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23 February 2026 2026 Half Year Results Victoria Cross North Sydney, Australia For personal use only
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22026 Half Year Results – February 2026 Acknowledgement of Country As an investor, developer, builder and manager of assets on land across Australia, we pay our respects to the Traditional Owners, especially their Elders, past and present, and value their custodianship of these lands. For personal use only
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32026 Half Year Results – February 2026 Our Strategic Progress For personal use only
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42026 Half Year Results – February 2026 Strong financial flexibility to execute our strategic goals and preserve value FY26 is a transitional year with good progress on May 2024 strategy IDC operations 1. Launch of securities buyback remains subject to existing pre-conditions IDC operations IDC operationsCRU capital recycling IDC operationsBuyback $2.8b announced or completed recycling $1.5b of CRU transactions underway Increased contractual visibility on transactions key for the launch of buyback1 Investments, Development and Construction (IDC) performing to expectation, with strong operating momentum For personal use only
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52026 Half Year Results – February 2026 Our HY26 performance FY26 a transitional year for IDC, stronger FY27 outlook; Purpose of CRU remains to accelerate capital recycling 1. Includes the allocation of costs in relation to corporate activities, such as net finance costs and corporate expenses. 2. Operating Profit/(Loss) after Tax is defined as Statutory profit adjusted for stabilised Investment property revaluations (including revaluations and impairments of Other financial assets and Equity accounted investments that hold stabilised Investment properties) that are classified in the Investments and Capital Release Unit segments. 3. Net debt to total tangible assets, less cash. 4. Trust distribution only, no company dividend for the period • Investments EBITDA of $101m, underlying earnings stable • Development EBITDA of $34m, fewer completions • Construction EBITDA of $69m, improved project performance $204m IDC Segment EBITDA $(318)m Statutory loss after tax Financial position • Statutory loss after tax includes $118m of non-cash negative investment property revaluations and impairments primarily in the US, UK and Singapore • Group Operating Profit after Tax (OPAT) 2 of $(200)m is comprised of $87m from IDC and $(287)m from CRU • CRU OPAT includes a $(95)m write down of Communities land parcels and further provisions in the exited international construction businesses of $(44)m • Reported gearing Includes ~7% benefit from hybrid securities issued in HY26 12.6cps IDC Operating Earnings per stapled security1 25.8%3 Reported gearing $3.3b Committed and available liquidity • $0.4b announced sale of TRX interests; $0.1b land sales • $2.8b of announced or completed CRU transactions to date $0.5b announced or completed CRU recycling 6.2cps4 Interim distribution per stapled security For personal use only
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62026 Half Year Results – February 2026 Performance and Operations For personal use only
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72026 Half Year Results – February 2026 Operating performance Investment management • Funds Under Management stable at $48.7b − FUM additions of $1.5b offset by $1.8b of completed divestments • EBITDA margin of 40.7%, up from 40.6% in FY25 Co-investment portfolio • $2.9b of co-investment portfolio capital − $0.2b reduction in capital from portfolio management and negative valuations − Gross asset yield3 of 4.4%, stable on the prior period New Investment Management business and capital raising • $1.8b raised for existing vehicles and new mandates • $2.8b of capital to be deployed; Data Centres (~$1b), KWAP mandate ($0.4b), new US private credit partnership ($0.8b) and Vita Partners LINO mandate ($0.6b) • $4.7b of capital being raised for Japan value add mandate ($1.2b), new Australian credit partnership ($1.0b) and $2.5b for existing funds and develop to core product • $4.4b of gross property transactions completed across Lendlease and its managed vehicles Investments 1 1. Comparative period the half year ended 31 December 2024 unless otherwise stated. 2. Average investment capital values, normalised where appropriate. 3. Gross asset yield before deductions of interest, applicable taxes and fees, normalised where appropriate. Focused on performance, liquidity and growth Investment management platform ($b) Co-investment portfolio ($b) $b Avg. co-investment capital2 Gross Asset Yield3 HY25 HY26 HY25 HY26 Workplace 1.2 1.1 4.3% 4.4% Retail 1.0 0.9 4.5% 4.4% Residential 0.6 0.5 4.2% 4.8% Industrial & Other 0.5 0.5 4.7% 4.5% Total (avg) $b / % 3.3 3.0 4.4% 4.4% Workplace Retail Residential Data Centres and Industrial Other 55% 26% 9% 6% 4% $48.7b FUM For personal use only
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82026 Half Year Results – February 2026 - 2.6 3.2 2.3 1.21.0 3.6 0.4 0.9 - 9.2 10.3 7.5 6.3 5.1 FY22 FY23 FY24 FY25 HY26 Operating performance Current pipeline • Australian pipeline of $13.6b; UK and Singapore pipeline of $53.1b − Australian Work in Progress (WIP) of $5.1b; UK and Singapore WIP of $3.4b • $1.3b of completions including Victoria Cross Tower, North Sydney Leasing and sales • Increased leasing at Victoria Cross (~39%); ~70% leased or under offer • Pre-sales of ~$3.3b2; ~$1b of gross proceeds to Lendlease supporting FY27 earnings: − 79% pre-sold by value at One Circular Quay − 79% pre-sold at Vic Harbour (Regatta) and 52% at Vic Harbour (Ancora) Origination • Target to secure $10b+ of new projects in FY26 • $4.7b secured in HY26; Sydney Metro’s Hunter Street West Over Station Development (~$2.2b), luxury residential partnership at 175 Liverpool St ($2.5b+) • Unlocking capital with a targeted conversion of ~$12b of end value projects • Bidding on two residential projects in Melbourne with an end value of ~$4b Development 1 1. Total estimated end values shown (representing 100% of project value). Segment includes operations in Australia, United Kingdom (projects within the announced joint venture transaction with The Crown Estate) and Singapore (Comcentre). 2. Pre-sales shown on a 100% ownership basis Pre-sales supporting strong FY27 earnings; $4.7b of new Australian projects secured from $10b FY26 target Australian Development activity ($b) Australian Development pipeline ($b) Apartments for sale Commercial / Workplace Build-to-Rent Other Completions Commencements WIP 60%20% 15% 5% $13.6b For personal use only
