Dexus Convenience Retail
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Dexus Convenience Retail (DXC) investor relations material

Dexus Convenience Retail H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary8 Feb, 2026

Executive summary

  • Delivered FFO of $14.5 million (10.5 cps) and distributions of 10.45 cps for HY26, reflecting 1.3% and 1.7% year-over-year growth, and on track to meet FY26 guidance.

  • Net profit after tax rose 144% to $35.8 million, driven by $19.8 million in property valuation gains and derivative movements.

  • Like-for-like income grew 2.9% with portfolio occupancy at 99.9%, a WALE of 7.6 years, and 95% of income from major tenants.

  • NTA per security increased 4.4% to $3.80, supported by rental growth and cap rate compression.

  • Portfolio quality enhanced through $35 million in new fund-through acquisitions and ongoing Glass House Mountains redevelopment.

Financial highlights

  • Property FFO decreased 1.2% year-over-year to $22.3 million due to divestments, partially offset by income growth.

  • Net rental income decreased 7.6% year-over-year to $22.4 million due to divestments.

  • Gearing at 29.8%, at the lower end of the 25–40% target range, with $38.9 million in headroom and no debt expiries until FY28.

  • Average cost of debt at 4.6% and 71% of debt hedged.

  • NTA per security at $3.80, up from $3.64 at June 2025.

Outlook and guidance

  • FY26 guidance reaffirmed for FFO and distributions of 20.9 cps, representing 1.2% year-on-year growth and a 7.7% yield, supported by contracted rental increases.

  • Development pipeline expected to further enhance portfolio metrics and income resilience.

  • Portfolio expected to be 90% metro and highway assets upon completion of development pipeline.

New development returns vs portfolio returns
Outlook for cap rate compression?
EV charging bays impact on asset value
New developments' impact on portfolio metrics?
Direct market demand softening impact on cap rates?
Strategy for incremental hedging given rate outlook?
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Next Dexus Convenience Retail earnings date

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H2 202610 Aug, 2026
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H2 202610 Aug, 2026

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Frequently asked questions

Dexus Convenience Retail REIT is an Australian real estate investment trust (REIT) focused on owning, managing, and investing in convenience retail properties. The trust's portfolio primarily comprises service stations and retail convenience stores located across Australia, targeting high-traffic locations and stable, long-term lease agreements with major fuel and retail operators. Dexus Convenience Retail REIT aims to provide investors with regular income through a portfolio that benefits from the consistent demand for convenience retail. The company is headquartered in Sydney, Australia, and its shares are listed on the ASX.

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