GPT GROUP — Investor Presentation 2026

Feb 15, 2026

ASX Announcement

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16 February 2026

2025 Annual Results Presentation

The GPT Group provides its 2025 Annual Results 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

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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 15, 2 Park Street Sydney NSW 2000 gpt.com.au

Experience First

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Grosvenor Place, Sydney

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2025 Annual Result Presentation and appendices

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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.

Artwork: ‘Saltwater Spirit’ by Lowell Hunter (Nyul Nyul Saltwater man) and Bobbi Lockyer (Ngarluma, Kariyarra, Nyul Nyul and Yawuru).

Agenda

2025 Annual Result and Strategy update	Russell Proutt	3
Financials	Merran Edwards	7
Investments	Mark Harrison	10
Retail	Chris Barnett	15
Office	Matthew Brown	19
Logistics	Chris Davis	23
2026 Guidance	Russell Proutt	27

2 THE GPT GROUP - 2025 ANNUAL RESULT PRESENTATION

2025 Annual Result

Group financial metrics Full year highlights $650.5m 34.0c Funds from operations Funds from operations 5.5% 6.3% $39.8b per security Funds from Like-for-like Group assets under operations (FFO) Investment portfolio management (AUM ) growth net property income up $5.4b growth $494.4m 24.0c Adjusted funds from Distribution operations per security 6.9% 97.6% 15.6% FFO growth Investment portfolio Group AUM (excluding trading occupancy[1] growth profits) $981.0m $5.53 Statutory net profit Net tangible assets after tax per security 5.2% 5.76% 10.8% Adjusted FFO Investment portfolio Management growth weighted average operations net $1.2b 31.1% capitalisation rate income growth Liquidity Net gearing

( 1 ) Includes heads of agreement (HoA) and Grosvenor Place, Sydney (Grosvenor) acquisition which settled December 2025. Excluding Grosvenor, Investment portfolio occupancy (including HoA) was 98.1%.

3 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

The GPT platform

Generating sustainable income growth from our ~$40 billion Group management platform	Living $1.3b Logistics $4.9b Office $17.0b Retail $16.6b Group AUM $39.8b	Living $1.3b Logistics $4.9b Office $17.0b Retail $16.6b Group AUM $39.8b	Living $1.3b Logistics $4.9b Office $17.0b Retail $16.6b Group AUM $39.8b	$5.0b $3.7b Investment properties $12.2b Balance sheet AUM $12.2b	$5.0b $3.7b Investment properties $12.2b Balance sheet AUM $12.2b	$5.0b $3.7b Investment properties $12.2b Balance sheet AUM $12.2b	Investment management AUM $27.6b	Investment management AUM $27.6b	Investment management AUM $27.6b	Investment management AUM $27.6b	Investment management AUM $27.6b	Investment management AUM $27.6b
					Investment properties $12.2b			Pooled funds $12.2b		Mandates $11.4b		Partnerships $4.0b
					$5.0b			$3.6b		$6.9b		$1.0b
					$3.7b			$8.5b		$2.9b		$1.8b
		Logistics $4.9b			$3.5b			—		$0.3b		$1.2b
				—			— $1.3b —
												—

Note: Totals may not sum due to rounding.

4 THE GPT GROUP 2025 ANNUAL 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 Enduring Diversified Aligned existing value foundations creation platform partnering Exceptional Investment Breadth of Fostering operational proficiency expertise trusted capability is and effective provides relationships core to our capital strategic underpins value allocation to flexibility and successful and proposition for drive enables a sustainable our investors long-term superior offering growth and partners performance to partners

Capital alignment for mutual success

Continued operational excellence

Superior outcomes

Resilience through cycles

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5 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

Delivering against strategy FY2025

Build on existing foundations

6.3% Investment portfolio net property income (NPI) growth on a like-for-like basis

Retail

99.8% Occupancy 5.1% like-for-like NPI growth 4.9% Leasing spreads

Office

93.2% Occupancy[1,2]

95.6% Occupancy[1] excl. Grosvenor 8.3% like-for-like NPI growth 7.2% Leasing spreads

Logistics

98.4% Occupancy[1] 5.1% like-for-like NPI growth 28% Leasing spreads

Enduring value creation

$860 million investment in Grosvenor Place

enhances Office portfolio, with leasing opportunity and valuation upside

Retail development pipeline

RHTC progressing on time, on budget; Melbourne Central re-development planned to proceed in 2026

$410 million capital

surfaced

from divestment of Logistics balance sheet assets into GQLT2

~$280 million of capital raised for GWSCF

through primary issuance & secondaries

Diversified platform

Management of five new shopping centres now transitioned

with GAV of ~$5 billion

Investment management capability strengthened with new senior leadership hires across CIO, CFO and Office

Research-driven

investment approach informs disciplined capital deployment in established & emerging sectors.

~$3 billion Logistics development pipeline progress

with Kemps Creek & Deer Park Estate projects underway

Aligned partnering

Third strategy with trusted partner

across asset classes, with new QuadReal partnership (GQLT2)

New Office partnership with CSC

50% joint venture at Grosvenor Place, Sydney

New sector agnostic value-add partnership with global capital partner provides growth opportunity

Renegotiated GWOF liquidity event

2026 full redemption window moved to 2028 with partial liquidity provided in the interim

( 1 ) Includes HoA. ( 2 ) Includes Grosvenor.

6 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

Experience First

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Darling Park, Sydney

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Financials

Segment financial performance

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

• Significant growth in income from co-investments reflects full year contribution of Perron partnership assets

• Management operations uplift reflects progressive increase in assets under management throughout the period

• Net finance costs increase due to higher weighted average cost of debt (+30 bps) and higher average debt levels

• Increased corporate management expenses reflect full year run rate of new hires and performance-based compensation

• Maintenance and leasing capex higher due to office leasing. We expect this trend to continue and remain elevated at ~$170 million for FY 2026