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92026 Half Year Results – February 2026 Social infrastructure Defence Transport Data centres Other Government Corporate Operating performance HY26 revenue of $1.9b, up 22% from $1.5b • Revenue growth versus HY25 due to new projects commencing, including: − New Melton Hospital and data centre projects New work secured (NWS) of $4.0b, up 5% from $3.8b in HY25 • A disciplined risk return profile for new work secured • Growth in NWS led by the $1.5b Hunter Street station contract • Sectors; Transport (40%), defence, data centres and social infra (each ~20%) Backlog revenue 2 $8.0b, up 36% from $5.9b at FY25 • Growth supported by NWS, with existing social infrastructure and defence backlog Preferred book of $6.9b • Preferred book of $6.9b, with an additional ~$9b of active bids underway − Currently targeting major transport, social infrastructure and data centres projects Construction 1 1. Comparative period the half year ended 31 December 2024 unless otherwise stated. 2. Construction revenue to be earned in future periods (excludes internal projects). Accelerated revenue and margin growth in the half; $4b of high quality work secured to support future earnings Construction backlog (secured) and preferred work ($b) 71% 29% $8.0b Gov $5.7b Corp $2.3b 5.9 4.0 (1.9) 8.0 6.9 14.9 FY25 Construction Backlog New Work Secured Revenue HY26 Construction Backlog HY26 Preferred Work HY26 Secured & Preferred Work 33% 23% 21% 20% 3% $8.0b HY26 Backlog revenue 2 For personal use only
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102026 Half Year Results – February 2026 Financial Performance For personal use only
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112026 Half Year Results – February 2026 Group commentary IDC Segment Operating EBITDA • Lower at $204m, largely due to transactional profits in HY25 • Lower contributions from Investments and Development partially offset by improved Construction earnings CRU Segment Operating EBITDA • Impacted by an absence of transaction profits to support segment and associated holding costs, write down of Communities land parcels and further provisions in the exited international construction businesses Corporate costs, D&A and Net finance costs • Corporate costs decreased 4% to $55m; further cost savings from down sizing and productivity improvements, partially offset by finance system modernisation • Depreciation and amortisation notably lower, reducing 39% due to roll -off of IT amortisation costs and lower depreciation in relation to exited tenancies • Net finance costs of $85m decreased due to lower average cost of debt and lower average net debt levels Income tax expense • Tax credit arising from operating loss Non operating items after tax • Negative asset revaluation and impairments of $118m post tax, consisting of $65m from CRU and $53m from Investments Financial performance – Group 1 1. Comparative period the half year ended 31 December 2024 unless otherwise stated. $m HY25 HY26 IDC EBITDA 341 204 - Investments 228 101 - Development 138 34 - Construction (25) 69 Capital Release Unit (CRU) EBITDA 34 (284) Segment Operating EBITDA 375 (80) Corporate costs (57) (55) Operating EBITDA 318 (135) Depreciation and amortisation (51) (31) Net finance costs (136) (85) Operating profit/(loss) before tax 131 (251) Income tax expense (9) 51 Operating profit/(loss) after tax 122 (200) Investments and CRU segments revaluations and impairments post tax (74) (118) Statutory profit/(loss) after tax 48 (318) IDC Operating EPS cents 30.4 12.6 Statutory EPS cents 7.0 (46.1) For personal use only
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122026 Half Year Results – February 2026 Investments • Total EBITDA of $101m reflected a stable underlying performance, with the prior period including earnings of $129m associated with the Vita Partners joint venture, recorded in Other EBITDA • Management EBITDA largely unchanged. Lower fees and margins in Australia offset by a strong Asia performance • Management EBITDA margin stable versus FY25 (40.6%) • Co-investment EBITDA decreased 14%, due to a lower share of recurring distributions following asset divestments and recapitalisations Financial performance – IDC segments 1 1. Comparative period the half year ended 31 December 2024 unless otherwise stated. 2. Includes transaction profits, performance fees and other. 3. Gross asset yield before deductions of interest, applicable taxes and fees, normalised where appropriate. 4. Return on Invested Capital (ROIC) is calculated using the annualised Profit after Tax divided by the arithmetic average of beginning and half year end invested capital, normalised for transfer of UK and Singapore projects from CRU to the Development segment in the period (i.e. UK projects within the announced joint venture transaction with The Crown Estate and Comcentre in Singapore). Development • EBITDA of $34m included a development gain on land holdings and further apartment settlements at One Sydney Harbour, Barangaroo • Development ROIC of 3.2% due to limited scheduled completions and the transfer of capital associated with The Crown Estate and Comcentre project in Singapore Construction • Higher HY26 revenues from new project commencements • EBITDA margin of 3.7%, reflecting improved project performance Investments ($m) HY25 HY26 Management revenue 111 118 Management EBITDA 49 48 Co-investment EBITDA 49 42 Other EBITDA2 130 11 Total EBITDA 228 101 Segment Operating profit after tax 203 70 Management EBITDA margin 44.1% 40.7% Co-investment gross asset yield3 4.4% 4.4% Development ($m) HY252 HY26 EBITDA 138 34 Segment Operating profit after tax 95 32 Development ROIC4 14.9% 3.2% Construction ($m) HY252 HY26 Revenue 1,548 1,883 EBITDA (25) 69 Segment Operating profit after tax (26) 43 EBITDA margin (1.6%) 3.7% For personal use only
