GPT GROUP — Interim / Quarterly Report 2025

Aug 17, 2025

ASX Announcement

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18 August 2025

2025 Interim Result Presentation

The GPT Group (‘GPT’ or ‘Group’) provides its 2025 Interim Result Presentation.

-ENDS-

Authorised for release by The GPT Group Board.

For more information, please contact:

Investor Relations

Philip Cheetham Head of Investor Relations ir@gpt.com.au +61 403 839 155

Media

Nat Burcul Head of External Communications media@gpt.com.au +61 401 919 927

GPT Management Holdings Limited (ACN 113 510 188) and GPT RE Limited (ABN 27 107 426 504) as responsible entity of General Property Trust (ARSN 090 110357), together GPT.

Level 51, 25 Martin Place Sydney NSW 2000 gpt.com.au

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Experience First

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Sunshine Plaza, QLD.
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2025 Interim Result Market Briefing

1 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

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GPT acknowledges the Traditional Custodians of the lands on which our business operates.

We pay our respects to Elders past, present and emerging, and to their knowledge, leadership and connections.

We honour our responsibility for Country, culture and community in the places we create and how we do business.

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A enda
g
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2025 Interim Result and Strategy update Russell Proutt 3 Financials Merran Edwards 7 Investments Mark Harrison 10 Retail Chris Barnett 14 Office Matthew Brown 18 Logistics Chris Davis 22 2025 Guidance Russell Proutt 26

Artwork created through collaboration of Cultural Grounding and Elaine Chambers Hegarty (Koa and Kuku Yalanji).

2 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

2025 Interim Result

Group financial metrics

Performance metrics

$322.6m 16.8c Funds from operations Funds from operations per security $257.4m 12.0c

$257.4m Adjusted funds from operations

Distribution per security

$329.1m

$5.31

Statutory net profit after tax

Net tangible assets per security 30.7% Net gearing

$1.0b Liquidity

Investment portfolio

Group Management platform

$2.2b Group AUM growth (Dec 2024: $34.4b) 12.6% Third-party capital 5 Year CAGR

5.8% 5.8%

Net property income Weighted average Group AUM growth growth (Like for like) capitalisation rate (Dec 2024: $34.4b) 5.7% 7.9% 12.6% Investment Investment Third-party capital portfolio yield[1] management yield[2] 5 Year CAGR 0.3% 98.5% 3.5% Portfolio Portfolio Management operations valuation uplift occupancy[3] net income growth vs pcp

1. Weighted average of Investment properties net property income yield and Co-investment income yield for the 12 months to June 2025. 2. Co-investment income yield and Investment management net income yield for the 12 months to June 2025. 3. Includes heads of agreement (HoA).

3 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

The GPT platform

Generating sustainable income growth from our Management platform with the creation of new investment products seeded with balance sheet assets

Group AUM $36.6b	Group AUM $36.6b	Balance sheet AUM $12.2b	Investment management AUM $24.3b
Sectors		Investment properties $12.2b	Pooled funds $11.7b Mandates $11.0b Partnerships $1.6b
Living $1.3b Logistics $4.7b Office $14.7b Retail $15.9b		$4.8b $3.6b $3.8b –	– $8.2b $3.5b $2.8b $0.3b $1.3b – $0.6b – $6.6b $1.0b –

Note: Numbers may not sum due to rounding. 4 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

Our strategy

To be the leading diversified real estate investment manager in Australia, dedicated to delivering exceptional value, innovation and sustainable growth for our investors and stakeholders

Our execution strategy is underpinned by four fundamental pillars

Build on existing Enduring value Diversified Aligned foundations creation platform partnering Exceptional Investment Breadth of Fostering operational proficiency expertise provides trusted capability is core and effective strategic flexibility relationships to our value capital allocation and enables a underpins proposition for our to drive superior offering to successful and investors and long-term partners sustainable partners performance growth

Resilience Capital through alignment for cycles mutual success

Continued Superior outcomes operational excellence

5 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

Delivering against strategy 1H 2025

Build on existing foundations

5.8% Investment portfolio net property income (NPI) growth on a like for like basis

Retail

99.7% Occupancy 5.6% like for like NPI growth 4.2% Leasing spreads

Office

94.4% Occupancy 6.5% like for like NPI growth 7.6% Leasing spreads

Enduring value creation

GWSCF 50% acquisition of Rouse Hill Town Centre

enhances Fund geographic diversification and portfolio quality

Targeted developments underway across all sectors

$410 million capital to be surfaced

from divestment of nine logistics balance sheet assets into GQLT2

Diversified platform

Management of five new shopping centres transitioned with GAV of ~$5 billion

Investment management capability strengthened new hires in office leadership team to drive strategy execution

Research-driven investment and capital allocation GPT Research team ongoing industry thought leadership, with release of Office sector research report

Aligned partnering

Third strategy with trusted partner across asset classes, with new QuadReal partnership (GQLT2)

$482 million invested in 50/50 Perron partnership driving scale benefits in WA market

Aligned co-investment in GWSCF

benefits from modernised Fund structure, improved portfolio diversity and enhanced asset quality

Logistics

99.5% Occupancy 5.0% like for like NPI growth 37% Leasing spreads

6 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

Experience First

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Cockburn Gateway, WA.
7 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION
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Financials

Segment financial performance

• Investment properties income growth from improvement in office occupancy offset by retail and logistics divestments

• Significant growth in income from co-investments driven by Perron partnership assets

• Management operations uplift reflects part period impact of new assets under management, offset by lower fees from asset devaluations

• Trading profits of $13.9 million associated with asset divestments

• Net finance costs increase due to 50 basis points higher weighted average cost of debt

• Income tax expense increased due to higher management operations and trading profits

• Maintenance and leasing capex skew to second half, expected to be $160-170 million for CY 2025 due to higher office leasing

	As at 30 June $m	2025	2024	Change
	Investment properties
	Retail	140.2	137.7	1.8%
	Office	117.3	107.0	9.6%
	Logistics	90.0	99.4	(9.5%)
	Subtotal	347.5	344.1	1.0%
	Co-investment net income	69.5	56.1	23.9%
	Total Investment portfolio	417.0	400.2	4.2%
	Investment management
	Management operations	44.8	43.3	3.5%
	Trading profits	13.9	3.4	n/m
	Total Investment management	58.7	46.7	25.7%
	Investment portfolio &
	Investment management FFO	475.7	446.9	6.4%
	Corporate
	Net finance costs	(112.7)	(100.4)	12.3%
	Corporate management expenses	(27.8)	(28.8)	(3.5%)
	Income tax expense	(12.6)	(8.6)	46.5%
	FFO	322.6	309.1	4.4%
	Maintenance and leasing capex	(65.2)	(50.7)	28.6%
	AFFO	257.4	258.4	(0.4%)
	Statutory net profit / ( loss) after tax	329.1	(249.4)	n/m

Key FFO drivers

5.8%

Investment portfolio like for like NPI growth June 2024: 4.0%

23.9%

Co–investments net income growth June 2024: (5.1%)

3.5%

Management operations net income growth June 2024: 2.1%

8 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

Strong financial position

Balance sheet $m	Jun 2025	Dec 2024	Change
Investment properties	15,140.0	14,620.7	3.6%
Other assets	769.6	1,009.1	(23.7%)
Total assets	15,909.6	15,629.8	1.8%
Borrowings	5,116.3	4,839.3	5.7%
Other liabilities	586.7	680.8	(13.8%)
Total liabilities	5,703.0	5,520.1	3.3%
Net assets	10,206.6	10,109.7	1.0%

