Bonus Units or Entitlement Offer as per respective PDS.

2. Benchmark refers to the headline MSCI/IPD Unlisted Core Wholesale Property Fund Index returns series as at 31 December 2024, since the respective fund inception dates. Years shown are indicative of inception year to 31 December 2024, though returns are as at exact inception date. Past performance is not a reliable indicator of future performance.

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45

Additional Information

CHPT Property Investment portfolio

		Ownership stake1 (%)	Charter Hall Investment ($)	Charter Hall PI EBITDA Income ($m)	WALE (years)	WACR (%)	WADR (%)	WARR (%)
	Industrial & Logistics	3.8	625.6	24.8	7.6	5.2	6.7	2.9
	Office	10.8	1,233.1	67.5	6.1	6.0	6.9	3.5
	Shopping Centre Retail	6.2	149.9	7.7	4.8	6.1	7.0	2.7
	Net Lease Retail	7.2	342.4	19.3	12.2	5.1	7.0	2.7
	Social Infrastructure & Other2,3	8.8	353.0	17.4	8.2	5.9	7.7	3.3
	Property Investment Total	6.84	2,704.0	136.6	7.1	5.7	6.9	3.2

1. Reflects weighted average ownership

2. Includes Listed Equities investments

3. Property Stats relate to Social Infrastructure portfolios only

4. Reflects CHPT proportionate co-investment in total equity under management

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46

Additional Information

Major fund performance review testing periods

	Fund Testingfrequency	Fund Testingfrequency
	Counter Cyclical Trust(CCT) FY25	FY25
	Charter Hall Direct Office Fund(DOF) 5yearly– FY25, etc
	Brisbane Square Wholesale Fund(BSWF) 3yearly– FY25, FY28 etc
	Charter Hall 242 Exhibition St Trust(242X) 3yearly– FY25, FY28 etc
	Charter Hall Exchanges Trust(CHET) FY25
	Charter Hall Direct Industrial Fund No. 3(DIF3) FY25
	Charter Hall Prime Industrial Fund(CPIF) 3yearly– FY25, FY28 etc
	Charter Hall DVP Fund(DVP) 7yearly– FY26, etcplus individual asset divestments	FY26
	LongWALE Hardware Partnership (LWHP) 4yearly– FY26, etc
	Charter Hall Direct Industrial Fund No. 4(DIF4) 5yearly– FY27, etc	FY27
	Core Logistics Partnership (CLP) 3yearly– FY27, etc
	Charter Hall PGGM Industrial Partnerships (CHPIP 1 & 2) 8 yearly – FY27, etc
	Charter Hall Prime Office Fund(CPOF) 3yearly– FY27, etc
	Charter Hall Office Trust(CHOT) FY27
	Charter Hall Direct PFA Fund(PFA) 5yearly– FY28, etcplus individual asset divestments	FY28
	60 KingWilliam Trust 7yearly– FY27, etc
	Charter Hall Direct LongWALE Fund(LWF) 5yearly– FY28, etc
	Charter Hall DVP2 Fund(DVP2) 4yearly- FY29, etc	FY29
	BW Trust 5yearly- FY29, etc
	Retail PartnershipSeries 6(RP6) 7yearly- FY29, etc
	Charter Hall Wholesale Telco Exchange Portfolio(TEF) 5yearly- FY29, etc

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47

Additional Information

Fund key and glossary

Listed entities

	Listed entities
	ASX:CHC Charter Hall Group
	ASX:CLW Charter Hall Long WALE REIT
	ASX:CQR Charter Hall Retail REIT
	ASX:CQE Charter Hall Social Infrastructure REIT

Direct funds

Direct funds
DOF	Charter Hall Direct Office Fund
PFA	Charter Hall Direct PFA Fund
DIF2, DIF3, DIF4	Charter Hall Direct Industrial Fund series
BW Trust	BW Trust
LWF	Charter Hall Direct Long WALE Fund
WPS1, WPS2	Charter Hall Wholesale Property series
MAXIM	Charter Hall Maxim Property Securities Fund