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132026 Half Year Results – February 2026 CRU commentary • The primary purpose of CRU is to accelerate capital recycling − Announced further $0.5b of asset sales including TRX retail and office interests − Total CRU announced and completed recycling transactions of $2.8b • Segment EBITDA loss of $(284)m included: − Write down of Communities development land of $(136)m ($(95)m post-tax) − Provisions taken in relation to retained international construction risks of $(44)m − The underlying cost base which includes people costs, IT costs, legal costs, insurance and other overhead • 1H FY25 Segment EBITDA of $34m included profits on capital recycling and land sales of $160m which have not been repeated in 1H FY26 Financial performance – Capital Release Unit 1 1. Comparative period the half year ended 31 December 2024 unless otherwise stated. 2. Calculation excludes the benefit of $0.9b hybrid securities issuance in HY26. HY26 includes the transfer of $0.8b of gross capital at FY25 from CRU to IDC segments. 3. Includes Retirement Living Australia and US Military Housing. 4. Segment OPAT shown excludes the allocation of corporate costs. Capital Release Unit ($m) HY25 HY26 International Development EBITDA (41) (58) Australian Communities EBITDA 142 (131) Investment portfolio EBITDA 3 15 11 International Construction EBITDA (67) (118) Other EBITDA (15) 12 Total EBITDA 34 (284) Segment Operating profit/(loss) after tax 4 (8) (232) Capital Release Unit ($) FY25 HY26 Gross CRU capital ($m) 4,579 3,785 Gross capital per security ($) 6.64 5.48 Net tangible asset per security ($) 2 3.78 2.50 For personal use only
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142026 Half Year Results – February 2026 509 393 287 263 197 208 250 203 706 601 537 466 ~400 FY22 FY23 FY24 FY25 FY26 (15%) (11%) (13%) FY26 target cost savings • In HY26, net overheads reduced from $255m in HY25 to $197m; reduction in employee expenses, professional fees, technology and leasing costs • $21m of pre-tax annualised run-rate savings were actioned from a full year target of $50m − The full benefit should be realised in FY27, providing a targeted exit run rate for net overheads of ~$350m at the end of FY26 • Depreciation and amortisation reduced by $20m in the half; lower capital expenditure and a reduced office footprint • CRU segment overhead will be closely managed and should reduce as capital recycling transactions in CRU complete, although are expected to remain elevated in 2H FY26 May 2024 cost out targets exceeded; pursuing further savings in FY26 1 1. Comparative period the half year ended 31 December 2024 unless otherwise stated. 2. Includes professional fees. Statutory disclosures on overhead costs Note 7 – financial statements $m FY22 FY23 FY24 FY25 HY26 $ change1 Total employee benefit expense 2,004 1,963 1,781 1,266 458 (222) Less: Recoveries through projects (1,495) (1,570) (1,494) (1,003) (348) 199 Net employee overhead 509 393 287 263 110 (23) Lease expense (including outgoings) 30 27 26 17 9 (2) IT expense (operational and outsourcing) 78 82 125 105 51 (6) Other2 89 99 99 81 27 (27) Net overheads 706 601 537 466 197 (58) Depreciation and amortisation 163 143 122 93 31 (20) Net employee overhead Lease, IT and Other (14%) For personal use only
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152026 Half Year Results – February 2026 Cash flow movements Investments: asset divestments, fees and distributions, partially offset by acquisition of APPFI units and operating costs Development: net cash outflow of $0.3b led by net Australian production spend, notably Victoria Harbour, 175 Liverpool St and Victoria Cross Construction working capital: increase from higher production CRU development production and operating spend: includes ~$0.3b of production spend2 to progress committed projects and other operating costs (expenses, overheads and other payments), partially offset by $0.1b of capital recycling of land CRU working capital and other liabilities: operating costs and funding of other liabilities, including payments relating to international construction FY26 net debt anticipated to reduce due to: • $3.0b of CRU and IDC transactions announced and underway to support a reduction in gearing including: − Targeted completion of announced transactions; Joint Venture with The Crown Estate, and the sale of TRX retail and office investments; − Transactions under exclusivity; Sale of Keyton Retirement Living, UK build to rent assets, and the recapitalisation of APPF Retail; and − Capital recycling on Victoria Cross Tower. Net debt 1. Net Debt movements across Operating and Investing cashflows. 2. Production and operating spend net of settlements and other receipts. Net Debt1 ($b) Investments, Development and Construction CRU 3.4 (0.1) 0.3 (0.1) 0.3 0.2 0.1 0.1 (0.9) 3.3 FY25 Net Debt Investments Development Construction Working Capital Interest, Corporate and Distributions Development Production and Operating Spend² Working Capital and Other Liabilities Interest and Corporate Hybrid securities HY26 Net Debt For personal use only
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162026 Half Year Results – February 2026 194 2,019 597 349 879 FY26 FY27 FY28+ Capital and liquidity management • Statutory gearing was 25.8% at HY26, including the benefit of hybrid securities − $0.9b hybrid securities were issued in September and October of 2025, providing additional financing flexibility • Committed and available liquidity of $3.3b, including $0.6b of cash • Average drawn debt maturity of 2.5 years • A$600m of USD bonds maturing in May 2026, expected to be repaid using available liquidity • Continuing to prioritise maintaining an investment grade credit rating Group debt and liquidity 1. Net debt to total tangible assets, less cash. 2. Calculation excludes the benefit of $0.9b of hybrid securities issuance completed in HY26. 3. Measured on a 12-month basis. 4. Includes cash and cash equivalents of $646m and $2,634m of available undrawn debt. Treasury overview FY25 HY26 Net debt $m 3,433 3,315 Average proportion of fixed debt % 41 45 Gearing 1 % 26.6 25.8 Underlying gearing 2 % 26.6 32.92 Interest cover 3 times 3.6 3.5 Average drawn debt maturity years 2.8 2.5 Average cost of debt % 5.4 5.3 Available liquidity 4 $m 2,951 3,280 Investment grade credit ratings Moody’s Baa3 stable outlook (Oct 2025) Fitch BBB- stable outlook (Jan 2026) Drawn debt maturity ($m) Bank debt Bond c.35% of the Group’s total facilities are green or sustainability linked For personal use only
