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25 February 2026 FY25 Results presentation GemLife Gold Coast For personal use only
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GemLife acknowledges the Traditional Custodians of the lands on which our communities are built across Queensland, New South Wales and Victoria, and recognises their enduring connection to land, waters and culture. We pay our respects to their Elders past and present and recognise the important role of First Nations peoples in shaping vibrant, connected communities. Acknowledgement of Country Adrian Puljich Founder, Managing Director and Group Chief Executive Officer Ashmit Thakral Chief Financial Officer P R E S E N T E D B Y : Agenda Business overview 3 Financial performance 8 Portfolio overview 16 Outlook and guidance 20 Appendix 24 GemLife Communities Group 2 GemLife Lighthouse Bay For personal use only
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GemLife Communities Group 3 Business Overview GemLife Palmwoods For personal use only
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1. Reconciliation from Statutory to Pro Forma income statement provided in the Appendix on slide 25. 2. EBIT, Underlying NPAT, Underlying EPS are non-IFRS financial measures and are defined in the Glossary on slide 33. 3. Figures are exclusive of GST and rounded to the nearest thousand. FY25 Group Overview Development Metrics $833,000 +11.8% on Prospectus Avg Home Sale Price3Revenue $281.7m EBIT Margin 37.2% Pro Forma Highlights1,2 +4.5% on Prospectus +0.6% on Prospectus EBIT $104.8m Underlying NPAT $90.0m $418,000 +12.8% on Prospectus Avg Home Build Margin3 +6.1% on Prospectus +4.4% on Prospectus 312 –21 homes on Prospectus Settlements 38 vs 17 homes at 31-Dec-24 Completed and sold homes awaiting settlement at 31-Dec-25 • In FY25, GemLife released a greater proportion of premium lots with a higher average Home Sale Price. This enabled the Group to outperform its key financial targets in FY25. • GemLife’s focus on optimising product mix within a development allows the Group to maximise Home Build Margins and cash returns. • At the end of the period, GemLife settled 312 homes. In addition, a further 38 homes were completed and sold, with settlement expected in FY26. • Exceeding FY25 forecasts, while carrying forward additional homes into FY26, underpins strong earnings momentum into the next period. • Further enhancing the FY26 outlook, the Group refinanced its debt facility in February 2026, extending maturity profile and lowering overall cost of debt. GemLife Communities Group 4 28.5 cents – 30.0 cents FY26 Guidance Underlying EPS2 (23.7c for FY25: 20-27% growth on FY25) For personal use only
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GemLife Communities Group 5 Business Overview – How We Create Value GemLife is a leading vertically integrated, pure-play Land Lease Community (LLC) developer, builder, owner, and operator for Australians aged over 50. GemLife is a founder-led business drawing on 40 years of experience in the LLC sector. Note: Metrics as at 16 February 2026 unless otherwise stated, Includes sites that are contracted and are yet to be acquired. See slide 13 for details. GemLife Woodend Build and sell homes → Generate cash profit after land, development & operating costs → Recycle capital to fund new sites & organically grow pipeline Retain land ownership and collect rent → Recurring and growing rental income → Distribute net rental earnings after interest to securityholders Total sites 10,431 Across 33 Communities Occupied Homes 2,116 As at 31 Dec-25 = + Under Development 4,071 with DA Approvals 10+ year development pipeline provides clear visibility for continued growth + Greenfield Pipeline 4,244 Incl. Contracted Sites For personal use only
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GemLife Communities Group 6 Vertically Integrated Operating Platform GemLife’s internal building capabilities provide significant advantages across the lifecycle of a development. Key advantages of an internalised building entity: • Project control and speed to market: Internalising multiple construction disciplines – civil, residential, commercial, landscaping – enables concurrent delivery streams. This shortens the timeframes from project commencement to first settlements, reducing peak capital requirements per project. • Ability to respond to market conditions: the integrated platform, and its wide network of suppliers and subcontractors, allows the Group to ramp up or ramp down supply to meet the market demand in that location. • Residential building licence benefits: Holding our own building licence allows GemLife to contract directly with buyers and collect progress payments throughout construction. This reduces working capital demands, as home construction costs are typically funded by the buyer (see example to the right). • Retaining build margins: By internalising the construction function, we retain the margin that would otherwise be paid to a third-party builder, enhancing project returns and generating cash profit on development. Site Acquisitions Development and Construction Sales and Marketing Community Operations 5 4 1 3 6 2 Illustrative case study for a standard GemLife home Stage Description Progress claim (% of sale price) Progress claim (excl. GST) ($) Cost of stage (excl. GST) ($) Cumulative cash flow (excl. GST) ($) 1 Deposit n/a 5,000 6,000 (1,000) 2 Base stage 15% 107,000 50,000 56,000 3 Frame stage 20% 143,000 55,000 144,000 4 Enclosed stage 25% 178,000 83,000 239,000 5 Fixing stage 20% 143,000 157,000 225,000 6 Practical balance 20% 138,000 8,000 355,000 Total 714,000 359,000 355,000 Average gross profit per standard GemLife home: $355,000 (50% margin) GemLife Palmwoods For personal use only