Key metrics	Jun 2025	Dec 2024	Change
NTA per security1,2	$5.31	$5.27	0.8%
Net gearing3(covenant 50%)	30.7%	28.7%	+200bp
Look-through gearing	33.6%	31.2%	+240bp
Liquidity4	$1.0b	$1.1b	($0.1b)
Weighted average hedge term (years)	3.0	2.9	+0.1 yrs
Weighted average debt term (years)	4.7	5.1	(0.4 yrs)
Credit ratings (Moody’s/S&P)	A2/A-	A2/A-	-

Key metrics	Jun 2025	Jun 2024	Change
FFO per security2	16.8c	16.1c	4.3%
Distribution per security2	12.0c	12.0c	-
Interest cover (covenant 2.0x)	3.9x	4.1x	(0.2x)
Interest capitalised	$6.8m	$5.4m	25.9%
Weighted average cost of debt	5.4%	4.9%	+50bp

Debt maturity profile $m

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<br> Undrawn Bank Facilities
Drawn Bank Facilities 1,968
Medium Term Notes
US Private Placements 1,437
CPI Bonds
814 854
694
2025 2026 2027 2028 2029 2030+
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Hedge profile

Drawn debt hedged Hedged rate

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80%
75%
68%
3.7% 3.7% 3.8%
2H 2025 2026 2027
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1. Includes right of use assets.

2. Period end securities on issue 1,915.6 million.

3. Proforma net gearing of 28.8% including expected post balance date transactions (GQLT2). 4. Proforma liquidity of $1.4 billion including expected post balance date transactions (GQLT2).

9 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

Experience First

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8 Exhibition Street and underway development 51 Flinders Street, Melbourne.
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Investments

10 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

Investment portfolio valuations

Total Investment portfolio valuation increase of $48.3m or 0.3% for the 6 months to 30 June

As at 30 June 2025 Total Logistics Office Retail Sector	Investment portfolio value WACR WADR Valuation1 Six-month change to 30 June 2025 $6.1b 5.78% -1 bp 7.05% +4 bps +$48.3m +0.3% $15.1b +$11.4m 0.2% 6.86% +6 bps 5.42% -2 bps $4.9b 6.35% +3 bps +$9.2m +0.2% 7.21% +8 bps $4.1b 5.59% -1 bp 7.14% -2 bps +$27.7m +0.7%

1. Revaluation movement includes development land. 11 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

AUM growth driving enhanced returns

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Alignment of interests

• Highpoint Shopping Centre interest increased to 25%, and 50% share of Rouse Hill Town Centre divested to GWSCF

• Consistent with strategy to surface capital from balance sheet assets and reinvest in new opportunities

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Management rights for expanded AUM

• Property, leasing and development rights secured for 100% of Belmont Forum, Cockburn Gateway, Sunshine Plaza and Macarthur Square

• Macquarie Centre management transition completed on 1 August 2025

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New investment product creation

• Gross transactions of ~$2.3 billion completed in the half year

• New $1 billion 80/20 logistics partnership with QuadReal to be seeded with ~$460 million of balance sheet assets

• Post GWSCF modernisation, undertaking $500 million equity raise for future growth initiatives

12 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

Our integrated sustainability approach

Embedding scalable sustainability solutions across our platform to optimise asset performance while enhancing long term portfolio value

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Carbon Neutral
2024 target achieved
100% GPT owned and managed assets [1]
certified carbon neutral at December 2024
2025 STI 11 MW 89%
Group Scorecard of Solar Arrays of Climate
includes installed across adaptation plans
Environmental Investment in place [2]
Sustainability portfolio
performance (Dec 2024)
metric
$9 million Ranked 5 [th] 93%
in community in 2024 of GPT employees
investment Equileap participate in
Gender Equality volunteering and
Global Report workplace giving
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1
ranked REIT
in S&P Global
Corporate
Sustainability
Assessment 2025
Yearbook Global
Report
Signatories &
memberships
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1. Does not include assets held for development or operationally controlled by the tenant. 2. GPT wholly owned and managed assets (by value).

13 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

Experience First

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Macquarie Centre, NSW.

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Retail
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GPT Retail Management platform

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$15.9b 18
Owned or
AUM managed assets
Assets under management 1.5m sqm
by Investment type GLA
4,300+
Tenancies
$12.4b
Moving annual
turnover (MAT)
243m
Annual
customer visits
Balance sheet $4.8b Mandates $6.6b
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Balance sheet $4.8b Mandates $6.6b
Pooled funds $3.5b Partnerships $1.0b
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Geographic spread by AUM
QLD 21% 3
NSW 34% 7
WA 16% 3 VIC 29% 5
Number of assets
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15 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

Investment portfolio performance

Leasing and occupancy metrics[1]

Leasing and occupancy metrics1
As at 30 June	2025	2024
Occupancy by area %	99.7	99.6
WALE by income (years)	3.8	3.9
Specialty occupancy cost %	15.4	15.8
Specialty MAT $psm	13,417	13,052
Total Centre MAT $m	4,115	3,550

Deals completed - Total Specialty	1H 2025	1H 2024
Number of deals	209	271
Average lease term (years)	5.3	5.2
Leasing spreads %	4.2	4.3
Average annual rent increase %	4.8	4.9
Holdovers as % of base rent	5.2	4.4

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5.6%
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Investment
portfolio
LFL net property
income growth
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Sales growth 1H 2025 vs 1H 2024[2]

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9.0%
Total Centre
Total Specialty 7.1%
6.6%
5.5%
4.9%
3.9%
3.4% 3.4%
3.1%
2.4%
2.0% 2.1% 1.8%
0.7%
Jan Feb Mar Apr May Jun 1H 2025
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Sales growth by category as at 30 June[2]

Sales rowth b cateor as at 30 June2
g y gy	MATgrowth
Total Specialty	5.5%
Supermarkets	0.6%
Department stores & DDS	0.3%
Cinemas & Other retail	4.2%
Total Centre	4.0%

1. Managed weighted basis.

2. Assets owned for less than 12 months excluded from like for like MAT growth metrics.

16 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

Retail platform growth drivers

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• Five assets valued at ~$5 billion added to the Retail Management platform, with Macquarie Centre management transitioned on 1 August

• Enhanced scale of the Retail Management platform driving asset performance

• Retail sales momentum expected to continue throughout 2025

• Limited new retail centre supply is expected to underpin further rental growth and high occupancy

• Rouse Hill Town Centre ~$200 million redevelopment underway

• Pre-development works progressing for future development at Melbourne Central

Belmont Forum, WA.

17 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

Experience First

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2 Southbank Boulevard, Melbourne.

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Office

GPT Office Management platform

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$14.7b 27
Owned or
AUM managed assets
Assets under management 1.2m sqm
by Investment type NLA
640+
Tenant customers
100%
Prime grade owned or
managed assets [1]
97%
Owned and managed
assets certified
Balance sheet $3.6b
carbon neutral [2]
Pooled funds $8.2b Mandates $2.8b
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1. Excludes assets under or held for development.