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172026 Half Year Results – February 2026 Outlook and Strategy For personal use only
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182026 Half Year Results – February 2026 FY26 financial outlook 1 Lendlease is focused on growing and improving the performance of its IDC segments, while balancing value realisation and speed of execution within CRU 1. EPS guidance based on current securities outstanding. This forward looking information is based on management’s current opinions, expectations and estimates and is subject to change. See Important Notice on forward- looking statements on page 52. Earnings 1 EPS contribution from IDC of 28 to 34 cents is anticipated in FY26 Second half EPS contribution from IDC expected to be higher than the first half, supported by a similar underlying operating performance and transactional profits Consistent with prior disclosure, no specific FY26 earnings guidance is provided for CRU Capital and Costs Targeting ~$2.0b of CRU capital recycling in FY26 to support debt reduction and future growth ($0.5b announced or completed in HY26) Underlying gearing is targeted to be 15% by the end of FY26, subject to completion of targeted capital recycling initiatives in CRU and IDC Targeting $50m of additional pre-tax run-rate cost savings in FY26, with $21m actioned in HY26 Variables that may impact IDC guidance and CRU earnings include transaction timing, interest rate and foreign exchange movements, capital markets, valuation outcomes and other external factors 1 For personal use only
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192026 Half Year Results – February 2026 Grow FUM at an 8-10% average per annum, while creating and realizing value from existing funds and mandates Improve from >40% EBITDA margin towards 50% EBITDA margin by FY30 from scaling platform and new fee streams, including performance and acquisition fees Raise capital for new products, new mandates, APPF1 series and LREIT2 ($4.7b in progress) Complete ~$1b of co-investment capital recycling by FY27 Redeploy recycled capital into higher returning opportunities ~$4b of new development origination per annum targeted from FY27 $4.5b of completions across OCQ3, Victoria Harbour $3.9b Comcentre, One Darling Point completions Further fees from Northern Freight (FY28); New development management fee streams and ongoing fees from JV with The Crown Estate; development profits from UK plot sales as Master Developer External revenue targeted to grow to $5b+ by FY28, underpinned by Defence, Data Centres and Social Infrastructure Sustainable EBITDA margin of 3-4%, funding benefit for the Group Outlook for medium term growth and earnings across IDC Generating double digit equity returns from IDC operations in the medium term 1. Australian Prime Property Fund. 2. Lendlease Global Commercial REIT. 3. One Circular Quay. FY27 FY28 FY29 FY30 Investments Development Construction $2.7b of completions across Gurrowa Place, Victoria Harbour Progress deployment of ~$2.8b of available capital New fee streams from JV with The Crown Estate and Northern Freight $4.5b+ of revenue targeted 3-4% EBITDA margin $4b+ development origination 8%+ target FUM growth 40%+ target EBITDA margin For personal use only
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202026 Half Year Results – February 2026 Delivering on our strategy Simplification and de-risking of the Group; exit of international construction $2.8b announced or completed CRU capital recycling $1.5b further CRU capital recycling targeted in FY26 $160m Overhead cost savings actioned $1.8b of new mandates1 $4.7b of new Australian projects secured $4.0b of new work secured ❑ ~$50b of FUM; margin of 40%+ in Investments ❑ $4.5b of Development completions ❑ $4.5b+ of Construction revenue Continued execution of strategic initiatives announced in May 2024 Building momentum across core operations in HY26 Improved outlook for FY27 Development Investments Construction 1. Capital raised for existing vehicles and new mandates For personal use only
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212026 Half Year Results – February 2026 Analyst Q&A For personal use only
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222026 Half Year Results – February 2026 Appendix For personal use only
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232026 Half Year Results – February 2026 Lendlease operating segments We leverage our investment management and asset creation skills – including development and construction – to deliver city shaping projects and create strong and connected communities 1. Residential. 2. From external clients. Construction margin on internal work captured in the Development segment. Investments The segment comprises fund and asset management activities and the Group’s real estate co-investment portfolio Development The segment is predominantly focused on the creation of mixed-use precincts, including build to rent1 and build to sell1 apartments, and sustainable workplaces Construction The segment provides project management, design and construction services, predominantly in the social infrastructure, defence and workplace sectors Capital Release Unit The segment is focused on the recycling of capital from assets identified as part of the May 2024 strategy update, including the accelerated release of international development capital Core financial returns • Fund and asset management fees • Ownership income and realised capital returns from active portfolio management Core financial returns • Development margin • Development and construction management fees • Origination fees Core financial returns • Construction margin2 • Project management and construction management fees Core financial returns • The financial priority is to optimise the release of capital by balancing value realisation and execution speed For personal use only