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Fee transparency Homeowners enjoy a simple and transparent weekly site fee structure, with no exit fees and predictable changes over time. Tailored living Every community and home design evolves through direct homeowner input – shaping layouts, finishes and shared spaces to reflect real needs. Wellbeing first Facilities that support social connection, fitness, and purpose – from country clubs with pools to gardens and workshops. Ageing in place Support for changing health and lifestyle needs, with built-in accessibility and optional home care services via trusted partners. Community contribution We give back through strategic partnerships with organisations like LifeChanger and sponsorship of local festivals and events. Management engagement Senior leaders engage regularly with homeowner committees to ensure feedback drives reinvestment and future design. ESG leadership Energy efficiency and lower costs through embedded networks and community battery systems, backed by a $4 million ARENA grant. GemLife Communities Group 7 Our Purpose and Values Built on strong foundations. Driven by people, purpose, and place. GemLife’s success is underpinned by a deep commitment to people – our homeowners, our team, and the communities in which we operate. Our values guide every decision we make and shape how our communities are designed, built, and managed. “We’re not just building communities – we’re helping Australians over 50 to thrive through connection, care, and considered design.” Adrian Puljich, Managing Director & Group CEO For personal use only
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GemLife Communities Group 8 Financial performance GemLife Moreton Bay For personal use only
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GemLife Communities Group 9 FY25 Group Results: Year Ended 31 December 2025 • Strong performance in FY25 against FY24 Pro Forma figures driven by the Development segment. Higher average Home Build Margins drove the increase in EBITDA margin. • Statutory Profit includes $18.1m of IPO costs that were expensed, a further $11m of Aliria stamp duty/transaction costs that were re- valued on the investment properties, and $19.5m additional interest costs for the first 6 months of the year prior to the IPO and debt repayment. • Pro Forma EBITDA increase of 9.4% and Pro Forma Underlying NPAT increase of 10.1% compared to FY24, notwithstanding fewer settlements (312 in FY25 vs 355 in FY24). Statutory Highlights $281.7m +5.8% on FY24 Revenue EBITDA $110.0m EBITDA Margin 39% Pro Forma Highlights1,2 +9.4% on FY24 +1.3% on FY24 $48.2m –13.4% on FY24 Statutory NPAT Underlying NPAT $90.0m Underlying EPS3 23.7c +10.1% on FY24 +10.1% on FY24 1. Reconciliation from Statutory to Pro Forma income statement provided in the Appendix on slide 2 5. FY24 comparatives are against Pro Forma FY24 figures, provided in the Prospectus in section 6.4 2. EBITDA, Underlying NPAT, & Underlying EPS are non-IFRS financial measures and are defined in the Glossary on slide 33 3. Pro Forma Underlying EPS calculated as Pro Forma Underlying NPAT divided by number of securities on issue as at 31 December 2025 (380,288,462). Business momentum in FY25 has delivered outperformance on key financial results relative to Prospectus forecasts and FY24 earnings. For personal use only
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GemLife Communities Group 10 EBITDA by Segment Development Segment • Key financial drivers: – Home Sales Prices – Home Build Margin – Settlements Community Operating Segment • Key financial drivers: – Number of Occupied Homes – Weekly site rental fee – Commission on resales – Operating Margin 1. Reconciliation from Statutory to Pro Forma income statement provided in the Appendix on slide 25. 2. Pro Forma FY24 provided in Prospectus section 6.4. ($m unless otherwise stated) FY25 Pro Forma1 FY24 Pro Forma2 Change vs Prior Year (%) Performance vs Prospectus (%) Development Home Settlement Revenue 259.8 249.5 +4.1% +4.8% Home Build Margin 130.4 119.9 +8.8% +5.7% Development EBITDA 116.4 108.4 +7.4% +6.6% Development EBITDA Margin (%) 45% 43% Community operations Site Rental Income 20.9 16.3 +28.4% +0.3% Commissions on resales 1.0 0.5 +78.2% +53.3% Community operating EBITDA 14.1 10.9 +30.0% +0.8% Community operating EBITDA Margin (%) 65% 65% Corporate Net Corporate Costs (Operating Expenses + Other Income) (20.5) (18.7) +9.5% +13.1% Group Total Revenue 281.7 266.3 +5.8% +4.5% Total EBITDA 110.0 100.5 +9.4% +4.7% Total EBITDA Margin (%) 39% 38% Each segment outperformed the Prospectus and showed strong growth compared to FY24. For personal use only
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218 361 355 312 FY22 FY23 FY24 FY25 Number of Homes Settled (#) 49.2 100.2 108.4 116.4 FY22 FY23 FY24 FY25 Pro Forma Development EBITDA (A$m) GemLife Communities Group 11 GemLife– Development GemLife continues to deliver strong growth across sales and build margins, with premium home sales driving average sales prices higher. • Average Home Build Margin of $418,000 vs Prospectus of $371,0001. • Average Home Sale Price increased by 18%, and average Home Build Margin increased by 24% in FY25 vs FY24, due to product mix and location. • Consistent Home Build Margin between 47%-52% over the last 7 years. • As at 31 December 2025, there were 208 homes under contract, with 38 more homes with expressions of interest. These 246 homes are expected to settle in FY26. • Achieved strong results at communities that continuously contributed to settlements throughout the year, with 80 settlements at Gold Coast and 88 at Moreton Bay in FY25. Avg Home Sale Price1 $833k Avg Home Build Margin1 $418k Settlements 312 Home Build Margin (%) 50.2% 1. Figures are exclusive of GST and rounded to the nearest thousand.For personal use only
