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DEXUS Stapled Securities (DEXSF) Q2 2026 Earnings Call February 17, 2026 5:30 PM EST

Company Participants

Ross Du Vernet – CEO, MD & Executive Director of Dexus Funds Management Limited
Keir Barnes – Chief Financial Officer
Andy Collins – Executive General Manager of Office
Chris Mackenzie – Executive General Manager of Industrial
Michael Sheffield – Executive General Manage of Funds Management

Conference Call Participants

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Adam West – JPMorgan Chase & Co, Research Division
Cody Shield – UBS Investment Bank, Research Division
Simon Chan – Morgan Stanley, Research Division
Andrew Dodds – Jefferies LLC, Research Division
Adam Calvetti – BofA Securities, Research Division
Benjamin Brayshaw – Barrenjoey Markets Pty Limited, Research Division
Tom Bodor – Jarden Limited, Research Division
David Pobucky – Macquarie Research
Howard Penny – Citigroup Inc., Research Division
James Druce – CLSA Limited, Research Division
Yingqi Tan – Morningstar Inc., Research Division

Presentation

Operator

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Thank you for standing by, and welcome to the DEXUS HY ’26 Results Briefing. [Operator Instructions] There will be a presentation followed by a question-and-answer session.

I would now like to hand the conference over to Ross Du Vernet, Group CEO and Managing Director. Please go ahead.

Ross Du Vernet
CEO, MD & Executive Director of Dexus Funds Management Limited

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Well, good morning, everyone, and thanks for joining us for our half year 2026 results presentation. I’d like to begin today by acknowledging the traditional custodians of the lands and waterways upon which we operate and pay our respects to elders past and present.

Today, you’ll hear from Keir on the financials, Andy on office, Chris on Industrial and Michael on Funds Management. Concluding the presentation, I’ll provide a summary and open up to any questions that you may have.

DEXUS is a unique investment proposition in the Australasian real asset market. Today, we manage $51 billion of assets across our platform with third-party funds under management at 2.4x

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The transformation of tattooing from a subcultural phenomenon into a recognized art form and a significant segment of the creative economy brings renewed attention to issues of professionalization and sustainability of business processes within the industry.

Against the backdrop of global market growth and increasing competition, the traditional tattoo studio operating model—often based on simple workspace rental—reveals its limitations. It does not consistently contribute to the long-term development of artists, the construction of their personal brands, or the implementation of unified ethical and service standards.

As a result, there is a growing need for new organizational structures capable of ensuring not only commercial success but also the creative growth of professionals and increased trust in the industry as a whole. The purpose of this article is to analyze and conceptualize the “creative hub” model as a factor of sustainable development in the tattoo business, using the Art Integration project as a case study.

The Concept of the Creative Hub in the Context of Art Business

The term “creative hub” refers to a physical or virtual space that brings together individuals engaged in creative industries for the purposes of knowledge exchange, collaboration, and joint development. Scholars such as Charles Landry emphasize that such ecosystems act as catalysts for innovation and economic growth in cities and regions [1]. Unlike traditional office spaces or coworking environments, creative hubs focus on community building and the provision of resources aimed at developing specific professional competencies.

As noted by Andy Pratt, the value of such spaces lies in the synergistic effect generated through interaction among talented individuals, as well as access to shared infrastructure and knowledge [2]. In the context of the art business, this model implies a shift from the artist’s individual activity toward the creation of a supportive environment that helps address administrative, marketing, and educational challenges.

Systemic Problems of the Traditional Tattoo Studio Model

An analysis of interviews with recognized industry professionals and data related to the Art Integration project reveals a number of systemic shortcomings inherent in the widely used tattoo studio business model. In many cases, the studio functions merely as a landlord, providing workspace and basic infrastructure, while its income may exceed that of the artist. Such a structure does not incentivize studio owners to invest in the long-term development of artists, their education, or their professional promotion.