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242026 Half Year Results – February 2026 HY26 summary • No corporate reportable fatalities across the Group in HY26 • Maintained a high percentage of Operations without a critical incident at 97% • Lowest ever recorded number of Critical Incidents for a H1 reporting period • Embedment of the 2025 Global Minimum requirements • Revised and expanded the Safety index to include further lead indicators, whilst updated to be weighted more heavily toward lead than lag metrics in FY26 with revised timeframes to align with 2025 GMRs and business processes Health and Safety 1. Calculated to provide a rate of instances per 1,000,000 hours worked. 2. An event that caused, or had the potential to cause, death or permanent disability. 3. Percentage of operations that have not reported a critical incident. 4. The Lendlease Safety Index is a balanced scorecard of lag and lead metrics designed to reward performance based on the final overall score with an indexed safety performance score from 0 to 110. A score of 110 represents optimal performance. Key performance indicators at record rates Managing critical EHS risks throughout project lifecycle Preventing exposure to injury and impacts from the products we provide Preventing exposure to serious incidents from the work activities we oversee Creating a culture where our people are respected and supported Physical safetyProcess safety Psychological safetyProduct safety HY26 Critical Incident Frequency Rate1 Operations without a critical incident2,3 (%) Lost Time Injury Frequency Rate1 Safety Index4 HY25 HY26 HY25 HY26 HY25 HY26 HY25 0.52 0.46 97% 97% 1.46 1.58 106.33 106.18 For personal use only
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252026 Half Year Results – February 2026 Environmental, Social and Governance 1. FY25 IM Workplaces with Impact grant recipients are TwoGood, Hotel Etico, Indigenous Literacy Foundation, and Good Shepherd & Fitted for Work. 2. Awarded by the Green Building Council of Australia, delivered by the Cross Yarra Partnership Design & Construction Subcontractor including Lendlease, John Holland and Bouygues Construction Australia. 3. Enabling Lendlease to deliver commitments in our Elevate Reconciliation Action Plan (RAP) for July 2025 to June 2028, titled Country, Truth and Our Shared Story. 4. Including both multifamily buildings at Clippership, Cascade, The Cooper, and The Reed. HY26 key achievements Partnership Established new partnership with the emerging UTS Indigenous Institute for Designing with Country3 ESG Databook Released FY25 ESG Databook Modern Slavery Submitted FY25 Modern Slavery Statement Green Star Rating All five stations of the Melbourne Metro Tunnel Project received 6 Star Green Star – Custom certified ratings2 Community Day Celebrated the 30th anniversary of Community Day with 45 projects and 640+ volunteers GRESB Awards Received 6 Global and 17 Regional 2025 GRESB Sector Leadership Awards Energy Star All eligible US assets in operation under Lendlease control received ENERGY STAR Certification for 20254 Workplaces with Impact Awarded four IM Workplaces with Impact grants to support education and employment outcomes1 For personal use only
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262026 Half Year Results – February 2026 Investments For personal use only
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272026 Half Year Results – February 2026 FUM CAGR, FY19-25 $118m Management revenue, HY26 2 40.7% Management EBITDA margin, HY26 2 11.0% Co-investment % of FUM 3, HY26 4.4% Gross asset yield, HY26 4 Investments1 Focused on performance, liquidity and growth Global network of long-standing client relationships -------------- Real estate skills to add value at the asset level -------------- Active management to enhance performance and returns -------------- Trusted fiduciary with strong governance -------------- 1. Excludes investments in the Capital Release Unit. 2. Management EBITDA margin excludes transaction and performance fees. 3. Represents FUM for major funds only, adjusted for leverage. 4. Gross asset yield before deductions of interest, applicable taxes and fees, normalised where appropriate. Historical performance (incl. international) EBITDA margin Average Capital partners Australia Asia Europe Americas >80 5.6% 59%24% 10% 7% $48.7b FUM, HY26 1 42.5% 45.9% 42.0% 37.6% 37.8% 40.1% 40.6% 40.7% 40.9% FY19 FY20 FY21 FY22 FY23 FY24 FY25 HY26 For personal use only
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282026 Half Year Results – February 2026 Funds under management1 by product FUM growth supported by $1.5b of asset creation 1. The Group's assessment of the market value of Funds Under Management (FUM). 2. Relates to residential build to rent assets. 3. FX and Other relates predominantly to transfer of Lendlease Real Estate Partners 4 from other to workplace. FUM ($b) By product ($b) FY25 Additions Divestments Revals FX & Other3 HY26 Workplace 25.7 0.2 - - 0.8 26.7 Residential2 3.9 0.4 - (0.1) - 4.2 Retail 13.0 0.8 (1.3) 0.1 (0.1) 12.5 Data Centres and Industrial 3.3 0.1 (0.5) - 0.1 3.0 Other 3.0 - - - (0.7) 2.3 FUM 48.9 1.5 (1.8) - 0.1 48.7 48.9 1.5 (1.8) 0.1 48.7 FY25 Additions Divestments FX and Other HY26 For personal use only
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292026 Half Year Results – February 2026 $m FY19 FY20 FY21 FY22 FY23 FY24 FY25 HY26 Australia FUM ($b) 24.8 24.7 27.6 31.1 30.8 28.0 27.7 28.6 Revenue 1 141 125 124 135 144 131 100 44 EBITDA 1 74 68 66 59 66 60 39 14 EBITDA margin 1 52.5% 54.4% 53.2% 43.7% 45.8% 45.8% 39.0% 31.8% Asia FUM ($b) 8.2 8.7 8.4 9.4 10.4 11.9 12.7 12.0 Revenue 1 62 123 63 78 82 83 89 58 EBITDA 1 34 97 41 51 39 43 58 37 EBITDA margin 1 54.8% 78.9% 65.1% 65.4% 47.6% 51.1% 65.2% 63.8% Europe FUM ($b) 1.5 1.6 1.9 1.9 4.6 4.6 5.1 4.8 Revenue 1 13 8 11 14 18 20 21 12 EBITDA 1 (7) (13) (16) (10) (3) 1 (4) 1 Americas FUM ($b) 0.7 1.0 1.7 2.0 2.5 2.8 3.4 3.3 Revenue 1 2 3 3 7 9 8 9 4 EBITDA 1 - 3 (1) 3 - (7) (4) (4) Investment platforms by region 1. Includes transaction and performance fees. Excludes co-investment distributions and transaction gains or losses. Strong returns have been achieved in established Australia and Asia platforms • Operations across Asia Pacific contribute more than 80% of FUM • Changes in structure and segment leadership are anticipated to drive improved performance and increase scale in Europe and the Americas • Growth initiatives will focus on tailoring and matching products to investor preferences, with potential minority co-investment positions in future products Margins across Asia Pacific driving returns; focused on improving profitability For personal use only