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1,088 1,449 1,804 2,116 FY22 FY23 FY24 FY25 Number of Occupied Homes at End of Period (#) 5.2 7.4 10.9 14.1 FY22 FY23 FY24 FY25 Community Operating Profit (A$m) GemLife Communities Group 12 GemLife– Community Operations GemLife continues to improve operating profit as the number of occupied homes increases. • The average weekly site rental fee1 increased by 7.3% on the FY24 average to $206 (ex GST) • This factors in discounts of up to 30% at some communities while facilities are under construction. • Commission from resales exceeded expectations ($1.0m in FY25 vs $0.5m in FY24), driven by strong achieved prices for established homes due to increasing demand in the sector. • Communities in early phase have a lower operating margin. • Stable rental income, with contracted annual increases in site agreements: New agreements: – Greater of 3.5% or CPI (QLD and VIC) – Non-fixed review (NSW) Existing agreements: – 36% – Greater of 3.5% or CPI (QLD and VIC) – 29% – 3.5% fixed increase (QLD and VIC) – 25% – 3.0% fixed increase (QLD and VIC) – 10% – Non-fixed review (NSW) Occupied Homes 2,116 Avg Weekly Site Fee1 $206 Occupancy 100% Operating Margin 64.6% 1. Average weekly site rental fee (ex. GST) is calculated as Site Rental Income (ex. GST) from the FY25 period divided by average number of occupied homes during that period, divided by 52 weeks. For personal use only
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GemLife Communities Group 13 Balance Sheet Strong balance sheet maintained – gearing at the middle of the target range supports continued growth. 1. Contract Liabilities are progress payment claims raised to new buyers for payment for their home under construction. 2. Gearing as defined in Glossary on slide 33. Investment properties • Weighted average capitalisation rate for occupied homes was 5.13% (5.07% at 30 June 2025). Gearing • Significant development expenditure has been incurred on new projects to prepare sites for residential construction commencing in 2026. This has increased gearing in line with expectations. With the upcoming land acquisitions, GemLife continues to expect gearing to remain within the stated target band of 25%-35%. Future acquisitions of new communities • A new site in Townsville, QLD, was secured on favourable terms. Details of the remaining four new communities pending settlement are outlined to the left, consistent with the Prospectus disclosures. GemLife expects to fund these settlements off its balance sheet ($m) 31 December 2025 Cash and cash equivalents 9.4 Inventories 88.8 Investment properties 1,385.1 Non-current assets held for sale 17.3 Other assets 77.4 Total assets 1,578.0 Borrowings 471.4 Contract liabilities1 35.0 Other liabilities 53.9 Total liabilities 560.3 Net assets 1,017.7 New Communities Estimated No. of Lots Purchase Price ex. GST ($m) Estimated Settlement Month Townsville (Part I), QLD 550 10.5 March 2026 Townsville (Part II), QLD 10.5 February 2027 Shoal Point, QLD 232 13.0 July 2027 Yeppoon, QLD 317 13.5 July 2027 Strathalbyn, SA 266 12.0 January 2029 James Creek, NSW 333 13.8 October 2031 Total 1,698 73.3 Gearing2 29.5% As at 31 Dec 2025 For personal use only
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GemLife Communities Group 14 Capital Management Prudent capital management supports balance sheet strength, funding liquidity, and sustainable organic growth. Debt facility and hedging • Facility limit of $700m (not including asset finance) was originally scheduled to mature in June 2029. In February 2026, the facility was refinanced and split it into three tranches with staggered maturity dates (see graph to the right for details). • As part of this re-financing, we also re-negotiated our pricing on the tranches, reducing the overall cost of debt by 25bps from our previous facility. 1. Facility Limit of $700m, less amount drawn down under that facility (i.e. does not include headroom for asset finance facilit y or overdraft facility). 2. Debt Facility only requires to test the ICR from 1 July 2025 onwards as a result of the IPO, calculated as EBITDA/Total finance charges. EBITDA for this calculation includes IPO expenses. 3. Spot price of debt balance as at 31-Dec-25, however includes current floating rate as at 12-Feb-26, current hedging in place, and updated pricing of interest margin, undrawn commitment fees on the new debt facility signed in Feb -26. 0 100 200 300 400 2026 2027 2028 2029 2030 2031 $m New Debt Maturity Profile 3.39% 3.40% 3.40% 3.62% 3.48% 3.00% 3.20% 3.40% 3.60% 3.80% 4.00% 0 100 200 300 400 1H26 2H26 1H27 2H27 1H28 $m Interest Rate Hedge Profile Swaps Other Average rate (RHS) Debt maturity 4.2 yrs Available undrawn debt1 $251m Weighted average, from 31 Dec 2025 As at 31 Dec 2025 LVR 31.0% ICR (6 months2) 3.97x Covenant of <60% Covenant of >2.00x Hedged Proportion (%) 78% As at 31 Dec 2025 Cost of Debt 5.56% As at reporting date3 For personal use only
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GemLife Communities Group 15 Inventory GemLife’s capital management and business model allow us to maintain appropriate inventory levels aligned with market demand. 1. Under construction homes is defined as homes where at least the base stage is complete (slab poured) and does not include com pleted homes. 2. Net spend on inventories is defined as costs on completed and in -progress homes, less progress payments received. 3. Sold includes homes under contract and with expressions of interest. • Unconditional buyers typically make progress payments during construction. • GemLife builds additional homes to ensure sufficient supply for customers wanting to move in immediately. • Home construction accelerated across 10 active projects to meet demand and forecast settlement growth: – As at 31 December 2025, there were 300 homes at various stages of construction: 59 completed + 241 under construction1 (30 June 2025: 260 total: 58 complete + 202 under construction). – Net spend on inventories2 at 31 December 2025 was $53.8m (30 June 2025: $39.6m). Complete homes on hand as at 31 December 2025 (vs 30 June 2025) 59 Complete Homes (vs 58) 21 Display Homes/ Available for sale (vs 27) = + 38 Sold, awaiting settlement3 (vs 31) GemLife Moreton Bay For personal use only
