Earnings release
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$90.0BN TOTAL PORTFOLIO4 Goodman: strongly positioned as barriers to entry rise “As barriers to entry continue to rise, Goodman’s global position and disciplined approach provides a competitive advantage. We have the scale, capability and capital to deliver for the long-term.” – Goodman Group CEO Greg Goodman Footnotes apply to all references to that statistic throughout the docum ent 1. All figures are in AUD and as at 30 S eptember 2026 unless otherwise stated 2. Development work in pr ogress (WIP ) is based on estimated end value 3. Partnership industrial and warehouse assets (ex cludes proper ties ear marked for sale or redevelopment) 4. Total portfolio includes all G roup, Managed Partnerships and Partnership Investments As demand for digital infrastructure continues to grow in major global cities, so does the deficit in supply. The services people rely on every day: health, banking, government and education, need secure local capacity. Strategic sites in major cities are scarce, power availability is constrained, and planning requirements are complex and continue to evolve.Data centre development is a multi-year capital intensive process requiring the successful co-ordination of power, land, approvals and customer commitments. The scale of fundingrequired further raises barriers to entry.Our data centre program remains on track to deliver on forecast dates, and we are advancing customer commitments alongside delivery. Structural trends continue to drive demand for industrial property. Customers are consolidating into larger well- located facilities and investing in automation and robotics to improve productivity and reduce costs. These facilities also require significant power capacity to support automation and fleet electrification. As we progress planning and power across our existing portfolio, we continue to secure new sites around the world to support the next generation oflogistics facilities and data centres. Our global power bank has increased to 6.6 GW with 3.6 GW of secured power. The magnitude of the investment required reinforces the importance of disciplined capital management and strategic partnerships. We have a proactive and lasting commitment to the communities in which we operate, recognising the importance of engaging and responding to evolving standards, adapting project design, and contributing to local community and amenity. We bring deep expertise in quality development with long-standing customer relationships, access to capital supported by a prudent, considered approach which is both consistent and proven. Together, these strengths set us apart. Our position remains disciplined and strong. 6.6 GW TOTALPOWER BANK $19.7BN DEVELOPMENT WIP2
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Q1 FY27 DEVELOPMENT STATISTICS COMPLETIONS6 COMMENCEMENTS6 WORK IN PROGRESS Value($bn) 0.6 0.4 19.7 Yield (%) 7.2 9.1 8.3 Pre-committed (%) 97 71 31 Weighted averagelease term (years) 10.6 9.0 14.8 Developmentfor third parties or Partnerships(%) 51 28 68 Australia/ New Zealand (%) 71 20 21 Asia (%) – – 20 Americas (%) – 72 19 ContinentalEurope / UK (%) 29 8 40 + Development program remains on track supported by strong demand – Logistics customer demand for next - generation warehouses is growing. These facilities support advanced automation, robotics and electrification and have significantly higher power requirements – Hyperscale and enterprise customers continue to drive demand for data centre capacity + Barriers to entry are increasing. Scarcity of sites, power and infrastructure, together with greater planning complexity and delivery timeframes, are constraining future supply + These constraints are expected to drive rental growth and the value of existing assets, particularly in locations where zoning and power are in place. Goodman properties are currently primarily being utilised for logistics operations (and valued as such) + Work in progress of $19.7 billion diversified globally across 51 projects − Annualised production rate approximately ~$7.5 billion 5 − Yield on cost (YOC) on current WIP is 8.3% reflecting the strong fundamentals in our markets − Data centres under construction are 79% of WIP − 68% of WIP is either pre - sold or being built for third parties or our Partnerships − Reflecting the increase in the data centre workbook which is primarily commenced prior to customer contracts being executed, WIP is 31% pre - committed. 5. Production r ate is defined as the estimated end value of WIP for the relevant period divided by the expected tim e in WIP. It is at a point in time and provided as a guide only 6. For the three m onths to 30 Sep 2026. 2
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6.6 GW3.6 GW0.5 GW0.7 GW TOTAL POWER BANKSECURED POWERWORK IN PROGRESSDELIVERED 6.6 GW 3.6 GW 0.5 GW 0.7 GW TOTALPOWER BANK SECURED POWER WORK IN PROGRESS DELIVERED Data centre development projects on track + Power bank increased to 6.6 GW with 3.6 GW secured – Expansion opportunities globally on owned and controlled sites in existing industrial zones + Significant demand in excess of supply and minimal vacancy in metro markets – Hyperscale and enterprise operators are all reporting significant demand. Limited supply and low vacancy is seeing completed space contracted, and backlog of requirements from these customers unfulfilled – This is sustaining strong rental growth across the sector and expectations that this will continue – Across our global portfolio we balance sites, lease structures and customers, to capture this growth. This has seen hyperscale leases as well as JVs with operating partners. We have built capability to operate facilities if required, but will partner with operators in the market (as we have with our Databank JV) where it is advantageous – Goodman’s sites in large urban cities support cloud and AI inferencing deployments + Goodman is commencing projects and building into strong structural demand. Progressing developments provides increased certainty of costs and delivery before completing commercial negotiations with customers – Definitive ready - for - service dates provide our customers a shorter time to market and greater certainty around delivery timing – We continue to secure contractors and critical long - lead equipment to support energisation and delivery schedules – Increased certainty of costs and timing is a key competitive advantage and risk mitigant in commercial negotiations.