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302026 Half Year Results – February 2026 Total assets2 Equity Co-investment Country Sector No. of assets Leased WALE Weighted avg. cap rate $b $m # % Years % Australian Prime Property Fund Commercial 5.9 298 Australia Workplace 21 92.0% 4.9 5.8% Lendlease International Towers Sydney Trust 4.2 135 Australia Workplace 4 94.9% 4.6 5.6% Lendlease Global Commercial REIT 4.6 506 Singapore Workplace, Retail 4 94.9% 3.8 N/A3 Paya Lebar Quarter 2.7 265 Singapore Workplace, Retail 4 97.7% 2.2 3.8% Australian Prime Property Fund Retail 2.9 211 Australia Retail 5 99.4% 3.3 5.7% Lendlease One International Towers Sydney Trust 2.6 50 Australia Workplace 1 96.2% 4.7 5.6% Lendlease Americas Residential Partnership 3.1 2324 US Residential 54 95.3%4 N/A 5.1%4 Australian Prime Property Fund Industrial 2.1 400 Australia Data Centres, Industrial 42 89.3% 5.4 5.6% Lendlease Moorfields (Europe) Investment Partnership 1.5 33 UK Workplace 1 100.0% 22.6 5.0% Other Funds and Mandates5 19.1 804 N/A Various N/A N/A N/A N/A Totals / averages6 48.7 2,934 Various >85 95.0% 5.4% Co-investment and fund summary1 1. Excludes Vita Partners FUM of $1.4b. 2. The Group’s assessment of market value. 3. Not disclosed. 4. Reflects completed and stabilised assets in the fund. 5. Includes 20 funds and 12 investment mandates. 6. Averages based on disclosed information and excludes “Other Funds and Mandates”. HY26 funds management platform For personal use only
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312026 Half Year Results – February 2026 CreditFlagship Vehicles Australia and US Core Mandates & Clubs International Value add Investments growth strategies Leveraging our investment management capabilities to drive strong performance and new products Existing Vehicles and Track Record • $15b+ across Flagships • Australian Prime Property Fund (APPF) series; Commercial, Retail, Industrial • Lendlease Global Commercial REIT (LREIT) • Vita Partners Asia Pacific life sciences platform • Outperformance against benchmark indexes • $20b+ in Mandates and $12b+ in Clubs • Servicing wide range of clients, including major Australian superannuation funds, insurers, international pension funds and sovereign funds • Japan Office repositioning and sale; achieved >20% IRR • Japan Data Centre development and sale; achieved >40% IRR • Redevelopment of Certis Head Office, Paya Lebar Green, Singapore; Prime A Grade asset; now 100% leased • Leveraging Lendlease’s end-to-end real estate capabilities to assess development risk alongside financial partners Growth opportunities • APPF series funds - high quality portfolios and clear fund strategies for growth • LREIT portfolio positioned for growth, recently completed S$280m private placement to fund acquisition • Targeting to scale Vita Partners to a ~$6b platform; international pharmaceutical, R&D and innovation clients • Increasing demand from investors for direct investment opportunities • Ability to leverage Development pipeline • ~$6b or ~700MW pipeline of opportunities being bid for in partnership across Australia and Japan • $0.4b KWAP mandate signed and in deployment • Finalising documentation on $1.2b Japan value add mandate • Signed ~A$775m credit mandate targeting development financing in the US. Currently in deployment • Progressing Australia credit product Asia Pacific Asia Pacific For personal use only
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322026 Half Year Results – February 2026 Development For personal use only
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332026 Half Year Results – February 2026 $66.7b Development pipeline, HY26 3 $58.1b Master planned or in conversion, HY26 3 $2.1b Invested capital, HY26 4.5% ROIC (Australia), HY26 Development 1 Leading mixed-use, urban regeneration capability 1. Segment includes operations in Australia, United Kingdom (projects within the announced joint venture transaction with The Crown Estate) and Singapore (Comcentre). 2. Development overheads are approximately $50-60m p.a. 3. Stated on 100% basis. 4. BTS refers to “build-to-sell”. BTR refers to “build-to-rent”. Historical performance (Australia)2Experience across a range of sectors and products -------------- Strong government and capital partner relationships -------------- Market leader in urban regeneration & luxury residential -------------- ROIC Average By capital structureBy asset type Residential (BTS)4 Workplace Residential (BTR)4 Other Joint venture Fund through Balance sheet 42% 40% 12% 6% $8.5b work in progress HY263 79% 12% 9% $8.5b work in progress HY263 29.2% 10.5% 28.6% (2.2%) 7.8% 7.3% 17.0% 4.5% 14.0% FY19 FY20 FY21 FY22 FY23 FY24 FY25 HY26 For personal use only
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342026 Half Year Results – February 2026 Invested capital 4 Presold5 / Pre let End value 6 Margin 7 Delivery timeline Project City Sector 2 Model 3 Ownership FY25 HY26 % $b % Start Target completion Profit realised Development Australia Melbourne Quarter West Melbourne Residential (BTR) Fund through 25% 0.1 0.1 n/a 0.5 15-20% FY23 FY26 One Circular Quay Sydney Residential (BTS), Hotel Joint venture8 33%8 0.2 0.3 79%8 3.3 30-35% FY23 FY27 Victoria Harbour (Regatta) Melbourne Residential (BTS) Balance sheet 100% - - 79% 0.4 15-20% FY24 FY27 n/a Victoria Harbour (Ancora) Melbourne Residential (BTS) Balance sheet 100% - 0.1 52% 0.4 15-20% FY25 FY27 n/a Victoria Harbour Melbourne Residential (BTR) Fund through 50%9 0.1 0.1 n/a 0.4 5-10% FY25 FY27 One Darling Point Sydney Residential (BTS) Joint venture 50% - - - 0.5 20-25% FY26 FY28 Gurrowa Place, QVM Melbourne Residential (BTR) Balance sheet 100% - - n/a 1.110 n/a11 FY27 FY30 n/a Victoria Harbour 12 Melbourne Residential (BTS) Balance sheet 100% - - n/a 1.6 10-15% FY27 FY30 n/a 175 Liverpool St Sydney Residential (BTS) Joint venture 50% - 0.1 - 2.5 25-30% FY27 FY31 Hunter Street West Sydney Workplace Balance sheet 100% - - - 2.2 15-20% FY30 FY32 n/a Town Hall Place Melbourne Workplace Balance sheet 100% 0.1 0.1 - 0.4 n/a11 n/a n/a n/a Other developments Various Mixed 0.6 0.5 0.3 Total Australia pipeline 1.1 1.3 13.6 Other development Comcentre Singapore Workplace Joint venture 49% n/a 0.3 24% 3.4 n/a11 FY25 FY28 n/a UK JV with The Crown Estate13 Various Mixed Joint venture13 50%13 n/a 0.5 n/a 49.7 n/a11 Mixed Mixed n/a Total pipeline 1.1 2.1 66.7 Development 1 Summary of major projects 1. Excludes third party development projects where Lendlease has no current ownership. 2. BTS refers to “build-to-sell.” BTR refers to “build-to-rent.” 3. Current funding model. 4. Figures stated in $b. 5. Based on total dollar value. 6. Stated on 100% basis. 7. Project-level margin on cost. Excludes Development segment overhead costs. 8. In relation to the residential build to sell component. 9. Ownership includes 20% held within Investments segment. 10. Excludes student accommodation component to be developed and managed by a third-party. 11. Commercially sensitive. 12. In relation to the master planned component. 13. Subject to satisfaction of conditions precedent. Reflects proportion of profit recognised to date relative to estimated total project profit. Rounded up to 25% increments e.g. 0-25%, 25-50%, 50-75%, 75-100%. For personal use only