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GemLife Communities Group 16 Portfolio Overview GemLife Moreton Bay For personal use only
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GemLife Communities Group 17 Gemlife Portfolio Overview GemLife’s portfolio consists of 10,431 Sites and 33 Communities1 1. As at 16 February 2026. This includes contracts that are yet to be settled (see page 13 for details). This also includes conditional contracts on adjacent sites at Palmwoods, Highfields Heights and New Gisborne. 33 Communities 10,431 Sites 22 7 Communities Status Active Under Development DA Approved Pipeline Greenfield Pipeline Projects secured 3 1 Communities | South Australia Total Sites 33. Strathalbyn 266 Communities | Queensland Total Sites 1. Bribie Island 415 2. GemLife On Dean (Rockhampton) 57 3. Gold Coast 704 4. Highfields 446 5. Highfields Heights 467 6. Maroochy Quays 264 7. Moreton Bay 638 8. Pacific Paradise 211 9. Palmwoods 324 10. Beachmere 428 11. Cotswold Hills 418 12. Elimbah 487 13. Heritage Park 313 14. Kilcoy Greens 286 15. Lighthouse Bay 437 16. Logan Grove 282 17. Currumbin Waters 215 18. Glass House Mountains 251 19. Gympie 526 20. Shoal Point 232 21. Townsville 550 22. Yeppoon 317 Communities | New South Wales Total Sites 23. Rainbow Beach 178 24. Tweed Waters 96 25. Ballina 110 26. Lennox Head 148 27. Gulmarrad 176 28. Terranora 143 29. James Creek 333 Communities | Victoria Total Sites 30. Woodend 245 31. New Gisborne 249 32. Heathcote 219 For personal use only
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GemLife Communities Group 18 Key Community Updates Recent Development Approvals (DA) at 5 Communities • DA for 110 homes at Ballina, NSW • DA for additional 20 homes at New Gisborne, VIC • DA for additional 25 homes at Lighthouse Bay, QLD • DA for stage one, 114 homes at Glass House Mountains, QLD • DA for 335 homes at Beachmere, QLD (now allows construction for an LLC) Earthworks/Civils Construction underway at 7 Communities • Beachmere, QLD • Cotswold Hills, QLD • Heritage Park, QLD • Kilcoy Greens, QLD • Lighthouse Bay, QLD • Logan Grove, QLD • New Gisborne, VIC Active House Construction across 10 Communities • Elimbah, QLD • GemLife On Dean, QLD • Gold Coast, QLD • Highfields, QLD • Highfields Heights, QLD • Maroochy Quays, QLD • Moreton Bay, QLD • Palmwoods, QLD • Rainbow Beach, NSW • Tweed Waters, NSW GemLife New Gisborne GemLife Kilcoy Greens GemLife Elimbah For personal use only
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GemLife Communities Group 19 Key Community Updates (continued) Facilities under construction • Moreton Bay Country Club, QLD • Gold Coast Hill Top Pavilion, QLD • GemLife On Dean Country Club, QLD • Highfields Outlook, QLD • Highfields Heights Summer House, QLD Settlements • Woodend, VIC, fully established • First settlements occurred at Highfields Heights and GemLife On Dean on 29 August 2025, and 29 October 2025, respectively. • Elimbah, QLD, first settlements expected 1H FY26 Upcoming sales launches • Beachmere, QLD • Cotswold Hills, QLD • Heritage Park, QLD • Lighthouse Bay, QLD • Logan Grove, QLD • New Gisborne, VIC GemLife Moreton Bay GemLife Woodend GemLife Heritage Park For personal use only
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GemLife Communities Group Outlook and guidance GemLife Tweed Waters 20 For personal use only
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GemLife Communities Group 21 GemLife is positioned for long-term growth 1. All data as at 16 February 2026 except for Occupied which is as at 31 December 2025. 2. GemLife expects to settle these projects between FY26 and FY31 (see page 13 for details). 2,116 3,484 - 587 2,546 1,698 5,600 10,431 Occupied Under Development Occupied and/or Under Development Sites DA Approved Pipeline Greenfield Pipeline Projects expected to be acquired Total Sites in portfolio and pipeline GemLife Total 12 Communities 20 Communities 33 Communities Sites by Community Status (Number of Sites)1Key Growth Drivers 4,071 sites under development & DA Approved Capital recycled from near-complete projects into new projects. 4,244 Pipeline of sites Includes 2,546 greenfield sites and 1,698 sites to be acquired. Project implementation and innovation Delivery ofnew formats, including Australia’s first vertical land lease community and “pocket park” in-fill developments in established towns and suburbs. Ongoing refinement of the delivery model and building methodologies will continue to enhance GemLife’soffering. Ongoing portfolio expansion Proven track record ofland replenishment growth strategy, with active assessment ofnew site opportunities while remaining within the target gearing range. Latest example of this is the addition of the 32.5Ha greenfield development site in Townsville, seeking DA approval for 550 homes. For personal use only
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GemLife Communities Group 22 Outlook and Guidance Focus on delivering active sites, providing identifiable earnings growth over the coming years. 1. Underlying EPS is a non-IFRS financial measure and is defined in the Glossary on slide 33. GemLife Tweed Waters Country Club • Throughout FY26, upfront infrastructure works are expected to be delivered at several new communities, leading to a greater number of active projects contributing to settlements from FY27 onwards. • At 31 December 2025, there were: • 300 homes completed or under construction, up from 260 at 30 June 2025, illustrating the scalability of our delivery platform. • 246 contracts/expressions of interest on hand, with an average sale price higher than the FY25 average. In addition, new communities will be launched with a higher proportion of standard homes expected in the initial stages. • While GemLife expects to settle over 420 homes in FY26, the focus will continue to be on underlying earnings and profitability to support our organic growth strategy. 28.5 cents to 30.0 cents FY26 Guidance Underlying EPS1 20-27% growth on FY25 For personal use only