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DATA CENTRES HKG09Hong Kong SAR, China GHKDCP Powered Shell 50 – 50 + Located in Kwai Chung + Pre-leased to a single customer. TYO05Tokyo, Japan GJDP Fully Fitted 50 950 1,000 + First building (50MW) of a multi-building campus. + Leased to a single hyperscale customer. LAX02Los Angeles, USA Goodman Databank JV Fully Fitted ~50 ~100 ~150 + Located in Los Angeles metro. Includes additional properties in nearby location to be developed in coming years + Significant demand. In advanced negotiations, with a hyperscale customer over the whole building. HKG10Hong Kong SAR, China GHKDCP Fully Fitted 50 – 50 + Redevelopment of existing industrial building located in Tsuen Wan + In advanced negotiations with a hyperscale customer over the 50MW. AMS01Amsterdam, Netherlands GEDCDP1 Fully Fitted 38 38 76 + Located in highly power constrained Tier 1 market + Active negotiations and technical review underway with multiple customers for whole facility PAR01Paris, France GEDCDP1 Fully Fitted 35 70 105 + Located in North Paris Availability Zone + Active negotiations and technical review underway with multiple customers for whole facility. FRA02Frankfurt, Germany GEDCDP1 Fully Fitted 45 45 90 + Located in Frankfurt South Availability Zone + Active discussions and technical review underway with multiple customers for whole facility. SYD01Sydney, Australia GMG Fully Fitted 90 – 90 + Located in Macquarie Park Availability Zone + Active discussions and customer engagement with multiple customers – expected to accelerate in early 2027 as construction progresses towards First Phase RFS. MAD01Madrid, Spain GMG Fully Fitted 9 9 18 + Located in Madrid metro + Active discussions and customer engagement with technical review underway with multiple customers for whole facility. PAR02Paris, France GEDCDP1 Fully Fitted 80 120 200 + Located in Paris Central Availability Zone + Active discussions/negotiations and technical review underway with multiple customers – expected to accelerate in early 2027 as construction progresses towards First Phase RFS. TOTAL 497 1,332 1,829 + Excludes 1 GW of secured power on sites owned and controlled by the Group, yet to be developed. + 0.5 GW of data centre projects in WIP at 30 September 2026 – Globally diversified portfolio located in highly supply - constrained, metropolitan data centre markets – All projects benefit from secured power connections and planning approvals – Projects on track with staged project delivery between early 2027 and 2030 – Situated within campuses and offer 1.3 GW of potential expansion + Capital secured and in place to fund current project commitments – Approximately 90% of the data centre projects under construction in WIP, including associated future expansion capacity, are held i n data c entre or development Partnerships – Projects adaptable to allow a variety of offtake options through strategic JVs and capital partnerships + Strong leasing progress driven by significant customer demand and limited supply, advancing in parallel with project construction – Advanced negotiations underway to secure full - building commitments to hyperscale customers on several sites – Other projects in WIP are in active discussions with customers – Negotiations are also underway across other projects in the secured power bank including large scale deployments – Advancing customer discussions in parallel with project construction to optimise commercial outcomes. 4
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SQUARE METRES LEASED LIKE-FOR-LIKE NPI GROWTH 4.0% 4.0% 4.1M 4.9 YEARS WALE3 Industrial demand is being driven by structural factors as customers are increasingly consolidating into larger, strategically located facilities, and are investing in automation, robotics, and AI to increase density, improve productivity and lower costs. This also requires access to significant power with sites of more than 40,000 sqm in short supply. New supply has moderated amid higher construction costs, funding conditions and land constraints. Limited availability of large - scale, modern facilities continues to support the fundamentals for high - quality industrial assets. Like for like (LFL) reversion in China remained negative as market rents continued to reset. While some near - term pressure may persist, we have recently seen a significant increase in leasing activity The average expected rent reversion to market across the global portfolio remains positive at ~10% Key highlights at 30 September 2026: + Annual LFL NPI growth of 4.0% (6.2% ex Greater China) + Portfolio occupancy of 95.5% 3 ( 96.7 % ex Greater China) + Total portfolio increased to $90.0 billion + Portfolio WALE of 4.9 years 3 + Leased 4.1 million 3 sqm across the platform over the 12 - month period to 30 September 2026, equating to $ 602 million 3 of rental income per annum + Valuations were positive in the quarter. 5