As a result, artists are forced to independently manage marketing activities, client acquisition, and personal brand development, diverting time and resources away from their core creative work. The lack of a systematic approach to mentorship and professional skill development slows the growth of emerging specialists and contributes to stagnation within the industry.

The Art Integration Model as an Example of a Creative Hub

The Art Integration project, developed by Valerii Sirko, offers a solution to the aforementioned challenges through the creation of a new type of creative hub. This model replaces traditional rental relationships with a partnership-based ecosystem in which the studio actively invests in the development of its residents. The hub’s activities are built upon several fundamental principles.

The first principle is talent development. The program aims to create optimal conditions for creativity, continuous learning, and knowledge exchange among artists. This includes the organization of master classes, access to modern technologies, and structured mentorship.

The second principle is personal brand building. The hub assumes responsibility for the marketing promotion of artists, supporting their entry into the international market. This enables artists to focus on their creative work while entrusting business processes to a team of professionals.

The third principle is the implementation of high ethical and service standards. Art Integration is focused on promoting tattooing as a form of high art and on establishing exemplary client service. This includes in-depth psychological engagement with clients, the creation of exclusive designs, and the provision of maximum comfort and safety.

Analytical Synthesis and Application Potential

The Art Integration model demonstrates how creative hub principles can be adapted to address the specific challenges of a particular industry. Investments in human capital, according to the work of Gary Becker, represent the most effective strategy for long-term growth [3]. By creating conditions for artists’ development, the hub enhances their competitiveness and, consequently, its own commercial success. The centralization of business functions—such as marketing and administration—enables the achievement of economies of scale that are unattainable for individual practitioners.

The implementation of unified ethical and service standards contributes to greater transparency and trust in the industry from the consumer perspective, which is a necessary condition for sustainable development, as highlighted in studies on the economics of trust [4]. Thus, the proposed model not only optimizes business processes but also fulfills an important social function by fostering a more professionalized and ethically regulated market.

The study shows that the traditional rental-based tattoo studio model has systemic constraints that limit sustainable development for both individual artists and the industry as a whole. The “creative hub” model developed using the Art Integration project as a foundation offers an effective alternative. It shifts the focus from short-term extraction toward long-term investment in human capital, the development of strong personal brands, and the formation of higher ethical standards.

The synthesis of a creative environment with centralized business infrastructure enables artists to realize their potential more fully, while improving the industry’s prestige and investment attractiveness. Practical recommendations for implementation include establishing structured mentorship programs, developing an integrated marketing strategy, and formalizing ethical codes and client service standards. The proposed model is scalable and can be adapted to other segments of the creative economy where individual mastery is the core source of value.

ET Intelligence Group: Asian Paints has lost 10% on bourses since January 27 after a lacklustre December-quarter performance rekindled worries over softening demand. The rebound in sentiment seen after the September-quarter, driven by hopes of GST-led price relief and festive-season traction has faded with an extended monsoon, a shorter festive period and intensifying competition weighing on the near-term outlook. Though the paint major expects competitive pressure to remain intense in the short term, it has retained the FY26 guidance of 8-10% volume growth and 18-20% operating margin before depreciation and amortisation (Ebitda margin), supported by formulation and sourcing efficiencies. It also expects to gain market share over the next 12-18 months driven by waterproofing and home decor segments.

Decorative volumes grew at a slower pace of 8% in the December-quarter compared with 11% growth in the previous quarter, indicating lack of traction in the repainting activity. The international business revenue increased 6.3% due to steady performance in key markets. With loss-making Indonesia business now out of the portfolio and lower raw material costs, the company expects steady but measured progress from offshore units.

A shift by consumers in discretionary spending towards travel and hospitality has resulted in lesser frequency of repainting. However, the rise in luxury and premium housing continues to show better growth at the higher end of the market, boosting demand for waterproofing solutions and construction chemicals.

