Dexus Finance Pty Limited: Update on APAC matter and strategic review of infrastructure funds

§ 01 Executive Snapshot

• What: Dexus Finance provides an update on the APAC matter and initiates a strategic review of its infrastructure funds.
• Who: Dexus Finance Pty Limited, APAC, Dexus Bloc shareholders, NSW Supreme Court.
• Why it matters: The developments may significantly impact Dexus’s management of infrastructure funds and its legal standing in the ongoing APAC matter.

§ 02 Key Developments

• The NSW Supreme Court has continued the injunction regarding the APAC matter until 22 June 2026, allowing Dexus Bloc shareholders to potentially appeal.
• Dexus has agreed to cover the legal costs for the Dexus Bloc shareholders related to any appeal they may file.
• The infrastructure business of Dexus holds $7.3 billion in funds under management, which is approximately 20% of its total third-party funds.

§ 03 Strategic Context

• The strategic review follows Dexus's acquisition of AMP Capital's real estate and infrastructure platform in 2023, indicating a shift in management strategy.
• The ongoing legal proceedings with APAC may affect investor confidence and the operational direction of Dexus’s infrastructure funds.

§ 04 Strategic Implications

• Immediate implications include the potential for changes in management practices and investor relations as Dexus navigates the legal landscape.
• Long-term implications could involve restructuring of infrastructure funds and mandates, impacting overall financial performance and investor trust.

§ 05 Risks & Constraints

• Potential risks include regulatory challenges stemming from the APAC matter and the uncertainty surrounding the appeals process.
• Dexus may face competition from other infrastructure fund managers during its strategic review and restructuring efforts.

§ 06 Watchlist / Forward Signals

• The outcome of the appeal process by Dexus Bloc shareholders, which could set a precedent for future operations, is expected by 22 June 2026.
• An update on the strategic review will be provided at or before the FY26 results briefing in August 2026, which will be a key indicator of future directions for Dexus’s infrastructure funds.