2. Management platform operational assets. Excludes assets under the operational control of the tenant.

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Geographic spread by AUM
QLD 14% 2
NSW 39% 12
ACT 0.2% 1
WA 2% 1 VIC 45% 11
Number of assets
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19 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

Investment portfolio performance

Leasing and occupancy metrics[1]

As at 30 June	2025	2024
Occupancy by area %	94.4	92.4
WALE by income (years)	4.8	4.9

Deals completed 6 months to 30 June	2025	20243
Total leasing2(sqm)	55,900	92,500
Total deals	70	78
Lease renewals %	46	47
Average lease term (years)	6.1	5.8
Leasing spreads %	7.6	2.7
Average gross incentive %	35	39

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6.5%
Investment
portfolio
Strong recovery in LFL NPI growth LFL net property
income growth
supported by tenant demand
6.5%
5.0%
1.8%
0.6%
-1.3%
-3.4%
1H 2020 1H 2021 1H 2022 1H 2023 1H 2024 1H 2025
Like for like NPI growth
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Strong recovery in LFL NPI growth supported by tenant demand

1. Managed weighted basis, includes HoA.

2. Leasing at 100% sqm basis.

3. Previously reported 1H 2024 metrics have been re-stated to reflect managed weighted basis, except leasing which remains at 100% sqm basis.

20 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

Office platform growth drivers

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• Valuations stabilising with improvement seen for prime assets

• Tenants taking more space with continued improvement expected in leasing market

• 1H 2025 improvement in gross incentives

• Market development pipeline is significantly below historical supply levels

• Prioritising new investment product development and capital partnerships

111 Eagle Street, Brisbane.

21 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

Experience First

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2 Ironbark Close, Berrinba, QLD.
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Logistics

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GPT Logistics Management platform
$4.7b 69 Geographic spread by AUM
Owned or
AUM managed assets
Assets under management 1.3m sqm
by Investment type GLA
80+
QLD 16% 15
Tenant customers
~$3b
NSW 46% 25
Development
pipeline [1]
ACT 0.3% 1
~60% WA 1% 4 VIC 35% 19
Developed by GPT SA 2% 5
Balance sheet $3.8.b (by value) [2]
Partnership $0.6b Mandates $0.3b Number of operating assets
1. Estimated end value on completion, AUM basis inclusive of capital partnerships and mandates.
2. Excludes assets under development.
23 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION
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Investment portfolio performance

Leasing and occupancy metrics[1]

As at 30 June	2025	2024
Occupancy by area %	99.5	99.4
WALE by income (years)	4.7	5.4

Deals completed 6 months to 30 June2	2025	2024
Total leasing (sqm)	52,500	62,400
Total deals	5	6
Average lease term (years)	5	4.5
Leasing spreads %	37	36

5.0%

Investment portfolio LFL net property income growth

LFL NPI growth supported by step change in lease spreads

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39%
37%
35%
15%
5.5% 5.6%
5.0%
3.0%
2022 2023 2024 1H 2025
Like for like NPI growth Leasing spreads
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1. Managed weighted basis, including HoA.

2. Leasing at 100% basis.

24 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

Logistics platform growth drivers

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• Occupiers continue to invest in supply chains

• National gross take-up anticipated to reach ~3.6 million sqm in 2025, ~15% increase on 2024[1]

• Market supply continues to be constrained

• Progressing development pipeline milestones, estimated end value of ~$3 billion AUM concentrated in Sydney and Melbourne

• Australian logistics continues to attract substantial investment interest, underpinned by strong fundamentals

• Logistics platform growth to be delivered through creation of new investment products

Artist’s render, Yiribana Logistics Estate -East, Kemps Creek, NSW. 1. Cushman & Wakefield Research, July 2025.

25 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

Experience First

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Macarthur Square, NSW.
26 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION
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2025 Guidance

2025 Guidance

Barring unforeseen circumstances, we expect to deliver 2025 FFO of no less than 33.2 cents per security, which represents no less than 3% growth on pcp, and a distribution of 24.0 cents per security.

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Wembley Business Park, Berrinba, QLD.

27 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION

Experience First

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Sunshine Plaza, QLD.

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Appendices

Experience First

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Group Management platform

Overview

The GPT Group is a leading, diversified real estate investment manager with assets under management (AUM) of $36.6 billion1 across the retail, office, logistics and living sectors.

Group AUM comprises $12.2 billion of directly owned retail, office and logistics Investment properties, and a further $24.3 billion of assets managed on behalf of our third party capital partners across pooled funds, partnerships and mandates.

Key metrics

		Sector
	Group AUM $b	weighting by AUM %	Number assets	Lettable area (sqm)	Tenants
Retail	15.9	44	18	1.5m GLA	4,300+
Office	14.7	40	27	1.2m NLA	640+
Logistics	4.7	13	69	1.3m GLA	80+
Living	1.3	3	9	5,000+(beds)	~
Total	36.6	100	123

Note: Numbers may not sum due to rounding.

1. For AUM purposes, the value of GPT ‘s ownership share in GWSCF, GWOF, GQLT1 and Perron is captured once in the AUM of the primary Investment management vehicle.

Geographic spread by AUM and sector

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QLD 17% 3 2 15 1
NSW 37% 7 12 25
ACT 0.1% 1 1
WA 8% 3 1 4 VIC 37% 5 11 19 3
SA 0.4% 5 1
OTHER 1% 4
Number of assets
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30 THE GPT GROUP 2025 INTERIM RESULT APPENDICES - GROUP MANAGEMENT PLATFORM

Asset portfolio

State Ownership share % RETAIL Balance sheet Charlestown Square NSW 100 Rouse Hill Town Centre NSW 50 Westfield Penrith NSW 50 Highpoint Shopping Centre VIC 25 Melbourne Central VIC 100 Sunshine Plaza QLD 50 Pooled fund - GWSCF 33.7 Rouse Hill Town Centre (50%) NSW Macarthur Square (50%) NSW Chirnside Park VIC Highpoint Shopping Centre (75%) VIC Parkmore Shopping Centre VIC Partnership - Perron 50.0 Belmont Forum WA Cockburn Gateway WA Mandates - Various Dapto Mall NSW Marrickville Metro NSW Macquarie Centre NSW Malvern Central VIC Pacific Fair Shopping Centre QLD Indooroopilly Shopping Centre (50%) QLD Karrinyup Shopping Centre WA	State Ownership share % OFFICE Balance sheet Australia Square NSW 50 2 Park Street NSW 50 Darling Park 1 & 2 NSW 25 60 Station Street, Parramatta NSW 100 32 Smith, Parramatta NSW 100 4 Murray Rose Avenue, Sydney Olympic Park NSW 100 Melbourne Central Tower VIC 100 181 William & 550 Bourke Streets VIC 50 One One One Eagle Street QLD 33.3 62 Northbourne Avenue, Canberra ACT 100 Pooled fund - GWOF 21.7 % Liberty Place (50%) NSW Darling Park 1 & 2 (50%) NSW Darling Park 3 NSW 580 George Street NSW workplace⁶ NSW 2 Southbank Boulevard VIC 8 Exhibition Street VIC Queen & Collins VIC 150 Collins Street VIC 530 Collins Street VIC 750 Collins Street VIC 800/808 Bourke Street VIC 181 William & 550 Bourke Streets (50%) VIC 51 Flinders Lane VIC One One One Eagle Street (66.7%) QLD Riverside Centre QLD	State Ownership share %
		OFFICE Mandates Brookfield Place (24.9%) NSW 7 Macquarie Place NSW 101 Collins Street VIC QV1, Perth(50%) WA
		LOGISTICS Balance sheet 54 Eastern Creek Drive, Eastern Creek NSW 100 50 Old Wallgrove Road, Eastern Creek NSW 100 16-34 Templar Road, Erskine Park NSW 100 36-52 Templar Road, Erskine Park NSW 100 54-70 Templar Road, Erskine Park NSW 100 67-75 Templar Road, Erskine Park NSW 100 29-55 Lockwood Road, Erskine Park NSW 100 57-87 Lockwood Road, Erskine Park NSW 100 88-99 Lockwood Road, Erskine Park NSW 100 128 Andrews Road, Penrith NSW 100 407 Pembroke Road, Minto NSW 50 4 Holker Street, Newington NSW 100 Quad 1, Sydney Olympic Park NSW 100 Quad 4, Sydney Olympic Park NSW 100 372-374 Victoria Street, Wetherill Park NSW 100 1A Huntingwood Drive, Huntingwood NSW 100 1B Huntingwood Drive, Huntingwood NSW 100 104 Vanessa Street, Kingsgrove NSW 100 30-32 Bessemer Street, Blacktown NSW 100 21 Pipeclay Avenue, Thornton NSW 100 12 FauldingStreet, Symonston ACT 100