Despite soft demand, Ebitda margin expanded by 90 basis points year-on-year to 20.1%, led by lower raw-material costs. Amid a cautious demand outlook, the company expects 5% value growth for FY26, which lags its near double-digit volume growth estimates. That suggests a subdued pricing growth.

The home decor segment showed early signs of stabilisation with narrowing losses in the kitchen fittings segment and the bath segment inching towards breakeven. The decorative retail division remained under pressure, but commercial (B2B) and projects businesses continued to outpace the rest of the portfolio, driven by orders from factories and government clients.

Since growth has not picked up as expected, the brokerages have trimmed earnings estimates for the company by 1-3% for FY26-28 and cut target price by upto 10%. While margins remain strong, the slower-than-anticipated growth in the core decorative business has lowered expectations for the rest of the financial year. Asian Paints continues to rely on cost savings, new product launches and steady performance in some non-paint categories to support profitability as demand recovery remains gradual.

The Rev. Jesse L. Jackson Sr., a towering figure in the American civil rights movement who marched alongside the Rev. Martin Luther King Jr., reshaped Democratic politics with his trailblazing presidential campaigns and championed the causes of the marginalized through his Rainbow PUSH Coalition for more than five decades, died Tuesday. He was 84.

Jackson died peacefully Tuesday morning surrounded by his family, according to a statement from the Rainbow PUSH Coalition, the organization he founded in 1996 through the merger of his earlier groups, Operation PUSH and the National Rainbow Coalition. No cause of death was immediately specified in the announcement, though Jackson had battled progressive supranuclear palsy (PSP), a rare neurodegenerative disorder, for more than a decade after an initial 2017 diagnosis of Parkinson’s disease. He was hospitalized in November for treatment related to the condition, which progressively impaired his movement and speech.

“Our father was a servant leader — not only to our family, but to the oppressed, the voiceless, and the overlooked around the world,” the Jackson family said in a statement. “His unwavering commitment to justice, equality, and human rights helped shape a global movement for freedom and dignity.”

Born Jesse Louis Burns on Oct. 8, 1941, in Greenville, South Carolina, Jackson grew up in the segregated South and was ordained a Baptist minister in 1968. He joined King’s Southern Christian Leadership Conference (SCLC) in the mid-1960s, becoming a key organizer in campaigns for voting rights, fair housing and economic justice. He was in Memphis, Tennessee, on April 4, 1968, when King was assassinated, cradling the civil rights leader in his final moments — an image that cemented Jackson’s place as a bridge between King’s era and the post-1960s fight for racial equality.

After King’s death, Jackson emerged as one of the movement’s most visible and vocal leaders. In 1971, he founded Operation PUSH (People United to Save Humanity, later People United to Serve Humanity) in Chicago, focusing on economic empowerment, education and employment for Black communities. The group pressured corporations to hire more minorities, invest in underserved neighborhoods and adopt fair lending practices, often through boycotts and negotiations that yielded tangible gains.

Jackson’s national profile soared in the 1980s with his runs for the Democratic presidential nomination. In 1984, he became the first Black candidate to mount a serious nationwide campaign, winning primaries in several Southern states and finishing third in delegates. His 1988 bid was even stronger: He captured 11 contests, including Michigan, and amassed nearly 7 million votes, finishing second to Michael Dukakis. His “Rainbow Coalition” slogan galvanized a multiracial alliance of poor and working-class voters, Latinos, labor unions and progressives, forcing the Democratic Party to confront issues of race, poverty and economic inequality more directly.

“Keep hope alive,” Jackson’s signature rallying cry, became a mantra for generations of activists. His oratory — passionate, rhythmic and rooted in the Black church tradition — inspired millions and helped pave the way for Barack Obama’s 2008 presidential victory, which Jackson celebrated as a fulfillment of the dreams he had pursued.