	As at 31 December $m	2025	2024	Change
	Investment property
	Retail	278.0	275.9	0.8%
	Office	232.2	207.5	11.9%
	Logistics	174.4	187.5	(7.0%)
	Investmentproperties net income (NPI)	684.6	670.9	2.0%
	Co-investment net income	147.9	114.5	29.2%
	Total Investment portfolio	832.5	785.4	6.0%
	Investment management
	Management operations	97.8	88.3	10.8%
	Trading profits	14.3	24.2	(40.9%)
	Total Investment management	112.1	112.5	(0.4%)
	Investment portfolio &
	Investment management FFO	944.6	897.9	5.2%
	Corporate
	Net finance costs	(219.7)	(205.3)	7.0%
	Corporate management expenses	(58.6)	(56.1)	4.5%
	Income tax expense	(15.8)	(20.2)	(21.8%)
	Total corporate	(294.1)	(281.6)	4.4%
	Funds from Operations (FFO)	650.5	616.3	5.5%
	Maintenance and leasingcapex	(156.1)	(146.3)	6.7%
	Adjusted Funds from Operations (AFFO)	494.4	470.0	5.2%
	Statutory net profit / (loss) after tax	981.0	(200.7)	n/m

8 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

Strong financial position

Balance Sheet

Balance Sheet
As at 31 December $m Investment properties Co-investments Other assets	2025 12,205.7 3,893.4 828.7	2024 12,285.6 2,335.1 1,009.1	Change (0.7%) 66.7% (17.9%)
Total assets	16,927.8	15,629.8	8.3%
Borrowings	5,491.8	4,839.3	13.5%
Other liabilities Total liabilities	807.9 6,299.7	680.8 5,520.1	18.7% 14.1%
Net assets	10,628.1	10,109.7	5.1%
Net tangible assets1,2(NTA) per security	$5.53	$5.27	4.9%
Net gearing	31.1%	28.7%	+240bp
Look-through gearing Liquidity3	34.1% $1.2b	31.2% $1.1b	+290bp +$0.1b
Weighted average cost of debt	5.3%	5.0%	+30bp
Credit ratings (S&P/Moody’s)	A- (stable) / A2 (stable)	A- (stable) / A2 (stable)	Unchanged

• Group balance sheet strengthened, with growth in total assets driven by higher co-investments

• comprising ~$1.4 billion into new partnerships plus development and valuation gains

• NTA increased 4.9% to $5.53

• Disciplined approach to capital management continues

• gearing at 31.1% within the target range of 25-35%

• liquidity of $1.2 billion and no unfunded commitments; and

• A2 Moody's and A- S&P ratings maintained

( 1 ) Includes right of use assets. ( 2 ) Period end securities on issue 1,915.6 million. ( 3 ) Excludes Commercial paper (comprising uncommitted funding program).

9 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

Experience First

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43-45 Australia Street, Camperdown, NSW
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Investments

Investment portfolio valuations

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Investment property Investment property valuation metrics
12 months to 31 December 2025
valuation increase of
Investment portfolio
value [1]
$308.5 million or Net
WACR WADR
re-valuation [2]
+2.0% for the
12 months to
Retail
31 December 2025 5.40% 6.85% +$168.0m
$6.3b
-4 bps +5 bps +2.7%
Office
6.26% 7.19% +$69.3m
$5.9b
-6bps +7 bps +1.2%
Logistics
5.59% 7.11% +$71.2m
$3.8b
-1 bp -5 bps +1.9%
Total
5.76% 7.04% +$308.5m
$16.1b
-1 bp +2 bps +2.0%
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Note: Totals may not sum due to rounding. ( 1 ) Reflects value of GPT's ownership share in Investment properties and development land on balance sheet, and co-investments in GWSCF, Perron, GWOF, Grosvenor, GQLT1 and GQLT2. ( 2 ) Reflects revaluation of GPT's weighted ownership of Investment properties and development land.

11 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

Investment capability driving value creation

Gross transactions of ~$4.9 billion across the Group platform in the 12 months to 31 December 2025

Acquisitions

$205 million investment in Highpoint Shopping Centre increasing GPT's stake to a strategic 25% holding

$500 million acquisition of 50% share in Perron assets driving scale benefits for Retail platform and co-investment income

$860 million investment in 50% of Grosvenor Place with significant value to be realised from leasing opportunity

Total acquisitions of ~$3.3 billion underpinned by strategic investment opportunities

Divestments

$395 million surfaced from sale of GPT's 50% interest in Rouse Hill Town Centre

Sale of GWSCF's $385 million 50% Northland interest, reducing exposure to externally managed assets consistent with strategy

Total divestments of ~$1.6 billion including ~$460 million of GPT logistics investment properties into GQLT2

Portfolio curation by GWOF & GWSCF with over $1 billion of strategic divestments to drive enhanced returns

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Grosvenor Place, Sydney

12 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

Capital partnering driving long term returns

Investment in sector leading products

• Aligned partnering with meaningful Co-investments in GWSCF (33.2%) and GWOF (21.6%)

• Strong focus on continued delivery of GPT Pooled fund outperformance given significant balance sheet investment

Aligned capital partnering

• $1.8 billion Grosvenor partnership with CSC elevates long standing mandate relationship

• Partnership with Perron Group to drive mutual benefits and scale

• GQLT2 $1 billion core-plus logistics partnership with QuadReal seeded with ~$460 million of balance sheet assets

• New sector agnostic value-add partnership with global capital partner poised for growth

• ~$280 million capital raised in GWSCF for future growth opportunities

• Agreed terms for GWOF liquidity review with deferral of 100% liquidity event until 2028

GPT Pooled fund 3-year performance Total return % at 31 December 2025

GWOF GWSCF Benchmark

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GWSCF vs MSCI/Mercer
11.2%
Australia Core Wholesale
9.4% Retail Fund Index
9.1%
6.2%
5.5%
2.7%
1 year 2 years 3 years
7.8%
6.3% GWOF vs MSCI/Mercer
Australia Core Wholesale
Office Fund Index
-3.7%
-4.2% -4.3%
-6.4%
1 year 2 years 3 years
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13 THE GPT GROUP 2025 ANNUAL 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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$1.3b 100% 91%
94%
of combined of GPT of employees
debt issued by owned participated in The Improvement in
GPT Foundation
GPT and GWOF assets Net Scope 1 and 2
under our reviewed through emissions intensity
Sustainable Debt for climate volunteering,
since 2019
Framework vulnerability [1] workplace giving
and fundraising
Carbon Neutral Group Scorecard Signatories &
100% of GPT's aligning operating memberships
wholly-owned & property performance &
managed assets [2] remuneration includes an
certified carbon neutral Environmental sustainability
at December 2025 metric
87% Ranked 5 [th] $11 million
employees who in 2025 in community
participated in our Equileap investment
annual survey said Gender Equality
they are proud to Global Report
work for GPT
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( 1 ) Does not include assets held for development. ( 2 ) Does not include assets held for development or operationally controlled by the tenant. 14 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

Experience First

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Rouse Hill Town Centre, NSW

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Retail

GPT Retail platform

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18 Retail platform AUM
by source
Owned or
managed assets
1.5m sqm
Gross Lettable
Area (GLA)
$12.6b
Moving Annual
Turnover (MAT)
Investment property $5.0b
Pooled funds $3.6b
4,300+
Tenancies Partnerships $1.0b
Mandates $6.9b
244m
Annual
customer visits
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Note: Totals may not sum due to rounding.