31 THE GPT GROUP 2025 INTERIM RESULT APPENDICES - GROUP MANAGEMENT PLATFORM

(continued) Asset portfolio

State Ownership share % LOGISTICS Balance sheet Citiwest Industrial Estate, Altona North VIC 100 Sunshine Business Estate, Sunshine VIC 100 521 Geelong Road, Brooklyn VIC 100 40 Fulton Drive, Derrimut VIC 100 21 Shiny Drive, Truganina VIC 100 2 Prosperity Street, Truganina VIC 100 24A & 24B Niton Drive, Truganina VIC 100 25 Niton Drive, Truganina VIC 100 30 Niton Drive, Truganina VIC 100 1 Botero Place, Truganina VIC 100 Foundation Estate, Truganina VIC 100 143 Foundation Road, Truganina VIC 100 399 Boundary Road, Truganina VIC 100 235-239 Boundary Road, Laverton North VIC 100 79 Cherry Lane, Laverton North VIC 100 16 Henderson Road, Knoxfield VIC 100 59 Forest Way, Karawatha QLD 100 1 Wattlebird Court, Berrinba QLD 100 2 Wattlebird Court, Berrinba QLD 100 102-108 Magnesium Drive, Crestmead QLD 100 48 Miller Street, Murarrie QLD 100 4 Enterprise Street, Wulkuraka QLD 100 15 Northern Link Circuit, Townsville QLD 100 1 Vimy Avenue, Adelaide Airport SA 100 26 Butler Boulevard, Adelaide Airport SA 100 176 Eastern Parade, Gillman SA 100 1A Symonds Street, Royal Park SA 100	State Ownership share %
	LOGISTICS Balance sheet 6-10 Senna Road, Wingfield SA 100 15 Modal Crescent, Canning Vale WA 100 23 Destiny Way, Wangara WA 100 50 Triumph Avenue, Wangara WA 100 56 Triumph Avenue, Wangara WA 100
	Partnerships - GQLT1 50.1 1 Hurst Drive, Tarneit VIC Keylink Estate - South, Keysborough VIC Keylink Estate - North, Keysborough VIC 100 Metroplex Place, Wacol QLD 149 & 153 Coulson Street, Wacol QLD 18 Gorrick Court, Bundamba QLD 22 Hume Drive, Bundamba QLD
	Held for sale - Future GQLT2 1 10 Interchange Drive, Eastern Creek NSW 100 42 Cox Place, Glendenning NSW 100 38 Pine Road, Yennora NSW 100 38A Pine Road, Yennora NSW 100 18-24 Abbott Road, Seven Hills NSW 100 55 Whitelaw Place, Wacol QLD 100 2 Ironbark Close, Berrinba QLD 100 30 Ironbark Close, Berrinba QLD 100 248 FlemingRoad, Tingalpa QLD 100
	LIVING Mandate - QRSA 9 Assets (5000+ beds) AUS/NZ

1. Assets held for sale. Expected to be seeded into future GQLT2 partnership (80% QuadReal + 20% GPT). 38 and 38A Pine Road are held on a single title.

32 THE GPT GROUP 2025 INTERIM RESULT APPENDICES - GROUP MANAGEMENT PLATFORM

Experience First

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Financials

Segment performance

6 months to 30 June$m	2025	2024
Retail
Investment property net income	140.2	137.7
Co-investment net income	32.1	20.6
Total Investmentportfolio Management operations net income	172.3 27.0	158.3 21.9
Trading profit/(loss)	—	3.6
Retail segment FFO	199.3	183.8
Office
Investment property net income	117.3	107.0
Co-investment net income	33.5	31.7
Total Investmentportfolio	150.8	138.7
Management operations net income	17.1	19.6
Trading profit/(loss)	—	—
Office segment FFO	167.9	158.3
Logistics
Investment property net income	90.0	99.4
Co-investment net income	3.9	3.8
Total Investmentportfolio	93.9	103.2
Management operations net income	0.7	1.8
Trading profit	13.9	(0.2)
Logistics segment FFO	108.5	104.8
Corporate
Net finance costs	(112.7)	(100.4)
Corporate overheads	(27.8)	(28.8)
Tax expense	(12.6)	(8.6)
FFO	322.6	309.1
Valuation increase/(decrease)	48.3	(566.8)
Financial instruments mark to market, net foreign exchange movements and other items	(41.8)	8.3
Statutory netprofit/ (loss) after tax	329.1	(249.4)

FFO to AFFO reconciliation

FFO to AFFO reconciliation
6 months to 30 June $m	2025	2024
Business segment income	475.7	446.9
Financingand corporate overheads	(153.1)	(137.8)
FFO	322.6	309.1
Maintenance and leasingcapex	(65.2)	(50.7)
Adjusted FFO (AFFO)	257.4	258.4

34 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – FINANCIALS

Group Financial metrics

Interest Cover

Interest Cover
$m	30 Jun 2025	30 Jun 2024
FFO	322.6	309.1
Add: taxes deducted	12.6	8.6
Add: Finance costs for theperiod 1	114.5	102.2
Earnings before interest and tax (EBIT)	449.7	419.9
Finance costs 1	114.5	102.2
Interest cover	3.9 times	4.1 times

Net Tangible Assets (NTA)

		$m	$per security 3
NTA at 31 December	2024 2	**10,088.7 **	5.27
FFO		322.6	0.17
Valuation increase		48.3	0.03
Financial Instruments	MTM and other movements 4	(64.8)	(0.04)
Distribution		(229.9)	(0.12)
Other		5.0	0.00
Movement in NTA		81.2	0.04
NTA at 30 June 2025 2		10,169.9	5.31

Gearing

Gearing
$m	30 Jun 2025	31 Dec 2024
Total assets	15,909.6	15,629.8
Less: Intangible assets	(36.7)	(21.0)
Less: Right of use asset	(2.4)	(7.2)
Less: Lease liabilities - investment properties	(15.6)	(13.6)
Less: Cross currencyswapassets	(315.0)	(499.3)
Adjusted total tangible assets	15,539.9	15,088.7
Current borrowings	306.4	585.6
Non-current borrowings	4,809.9	4,253.7
Less: Net cross currency derivative positions	(310.1)	(453.2)
Total borrowings 5	4,806.2	4,386.1
Cash	61.7	72.2
Netgearing 6	30.7%	28.7%
Look through gearing based on net debt	33.6%	31.2%

1. Excludes finance costs - leases.

2. Includes right of use assets.

3. Securities on issue at 1 January 2025 1,915.6 million. 30 June 2025 balance 1,915.6 million.

4. Includes fair value movements of derivatives, foreign currency borrowings, reserves and other items.

5. Includes unamortised borrowing costs and other adjustments. As at 30 June 2025, external drawn debt is $4,801 million. 6. Proforma net gearing of 28.8% including expected post balance date transactions (GQLT2).