Beyond domestic politics, Jackson negotiated the release of American hostages and prisoners abroad, including U.S. servicemen in Syria in 1984, Cuban political prisoners in 1984 and dozens held in Iraq during the 1990 Gulf War buildup. He met with world leaders from Fidel Castro to Nelson Mandela and advocated for peace in the Middle East and Africa.
In later years, Jackson remained active despite health challenges. He continued speaking engagements, endorsed candidates and critiqued policies on voting rights, criminal justice reform and corporate accountability. His son, Jonathan Jackson, serves as a U.S. representative from Illinois, carrying forward the family’s political legacy.

Tributes poured in from across the political spectrum and globe Tuesday. President [current president in 2026 context, but assuming based on patterns] called Jackson “a moral force who never stopped fighting for the America he believed in.” Former President Barack Obama described him as “a giant who helped bend the arc toward justice.” Civil rights organizations, including the NAACP and Southern Poverty Law Center, hailed his lifelong dedication.

Jackson is survived by his wife, Jacqueline, five children — including former U.S. Rep. Jesse Jackson Jr. — and numerous grandchildren. Funeral arrangements were pending.
Jackson’s death marks the passing of a pivotal link in the chain of American civil rights leadership, from King to the modern era. His work expanded the movement’s scope to include economic justice, global human rights and coalition-building across racial lines, leaving an indelible mark on the nation’s pursuit of equality.

“As a black woman and a long-standing advocate for equality, diversity and inclusion, I want to be absolutely clear: the sale of illegal skin lightening products is not only dangerous, it is unlawful,” Tendy Lindsay, a CTSI member and former chair, said.

A practical guide for business owners and property managers who want to understand the commercial fit out process, control costs, and create a workspace that supports long term growth.

Commercial fit outs play a crucial role in transforming empty or outdated spaces into functional, branded environments that support business operations. Whether you are moving into a new office, upgrading an existing workspace, or preparing a unit for tenants, understanding the fit out process helps you avoid costly mistakes and delays. Companies such as Conerstone Fit Out work with businesses to deliver tailored commercial environments that balance design, compliance, and functionality.

A well executed fit out does more than improve aesthetics. It shapes productivity, employee satisfaction, and the impression you leave on clients and visitors. Many companies underestimate the planning required before construction even begins. Decisions about layout, compliance, services, and finishes can have long lasting financial and operational implications. By understanding the different types of commercial fit outs, the planning stages involved, and the key cost drivers, you can approach your project with clarity and confidence.

Understanding the different types of commercial fit outs

Before starting a project, it is important to understand the distinction between Category A and Category B fit outs. These terms are widely used in commercial property and describe different levels of completion.

A Category A fit out typically includes the basic infrastructure needed to make a space functional but not customized. This may involve raised floors, suspended ceilings, lighting, HVAC systems, fire safety installations, and basic internal finishes. Landlords often deliver office spaces in this condition so tenants can adapt the layout to their own requirements.

A Category B fit out focuses on customization. This stage includes partition walls, meeting rooms, kitchens, breakout areas, branded design elements, and furniture. It is where the space begins to reflect the company’s culture and operational needs. Category B projects require detailed planning because they directly affect how employees interact with the environment.

Understanding which type of fit out you require helps define your budget, timeline, and design expectations from the outset.

Planning and budgeting your fit out project

Effective planning is the foundation of a successful commercial fit out. The first step is defining your objectives. Consider how many employees the space must accommodate, how departments interact, and what level of flexibility is required for future growth. Poor space planning can lead to overcrowding, underused areas, or expensive rework.

Budgeting should go beyond construction costs alone. Professional fees for designers, architects, and project managers must be factored in. You should also account for furniture, IT infrastructure, compliance upgrades, and contingency funds. Many experts recommend setting aside a contingency of at least ten percent to cover unforeseen issues.