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Total portfolio ($B)7 35.6 13.6 11.4 11.0 6.5 4.4 4.0 3.1 0.4 Number of Partnerships 13 2 3 4 3 1 2 1 - GMG co-investment (%) 30.0 21.2 53.6 28.9 19.7 20.0 27.1 50.0 - GMG co-investment ($B) 8.9 1.7 3.0 2.1 0.8 0.4 1.0 0.9 - Number of properties7 186 19 29 103 29 47 14 15 5 Occupancy8 (%) 95 93 99 98 99 90 97 92 - Weighted average lease expiry 8 (years) 4.8 5.5 6.4 5.6 5.4 1.9 4.6 5.3 - MANAGED PARTNERSHIPSASSETS UNDER MANAGEMENT PROPERTIES IN MANAGED PARTNERSHIPS $76.1BN 68% 397 DEVELOPMENT IN PARTNERSHIPSOR FOR THIRD PARTIES 7. Total portfolio includes all G roup, Managed Partnerships and Partnership Investments 8. Partnership industrial and warehouse assets (ex cludes proper ties ear marked for sale or redevelopment) 9. G NZ total portfolio results as at 31 March 2026 The Partnerships’ assets under management (AUM) increased by $1.0 billion over the quarter driven primarily by development capex and revaluations. Cap rates have been relatively stable, with rent growth supporting valuation gains in some markets. + The total portfolio increased to $90.0 billion, with Partnership AUM of $76.1 billion as at 30 September 2026 + Weighted average cap rate across the Group and Partnership portfolios of 4.9% + Raised US$455 million for the Goodman Hong Kong Data Centre Partnership, adding two new investors. Goodman continues a disciplined approach to capital management, maintaining a strong balance sheet, low gearing and high levels of liquidity, while selectively deploying capital into opportunities that meet our risk / return requirements. Global diversification and sharing the development exposure with investment Partners provides flexibility to pursue growth while maintaining capital discipline and managing risk. The combination of access to capital, and project delivery is a key differentiator. TOTAL PORTFOLIO 6
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CONTACT Media Michelle Chaperon M. + 61 416 285 907 Investors James Inwood M. +61 402 058 182 Phillip Henderson M. + 61 416 449 609 investor.relations@goodman.com For more information: www.goodman.com ABOUT GOODMAN Goodm an Group is a provider of essential infrastructure, it owns, develops and manages high quality, sustainable logistics properties and data centres in major global cities, that are critical to the digital economy. Goodm an has operations in key consumer markets across Australia, New Zealand, Asia, Europe, the United Kingdom, and the Am ericas. Goodm an Group, comprised of the stapled entities Goodm an Limited, Goodm an Industrial Trust and Goodm an Logistics (HK) Limited, is the largest property group on the Australian Securities Exchange (ASX: GMG), a top 20 entity by market capitalisation, and one of the largest listed specialist investment managers of industrial property globally. TheGroup’s property portfolio includes logistics and distribution centres, warehouses, light industrial, business parks and data centres. Goodman takes a long-term view, investing significantly alongside its capital partners in its investment management platform and concentrating the portfolio where it can create the most value for customers and investors. DISCLAIMER This documenthas beenpreparedby GoodmanGroup(GoodmanLimite d(ABN69 000123 071 ),GoodmanFundsMa nagementLimite d(ABN48 067796 641; AFS LNu mber2236 21 )as the Respon si bl eEn tityfor GoodmanIndustria lTrust(ARSN091 213 839 )and GoodmanLogistics(HK )Limite d(BRN59 357133; ARBN1559 11149– A HongKongcompanywithli mitedli abi lity).This documentis a presentationof gene ra lbackg roundinf ormationabouttheGroup’sacti vit iescurrent at the dateof the docu ment. It is inf ormationin a summaryformand does not purport tobe complete.It is to be readin conju nctionwiththe GoodmanGroupFinancial Reportfor the yearended30 June 2026and GoodmanGroup’sother announ cementsreleasedto ASX(a vai lableat www.asx.com.au). It is not inte nde dto be reli edupon as advi ceto investorsor potentialinvestorsand does not tak einto accoun tthe investmentobjecti