35 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – FINANCIALS

Experience First

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Investment portfolio

Key operating metrics

GPT’s $15.1 billion Investment portfolio comprises $12.2 billion of directly owned Investment properties and $2.9 billion of co-investments across the Australian retail, office and logistics sectors. We invest alongside our capital partners in the GPT Wholesale Shopping Centre Fund, the GPT Wholesale Office Fund, GPT QuadReal Logistics Trust 1 and the Perron Group partnership.

	Investmentportfolio $b Sector weight % Average structured rent increase 2,3% Rent structure 2,3 Investment properties Co-investment Total WACR % WALE 1 (years) Occupancy 1 % Fixed % CPI-linked % Other %
Retail Office Logistics	4.8 1.3 6.1 40.5 5.42 3.8 99.7 4.7 66.3 8.6 25.1 3.6 1.2 4.9 32.1 6.35 4.8 94.4 3.7 88.6 1.3 10.1 3.8 0.3 4.1 27.4 5.59 4.7 99.5 3.2 59.5 30.3 9.8
Total	12.2 2.9 15.1 100 5.78 4.4 98.5 4.0

Co-investment metrics

Co-investment metrics
Segment		Retail		Office	Logistics
Investment vehicle	GWSCF		Perron	GWOF	GQLT1
Ownership share %	33.7		50.0	21.7	50.1
Ownershipshare value $m	828.0		488.0	1,231.9	308.7

1. Includes heads of agreement (HoA).

2. Retail metrics reference Specialty GLA<400sqm.

3. Fixed rent and CPI-linked reviews for the 12 months to 31 December 2025. CPI assumption of 2.7% utilised, CPI-linked includes a range of review provisions that have reference to CPI. Other includes market reviews and expiries in 2025.

Investment portfolio geographic spread

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NSW 45%
VIC 39%
QLD 12%
Other4%
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37 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – INVESTMENT PORTFOLIO

Environmental metrics

NABERS Ratings

NABERS Ratings
		Jun 2025	Dec 2024
Office
Energy		5.0 stars	5.0 stars
Water		4.5 stars	4.3 stars
Retail
Energy		4.6 stars	4.3 stars
Water		2.9 stars	3.0 stars
Key metrics
Assured as at 31 December		2024	2023
Energy
Energyintensity(MJ/m 2)		271	272
Greenhouse gas emissions
Scope 1 – (tCO2e)		6,590	7,525
Scope 2 – Location-based (tCO2e)		80,128	84,235
Scope 2 – Market-based (tCO2e)		21,357	26,532
Scope 1 & 2 intensity– Net of offsets (kgCO2	e/m 2)	8	11
Water
Water intensity(L/m 2)		687	670
Materials and resource circularity
Closed loop(A-grade) waste recovery		35%	34%

Note: Key metrics assured as at 31 December. Refer to GPT’s Sustainability Data Dashboard for further information regarding our management approach, priorities and performance in addressing material environmental and social matters.

38 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – INVESTMENT PORTFOLIO

Experience First

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Retail

Overview

GPT's Retail Investment portfolio comprises ownership in 11 high quality assets with a total investment of $6.1 billion. The portfolio includes $4.8 billion of Investment properties held on the Group’s balance sheet, and $1.3 billion of co-investments in the GPT Wholesale Shopping Centre Fund (GWSCF) and the partnership with Perron Group (Perron).

Geographic weighting

1

Top ten tenants

Total Specialty sales growth by category2

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NSW 36% VIC 47% QLD 9% WA 8%	Tenant % Income
	Myer 4.1 Woolworths Group 4.0 Wesfarmers 3.0 Coles Group 2.5 Accent Group 2.5 Cotton On Clothing 2.1 Hoyts 1.6 Mecca 1.5 Retail Apparel Group 1.4 CountryRoad Group 1.2

Category	MATgrowth %
Fashion	2.6
Technology	7.3
Dining	4.0
Health & Beauty	8.0
Leisure	2.3
General Retail	10.6
Food Retail	9.8
Jewellery	4.8
Homewares	8.9
Retail services	13.3
Total Specialty	5.5
Mini-majors	13.7
Specialty	2.1

1. Based on gross rent (including turnover rent).

2. Assets owned for less than 12 months excluded from like for like MAT growth metrics.

THE GPT GROUP 2025 INTERIM RESULT APPENDICES – RETAIL

40

Operating performance metrics

Operating performance metrics
Ownership share % Valuation 1$m Capitalisation rate % GLA 100% basis (sqm) Occupancy by area % Total Centre MAT $m As at 30 June 2025	Like for like MATgrowth 2% Specialty Total Centre Specialty MAT $psm Occupancy cost %
Balance sheet Charlestown Square 100 881.0 6.00 91,300 99.3 620.4 Highpoint Shopping Centre 25 630.0 5.00 150,400 99.9 1,313.0 Melbourne Central 100 1,581.8 5.00 55,600 100.0 702.8 Rouse Hill Town Centre 50 422.0 5.75 69,700 100.0 631.2 Sunshine Plaza 50 597.6 5.50 106,300 99.8 873.1 Westfield Penrith 50 694.8 5.50 92,000 100.0 749.1	4.4 (0.2) 12,732 14.2 3.1 2.2 13,478 16.9 9.4 2.7 15,384 18.0 (0.5) 0.7 13,330 13.2 4.0 5.4 12,517 13.7 3.1 1.9 13,859 17.8
Co-investments GWSCF 33.7 828.0 5.44 403,700 99.7 2,352.3 Perron 50.0 488.0 5.69 119,000 99.7 1,088.0	1.8 2.1 12,771 15.1 — — 12,647 12.5
GPT weighted total 3 6,123.2 5.42 868,000 99.7 4,115.0	4.0 2.1 13,417 15.4

1. Ownership share.

2. Assets owned for less than 12 months excluded from like for like MAT growth metrics.

3. All totals and averages are based on GPT's balance sheet assets and ownership share in the net assets of GWSCF & Perron (Excludes Perron like for like MAT growth metrics). Assets co-owned with GWSCF included once in GLA at 100%.

41 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – RETAIL

Experience First

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Office

Overview

GPT's Office Investment portfolio comprises ownership in 23 high quality assets with a total investment of $4.9 billion. The portfolio includes Investment properties of $3.6 billion held on the Group's balance sheet and a $1.2 billion co-investment in the GPT Wholesale Office Fund (GWOF).