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GemLife Communities Group 23 Q&A GemLife Rainbow Beach Summer House For personal use only
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GemLife Communities Group 24 Appendix GemLife Gold Coast For personal use only
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FY25 Income Statement – Statutory to Pro Forma Bridge 1. Add-back of IPO costs expensed – this is as per the Prospectus, but also includes the $11m of stamp duty paid for the Aliria portfolio costs, which was capitalised to the investment properties and re- valued at fair market value. It also includes a one off deferred tax asset (DTA) write off of $1.4m due to the corporate restructure of the corporate entities to give effect to the post IPO entity structure. 2. Incremental public company costs – Pro Forma adjustments as per Prospectus section 6.4.1. Related Party management fees capitalised to investment properties have been removed as well, as these have now been included as corporate salaries part of the incremental public company costs, see note 6 in section 6.4.1 in theProspectus. 3. Debt facility/finance costs – Pro Forma adjustments use the same basis as the Prospectus section 6.4.1, updated for actual interest rates and pricing in those periods. This also includes the reversal of the capitalised interest for the pre-IPO period, which was capitalised to investment properties and subsequently fair valued throughthe P&L. FY25 Statutory ($m) Removal of One Off IPO/Restructure Costs and Aliria Portfolio Stamp Duty Costs1 ($m) Incremental Public Company Costs and Removal of Capitalised Management Fees2 ($m) Reduced Finance Costs, Expensed and Capitalised to Investment Property Debt Facility3 ($m) FY25 Pro Forma ($m) Revenue 281.7 281.7 Cost of Sales (137.1) (137.1) Gross profit 144.6 144.6 Other income 2.0 2.0 Employee, administration and other expenses (51.1) 18.1 (3.5) (36.5) EBITDA 95.4 110.0 Depreciation and amortisation (5.2) (5.2) EBIT 90.3 104.8 Net finance expenses (24.0) 12.0 (12.0) Net gain/(loss) on change in fair value of investment properties (A) (16.3) 11.0 1.8 7.5 4.0 Net gain/(loss) on change in fair value of derivative financial instruments (B) (0.2) (0.2) Profit before income tax 49.8 96.6 Income tax benefit/(expense) (1.6) 0.5 0.5 (2.2) (2.8) Net profit after tax (C) 48.2 93.8 Underlying NPAT (D = C – A – B) 90.0 GemLife Communities Group 25 For personal use only
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Balance Sheet as at 31 December 2025 ($m) Statutory as at 31-Dec-2025 Pro Forma as at 30-Jun-2025 Cash and cash equivalents 9.4 56.9 Inventories 88.8 71.4 Investment properties 1,385.1 1,283.5 Assets held for sale 17.3 17.3 Other assets 77.4 54.4 Total assets 1,578.0 1,483.5 Borrowings 471.4 430.1 Contract liabilities 35.0 31.9 Other liabilities 53.9 52.3 Total liabilities 560.3 514.3 Net assets 1,017.7 969.2 Total equity 1,017.7 969.2 • Two non-core assets were held for sale. One (valued at $7.85m, pre-sale costs) settled post-reporting date in February 2026. The other is expected to settle in July 2026. • Acceleration of new projects acquired through the IPO has both increased investment property valuations and borrowings to fund this cost. • Increase in other assets includes increase in receivables (from progress payments) of $10.4m, additional fixed assets (batteries & plant equipment for new projects) $5.9m, and $2.4m deposit on the Townsville site. GemLife Communities Group 26 For personal use only
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FY25 Cash Flow Statement – Statutory • Operating Cashflows include $18.1m of IPO costs, as well as additional interest costs for the first 6 months of the year prior to the debt repayment from proceeds from the IPO. • It also includes the increase in activity of houses on the ground, with display homes beginning at new communities, as well as stock homes that GemLife is building to ensure sufficient inventory on the ground. • Investing activities includes the purchase of the Aliria portfolio for $218m plus acquisitions costs, as well as $180m for the infrastructure works at various communities. • Financing activities includes the proceeds from the IPO, as well as all of the associated debt repaid from those proceeds, as outlined in the Prospectus. FY25 Statutory ($m) FY24 Statutory ($m) Receipts from customers 308.2 276.1 Payments to suppliers and employees (257.2) (187.6) Interest received 0.4 0.2 Interest paid (36.4) (42.5) Income taxes refunded/(paid) 0.6 (1.2) Net cash generated from operating activities 15.7 45.1 Purchase and development of investment properties (400.2) (164.9) Payments for property, plant and equipment (0.5) (4.2) Proceeds from disposal of property, plant and equipment 2.3 0.1 Proceeds from disposal of land 0.6 1.6 Loans from related parties 0.0 – Net cash used in investing activities (397.9) (167.5) Net Proceeds from issue of securities 719.6 – Net Borrowings raised/(repaid) (317.6) 130.0 Payment in relation to asset finance facilities (10.9) (5.2) Repayment of lease liabilities (1.0) (0.7) Borrowing costs paid (0.7) (2.1) Payment to unitholders (prior years) (3.5) – Net cash from financing activities 385.9 121.9 Net increase in cash and cash equivalents 3.8 (0.5) Cash and cash equivalents at the beginning of the financial half-year 5.6 6.1 Cash and cash equivalents at the end of the financial half-year 9.4 5.6 GemLife Communities Group 27 For personal use only
