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BWP Trust
BWP Trust (BWP) investor relations material
BWP Trust H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary13 Feb, 2026
Executive summary
Net profit after revaluations increased 41.2% year-over-year to $221.8 million, driven by portfolio revaluation gains, improved leasing spreads, and internalisation of management, which was completed in July/August 2025, forming BWP Group.
Portfolio optimisation, profitable growth, and renewal were key focuses, with Bunnings lease reset extending WALE to 7.5 years and a growing emphasis on asset repurposing and capital recycling.
Interim distribution per security increased 4.1% to 9.58 cents, with FY26 distribution guidance reaffirmed at 19.41 cents per security, a 4.1% increase year-over-year.
Board transition announced: Tony Howarth AO retiring as Chair, succeeded by Fiona Harris AM.
Financial highlights
Revenue from ordinary activities rose 3.0% to $103.6 million for the half-year ended 31 December 2025.
Funds from operations (FFO) rose 6% to $70.4 million, with a 98.6% payout ratio.
Net tangible assets per security increased to $4.00, up 2.0 cents from June 2025 and 12.0% year-over-year.
Portfolio valuation uplift of $155.9 million, with a 13 bps cap rate compression to 5.27%.
Gearing increased to 24.7%, within the board's preferred 20–30% range.
Outlook and guidance
Full-year distribution guidance reaffirmed at 19.41 cents per security, a 4.1% increase year-over-year, subject to no major economic disruption.
Capital expenditure of $60–$70 million expected for FY26, focused on repurposing and tenant-led expansion.
Most repurposing timing differences expected to be completed in the first half of FY27.
93 leases to be reviewed for rent increases in the second half, with three Bunnings market rent reviews pending.
Net operating cost saving from internalisation?
FY26 total capital expenditure for repurposing?
Average outcome of Bunnings market rent reviews?
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Next BWP Trust earnings date
H2 20265 Aug, 2026
BWP Trust
Next BWP Trust earnings date
H2 20265 Aug, 2026
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Frequently asked questions
BWP Trust is an Australian Real Estate Investment Trust (REIT) specializing in the ownership and management of commercial properties across Australia. The trust primarily focuses on large format retail properties, notably Bunnings Warehouses, which are leased to Bunnings Group, a leading home improvement and outdoor living retailer in Australia. BWP Trust's portfolio is diversified, with properties strategically located to ensure high visibility and access to major arterial roads, catering to a significant customer base. The company is headquartered in Perth, Western Australia, and its shares are listed on the ASX.
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