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352026 Half Year Results – February 2026 Well placed to secure $10b+ of pipeline opportunities in FY26 $16b+ pipeline of other near term target opportunities Our focus remains Australia only for new development opportunities A strong pipeline of anticipated completions from FY27 onwards Development growth strategies Growing our Australian Development pipeline to support future earnings In-portfolio opportunities of ~$12b • Athlete Village, RNA Showgrounds, Brisbane; under negotiation with Qld Government • Rozelle, Sydney: harbourside land holding targeted for residential Targeted public opportunities of ~$13b • Residential-led opportunities across Sydney, Melbourne and Brisbane alongside industrial and logistics in Melbourne Targeted private opportunities of ~$3b • Includes mixed use urban renewal opportunities, commercial and luxury residential More than $11b of anticipated completions across FY27 -FY30 to support future development earnings • Key projects include One Circular Quay, One Darling Point, Gurrowa Place (QVM) and Victoria Harbour • Committed international JV projects include Comcentre, Singapore For personal use only
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362026 Half Year Results – February 2026 Construction For personal use only
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372026 Half Year Results – February 2026 $1.9b Revenue, HY26 $8.0b Backlog revenue, HY26 2 $6.9b External preferred, HY26 2.8% Avg. EBITDA margin, FY19-25 Construction1 Australia-only builder with deep sector expertise and client relationships 1. Australia only. Excludes Engineering and Services. 2. Construction revenue to be earned in future periods (excludes internal projects). Historical performance (Australia)Internal and external delivery capability -------------- Exposure to a diverse range of sectors -------------- History of operational excellence -------------- EBITDA Margin Average Secured backlog and preferred work of ~$15b Social infrastructure Defence Transport Data centres Other Government Corporate 71% 29% $8.0b backlog revenue HY26 2 3.1% 3.0% 3.9% 3.8% 2.8% 1.7% 1.1% 3.7% 2.8% FY19 FY20 FY21 FY22 FY23 FY24 FY25 HY2633% 23% 21% 20% 3% $8.0b backlog revenue HY26 2 For personal use only
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382026 Half Year Results – February 2026 5.9 4.0 (1.9) 8.0 FY25 Construction Backlog New Work Secured Revenue HY26 Construction Backlog Construction backlog, revenue and preferred book 1. Construction revenue to be earned in future periods (excludes internal projects). 2. Ratio calculated as external new work secured over external revenue to the nearest million. 3. Preferred projects where Lendlease has been exclusively nominated by the client (usually via a formal communication or commitment) as the preferred contractor pending finalisation of scope, commencement, price and contract terms. Historical Revenue and Backlog1 ($b) Backlog1 ($b) HY26 preferred3 book by client type Revenue Backlog Government CorporateSocial infrastructure Defence Data centres Other Book to bill 2: 2.1 3.2 2.9 3.2 3.7 3.4 3.0 1.9 5.7 6.3 7.0 5.7 3.9 5.9 8.0 FY20 FY21 FY22 FY23 FY24 FY25 HY26 43% 34% 14% 9% $6.9b 62% 38% $6.9b For personal use only
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392026 Half Year Results – February 2026 ~$9b of active bids underway Building on ~$15b of secured and preferred work Improved risk profile; rebalancing portfolio Strong growth in attractive sectors: • Social infrastructure • Defence • Data centres Higher quality of earnings Construction growth strategies Scaling our market leading Australian platform New Work Secured (NWS) exceptionally strong; large pipeline of high-quality projects to support up to $5b+ of annual external revenues in the medium term • Backlog revenue of $8.0b and a preferred book of $6.9b • Additional ~$9b of active bids underway − Currently targeting new work across major transport, social infrastructure and data centre projects Re-focused Australia-only operations; enhanced risk management • Increased management focus; ~25 projects of scale • Projects predominantly >$150m project value • No third party residential construction (build to sell) Improving margins through portfolio mix • Majority of revenues from high quality defence and social infrastructure work • Targeting EBITDA margins of 3.0 to 4.0% For personal use only
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402026 Half Year Results – February 2026 Capital Release Unit For personal use only
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412026 Half Year Results – February 2026 Efficient and early release of capital from land and inventory currently available for sale Fulfilling commitments to existing capital partners on in-progress projects Satisfying various obligations (such as planning, remediation, etc.) to maximise value capture Capital Release Unit Maximising value capture from our international development projects Land and inventory currently available for sale Joint ventures to be completed Land management agreements to be revised Orderly capital release from overseas development projects while maximising value and preserving key stakeholder relationships 1. CPF means Canadian pension fund. 2. ASF means Australian superannuation fund. 3. BTS refers to “build-to-sell” residential. 4. Subject to satisfaction of conditions precedent Hayes Point, San Francisco Lakeshore East, Chicago Southbank, Chicago Deptford Landings, London Europe inventory: • Elephant Park • Wandsworth • Potato Wharf Americas inventory: • Fifth Avenue • Cirrus • The Reed • Claremont Other land in Europe and Americas Forum, Boston (CPF) 1 Stratford Cross (office), London (CPF) 1 Paya Lebar Green, Singapore (Certis) 1 Java Street, New York (ASF) 2 Habitat, Los Angeles (ASF) 2 Milan Innovation District (office) (CPF) 1 Elephant Park (BTS), London 3 (Daiwa House) Comcentre, Singapore (Singtel) Stratford Cross (land), London Milan Innovation District (land) High Road West, London Smithfield, Birmingham Milano Santa Giulia (land) Silvertown, London Thamesmead, London Euston Station, London # Strike-through denotes completed joint venture project or sold asset # Strike-through denotes land management agreements to be sold into the announced UK JV with The Crown Estate4 # Strike-through denotes transfer to the Development segment for project completion For personal use only
