Dexus (ASX: DXS)

ASX release

27 October 2026

 Update on APAC matter

Dexus provides the following update on the APAC matter most recently outlined in its announcement on
4 September 2026.

On 26 October 2026, the NSW Supreme Court determined the claims for costs and indemnity of Australia Pacific Airports Corporation Limited (APAC) and the non-Dexus Bloc shareholders (other than TCorp) in connection with the proceedings in which the NSW Supreme Court found that the Default Notice is valid.

The NSW Supreme Court ordered that Dexus Capital Investors Limited (DCIL) pay under the indemnity in the APAC Shareholders’ Deed amounts totalling circa $30 million to APAC, IFM Investors (Nominees) Limited (IFM), The Northern Trust Company and the Future Fund Board of Guardians (together, Future Fund) and Utilities of Australia Pty Ltd (UTA).

The Court also ordered the other Dexus Bloc shareholders who were plaintiffs to pay APAC, IFM, Future Fund and UTA’s costs of the proceedings on the ordinary basis, except for costs already covered by the orders above, so there is no double recovery.

DCIL was also provisionally ordered to pay, on the indemnity basis, the costs of the hearing of the costs and indemnity claims, to the extent not covered above. This covers the Future Fund’s and UTA’s costs and 80% of APAC’s and IFM’s costs. These orders will take effect after seven days unless a party objects in writing.

Prior to the delivery of judgment, Dexus and SAS Trustee Corporation and J.P. Morgan Nominees Australia Ltd as nominee for JPMorgan Chase Bank, N.A. (Sydney Branch) in its capacity as custodian for SAS Trustee Corporation (together, TCorp) resolved TCorp’s indemnity claim, which was for the claimed amount of $7.4 million. The final terms of the resolution are being finalised. If it is not finalised, TCorp may seek to have its claim determined by the Court.

The estimated total of the amounts above was reflected within the costs of approximately $60 million which could be more reliably estimated at 30 June 2026 and were expensed in Dexus’s FY26 Consolidated Statement of Comprehensive Income.    

The Appeals hearing remains scheduled for 30 November to 2 December 2026, with an additional day available if required. Any appeal against the orders of the NSW Supreme Court on the claims for costs and indemnity may also be heard together with the Appeals.

Dexus will provide further updates on the APAC matter in accordance with its disclosure obligations.

Authorised by Brett Cameron, General Counsel and Company Secretary of Dexus Funds Management Limited

For further information please contact:

2422596  27-Oct-2026 CET/CEST