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GemLife Portfolio Overview 1. Occupied data as at 31 December 2025, but otherwise all data as at 16 February 2026, GemLife owned 28 Communities and Projects, comprising an expected 8,733 Homes and Sites and a further five Projects which are the subject of options/conditional contracts that are currently expected to yield 1,698 Sites. Number of S ites under Greenfield Pipeline is subject to development approvals. 2. This list does not include valuations for two off-site caravan storage sites owned by GemLife (total value $8.6m), and assets held for sale (total value $17.25m after selling costs). Communities and Projects1 State Occupied Homes1 Under Development DA Approved Pipeline Greenfield Pipeline Total Valuation ($m)2 Active Communities Bribie Island QLD 404 – 11 – 415 $85.1 GemLife On Dean (Rockhampton) QLD 5 52 – – 57 $14.0 Gold Coast QLD 124 241 – 339 704 $173.5 Highfields QLD 308 8 – 130 446 $87.0 Highfields Heights QLD 23 399 – 45 467 $78.0 Maroochy Quays QLD 261 3 – – 264 $47.1 Moreton Bay QLD 116 450 – 72 638 $188.0 Pacific Paradise QLD 211 – – – 211 $37.0 Palmwoods QLD 197 7 – 120 324 $40.3 Rainbow Beach NSW 141 37 – – 178 $53.8 Tweed Waters NSW 81 15 – – 96 $28.5 Woodend VIC 245 – – – 245 $45.5 Under Development Communities Beachmere QLD – 335 – 93 428 $48.5 Cotswold Hills QLD – 416 – 2 418 $34.0 Elimbah QLD – 404 – 83 487 $74.0 Heritage Park QLD – 310 – 3 313 $50.0 Kilcoy Greens QLD – 272 – 14 286 $33.0 Lighthouse Bay (Burnett Heads) QLD – 150 – 287 437 $25.0 Logan Grove (Parkridge) QLD – 282 – – 282 $48.0 New Gisborne VIC – 116 – 133 249 $15.5 DA Approved Communities Currumbin Waters QLD – – 205 10 215 $32.0 Glass House Mountains QLD – – 114 137 251 $36.5 Ballina NSW – – 110 – 110 $11.3 Lennox Head NSW – – 147 1 148 $40.0 Greenfield Pipeline Communities Gympie QLD – – – 526 526 $19.0 Ballina NSW – – – 110 110 $4.3 Gulmarrad NSW – – – 176 176 $10.5 Terranora NSW – – – 143 143 $18.5 Heathcote VIC – – – 219 219 $3.1 Sub-total 2,116 3,484 587 2,546 8,733 $1,376.5 GemLife Communities Group 28 For personal use only
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GemLife Portfolio Overview (continued) 1. Occupied data as at 31 December 2025, but otherwise all data as at 16 February 2026, GemLife owned 28 Communities and Projects, comprising an expected 8,733 Homes and Sites and a further five Projects which are the subject of options/conditional contracts that are currently expected to yield 1,698 Sites. Number of S ites under Greenfield Pipeline is subject to development approvals. 2. Projects to be acquired – more details on settlement time frames provided on slide 13. Projects to be Acquired1,2 State Occupied Homes Under Development DA Approved Pipeline Greenfield Pipeline Total Purchase Price ($m) Shoal Point QLD – – – 232 232 $13.0 Townsville QLD – – – 550 550 $21.0 Yeppoon QLD – – – 317 317 $13.5 James Creek NSW – – – 333 333 $13.8 Strathalbyn SA – – – 266 266 $12.0 Sub-total – – – 1,698 1,698 $73.3 Grand Total 2,116 3,484 587 4,244 10,431 GemLife Communities Group 29 For personal use only
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GemLife– Development – Settlements and Price • In FY25, GemLife sold a high proportion of homes over $1m (ex. GST), reflecting the strength of the location of the active communities, as well as the product mix that came to market within the year. • In FY24, there were 31 homes that were over $1m (ex GST) • This mix will change year on year, based on the composition & location of active communities and the types of homes sold. Projects with Occupied Homes Occupied Homes 31 Dec 2024 FY25 Settlements Occupied Homes 31 Dec 2025 Complete/Completing Projects Bribie Island 404 0 404 Pacific Paradise 209 2 211 Woodend 243 2 245 Maroochydore 245 16 261 Palmwoods 160 37 197 Highfields 289 19 308 Tweed Waters 59 22 81 Rainbow Beach 123 18 141 On-going Projects Gold Coast 44 80 124 Moreton Bay 28 88 116 New Projects On Dean 0 5 5 Highfields Heights 0 23 23 Total 1804 312 2116 15 77 59 89 8 64 $500k-$600k $600k-$700k $700k-$800k $800k-$900k $900k-$1m >$1m Distribution of Home Sale Price (ex. GST) of 312 Settlements in FY25 GemLife Communities Group 30 For personal use only
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GemLife Communities Group 31 Environmental, Social and Governance (ESG) at GemLife Image Caption Energy and climate leadership • 5-Star Green Star Communities (first land lease community in Australia). • ARENA-backed community batteries ($4m grant to provide 16.7MWh total capacity). Operational differentiation • Homes materially outperform minimum energy standards (NatHERS/whole-of-home). • Embedded solar and community batteries lowering resident costs. Social licence • Purpose-built active living communities. • Reconciliation Action Plan commenced. Governance readiness • Board-led governance. • Formal ESG plan and emissions reporting underway post-IPO. For personal use only
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Attractive Demand and Supply Dynamics Notes: 1. Source: Australian Bureau of Statistics, Population Estimates as sourced in Chadwick Australian Land Lease Communities Indust ry Report (2024) and related updated data provided by Luke Chadwick as at 1 May 2025. 2. ABS, Australian National Accounts, Finance and Wealth, December 2024. 3. Chadwick Australian Land Lease Communities Industry Report (2024) and related updated data provided by Luke Chadwick as at 1 May 2025. An ageing population, rising housing prices and affordability pressures are expected to drive downsizing and increased LLC market penetration, resulting in a projected supply shortfall at current build rates. 