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Geographic
spread by AUM %
$16.6b
AUM
3
20%
QLD
WA
7 33%
NSW
3 16% VIC
5 31%
Number of assets
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16 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

Investment portfolio performance

Leasing and occupancy metrics[1]

Leasing and occupancy metrics1
As at 31 December	2025	2024
Occupancy by area	99.8%	99.8%
WALE by income	3.9 yrs	4.0 yrs
Specialty occupancy cost3	15.9%	16.5%
Specialty MAT psm3	$13,788	$13,207
Total centre MAT3	$3.8b	$3.0b

Deals completed - Total specialty

Deals completed - Total specialty
12 months to 31 December	2025	2024
Total deals Average lease term	565 5.2 yrs	570 5.1 yrs
Average lease spreads	4.9%	4.2%
Average annual rent increase	4.8%	4.9%
Holdovers as % of base rent	2.9%	1.9%

5.1%

Sales growth 2025 vs 2024[2,3]

Investment portfolio LFL net property income growth

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Total centre LFL net property
income growth
Total specialty
6.8%
5.6%
5.3%
4.4% 4.4%
4.2% 4.2%
3.9%
3.7%
3.3%
1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025
Sales growth by category as at 31 December 2025 [2,3] MAT growth
Total specialty 5.3%
Supermarkets 1.5%
Department stores & DDS (0.6)%
Cinemas & Other retail 7.6%
Total centre 4.2%
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metrics re-stated to exclude Rouse Hill Town Centre.

17 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

Retail platform growth drivers

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• Retail sales momentum expected to continue throughout 2026

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

• Leverage GPT's expanded retail scale to drive strong leasing and asset management outcomes

• Retail development pipeline

• Rouse Hill Town Centre ~$200 million redevelopment on track to complete end 2026; on time, on budget

• Melbourne Central redevelopment planned to proceed in 2026

• Cockburn Gateway to progress development design options

Melbourne Central, VIC

18 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

Experience First

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Queen & Collins, Melbourne

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Office

GPT Office platform

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28 Office platform AUM Geographic
by source spread by AUM %
Owned or
managed assets
$17.0b
AUM
1.3m sqm
Net Lettable Area (NLA)
2
12%
QLD
700+ WA
Tenant customers
13
NSW 46%
ACT
1
0.2%
100% Investment property $3.7b
1 2% VIC
Prime grade owned Pooled funds $8.5b 11 40%
or managed assets¹
Partnerships $1.8b
Mandates $2.9b
97%
Number of assets
Owned and managed
assets certified carbon
neutral²
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Note: Totals may not sum due to rounding. ( 1 ) Excludes assets under or held for development. ( 2 ) Management platform operational assets. Excludes assets under the operational control of the tenant.

20 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

Investment portfolio performance

Leasing and occupancy metrics[1]

Leasing and occupancy metrics1
As at 31 December	2025 2	2024
Occupancy by area	93.2%	94.7%
WALE by income	4.8 yrs	5.0 yrs

Deals completed

Deals completed
12 months to 31 December	2025	2024
Total leasing3	135,900sqm	202,200sqm
Total deals	137	147
Lease renewals	56%	54%
Average lease term	6.5 yrs	5.9 yrs
Average lease spreads	7.2%	4.8%
Average gross incentive	33%	35%

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8.3%
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Strong LFL NPI growth demonstrates sustained office market recovery

Investment portfolio LFL net property income growth

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8.3%
3.4%
2.0% 1.9%
0.6%
-0.8%
Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025
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21 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

Office platform growth drivers

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• Hybrid work model transition largely complete, driving recentralisation to CBDs and flight to quality buildings with strong amenity

• Leasing market strengthening as tenant demand headwinds ease, with face rents and incentives expected to improve

• Economic rent gap to constrain new supply and drive rental growth in existing assets

• Accelerating new investment product development and capital partnerships

• Transaction activity to increase on sustained valuation growth

One One One Eagle Street, Brisbane

22 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

Experience First

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Wembley Business Park, QLD

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Logistics

GPT Logistics platform

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69 Logistics platform AUM
by source
Owned or
managed assets
1.3m sqm
Gross Lettable Area
(GLA)
80+
Tenant customers
Investment property $3.5b
~$3b Partnerships $1.2b
Development pipeline [1] Mandates $0.3b
~60%
Developed by GPT
(by value)
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Note: Totals may not sum due to rounding. ( 1 ) Estimated end value on completion.

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Geographic
spread by AUM %
$4.9b
AUM
15
16%
QLD
WA
SA
25
NSW 47%
ACT 1
0.3%
4
1% VIC
19
34%
5
2%
Number of operating assets
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24 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

Investment portfolio performance

Leasing and occupancy metrics[1]

Leasing and occupancy metrics1
As at 31 December	2025	2024
Occupancy by area	98.4%	99.5%
WALE by income	5.0 yrs	5.1 yrs

Deals completed

Deals completed
12 months to 31 December	2025	2024
Total leasing2	188,100sqm	103,800sqm
Total deals	17	12
Average lease term	5.6 yrs	4.4 yrs
Average lease spreads	28%	35%

5.1%

Significant forward solving of 2026 and 2027 expiries

Investment portfolio LFL net property income growth

Dec-24 Dec-25

Post Balance Date - 31 Jan 2026

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19.5%
17.8%
14.9%
14.1%
13.7%
13.1%
12.2%
10.4% 10.3%
10.7%
5.8%
4.5%
2026 2027 2028 2029 2030
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( 1 ) Managed weighted basis, includes HoA. ( 2 ) Leasing at 100% sqm basis.