Glossary
CAGR	Compound Annual Growth Rate
DI	Development Investments
FUM	Funds Under Management
NTA	Net Tangible Assets
OEPS	Operating Earnings per Security
FM	Funds Management
FSR	Floor Space Ratio
PI	Property Investments
PIM	Paradice Investment Management
WACR	Weighted Average Cap Rate
WADR	Weighted Average Discount Rate
WALE	Weighted Average Lease Expiry
WARR	Weighted Average Rent Review

Wholesale funds

Wholesale funds
BSWF	Brisbane Square Wholesale Fund
CCT	Charter Hall Counter Cyclical Trust
CHAB247	Charter Hall Abacus 247 Adelaide Street Trust
CHAIT	Charter Hall Australian Investment Trust
CHCOT	Charter Hall Canberra Office Trust
CHKIP	Charter Hall Koala Investment Partnership
CHOT	Charter Hall Office Trust
CPOF	Charter Hall Prime Office Fund
CTT	Charter Hall Chifley Tower Trust
CHGOT	Charter Hall Genge Office Trust
CHWPT	Charter Hall Wholesale Property Trust
CHALWF	Charter Hall ALDI Logistics Wholesale Fund
CLP	Core Logistics Partnership
CHPIP1, CHPIP2	Charter Hall PGGM Industrial Partnerships
CPIF	Charter Hall Prime Industrial Fund
BPH	Charter Hall Bunnings Holding Trust
LWHP	Long WALE Hardware Partnership
CPRF	Charter Hall Prime Retail Fund
RP1, RP2, RP6	Retail Partnership series
DVAP	Charter Hall DVAP Fund
CHAP1	Charter Hall AREIT Partnership No. 1
DVP, DVP2	Charter Hall DVP Fund Series
CHET	Charter Hall Exchanges Trust
CHAPF	Charter Hall Ampol Property Fund
BPP	Charter Hall bp Partnership
LWIP, LWIP2	Long WALE Investment Partnership series

Charter Hall Group 2025 Half Year Results

48

Further information

Investor Relations

Tel 1300 365 585 (within Australia) +61 2 8651 9000 (outside Australia)

Email reits@charterhall.com.au

Presentation authorised by the Board

charterhall.com.au/chc

IMPORTANT NOTICE & DISCLAIMER

This presentation has been prepared by Charter Hall Funds Management Limited ACN 082 991 786 (together, with its related bodies corporate, the Charter Hall Group).

This presentation has been prepared without reference to your particular investment objectives, financial situation or needs and does not purport to contain all the information that a prospective investor may require in evaluating a possible investment, nor does it contain all the information which would be required in a product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Commonwealth) (Corporations Act). Prospective investors should conduct their own independent review, investigations and analysis of the information contained in or referred to in this presentation and the further due diligence information provided.

Statements in this presentation are made only as of the date of this presentation, unless otherwise stated. Charter Hall Group is not responsible for providing updated information to any prospective investors. Any forecast or other forward looking statement contained in this presentation may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and these differences may be material.

In making an investment decision, prospective investors must rely on their own examination of the Charter Hall Group, and any other information they consider relevant. All information is provided as indicative only.

None of Charter Hall Group, its officers, employees, advisers or securityholders (together, the Beneficiaries) guarantee or make any representation or warranty as to, or take responsibility for, the accuracy, reliability or completeness of the information contained in this presentation. Nothing contained in this presentation nor any other related information made available to prospective investors is, or shall be relied on, as a promise, representation, warranty or guarantee, whether as to the past, present or the future. To the extent permitted by law, the Beneficiaries disclaim all liability that may otherwise arise due to any information contained in this presentation being inaccurate, or due to information being omitted from this document, whether by way of negligence or otherwise. Neither the Beneficiaries nor any other person guarantees the performance of an investment with or managed by Charter Hall Group.

All information contained herein is current as at 31 December 2024 unless otherwise stated. All references to dollars ($) are to Australian dollars, unless otherwise stated.

Charter Hall Group

49

2025 Half Year Results