HDN Records $219 Million Valuation Gains

• 31 December 2025 preliminary unaudited valuation gain of +$219 million, representing a +4.5% increase on the 30 June 2025 portfolio value1, driven by strong net operating income growth and 5bps of cap rate tightening to 5.51% • Strong balance sheet maintained with gearing at the midpoint of the 30-40% target range1 • $810 million of debt due to expire in July 2026 refinanced to July 2028 with a