25 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

Logistics platform growth drivers

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• Continued investor appetite for Australian logistics given strength of market fundamentals

• Expect balanced market demand / supply dynamics, with vacancy rates expected to stabilise before trending down

• Demand underpinned by population growth and rising ecommerce

• Build out of the $3 billion¹ development pipeline continues

• Logistics platform growth to be delivered via aligned partnerships and formation of new products

29-55 Lockwood Road, Erskine Park, NSW

( 1 ) Estimated end value on completion, includes capital partnerships and mandates.

26 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

Experience First

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Highpoint Shopping Centre, VIC

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2026 Guidance

2026 Guidance

Barring unforeseen circumstances, the Group expects to deliver FY 2026 FFO of approximately 35.4 cents per security, representing approximately 4% growth on FY 2025 (approximately 5.7% growth excluding trading profits), and a FY 2026 distribution of 24.5 cents per security.

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42 Cox Place, Glendenning, NSW

28 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION

Experience First

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Appendices

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Group platform

GPT Head Office, 2 Park Street, Sydney

Overview

The GPT Group is a leading, diversified real estate investment manager with assets under management (AUM) of $39.8 billion across the retail, office, logistics and living sectors. Group platform AUM comprises $12.2 billion of Investment property on balance sheet, and a further $27.6 billion of property assets managed on behalf of our capital partners across pooled funds, partnerships and mandates.

1971 First listed on Australian Securities Exchange

~20 years Managing wholesale capital, mandates & partnerships

720+

Real estate & investment professionals

4m+sqm Total lettable area[1]

124

Owned and/ or managed assets

Group platform geographic spread by AUM % and number

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3 2 15 1 16%
QLD
WA
SA
7 13 25 39%
NSW
ACT
1 1 0.1%
3 1 4 8% VIC
5 11 19 3
5 1 36%
0.4%
NZ 4 1%
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Group platform AUM by sector

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3% $1.3b
$4.9b $16.6b
12%
42 %
$39.8b
AUM
$17.0b
43%
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●[Group] ●[Retail] ●[Office] ●[Logistics] ●[Living]

Note: Totals may not sum due to rounding. ( 1 ) 2.8 million sqm GLA (Retail & Logistics) and 1.3 million sqm NLA (Office). Excludes Living (5000+beds). 31 THE GPT GROUP 2025 ANNUAL RESULT PRESENTATION - GROUP PLATFORM

Group assets under management

RETAIL State GPT ownership % Investment property Charlestown Square NSW 100.0 Rouse Hill Town Centre NSW 50.0 Westfield Penrith NSW 50.0 Highpoint Shopping Centre VIC 25.0 Melbourne Central VIC 100.0 Sunshine Plaza QLD 50.0 Pooled fund - GPT Wholesale Shopping Centre Fund (GWSCF) 33.2 Rouse Hill Town Centre (50%) NSW Macarthur Square (50%) NSW Chirnside Park VIC Highpoint Shopping Centre (75%) VIC Parkmore ShoppingCentre VIC Partnership - GPT and Perron Group (Perron) 50.0 Belmont Forum WA Cockburn Gateway WA Mandates - UniSuper, Australian Core Retail Trust (ACRT), Commonwealth Superannuation Corporation (CSC) — Dapto Mall NSW Marrickville Metro NSW Macquarie Centre NSW Malvern Central VIC Pacific Fair Shopping Centre QLD Indooroopilly Shopping Centre (50%) QLD KarrinyupShoppingCentre WA		OFFICE State GPT ownership %
		Investment property
		Australia Square NSW 50.0 2 Park Street NSW 50.0 Darling Park 1 & 2 NSW 25.0 60 Station Street, Parramatta NSW 100.0 32 Smith, Parramatta NSW 100.0 4 Murray Rose Avenue, Sydney Olympic Park NSW 100.0 Melbourne Central Tower VIC 100.0 181 William & 550 Bourke Streets VIC 50.0 One One One Eagle Street QLD 33.3 62 Northbourne Avenue, Canberra ACT 100.0
		Pooled fund - GPT Wholesale Office Fund (GWOF) 21.6 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

32 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - GROUP PLATFORM

(continued) Group assets under management

OFFICE	State	GPT ownership %
Pooled fund - GWOF		21.6
181 William & 550 Bourke Streets (50%)	VIC
51 Flinders Lane	VIC
One One One Eagle Street (66.7%)	QLD
Riverside Centre	QLD
Partnership - GPT and CSC (Grosvenor)		50.0
Grosvenor Place, Sydney	NSW
Mandates - UniSuper, CSC		—
Brookfield Place (24.9%)	NSW
7 Macquarie Place	NSW
101 Collins Street	VIC
QV1, Perth (50%)	WA
LOGISTICS	State	GPT ownership %
Investment property
54 Eastern Creek Drive, Eastern Creek	NSW	100.0
50 Old Wallgrove Road, Eastern Creek	NSW	100.0
16-34 Templar Road, Erskine Park	NSW	100.0
36-52 Templar Road, Erskine Park	NSW	100.0
54-70 Templar Road, Erskine Park	NSW	100.0
67-75 Templar Road, Erskine Park	NSW	100.0
29-55 Lockwood Road, Erskine Park	NSW	100.0
57-87 Lockwood Road, Erskine Park	NSW	100.0
88-99 Lockwood Road, Erskine Park	NSW	100.0

ement(continued)
LOGISTICS	State	GPT ownership %
Investment property
128 Andrews Road, Penrith	NSW	100.0
407 Pembroke Road, Minto	NSW	50.0
4 Holker Street, Newington	NSW	100.0
Quad 1, Sydney Olympic Park	NSW	100.0
Quad 4, Sydney Olympic Park	NSW	100.0
372-374 Victoria Street, Wetherill Park	NSW	100.0
1A Huntingwood Drive, Huntingwood	NSW	100.0
1B Huntingwood Drive, Huntingwood	NSW	100.0
104 Vanessa Street, Kingsgrove	NSW	100.0
30-32 Bessemer Street, Blacktown	NSW	100.0
21 Pipeclay Avenue, Thornton	NSW	100.0
12 Faulding Street, Symonston	ACT	100.0
Citiwest Industrial Estate, Altona North	VIC	100.0
Sunshine Business Estate, Sunshine	VIC	100.0
521 Geelong Road, Brooklyn	VIC	100.0
40 Fulton Drive, Derrimut	VIC	100.0
21 Shiny Drive, Truganina	VIC	100.0
2 Prosperity Street, Truganina	VIC	100.0
24A & 24B Niton Drive, Truganina	VIC	100.0
25 Niton Drive, Truganina	VIC	100.0
30 Niton Drive, Truganina	VIC	100.0
1 Botero Place, Truganina	VIC	100.0