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Geographic weighting
NSW 52%
VIC 34%
QLD 13%
ACT 1%
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Tenant mix by industry1

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Government 16%
Other 13%
Information & Communications
Technology 12%
Other Business Services 12%
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Banking 12%
Insurance 11%
Legal 10%
Accounting & Finance 8%
Mining & Energy 4%
Co-working / Serviced Offices 2%
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1. Includes signed leases, by area.

43 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – OFFICE

Overview (continued)

1 Top ten tenants

Tenant	Income %
Government	12.2
IAG	5.3
Amazon Web Services	5.0
ME Bank	3.2
QBE	3.0
CBA	2.4
ANZ	1.7
EY	1.6
Monash	1.6
McMillan Shakespeare	1.3

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Lease expiry by income2
12.2%
11.8% 11.9%
11.3%
10.6%
5.6%
2.1%
Vacant 2H 2026 2027 2028 2029 2030
2025
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1. Includes signed leases. Based on gross rent.

2. Includes signed leases and HoA. Vacant % by area.

44 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – OFFICE

Operating performance metrics

Operating performance metrics
Ownership share % Valuation 1$m Capitalisation rate % NLA 2 100% basis (sqm) As at 30 June 2025	Occupancy by area % WALE by income 3 (years) Actual Total 3
Balance sheet Australia Square, Sydney 50.0 513.5 6.24 50,900 2 Park Street, Sydney 50.0 722.5 6.00 72,400 Darling Park 1 & 2, Sydney 25.0 422.8 DP 1 : 6.63 101,500 DP 2 : 6.38 60 Station Street, Parramatta 100.0 174.0 7.38 25,100 32 Smith, Parramatta 100.0 262.0 6.63 25,900 4 Murray Rose Avenue, Sydney Olympic Park 100.0 113.0 7.13 15,600 62 Northbourne Avenue, Canberra 100.0 35.6 8.00 10,200 Melbourne Central Tower, Melbourne 100.0 624.0 6.38 65,800 181 William & 550 Bourke Streets, Melbourne 50.0 400.0 6.63 77,300 One One One Eagle Street, Brisbane 33.3 351.6 6.00 63,600	86.9 90.6 2.9 79.8 92.4 7.1 DP 1 : 65.6 76.5 3.8 DP 2 : 95.9 95.9 4.7 84.6 91.4 3.1 94.8 94.8 4.8 98.8 98.8 4.5 100.0 100.0 1.0 85.4 92.8 5.1 95.9 98.6 4.0 85.6 96.4 5.7
Co-investment GWOF 21.7 1,231.9 6.27 751,400	90.3 96.0 4.9
GPT weighted total 4 4,850.9 6.35 1,017,200	88.6 94.4 4.8

1. Ownership share.

2. Landlord operated flexible space included in NLA but excluded from occupancy metrics. Excludes assets under or held for development.

3. Includes signed leases and HoA.

4. All totals and averages are based on GPT's balance sheet assets and ownership share in the net assets of GWOF. Assets co-owned with GWOF included once in NLA at 100%.

45 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – OFFICE

Experience First

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Logistics

Overview

GPT's Logistics Investment portfolio consists of ownership in 69 high quality assets located across Australia together with a landbank for future development. The $4.1 billion portfolio includes $3.8 billion of Investment property held on the Group's balance sheet and a $0.3 billion co-investment in the GPT QuadReal Logistics Trust 1 (GQLT1).

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Geographic weighting1
NSW 49%
VIC 30%
QLD 17%
SA 2%
WA 2%
ACT 0.4%
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2
Top ten tenants
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Tenant	Income %
Coles Group	6.5
Team Global Express / Toll	4.7
DHL	4.5
IVE Group	4.5
Woolworths Group	3.9
FedEx	3.6
Mars Australia	3.2
Goodman Fielder	2.4
Visy Glass	2.4
Asahi	2.3

Lease expiry by income3

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17.7%
13.9% 13.8%
12.6%
11.4%
3.1%
0.5%
Vacant 2H 2026 2027 2028 2029 2030
2025
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1. Excludes assets under development, based on value.

2. Based on net rent.

3. Includes signed leases and HoA. Vacant % by area.

47 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – LOGISTICS

Operating performance metrics

Operating performance metrics
Ownership share % Valuation $m Capitalisation rate % GLA 100% basis (sqm) As at 30 June 2025	Occupancy by area % WALE by income 1(years) Actual Total 1
Balance sheet NSW 54 Eastern Creek Drive, Eastern Creek 100 87.0 5.50 25,400 50 Old Wallgrove Road, Eastern Creek 100 105.7 5.50 30,100 16-34 Templar Road, Erskine Park 100 85.0 5.25 15,200 36-52 Templar Road, Erskine Park 100 146.1 5.13 24,500 54-70 Templar Road, Erskine Park 100 208.5 5.00 21,000 67-75 Templar Road, Erskine Park 100 45.2 5.38 12,800 29-55 Lockwood Road, Erskine Park 100 146.5 5.25 32,200 57-87 & 89-99 Lockwood Road, Erskine Park 100 144.8 5.25 37,700 128 Andrews Road, Penrith 100 106.3 5.38 50,200 407 Pembroke Road, Minto 50 51.3 5.50 15,400 4 Holker Street, Newington 100 41.3 6.00 7,400 Quad 1, Sydney Olympic Park 100 22.0 7.88 4,700 Quad 4, Sydney Olympic Park 100 51.5 7.00 7,600 372-374 Victoria Street, Wetherill Park 100 67.3 5.75 20,500 1A Huntingwood Drive, Huntingwood 100 65.6 5.63 21,100 1B Huntingwood Drive, Huntingwood 100 39.0 5.50 11,300 104 Vanessa Street, Kingsgrove 100 34.7 5.25 7,100 30-32 Bessemer Street, Blacktown 100 43.0 6.25 20,100 21 Pipeclay Avenue, Thornton 100 3.5 5.75 1,400	100.0 100.0 4.6 100.0 100.0 1.6 100.0 100.0 4.0 100.0 100.0 9.6 100.0 100.0 10.0 100.0 100.0 1.6 100.0 100.0 4.5 100.0 100.0 6.5 100.0 100.0 5.2 100.0 100.0 0.1 100.0 100.0 1.3 94.0 94.0 2.6 100.0 100.0 6.6 100.0 100.0 2.7 100.0 100.0 2.1 100.0 100.0 0.2 100.0 100.0 5.1 100.0 100.0 0.5 100.0 100.0 5.3