2,700 2,700 2,700 2,700 2,700 1,400 1,700 2,000 2,300 2,600 2025 2026 2027 2028 2029 Current Supply Required Additional Supply Macroeconomic Driver Description Australia’s ageing population and increased life expectancy • The number of Australians aged 50-84 is expected to increase by 39.6%1 from 2021 to 2041, reaching 11.71 million and representing 35.4%1 of the total population. • Average life expectancy is 81.1 1 years for males and 85.11 years for females, with the gap between male and female life expectancy narrowing. Financial pressures on seniors • Rising cost-of-living pressures and medical expenses are increasing demand for affordable housing options such as LLCs attractive to seniors. • Downsizing enables seniors to unlock equity in existing homes, offering greater financial security and flexibility in the event of unexpected costs. • As cost pressures on seniors continue to rise, more seniors are expected to downsize, expanding the addressable market for the LLC sector. Limited availability of affordable housing • Rising prices have excluded lower income households from home ownership, with housing needs met through private rentals. • With upfront payments limited to the home chattel and lower ongoing rent, supported in part by government assistance programs, LLCs are an attractive alternative to traditional rentals. • LLCs are well aligned with increased government focus on housing affordability. Household balance sheet and low leverage • Australian households have a significant amount of equity held in household assets and superannuation, approximately $20 trillion as at December 20242. • A significant portion of this is held in the form of home equity, primarily among the baby boomer cohort (born 1946 to 1964), totalling approximately $11 trillion as at December 20243. Strong demand dynamics Forecast supply and demand Current versus required LLC Home supply (five years to 2029)3 Number of Homes/Sites Despite supply increases of approximately 5003 Homes year-on-year by current estimates, there still remains a shortfall that could reach approximately 2,6003 units by 2029 should the gap persist and shortfalls accumulate. GemLife Communities Group 32 For personal use only
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GemLife Communities Group 33 Glossary Any terms not defined below are defined in the Prospectus Glossary. Term Definition Active Community A community with Occupied Homes. Community/Communities A collection of Sites containing Occupied Homes or Homes available for sale or resale, together with common area facilities that are operated and maintained by GemLife. DA Approved Community A project where DA approval has been granted but development is yet to commence. EBITDA EBITDA is calculated as net profit after tax before depreciation and amortisation, finance income, finance expenses, net gain or loss on the change in the fair value of investment properties and derivative financial instruments and income tax expense. Gearing Calculated as net debt (being total borrowings less cash and cash equivalents) divided by total assets less cash and cash equivalents. Greenfield Pipeline Community A project where DA approval has not been granted (whether or not a DA has been lodged with the relevant regulatory authority). The number of sites reflects management’s expectation as to the number of sites for which DA approval is expected to be granted. Home/Homes A Manufactured Housing Estate and other form of moveable dwelling located on a Site which is or will be occupied by residents. Home Build Margin Calculated as Home Settlement Revenue less costs associated with the construction of Homes, including raw materials, manufacturing and labour, and excludes construction costs for infrastructure, earthworks and Community facilities which are capitalised into investment property on consolidation. Home Settlement Revenue Revenue generated from the sale of Homes in Communities to customers. Occupied Homes Homes which have settled and are owned by homeowners. Portfolio Represents the total number of Sites, Communities and Projects, including the settlement of Projects expected to be acquired. Project/Projects Land which GemLife owns or expects to acquire following completion of the Aliria Portfolio Acquistion (as relevant), but which has not yet been developed as a Community. Site/Sites A parcel of land that is owned by a GemLife Group Entity (or a parcel of land that a GemLife Group Entity will have the right to acquire) where a Home has been developed or a location where a Home is intended to be developed or is currently under development. Site Rental Income Calculated as rental income received from homeowners for the rights to occupy a Site and to access common area facilities within a Community. Under Development Community A project where development has commenced but there are no Occupied Homes. Underlying NPAT Underlying NPAT is calculated as net profit after tax adding back the net gain or loss on the change in the fair value of investment properties and derivative financial instruments. Underlying EPS Underlying EPS is calculated as Underlying NPAT divided by the weighted average number of securities on issue. For Pro Forma numbers, the number of securities on issue used are as per 31 December 2025 (380,288,462 securities on issue). For personal use only
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GemLife Communities Group 34 Disclaimer This presentation has been prepared by GemLife Communities Group (“GemLife”) comprising GemLife Group Ltd (ACN 607 629 149) and Equity Trustees Limited (ACN 004 031 298; AFSL 240975) as responsible entity for GemLife Trust (ARSN 687 162 198), GTH Resorts No 2 Trust (ARSN 687 162 394), GTH Resorts No 3 Trust (ARSN 687 162 698), GTH Resorts No 4 Trust (ARSN 687 163 408), GTH Resorts No 6 Trust (ARSN 687 163 453), GTH Resorts No 8 Trust (ARSN 687 163 659), GTH Resorts No 11 Trust (ARSN 687 163 720), GTH Resorts No 12 Trust (ARSN 687 163 962), GTH Resorts No 15 Trust (ARSN 687 163 944) and GTH Resorts No 19 Trust. You acknowledge and agree that you will rely on your own independent assessment of any information, statements or representations contained in this presentation and such reliance will be entirely at your own risk. Summary information This presentation contains summary information about the current activities of GemLife and the entities within the GemLife stapled group as at the date of this presentation. The information in this presentation is of a general nature and does not purport to be complete. Statements made in