33 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - GROUP PLATFORM

(continued) Group assets under management

LOGISTICS	State	GPT ownership %
Investment property
Foundation Estate, Truganina	VIC	100.0
143 Foundation Road, Truganina	VIC	100.0
399 Boundary Road, Truganina	VIC	100.0
235-239 Boundary Road, Laverton North	VIC	100.0
79 Cherry Lane, Laverton North	VIC	100.0
16 Henderson Road, Knoxfield	VIC	100.0
59 Forest Way, Karawatha	QLD	100.0
1 Wattlebird Court, Berrinba	QLD	100.0
2 Wattlebird Court, Berrinba	QLD	100.0
102-108 Magnesium Drive, Crestmead	QLD	100.0
48 Miller Street, Murarrie	QLD	100.0
4 Enterprise Street, Wulkuraka	QLD	100.0
15 Northern Link Circuit, Townsville	QLD	100.0
1 Vimy Avenue, Adelaide Airport	SA	100.0
26 Butler Boulevard, Adelaide Airport	SA	100.0
176 Eastern Parade, Gillman	SA	100.0
1A Symonds Street, Royal Park	SA	100.0
6-10 Senna Road, Wingfield	SA	100.0
15 Modal Crescent, Canning Vale	WA	100.0
23 Destiny Way, Wangara	WA	100.0
50 Triumph Avenue, Wangara 56 Triumph Avenue, Wangara	WA WA	100.0 100.0

LOGISTICS	State	GPT ownership %
Partnership1 - GPT QuadReal Logistics Trust 1 (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
Partnership2 - GPT QuadReal Logistics Trust 2 (GQLT2)		20.0
10 Interchange Drive, Eastern Creek	NSW
42 Cox Place, Glendenning	NSW
38 Pine Road, Yennora	NSW
38A Pine Road, Yennora	NSW
18-24 Abbott Road, Seven Hills	NSW
55 Whitelaw Place, Wacol	QLD
2 Ironbark Close, Berrinba	QLD
30 Ironbark Close, Berrinba	QLD
248 FlemingRoad, Tingalpa	QLD
LIVING
Mandate - QuadReal Student Accommodation (QRSA)		—
9 Assets (5000+ beds)	AUS/NZ

( 1 ) GQLT1 ownership share 50.1% GPT and 49.9% QuadReal . ( 2 ) GQLT2 ownership share 20% GPT and 80% QuadReal.

34 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - GROUP PLATFORM

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Financials

2 Ironbark Close, Berrinba, QLD

Segment financial performance

12 months to 31 December $m	2025	2024
Retail
Investment property net income	278.0	275.9
Co-investment net income	66.3	40.7
Investmentportfolio	344.3	316.6
Management operations net income	56.4	43.4
Trading profit	—	5.6
Retail segment FFO Office	400.7	365.6
Investment property net income	232.2	207.5
Co-investment net income	73.9	66.2
Investmentportfolio	306.1	273.7
Management operations net income	37.6	43.4
Trading profit	—	—
Office segment FFO	343.7	317.1
Logistics
Investment property net income	174.4	187.5
Co-investment net income	7.7	7.6
Investmentportfolio	182.1	195.1
Management operations net income	3.8	1.5
Trading profit	14.3	18.6
Logistics segment FFO	200.2	215.2
Corporate
Net finance costs	(219.7)	(205.3)
Corporate overheads	(58.6)	(56.1)
Tax expense	(15.8)	(20.2)
FFO	650.5	616.3
Valuation increase/(decrease)1	310.0	(770.7)
Financial instruments mark to market, net foreign exchange movements and other items Statutorynetprofit / (loss) after tax	20.5 981.0	(46.3) (200.7)

FFO to AFFO reconciliation

FFO to AFFO reconciliation
12 months to 31 December $m	2025	2024
Business segment income	944.6	897.9
Corporate costs	(294.1)	(281.6)
FFO	650.5	616.3
Maintenance and leasingcapex	(156.1)	(146.3)
Adjusted FFO (AFFO)	494.4	470.0

( 1 ) Includes valuation of investment properties and share of valuations of investment properties and other assets within equity accounted investments.

36 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - FINANCIALS

Group financial metrics

Interest Cover

Interest Cover
$m	31 Dec 2025	31 Dec 2024
FFO	650.5	616.3
Add: taxes deducted	15.8	20.2
Add: Finance costs for theperiod1	226.4	209.0
Earnings before interest and tax (EBIT)	892.7	845.5
Finance costs1	226.4	209.0
Interest cover multiple	3.9 times	4.0 times
Net Tangible Assets (NTA)		$ per
	$m	security3
NTA at 31 December 20242	**10,088.7 **	5.27
FFO	650.5	0.34
Valuation increase	310.0	0.16
Financial Instruments MTM and other movements4	(4.3)	0.00
Distribution	(459.8)	(0.24)
Other	6.7	0.00
Movement in NTA	**503.1 **	0.26
NTA at 31 December 20252	**10,591.8 **	5.53

Gearing

Gearing
$m	31 Dec 2025	31 Dec 2024
Total assets	16,927.8	15,629.8
Less: Intangible assets	(36.3)	(21.0)
Less: Right of use asset	(18.5)	(7.2)
Less: Lease liabilities - investment properties	(15.7)	(13.6)
Less: Cross currencyswapassets	(280.7)	(499.3)
Adjusted total tangible assets	16,576.6	15,088.7
Current borrowings	565.3	585.6
Non-current borrowings	4,926.5	4,253.7
Less: Net cross currencyderivativepositions	(270.0)	(453.2)
Total borrowings5	5,221.8	4,386.1
Cash	99.4	72.2
Net gearing	31.1%	28.7%
Look through gearing based on net debt	34.1%	31.2%

( 1 ) Excludes finance costs - leases, net of capitalised interest cost of $27.2 million. ( 2 ) Includes right of use assets. ( 3 ) Securities on issue at 1 January 2025 1915.6 million. Securities on issue at 31 December 2025 1915.6 million. ( 4 ) Includes fair value movements of derivatives, foreign currency borrowings, reserves and other items. ( 5 ) Includes borrowing costs and other adjustments. As at 31 December 2025 the external drawn debt balance was $5,215.4 million.