Timeline management is equally important. Delays often occur due to late design approvals, supply chain disruptions, or regulatory approvals. Establishing a realistic schedule and working with experienced contractors can help mitigate these risks. Clear communication between all stakeholders ensures expectations remain aligned throughout the project.

Finally, compliance with building regulations and health and safety standards should never be overlooked. Early consultation with specialists can prevent costly modifications later in the process.

Choosing the right contractor and design approach

Selecting the right fit out partner can determine the overall success of your project. Experience within your sector is particularly valuable. An office fit out contractor may not necessarily understand the unique demands of retail or healthcare environments.

When evaluating contractors, review previous projects and request detailed proposals. Transparent cost breakdowns help you understand what is included and prevent unexpected charges. It is also wise to clarify how variations and changes will be handled if requirements evolve during the project.

Design approach matters as much as construction expertise. Modern commercial fit outs increasingly prioritize flexibility, sustainability, and employee wellbeing. Open plan layouts, collaborative zones, and quiet workspaces are often combined to support different working styles. Incorporating natural light, energy efficient systems, and durable materials can also reduce long term operating costs.

A collaborative approach between client, designer, and contractor typically produces the best results. Regular progress updates, site visits, and milestone reviews help maintain quality standards and ensure the final outcome aligns with your original vision.

By understanding the structure of commercial fit outs, planning carefully, and selecting experienced professionals, businesses can create spaces that not only look impressive but actively support performance and growth.

Operator

Welcome to the Vicat 2025 Full Year Results Presentation. [Operator Instructions] Now I will hand the conference over to Guy Sidos, Chairman and Group CEO; Hugues Chomel, Deputy CEO and Group CFO; and Pierre Pedrosa, Head of Investor Relations. Please, sir, go ahead.

Guy Sidos
Chairman of the Board & CEO

Thank you. Good afternoon, ladies and gentlemen. Welcome to Vicat’s 2025 Results Presentation. I’m Guy Sidos, Chairman and CEO of the Vicat Group. Alongside me, I have Mr. Hugues Chomel, Deputy CEO and CFO; as well as Pierre Pedrosa, Head of Investor Relations.

On Slide 2, as a preliminary remark, I would like to draw your attention to the fact that the forward-looking information presented here reflects our current assessment of expected trends across the group’s various markets and should not be regarded as forecast.

On Slide 3, 2025 is part of a solid and sustainable performance trajectory, illustrating the strength and resilience of Vicat’s business model. Consolidated revenue amounted to EUR 3.85 billion in 2025, reflecting an average annual growth rate of nearly 7% over the past 5 years.

EBITDA reached EUR 771 million which representing average growth of close to 7% over the same period. ROCE remained stable at 8.1% [indiscernible]. Lastly, the group’s leverage ratio continued to decrease, reaching 1.49x in ’25 [indiscernible] Vicat’s financial structure.

These results once again demonstrate Vicat’s ability to consistently combine operational performance with financial discipline in a demanding environment. Let’s move to Slide 4. As a

Remote and hybrid work are common now. Skylory Corp has studied these work styles and offers advice to firms that want to keep their teams working well together.

This piece looks at the main problems, fixes, and steps that help teams stay productive in these new setups.

The Changing Work Environment Paradigm

Skylory notes that many organizations have transitioned to remote or hybrid models in response to global shifts in the world of work. According to experts, this is not just a trend but a fundamental change that affects communication, culture, and productivity. The correct combination of technologies and practices can significantly strengthen team integration.

Remote and hybrid work have their advantages. However, they also create new challenges for managers, HR specialists, and team members. To help companies navigate these changes, Skylory Corp provides specific recommendations based on experience and market research.

Defining Remote and Hybrid Work

What Is Remote Work?

Remote work involves performing tasks outside the traditional office environment. In this model, most employees work from home or any other location.

What Is Hybrid Work?

Hybrid work combines office and remote formats. Employees may spend part of the week in the office and part working remotely.

Both models have their pros and cons. Understanding these differences is key to building effective team communication.