1. Includes signed leases and HoA.

48 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – LOGISTICS

(continued) Operating performance metrics

Operating performance metrics(continued)
Ownership share % Valuation $m Capitalisation rate % GLA 100% basis (sqm) As at 30 June 2025	Occupancy by area % WALE by income 1 (years) Actual Total 1
ACT 12 FauldingStreet, Symonston 100 14.9 7.00 3,300	100.0 100.0 2.5
VIC Citiwest Industrial Estate, Altona North 100 174.5 5.63 90,100 Sunshine Business Estate, Sunshine 100 104.7 5.63 52,800 521 Geelong Road, Brooklyn 100 44.0 N/A 12,600 40 Fulton Drive, Derrimut 100 15.8 5.75 6,500 21 Shiny Drive, Truganina 100 49.0 5.50 26,500 2 Prosperity Street, Truganina 100 49.0 5.63 24,000 24A & 24B Niton Drive, Truganina 100 60.1 5.75 27,300 25 Niton Drive, Truganina 100 63.3 5.63 29,800 30 Niton Drive, Truganina 100 72.5 5.50 31,700 1 Botero Place, Truganina 100 47.5 5.88 23,800 Foundation Estate, Truganina 100 124.5 5.50 44,100 143 Foundation Road, Truganina 100 21.5 5.88 10,700 399 Boundary Road, Truganina 100 27.1 5.88 11,900 235-239 Boundary Road, Laverton North 100 67.9 5.63 33,500 79 Cherry Lane, Laverton North 100 37.5 5.25 17,000 16 Henderson Road, Knoxfield 100 27.8 5.50 14,500	100.0 100.0 4.2 100.0 100.0 1.5 100.0 100.0 3.8 100.0 100.0 5.3 100.0 100.0 4.7 100.0 100.0 1.5 100.0 100.0 2.5 100.0 100.0 1.2 100.0 100.0 4.8 100.0 100.0 4.9 100.0 100.0 4.9 100.0 100.0 4.1 100.0 100.0 3.7 100.0 100.0 5.0 100.0 100.0 13.2 100.0 100.0 7.3
QLD 59 Forest Way, Karawatha 100 159.5 5.75 44,000 1 Wattlebird Court, Berrinba 100 41.0 5.75 16,300 2 Wattlebird Court, Berrinba 100 54.0 5.75 21,900	100.0 100.0 3.7 100.0 100.0 2.0 100.0 100.0 3.8

1. Includes signed leases and HoA.

49 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – LOGISTICS

(continued) Operating performance metrics

Operating performance metrics(continued)
Ownership share % Valuation $m Capitalisation rate % GLA 100% basis (sqm) As at 30 June 2025	Occupancy by area % WALE by income 1 (years) Actual Total 1
QLD 102-108 Magnesium Drive, Crestmead 100 21.0 6.00 8,800 48 Miller Street, Murarrie 100 25.5 6.75 4,000 4 Enterprise Street, Wulkuraka 100 82.5 5.75 25,900 15 Northern Link Circuit, Townsville 100 21.3 7.00 4,800	100.0 100.0 6.7 100.0 100.0 3.4 100.0 100.0 16.2 100.0 100.0 6.5
SA 1 Vimy Avenue, Adelaide Airport 100 16.5 6.25 9,800 26 Butler Boulevard, Adelaide Airport 100 15.6 5.75 6,800 176 Eastern Parade, Gillman 100 16.5 6.00 6,800 1A Symonds Street, Royal Park 100 5.5 5.75 2,700 6-10 Senna Road,Wingfield 100 29.0 6.00 13,400	100.0 100.0 3.9 100.0 100.0 5.4 100.0 100.0 0.5 100.0 100.0 5.3 100.0 100.0 1.0
WA 15 Modal Crescent, Canning Vale 100 22.0 6.50 9,600 23 Destiny Way, Wangara 100 22.0 5.75 4,700 50 Triumph Avenue, Wangara 100 9.6 6.00 3,700 56 Triumph Avenue,Wangara 100 5.9 6.25 2,800	100.0 100.0 5.3 100.0 100.0 3.2 100.0 100.0 3.5 100.0 100.0 6.2
Co-Investments GQLT1 50.1 308.7 5.54 189,800	93.8 93.8 4.9
Assets held for sale 2 100 458.9 5.58 134,300 Assets under development Various 325.6 N/A	100.0 100.0 2.9
GPT weighted total 3 4,136.5 5.59 1,336,000	99.5 99.5 4.7

1. Includes signed leases and HoA.

2. Expected to be seeded into future GQLT2 partnership (80% QuadReal + 20% GPT).

3. All totals and averages are based on GPT's balance sheet assets and ownership share in the net assets of GQLT1. 50 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – LOGISTICS

Experience First

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Investment management

Overview

GPT’s Investment management platform has $24.3 billion of assets under management across the retail, office, logistics and living sectors. The platform provides the Group with income through Investment management, Property management and Development management fees, and is comprised of pooled funds, strategic capital partnerships and mandates.

AUM by sector

Investment management vehicles

AUM composition & growth $b

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Retail 46%
Office 45%
Living 5%
Logistics 4%
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Pooled funds

	Pooled funds
	GPT Wholesale Office Fund	(GWOF)
	GPT Wholesale Shopping Centre Fund	(GWSCF)
	Partnerships
	GPT QuadReal Logistics Trust 1	(GQLT1)
	Perron Group	(Perron)
	Mandates
	UniSuper	(UniSuper)
	Australian Core Retail Trust	(ACRT)
	QuadReal Student Accomodation	(QRSA)
	Commonwealth Superannuation Corporation	(CSC)

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24.3
22.1
19.9
19.3
13.5
12.9
2020 2021 2022 2023 2024 1H 2025
Funds Mandates Partnerships
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52 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – INVESTMENT MANAGEMENT

Investment management vehicles

As at 30 June 2025	Established	AUM $b	Ownership share %	Co-investment value $m	WACR %	Netgearing %	Credit rating
Pooled funds
GWOF	Jul 2006	8.2	21.7	1,231.9	6.27	26.4	A- (Stable)
GWSCF	Mar 2007	3.5	33.7	828.0	5.44	26.2	BBB+ (Stable)
Partnerships
GQLT1	Nov 2020	0.6	50.1	308.7	5.54
Perron	Jan 2025	1.0	50.0	488.0	5.69
Mandates
UniSuper	Sep 2022	3.2
QRSA	Oct 2023	1.3
ACRT	Dec 2022	3.8
CSC	Apr 2024	2.7

Pooled fund performance at 30 June 2025

Total return %

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GWOF
GWSCF
Benchmark
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GWOF vs MSCI/Mercer Australia Core Wholesale Office Fund Index

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5.7
5.2
1.7
1.2
-1.2 -1.0 -0.9
-3.4
-7.1
-7.9 -7.6
-9.1
1 Year 2 Years 3 Years 5 Years 7 Years 10 Years
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GWSCF vs MSCI/Mercer Australia Core Wholesale Retail Fund Index
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7.9
7.0
5.5
5.1 5.1
3.3 3.0 2.7
2.2
1.7
0.6
-0.2
1 Year 2 Years 3 Years 5 Years 7 Years 10 Years
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53 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – INVESTMENT MANAGEMENT

Experience First

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Development

Underway projects

Underway projects
	Ownership share %	Earliest practical completion date	Estimated project size 2sqm	Estimated end value 3$m
BALANCE SHEET
Retail
Rouse Hill Town Centre, NSW	50	2H 2026	10,500	230
Total				230
INVESTMENT MANAGEMENT
Retail
GWSCF
Rouse Hill Town Centre, NSW		2H 2026	10,500	230
Office
GWOF
51 Flinders Lane, Melbourne, VIC		1H 2026	29,000	585
Logistics
GQLT 1
Yiribana Logistics Estate - West, Mamre Road, Kemps Creek, NSW		1H 2026	21,000	95
Total				910
TOTAL UNDERWAY PROJECTS 1				910

1. Rouse Hill Town Centre included once at 100%.

2. 100% basis, NLA for Office, and GLA for Logistics and Retail, subject to authority approvals. 3. AUM basis.