37 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - FINANCIALS

Debt metrics

Key metrics

Key metrics
As at 31 December $m	2025	2024	Change
Interest cover	3.9x	4.0x	(0.1 x)
Net gearing	31.1%	28.7%	+240bp
Look-through gearing	34.1%	31.2%	+290bp
Liquidity1	$1.2b	$1.1b	+$0.1b
Weighted average debt term	4.4yrs	5.1yrs	(0.7yrs)
Weighted average cost of debt	5.3%	5.0%	+30bp
Weighted average hedge term	2.6yrs	2.9yrs	(0.3yrs)
Credit ratings (S&P/Moody’s)	A- (stable) / A2 (stable)	A- (stable) / A2 (stable)	Unchanged

Debt maturity profile $m

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<br> Undrawn Bank Facilities
Drawn Bank Facilities
Medium Term Notes
US Private Placements
CPI Bonds
Commercial Paper 1,609
1,537
1,179
1,014
759
558
2026 2027 2028 2029 2030 2031+
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Drawn debt hedging profile

Average drawn debt hedged % Average hedge rate

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72%
55%
35%
3.2% 3.4% 4.0%
2026 2027 2028
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( 1 ) Excludes Commercial Paper (comprising uncommitted funding program).

38 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - FINANCIALS

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Investment portfolio

Australia Square, Sydney

Key operating metrics

GPT’s $16.1 billion Investment portfolio spans the Australian retail, office and logistics sectors, comprising $12.2 billion of Investment property on balance sheet and $3.9 billion of co-investments in pooled funds and partnerships alongside our capital partners.

	Investmentportfolio value $b Sector weight % Investment properties Co- investments Total 5.0 1.4 6.3 39.5 3.7 2.2 5.9 36.6 3.5 0.4 3.8 23.9 12.2 3.9 16.1 100	WALE1 (years) Occupancy1 % WACR % 3.9 99.8 5.40 4.8 93.2 6.26 5.0 98.4 5.59 4.5 97.6 5.76	Average structured rent increase2,3% Rent structure2,3 Fixed % CPI-linked % Other % 4.7 66.3 8.0 25.6 3.7 81.8 0.3 17.8 3.3 60.3 25.1 14.4 4.0
Retail Office4 Logistics
Total5

Co-investment metrics

Segment	Retail	Retail	Office	Office	Logistics	Logistics
Investment vehicle	GWSCF	Perron	GWOF	Grosvenor	GQLT1	GQLT2
GPT ownership %	33.2	50.0	21.6	50.0	50.1	20.0
GPT co-investment value $m	863.2	490.6	1,268.8	900.0	322.9	47.7

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Investment
portfolio
geographic
NSW 49%
spread
VIC 36%
QLD 11%
WA 3%
SA 0.5%
ACT 0.3%
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( 1 ) Includes heads of agreement (HoA) and signed leases. ( 2 ) Retail metrics reference Specialty GLA<400sqm. ( 3 ) Fixed rent and CPI-linked reviews for the 12 months to 31 December 2026. CPI assumption of 3.1% utilised. CPI-linked includes a range of review provisions that have reference to CPI. Other includes market reviews and expiries in 2026. (4) Includes Grosvenor Place, Sydney acquisition (Grosvenor) which settled December 2025. Excluding Grosvenor, Office occupancy (including HoA) was 95.6% and WALE was 4.7 years. ( 5 ) Includes Grosvenor. Excluding Grosvenor, Investment portfolio occupancy (including HoA) was 98.1% and WALE was 4.4 years.

40 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - INVESTMENT PORTFOLIO

Environmental metrics

NABERS Ratings

NABERS Ratings
	Dec 2025	Jun 2025	Dec 2024
Office
Energy	5.0 stars	5.0 stars	5.0 stars
Water	4.3 stars	4.5 stars	4.3 stars
Retail
Energy	4.5 stars	4.6 stars	4.3 stars
Water	2.9 stars	2.9 stars	3.0 stars

Key metrics

Key metrics
Assured as at 31 December	2025	2024	2023
Energy
Energy intensity (MJ/m2)	266	274	272
Greenhouse gas emissions
Scope 1 – (tCO2e)	7,874	7,147	7,525
Scope 2 – Location-based (tCO2e)	72,365	81,555	84,235
Scope 2 – Market-based (tCO2e)	10,080	16,612	26,532
Scope 1 & 2 intensity – Net of offsets (kgCO2e/m2)	3	6	11
Water
Water intensity (L/m2)	705	687	670
Materials and resource circularity
Closed loop (A-grade) waste recovery %	34	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.

41 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - INVESTMENT PORTFOLIO

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Retail

Parkmore Shopping Centre, VIC

Overview

GPT's Retail Investment portfolio comprises ownership in 11 high quality assets with a total investment of $6.3 billion. The portfolio includes $5.0 billion of Investment property on balance sheet, and $1.4 billion of co-investments in the GPT Wholesale Shopping Centre Fund (GWSCF) and the Perron partnership with Perron Group.

Geographic weighting

Top ten tenants[1]

Total specialty sales growth by category[2]

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VIC 46%
NSW 36%
QLD 10%
WA 8%
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Tenant	% Income
Myer	4.0
Woolworths Group	3.7
Wesfarmers	3.0
Coles Group	2.4
Accent Group	2.2
Cotton On Clothing	2.1
Hoyts	1.6
Mecca	1.5
Retail Apparel Group	1.3
Country Road Group	1.2

Category	MATgrowth %
Fashion	3.0
Technology	8.5
Dining	4.7
Health & Beauty	6.8
Leisure	(3.4)
General retail	15.7
Food retail	5.9
Jewellery	6.8
Homewares	3.3
Retail services	12.6
Total specialty	5.3
Mini-majors	10.0
Specialty	3.0

( 1 ) Based on gross rent (including turnover rent). ( 2 ) Development impacted centre (Rouse Hill Town Centre) and assets owned for less than 12 months excluded from like for like MAT growth metrics.