ves,fi nancialsituat ionor needs of any particu larinvestor. These shou ld be considered,withprofessionaladvi ce,when decidingif an investmentis appropriate. This documentdoesnot constitu tean off er,invitat ion,solici tation,recommendati onor advi cewithrespectto the issu e,purchaseor sale of anystapledsecurit iesor otherfi nancialprodu ctsin the GoodmanGroup.It doesnot constitu tean off erto sell,or the solici tationof an off erto buy,anysecurit iesin the UnitedSt atesor to any “USperson”(as defi nedin Regu lationS underthe US SecuritiesAct of 19 33,as amended(S ecuri tiesAct)(US Pe rson) .Securitiesmaynot be off eredor soldin the UnitedSt atesor to US Pe rsonsunlessthey areregi ste re dunderthe SecuritiesAct or an ex empt ionfromregi strat ionis avail able.The stapledsecurit iesof GoodmanGrouphavenot been,and willnot be, regi ste re dunderthe SecuritiesAct or the securit ieslawsof anystateor ju ri sdi ctionof the US. This documentusesoperatingprofitand operatingearnin gsper securit y(EPS)to presenta clearvi ewof the underlyingprofitfromoperations.Operatingprofitcomprises profitattribu tabl eto Se curityholdersadjustedfor net propert yvaluati ons,non-propert yimpairm entlosses,net gains/lossesfrom the fa irvaluemovementson deri vative fi nancialinstrum entsand unreal isedfa irvalueand forei gnex changemovementson inte re stbearingli abi liti esand other non-cash adjustmen tsor non-recurri ngitems e.g .the sharebasedpaym entsex penseassociatedwithGoodman’sLongTe rmInce ntivePl an(LTI P) .The calc ulati onof fa irvaluerequiresestimat esand assumptions whichare contin uallyevaluat edand are basedon historica lex peri enceand ex pect ationsof fu tureeventsthatare believedto be reasonablein the circumstances. This documentcontai nscertai n“forward-look ingstatements”.The words“anticipate”,“believe”,“expect”,“project”,“forecast”,“estimate”,“likely”,“intend”,“should”,“could”, “may”,“target”,“plan”and other simil arex pressionsare inte nde dto identi fyforward-look ingstatement s.Indica tionsof, and gu idanceon, futu reearnin gsand financial posi tionand performanceas wellas ex pect ations,objecti vesand assumptionsin our cli matechang eand sustainabil ityrelate dstatement sare also forward-looking statement s.Due careand attent ionhas been usedin the preparationof foreca stinf ormation.Suchforward-look ingstatement sare not gu aranteesof futu reperf ormance and involvekn ownand unk nownrisks,unce rt aintie sand otherfa ctors,manyof whicharebeyondthe controlof the Group,thatmaycauseactu alresu ltsto differ materi allyfromthoseex pressedor impli edin suchstatement s.Therecan be no assurancethatactu aloutcome swillnot diff ermateri allyfromthesestatement s.Nei ther the Group,nor anyotherperson ,givesanyrepresentation,warranty,assuranceor gu aranteethatthe occurrenc eof the eventsex pressedor impli edin anyforward look ing-statement sin this documentwill actu allyoccur.Pa stperformanceof anyprodu ctdescribedin this documentis not a reli abl eindica tionof futu reperf ormance. Commenting on the outlook, Greg Goodman said: “Our global portfolio is concentrated in hard -to-replicate urban logistics and low -latency data centre locations. Demand for data centres continues to grow, while constraints around power, land, planning, infrastructure delivery are limiting supply. Maintaining community engagement and managing environmental impacts are essential to reliably and responsibly delivering facilities into this demand. These complex, multi -stage projects take years to deliver and over time we have built the portfolio, power bank, customer relationships and maintained the financial capacity needed to deliver new logistics and data centre opportunities. As capital becomes more selective, the combination of reliable delivery, financial capacity and strategic capital partnerships becomes increasingly important. We expect growing demand and constrained supply to continue to support rental growth, creating further opportunities to develop our assets, and grow the value of our business around the world. We are targeting FY27 operating EPS growth of 9%, with a distribution target of 30.0 cents per security.” The Board approves targets annually and reviews forecasts regularly. Forecasts are subject to there being no material adverse change in the market conditions or the occurrence of other unforeseen events. Authorised for release to the ASX by Carl Bicego, Company Secretary and Group Head of Legal and Risk. 7 Goodman TYO05, Tsukuba, Japan