55 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – DEVELOPMENT

Experience First

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Glossary

Glossary

Glossary
Term	Meaning
A-grade	As per the Property Council of Australia’s ‘a guide to office building quality’
AFFO	Adjusted funds from operations is defined as FFO less maintenance capex, leasing incentives and one-off items calculated in accordance with the Property
	Council of Australia ‘voluntary best practice guidelines for disclosing FFO and AFFO’
AREIT	Australian Real Estate Investment Trust
ASX	Australian Securities Exchange
AUM	Assets under management comprises Investment property fair value and the gross asset value of pooled funds, mandates and partnerships
bps	Basis points
Capex	Capital expenditure
CBD	Central business district
Carbon neutral	Carbon neutral means reducing emissions where possible and compensating for the remainder by investing in carbon offset projects to achieve net zero overall
	emissions, as defined in the Australian Government Climate Active Carbon Neutral Standards
CO2	Carbon dioxide
CPI	Consumer price index
Co-investments	GPT’s ownership share in the net assets of GWSCF, Perron, GWOF and GQLT1
cps	Cents per security
Development management	Oversight ofplanning, design and construction of real estate developmentprojects
DPS	Distribution per security
EBIT	Earnings before interest and tax
EPS	Earnings per security is defined as Funds from operations per security
FFO	Funds from operations is defined as the underlying earnings calculated in accordance with the Property Council of Australia ‘voluntary best practice guidelines for
	disclosing FFO and AFFO’
Free cash flow	Defined as operating cash flow less maintenance and leasing capex and inventory movements. The Group may make other adjustments in its determination of
	free cash flow for one-off or abnormal items

57 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – GLOSSARY

(continued) Glossary

Term	Meaning
GAV	Gross asset value, includes the market value of all assets
GFA	Gross floor area
GLA	Gross lettable area
Group total return	Calculated at the Group level as the change in NTA per security plus distributions per security declared over the year, divided by the NTA per security at the
	beginning of the year
HoA	Heads of agreement
Investment management	Management of real estate investment funds orportfolios,pooled funds,partnerships and mandates.
Investmentportfolio	GPT’s balance sheet assets (also known as Investmentproperties) and co-investments
IRR	Internal rate of return
Major tenants	Retail tenancies including supermarkets, discount department stores, department stores and cinemas
MAT	Moving annual turnover
Mini-major tenants	Retail tenancies with a GLA above 400sqm not classified as a major tenant
MTN	Medium term notes
NABERS	National Australian Built Environment Rating System
NAV	Net asset value
Net gearing	Defined as debt less cash less cross currency derivative assets plus cross currency derivative liabilities divided by total tangible assets less cash less cross
	currency derivative assets less right-of-use assets less lease liabilities - investment properties
NLA	Net lettable area
NPAT	Net profit after tax
NTA	Net tangible assets
Occupancy	The proportion of lettable area of a portfolio or asset that is occupied, divided by the asset’s total lettable area. Office and Logistics segments report Actual (rent-paying) and Total occupancy (actual plus signed leases plus HoA)
Ordinary securities	Securities which carry no special or preferred rights. Holders of ordinary securities will usually have the right to vote at a general meeting of the company, and to
	participate in any dividends or any distribution of assets on winding up of the company on the same basis as other ordinary securityholders

58 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – GLOSSARY

(continued) Glossary

Term	Meaning
Portfolio total return	Calculated as the sum of the net income and revaluation movement of the portfolio divided by the average book value of the portfolio, compounded monthly for
	a rolling 12 month period
ppt/s	Percentage point/s
Premium grade	As per the Property Council of Australia’s ‘a guide to office building quality’
Prime grade	Includes assets of premium and A-grade quality
Property management	Management and operation of real estate assets, including responsibility for leasing
psm	Per square metre
Specialty sales	Reported in accordance with the Shopping Centre Council of Australia (SCCA) guidelines
Specialty tenants	Retail tenancies with a GLA below 400sqm
sqm	Square metre
Total Specialty	Specialty tenants plus Mini-major tenants
Total tangible assets	Defined as per the Constitution of the Trust and equals total assets less intangible assets reported in the statement of financial position
TSR	Total securityholder return is defined as distribution per security plus change in security price
USPP	United States Private Placement
VWAP	Volume weighted average price
WACD	Weighted average cost of debt
WACR	Weighted average capitalisation rate
WALE	Weighted average lease expiry

59 THE GPT GROUP 2025 INTERIM RESULT APPENDICES – GLOSSARY

Disclaimer

Authorised for release by The GPT Group Board

This Presentation ( Presentation ) has been prepared by The GPT Group comprising GPT RE Limited (ACN 107 426 504; AFSL 286511), as responsible entity of the General Property Trust, and GPT Management Holdings Limited (ACN 113 510 188) ( together, GPT ). It has been prepared for the purpose of providing GPT’s investors with general information regarding GPT’s performance and plans for the future and risks. It is not intended to be and does not constitute an offer or a recommendation to acquire or sell any securities in The GPT Group. The information provided in this Presentation is for general information only. It is not intended to be investment, legal or other advice and should not be relied upon as such. You should make your own assessment of, or obtain professional advice about, the information in this Presentation to determine whether it is appropriate for you. The information is in a summary form and is to be read in conjunction with GPT’s other announcements released to the Australian Securities Exchange (available at www.asx.com.au).

You should note that past performance is not necessarily a guide to future performance. While every effort is made to provide accurate and complete information, GPT does not represent or warrant that the information in this Presentation is free from errors or omissions, is complete or is suitable for your intended use. In particular, no representation or warranty is given as to the accuracy, likelihood of achievement or reasonableness of any forward-looking statements contained in this Presentation or the assumptions on which they are based.

Such material is, by its nature, subject to significant uncertainties and contingencies outside of GPT’s control. Actual results, circumstances and developments may differ materially from those expressed or implied in this Presentation.

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To the maximum extent permitted by law, GPT, its related companies, officers, employees and agents will not be liable to you in any way for any loss, damage, cost or expense (whether direct or indirect) howsoever arising in connection with the contents of, or any errors or omissions in, this Presentation.

Information is stated as at 30 June 2025 unless otherwise indicated. Except as required by applicable laws or regulations, GPT does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events or circumstances. All values are expressed in Australian currency unless otherwise indicated. Some totals may not add up to 100% due to rounding.

Funds from operations (FFO) is reported in the Segment Note disclosures which are included in the financial report of GPT for the 6 months ended 30 June 2025. FFO is a financial measure that represents GPT’s underlying and recurring earnings from its operations. This is determined by adjusting statutory net profit after tax under Australian Accounting Standards for certain items which are non-cash, unrealised or capital in nature. FFO has been determined based on guidelines established by the Property Council of Australia.

Key metrics for the Retail, Office, Logistics and Living sectors relate to GPT owned Investment properties, GPT’s weighted ownership interests in the GPT Wholesale Shopping Centre Fund ( GWSCF ), the GPT Wholesale Office Fund ( GWOF ), GPT QuadReal Logistics Trust 1 ( GQLT1 ) and Perron Partnership ( Perron ) respectively and where applicable, assets under management of GPT but owned by its external mandate clients.

60 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION & APPENDICES – DISCLAIMER