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BWP Trust
BWP Trust (BWP) investor relations material
BWP Trust H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary6 Aug, 2025
Executive summary
Focused on portfolio optimisation, profitable growth, and renewal, driving increased rental income and distributions for the year ended 30 June 2025.
Internalisation of management, Bunnings lease reset/extension, and capital expenditure commitments completed post-year-end, enhancing growth platform and income certainty.
Major redevelopments and upgrades advanced, including Pakenham, Midland, Dubbo, and Fountain Gate projects.
Financial highlights
Total income for FY25 was AUD 203.3 million, up 16.5% year-over-year.
Net profit was AUD 265.6 million, including AUD 135.9 million in net unrealized gains; net profit before revaluations was AUD 129.7 million, up 8.7% year-over-year.
Excluding AUD 3.3 million in one-off transaction costs, net profit before revaluations rose 11.5%.
Net tangible asset backing increased 5% to AUD 3.98 per unit.
Total ordinary distribution for the year was AUD 0.1865 per unit, up 2%.
Outlook and guidance
FY26 will see peak impact from Bunnings vacancies, with increased repurposing activity and CapEx expected to be four times FY25 levels.
Distribution per unit for FY26 forecast at AUD 0.1941, a 4.1% increase, supported by capital profit release and internalisation benefits.
CapEx expected to materially step down in FY27 as repurposing activity peaks in FY26.
Expected returns on major redevelopments
Internalization's impact on portfolio growth
Future DPU growth without capital profit release
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Next BWP Trust earnings date
H1 202612 Feb, 2026
BWP Trust
Next BWP Trust earnings date
H1 202612 Feb, 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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