43 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - RETAIL

Operating performance metrics

GPT ownership % Valuation1 $m Capitalisation rate % GLA 100% basis (sqm) Occupancy % Total centre MAT2 $m As at 31 December 2025	Like-for-like MAT growth2,3% Specialty2 Total centre Specialty MAT $ psm Occupancy cost %
Investment property Charlestown Square 100.0 890.5 6.00 91,500 99.8 634.0 Highpoint Shopping Centre 25.0 640.0 5.00 149,700 99.7 1,353.8 Melbourne Central 100.0 1,675.0 5.00 55,800 100.0 721.8 Rouse Hill Town Centre 50.0 455.5 5.75 69,300 100.0 — Sunshine Plaza 50.0 616.8 5.50 106,800 99.8 899.0 Westfield Penrith 50.0 713.0 5.50 92,100 100.0 760.2	4.2 (0.4) 12,988 14.1 3.7 3.8 13,950 16.9 6.5 4.4 16,029 18.5 — — — — 5.0 6.6 12,883 14.0 3.6 1.3 13,465 18.4
Co-investments GWSCF2 33.2 863.2 5.39 401,000 99.8 2,073.4 Perron 50.0 490.6 5.69 119,100 99.2 1,105.1	2.0 2.9 13,030 15.6 — — 13,249 11.9
GPT weighted total4 6,344.6 5.40 866,300 99.8 3,774.8	4.2 3.0 13,788 15.9

( 1 ) Ownership share. ( 2 ) Excludes development impacted asset (Rouse Hill Town Centre). ( 3 ) Excludes assets owned for less than 12 months (Perron). ( 4 ) Weighted total includes GPT's ownership share in Investment property on balance sheet and co-investments in GWSCF & Perron. Assets co-owned with GWSCF included once in GLA at 100%.

44 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - RETAIL

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Experience First
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Office

Melbourne Central Tower, Melbourne

Overview

GPT's Office Investment portfolio comprises ownership in 24 high quality assets with a total investment of $5.9 billion. The portfolio includes $3.7 billion of Investment property on balance sheet and $2.2 billion of co-investments in the GPT Wholesale Office Fund (GWOF), and the Grosvenor Place partnership with CSC (Grosvenor).

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Geographic weighting
NSW 61%
VIC 28%
QLD 10%
ACT 0.5%
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Tenant mix by industry[1]

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Government 15% Other Business Services 13% Other 12% Information and Communications Technology 12% Insurance 11% Banking 11% Accounting & Finance 11% Legal 10% Mining & Energy 4% Co-working / Serviced Offices 2%

Note: Totals may not sum due to rounding. All metrics based on GPT's ownership share in Investment property on balance sheet and co-investments in GWOF and Grosvenor. ( 1 ) Includes signed leases, by area.

46 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - OFFICE

Overview (continued)

Top ten tenants[1 ]

Lease expiry by income[2] %

Tenant	Income %
Government	10.7
IAG	4.6
Amazon Web Services	4.4
ME Bank	2.8
QBE	2.6
CBA	2.0
ANZ	1.5
Monash	1.4
EY	1.3
McMillan Shakespeare	1.2

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16.7%
15.1%
12.2% 11.9%
11.4%
10.7% 10.9% 11.0%
10.2% 10.1% 10.4%
9.8%
6.8%
4.4%
Vacant 2026 2027 2028 2029 2030 2031
Includes Grosvenor Excludes Grosvenor
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Note: All metrics based on GPT's share of Investment property on balance sheet and co-investments in GWOF and Grosvenor. ( 1 ) Includes signed leases. Based on gross rent. ( 2 ) Includes HoA. Vacant % by area.

47 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - OFFICE

Operating performance metrics

GPT ownership % Valuation1 $m Capitalisation rate % NLA2 100% basis (sqm) Occupancy3,4 % WALE by income3 (years) As at 31 December 2025	GPT ownership % Valuation1 $m Capitalisation rate % NLA2 100% basis (sqm) Occupancy3,4 % WALE by income3 (years) As at 31 December 2025	GPT ownership % Valuation1 $m Capitalisation rate % NLA2 100% basis (sqm) Occupancy3,4 % WALE by income3 (years) As at 31 December 2025
Investment property Australia Square, Sydney 50.0 522.8 6.24 50,900 90.2 2.7 2 Park Street, Sydney 50.0 783.0 5.75 72,400 94.8 7.1 Darling Park 1 & 2, Sydney 25.0 437.0 DP 1 : 6.63 101,400 DP1: 96.7 4.0 DP 2 : 6.38 DP 2: 95.9 4.2 60 Station Street, Parramatta 100.0 172.0 7.50 25,100 88.6 2.7 32 Smith, Parramatta 100.0 250.0 7.00 25,800 96.0 4.3 4 Murray Rose Avenue, Sydney Olympic Park 100.0 111.0 7.50 15,600 98.8 4.0 62 Northbourne Avenue, Canberra 100.0 28.0 8.00 10,200 100.0 0.5 Melbourne Central Tower, Melbourne 100.0 642.0 6.38 65,800 93.3 4.8 181 William & 550 Bourke Streets, Melbourne 50.0 403.0 6.63 77,500 98.3 4.1 One One One Eagle Street, Brisbane 33.3 366.7 5.88 63,600 99.5 5.9
Co-investment GWOF 21.6 1,268.8 6.27 751,900 97.2 4.8
GPT	weighted	total (excluding Grosvenor) 5 4,984.3 6.33 1,017,700 95.6 4.7
Grosvenor Place, Sydney 50.0 900.0 5.88 82,000 69.3 5.7
GPT	weighted	total (including Grosvenor) 6 5,884.3 6.26 1,099,600 93.2 4.8

(1) Ownership share. (2) Includes Landlord operated flexible space. Excludes assets under or held for development. Assets co-owned with GWOF included once in weighted total NLA at 100%. (3) Includes HoA. (4) Excludes Landlord operated flexible space. (5) Weighted total includes GPT's ownership share in Investment property on balance sheet and co-investment in GWOF. (6) Weighted total includes GPT's ownership share in Investment property on balance sheet and co-investments in GWOF and Grosvenor.

48 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - OFFICE

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Logistics

29-55 Lockwood Road, Erskine Park, NSW

Overview

GPT's Logistics Investment portfolio comprises ownership in 69 high quality assets and a landbank for future development, with a total investment of $3.8 billion. The portfolio includes $3.5 billion of Investment property on balance sheet and $0.37 billion of co-investments in the GPT QuadReal Logistics Trust 1 (GQLT1) and GPT QuadReal Logistics Trust 2 (GQLT2) partnerships.