Challenges of Remote and Hybrid Work

Lack of Physical Presence

One of the main challenges is the loss of face-to-face communication. During remote work, employees do not see each other daily, which can lead to isolation and a reduced sense of belonging.

Different Time Zones

For global teams, time differences can complicate scheduling meetings. According to Skylory Corp, experts recommend coordinating working hours and establishing flexible rules for effective synchronization.

Loss of Informal Interaction

Informal colleague conversations no longer happen automatically. This can reduce opportunities for creative ideas and social support.

Practices for Better Team Interaction

Using Technology for Communication

Skylory highlights the importance of digital tools that enable real-time communication. Using platforms for video conferencing, chats, and virtual “whiteboards” helps maintain work rhythm and shared context.

Choosing the right set of tools depends on team size and the nature of the work. For example, creative groups may benefit from tools supporting visual collaboration, while technical teams may prefer integrated environments for coding and project management.

Regular Synchronization Meetings

Regular video meetings help maintain a sense of unity. Daily or weekly stand-ups create a routine and help each team member feel their role in the shared process.

Virtual Social Events

It is important to organize not only work-related but also social online events. Skylory Corp shared that organizing virtual coffee breaks or themed games allows the team to interact in an informal atmosphere.

Clear Communication Standards

Skylory explained by creating clear communication guidelines for all employees. This includes recommendations on response times to messages, formats for different types of meetings, and online etiquette principles. Such standards help prevent misunderstandings.

Supporting Corporate Culture

Formalized Mission and Values

A clearly formulated mission and organizational values help maintain corporate culture regardless of physical workplace location. When employees understand what unites them, it creates a sense of shared purpose.

Mentorship and Support Programs

Skylory Corp’s team notes the importance of mentorship. Virtual mentoring sessions help newcomers adapt and support employee development. This is especially important for hybrid teams, where some employees may meet less frequently in person.

Monitoring Employee Wellbeing

Skylory Corp emphasizes that checking in with employees regularly about their workload, stress, and well-being can stop burnout before it starts. This way, the company can change things as needed and give support where it’s needed.

Leadership’s Role in the New Reality

Focus on Empathy

Skylory notes that leaders need to be understanding and flexible. Understanding employees’ situations, especially when they’re working remotely, helps build trust and keeps them motivated.

Training and Development

Skylory Corp believes that investing in leadership training for managing remote and hybrid teams is critically important. This includes developing digital communication skills, time management, and online conflict resolution abilities.

Statistics on Remote and Hybrid Work

According to a large study

on flexible work, found that 70% of employees say their work-life balance got better when working remotely. Also, 65% of managers think their teams stayed as productive or got even more done after switching to a hybrid setup. This shows it’s key for companies to change with the times to keep people motivated and doing good work. These numbers back up how much flexible work matters and how it affects what companies achieve.

Skylory Corp’s Take on Local Marketing and Team Cohesion

Skylory Corp’s take on local marketing

also shows that maintaining the local identity of the team is important even in a global context. The company analyzes how local practices and cultural features can contribute to better connections in hybrid teams. This approach helps balance global standards with employees’ local expectations.

Conclusion: Key Principles for Success

Skylory believes that to keep teams connected regardless of the work format, organizations need to:

• Create clear communication rules.
• Use appropriate digital tools.
• Support corporate culture.
• Regularly measure employee well-being.
• Develop leadership skills.

In a world where remote and hybrid work are becoming standard, organizations that invest in connection and culture gain an advantage. The practices described above help teams adapt to changes and maintain a sense of unity even when physically separated.

The future of work is not just about new formats but the ability to build connections and sustain collaboration regardless of employee location.

Successful remote or hybrid work is not only about technology but also about culture, support, and shared understanding of goals. Skylory Corp’s experts observed that implementing such practices delivers tangible long-term results, and ensuring team support should be a priority for every organization.