this presentation are, unless otherwise stated, made only as of the date of this presentation and remain subject to change without notice. This presentation should be read in conjunction with GemLife’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au. Disclaimer No member of GemLife or any of its related bodies corporate and each of their respective directors, employees, officers, associates, agents, auditors and advisers offer any representation, guarantee or warranty, express or implied, as to the accuracy, completeness, currency or reliability (including as to auditing or independent verification) of any statement, estimate, opinion or other information contained in this presentation. To the maximum extent permitted by law, the members of GemLife and each of their related and controlled entities and each of their respective directors, officers, employees and agents disclaim all liability and responsibility (including without limitation any liability arising from faultor negligence) for any direct or indirect loss or damage which may be suffered through the use, or reliance on, anything contained in, or omitted from, this presentation. Not an offer of securities This presentation is for information purposes only and should not be considered as a solicitation, offer or invitation for subscription, purchase or sale of GemLife securities in any jurisdiction. Not financial or other advice Nothing in this presentation constitutes financial, investment, legal, tax or other advice. This presentation has been prepared without taking account of any person's individual investment objectives, financial situation or particular needs. Each recipient of this presentation should consult with, and rely solely upon, the advice of their own legal, tax, business and/or financial advisors in connection with any decision made in relation to the information contained in this presentation. Financial data All references to dollars and cents are in reference to Australian dollars unless otherwise stated and all financial data is presented as at the date of this presentation unless otherwise stated. Past performance The past performance, including past security price performance, of GemLife cannot be relied upon as an indicator of, and provides no guidance as to future GemLife performance including future security price performance and is given for illustrative purposes only. Forward-looking statements This presentation may contain certain "forward-looking statements", including statements regarding future earnings and distributions. All statements other than statements of historical facts included in this presentation are forward-looking statements. These forward-looking statements are not guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of GemLife, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. You are cautioned not to place undue reliance on forward-looking statements, opinions and estimates provided in this presentation as there can be no assurance, and no representation is made, that actual outcomes will not differ materially from these forward-looking statements. Further, no representation is given that the assumptions upon which a forward-looking statement or other forecast may be based is reasonable. Forward-looking statements, opinions and estimates provided in this presentation necessarily involve uncertainties, assumptions, contingencies and other factors, and unknown risks may arise, many of which are outside the control of GemLife. Similarly, statements about market and industry trends, which are based on interpretations of current market conditions, should be treated with caution. Such statements may cause the actual results or performance of GemLife to be materially different from any future results or performance expressed or implied by such forward-looking statements. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Such forward-looking statements are based on information available to GemLife as at the date of this presentation. Except as required by law or regulation (including the ASX Listing Rules), GemLife undertakes no obligation to provide any additional, updated or supplementary information whether as a result of new information, future events or results, or otherwise including information that reflect any change in GemLife’s financial condition, status or affairs or any change in the events, conditions or circumstances on which a statement is based. To the maximum extent permitted by law, responsibility for the accuracy or completeness of any forward-looking statements whether as a result of new information, future events or results or otherwise is disclaimed. This presentation should not be relied upon as a recommendation or forecast by GemLife. Non-IFRS financial information Readers of this presentation should be aware that certain financial data included in this presentation is ‘non-IFRS financial information’ under Regulatory Guide 230 Disclosing non-IFRS financial information, published by ASIC. GemLife believes this non-IFRS financial information provides useful information to investors in measuring the financial performance and conditions of GemLife. The non-IFRS measures do not have standardised meanings prescribed by Australian Accounting Standards and therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with Australian Accounting Standards. Readers of this presentation are cautioned, therefore, not to place undue reliance on any non-IFRS financial information and ratios included in this presentation. For personal use only
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GemLife Communities Group 35 Contact Information GemLife Over-50s Lifestyle Communities M1 Connect Level 2, 120 Siganto Drive Helensvale QLD 4212 Ashmit Thakral Chief Financial Officer Ashmit@gemlife.com.au Adrian Puljich Managing Director and Group Chief Executive Officer GemLife.com.au Adam Fairfax Head of IR and Strategy AdamF@gemlife.com.au For personal use only