Geographic weighting[1]

Top ten tenants[2]

Lease expiry by income[3]

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NSW 50% SA 2%
VIC 32% WA 2%
QLD 14% ACT 0.4%
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Tenant Income % Coles Group 7.3 Team Global Express / Toll 5.2 IVE Group 5.0 Woolworths Group 4.3 FedEx 4.0 DHL 3.0 Visy Glass 2.7 Goodman Fielder 2.7 Asahi 2.6 Super Retail Group 2.5	2.2% 5.8% 10.4% 13.1% 19.5% 14.1% 7.1%
	Vacant 2026 2027 2028 2029 2030 2031

( 1 ) Includes GPT's ownership share in Investment property on balance sheet and share in the net assets of GQLT1 and GQLT2. ( 2 ) Based on net rent. ( 3 ) Includes HoA. Vacant % by area.

50 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - LOGISTICS

Operating performance metrics

As at 31 December 2025	GPT ownership %	Valuation $m	Capitalisation rate %	GLA 100% basis (sqm)	Occupancy1 %	WALE by income1 (years)
Investment property
NSW	Various	1,543.0	5.39	365,700	96.6	5.1
ACT	100.0	15.5	7.00	3,300	100.0	2.0
VIC	100.0	981.3	5.71	456,700	100.0	4.7
QLD	100.0	406.6	5.89	125,800	100.0	5.9
SA	100.0	83.9	5.99	40,000	100.0	5.6
WA	100.0	63.0	5.91	21,000	100.0	3.7
Co-Investments
GQLT1	50.1	322.9	5.69	189,800	93.8	4.4
GQLT2	20.0	47.7	5.39	134,400	100.0	3.1
Assets under development	Various	378.1	N/A
GPT weighted total2		3,842.0	5.59	1,336,700	98.4	5.0

( 1 ) Includes HoA. ( 2 ) Weighted total includes GPT's ownership share in Investment property on balance sheet and share in the net assets of GQLT1 and GQLT2.

51 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - LOGISTICS

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Investment management

Highpoint Shopping Centre, VIC

Overview

The Group Investment management platform comprises $27.6 billion of assets under management across the retail, office, logistics and living sectors, on behalf of our pooled funds, strategic capital partnerships and mandates.

AUM by sector

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Retail 42%
Office 48%
Living 5%
Logistics 5%
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AUM by capital source $b

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Funds Mandates Partnerships
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53 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - INVESTMENT MANAGEMENT

Investment vehicles

				GPT co-investment
As at 31 December 2025	Established	AUM (GAV) $b	GPT ownership %	value $m	WACR %	Netgearing %	Credit rating
Pooled funds
GWOF	Jul 2006	8.5	21.6	1,268.8	6.27	27.4	A- (Stable)
GWSCF	Mar 2007	3.6	33.2	863.2	5.39	25.6	BBB+ (Stable)
Partnerships
GQLT1	Nov 2020	0.7	50.1	322.9	5.69
GQLT2	Aug 2025	0.5	20.0	47.7	5.39
Perron	Jan 2025	1.0	50.0	490.6	5.69
Grosvenor	Dec 2025	1.8	50.0	900.0	5.88
Mandates
UniSuper	Sep 2022	3.4
QRSA	Oct 2023	1.3
ACRT	Dec 2022	3.9
CSC	Apr 2024	2.8

10-year Pooled fund performance at 31 December 2025

Total return %

GWOF GWSCF Benchmark

GWOF vs MSCI/Mercer Australia Core Wholesale Office Fund Index

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7.8%
6.3%
4.8% 5.1%
1.3% 1.4%
-0.6%-0.7%
-3.7%
-4.2% -4.3%
-6.4%
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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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11.2%
9.4% 9.1%
7.1%
6.2%
5.5%
4.4%
3.7%
2.7% 2.8%
1.2%
0.4%
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1 Year 2 Years 3 Years 5 Years 7 Years 10 Years
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54 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - INVESTMENT MANAGEMENT

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Development

Rouse Hill Town Centre development, NSW

Underway projects

Underway projects
		Earliest practical	Estimated project	Estimated end
	GPT ownership %	completion date	size2 sqm	value2,3$m
Balance sheet
RETAIL
Rouse Hill Town Centre, NSW	50.0	Q4 2026	10,500	230
Westfield Penrith, NSW	50.0	Q2 2027	1,500	16
LOGISTICS
Yiribana Logistics Estate - East, Mamre Road, Kemps Creek, NSW	100.0	2H 2026	20,000	95
Total Balance sheet $m				341
Investment management (excluding mandates)
RETAIL
GWSCF	33.2
Rouse Hill Town Centre, NSW (50%)		Q4 2026	10,500	230
OFFICE
GWOF	21.6
51 Flinders Lane, Melbourne, VIC		1H 2026	29,000	585
LOGISTICS
GQLT 1	50.1
Yiribana Logistics Estate - West, Mamre Road, Kemps Creek, NSW		2H 2026	21,000	100
Total Investment management (excluding mandates) $m				685
TOTAL UNDERWAY PROJECTS1 $m				1,026

( 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) 100% basis.

56 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - DEVELOPMENT

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Glossary

Darling Park, Sydney

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 asset value of GWSCF, Perron, GWOF, Grosvenor and GQLT1 and GQLT2.
cps	Cents per security
Development management	Oversight of planning, design and construction of real estate development projects.
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’

58 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - GLOSSARY

(continued) Glossary

Term	Meaning
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
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 or portfolios, pooled funds, partnerships and mandates.
Investment portfolio	GPT’s balance sheet assets (also known as Investment properties) 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

59 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - GLOSSARY

(continued) Glossary

Term	Meaning
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).
	Securities which carry no special or preferred rights. Holders of ordinary securities will usually have the right to vote at a general meeting
Ordinary securities	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
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

60 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - GLOSSARY

(continued) Glossary

Term	Meaning
WACD	Weighted average cost of debt
WACR	Weighted average capitalisation rate
WALE	Weighted average lease expiry

61 THE GPT GROUP 2025 ANNUAL 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 31 December 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 12 months ended 31 December 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), GPT QuadReal Logistics Trust 2 (GQLT2), Perron Partnership (Perron) and Grosvenor Place partnership (Grosvenor) respectively and where applicable, assets under management of GPT but owned by its external mandate clients.

62 THE GPT GROUP 2025 ANNUAL RESULT APPENDICES - DISCLAIMER