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422026 Half Year Results – February 2026 Capital Release Unit – gross invested capital 1. $809m of capital at FY25, comprising $499m relating to UK projects within the announced joint venture transaction with The Crown Estate and $310m from Comcentre, Singapore, transferred to Development segment in HY26. 2. Other includes other international development, retained Communities and construction CRU capital. 3. Subject to satisfaction of conditions precedent. Note: Terms are defined in the glossary on page 51 Region or City Project Sector Capital model Ownership FY25 Inv. capital ($m) HY26 Inv. capital ($m) On market sales 1,341 1,333 Malaysia TRX retail, hotel, office Mixed use Joint Venture 60% Australia Keyton Retirement Living Retirement Joint Venture 25.1% China Ardor Gardens Senior Living Balance sheet 100% International land and inventory US, UK and Asia Mixed use Mixed Mixed 919 919 International JV projects 1 US, UK, Italy and Asia Mixed use Joint Venture Mixed 1,024 738 Italian projects MIND, MSG Mixed use Staged / LMA Mixed 625 620 Other 2 171 175 Sub total 4,080 3,785 JV with The Crown Estate 1,3 Mixed UK development Mixed use Joint Venture 3 50% 3 499 Total 4,579 3,785 For personal use only
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432026 Half Year Results – February 2026 Proforma and Historical Financials For personal use only
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442026 Half Year Results – February 2026 Group financial and operating metrics1 FY19 FY20 FY21 FY22 FY23 FY24 FY25 HY25 HY26 Earnings Statutory profit/(loss) after tax ($m) 467 (310) 222 (99) (232) (1,502) 225 48 (318) EPS on Statutory Profit/(loss) after Tax (cents) 82.4 (51.4) 32.3 (14.4) (33.7) (217.7) 32.6 7.0 (46.1) Operating Profit /(loss) after Tax 295 (209) 196 (169) (57) (1,242) 386 122 (200) EPS on Operating Profit/(loss) after Tax (cents) 52.0 (34.7) 28.5 (24.5) (8.3) (180.0) 55.9 17.7 (29.0) Operating PAT to average securityholders equity (ROE) 4.7% (3.2%) 2.8% (2.5%) (0.8%) (21.0%) 7.7% 5.0% (7.5%) Effective Tax Rate 1 24.7% n/m 24.5% 33.6% 26.1% n/m 38.2% n/m 19.5% Distributions and Security information Distribution per stapled security (cents) 42.0 33.3 27.0 16.0 16.0 16.0 23.0 6.0 6.2 Distribution Payout ratio 2 51% n/m 49% 40% 43% 42% 41% 34% n/m Securities on issue (m) 564 688 689 689 689 690 690 690 691 Weighted average number of securities (m) 567 603 688 689 689 690 690 690 690 Security price at period end ($) 13.00 12.37 11.46 9.11 7.75 5.41 5.38 6.23 5.20 Number of securityholders 62,454 66,161 69,057 66,333 61,338 57,279 50,394 53,486 48,586 Capital and Corporate Debt Net asset backing per security ($) 11.27 10.08 10.09 10.12 9.64 7.07 7.45 7.30 8.05 Net tangible asset backing per security ($) 8.69 7.96 7.98 8.34 7.85 6.07 6.55 6.38 7.17 Gearing 3 9.9% 5.7% 5.0% 7.3% 14.8% 21.1% 26.6% 26.8% 25.8% Interest cover 4 8.8x 2.8x 6.4x 5.6x 3.0x 2.7x 3.6x 2.9x 3.5x Average cost of debt 4.0% 3.4% 3.6% 3.6% 4.3% 5.4% 5.4% 5.5% 5.3% FY19 FY20 FY21 FY22 FY23 FY24 FY25 HY25 HY26 Ratios and other data Operating EBITDA mix by Segment (excludes the Capital Release Unit) Investments 23% 49% 24% 72% 46% 42% 47% 67% 50% Development 62% 32% 58% (7%) 30% 45% 48% 40% 17% Construction 15% 19% 18% 35% 24% 13% 5% (7%) 33% Group Invested Capital (closing) ($b) 5 7.8 8.2 7.7 8.1 9.1 8.2 8.6 9.0 9.0 Number of equivalent full-time employees 6 8,787 8,398 8,192 7,759 7,647 6,557 4,200 5,242 3,758 1. Effective Tax Rate is non meaningful in FY20 and FY24 due to a negative rate. 2. Distribution Payout Ratio is non meaningful in FY20 and HY26 due to the group operating loss. Distribution Payout Ratio from 1 July 2024 has been presented to current period definition of OPAT. Comparatives have not been restated. 3. HY26 calculation includes the benefit of $0.9b hybrid securities issuance. Excluding hybrid securities, underlying gearing of 32.9%. 4. Interest cover has been adjusted to exclude one off items related to the Engineering business, and other exceptional Items (FY19: $500m; FY20: $525m; FY21: $185m; FY22: $561m, FY23: $295m, FY24: Nil, FY25: $33m, HY26: $249m). Comparatives have not been restated. 5. Total Invested Capital includes Corporate. 6. Excludes full time equivalent employees from FY22 for Retirement Living. Comparatives have not been restated. An excel file containing the data on this page is available at: https://www.lendlease.com/au/investor-centre For personal use only
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452026 Half Year Results – February 2026 Financial performance – IDC and CRU 1 1. Comparative period the half year ended 31 December 2024 unless otherwise stated. Allocation methodologies Proforma information presented on this and the following two pages, for HY26 and earlier periods, are presented on a fully costed basis, allocating corporate overhead and finance costs to IDC and CRU to facilitate calculating proforma Operating EPS for both CRU and IDC Corporate and treasury costs • Group, treasury and other centralised functional overhead costs for the half year have been allocated to each of IDC and CRU based on each segment’s share of average invested capital for the HY26 period Net finance costs • Net finance costs have been allocated this period to each of IDC and CRU based on each segment’s share of average net debt • Net debt at 31 December 2025 has been allocated based on average invested capital for the HY26 period HY25 HY26 $m IDC CRU Group IDC CRU Group Segment EBITDA 341 34 375 204 (284) (80) Corporate and treasury costs (26) (31) (57) (29) (26) (55) Operating EBITDA 315 3 318 175 (310) (135) Depreciation and amortisation (25) (26) (51) (15) (16) (31) Net finance costs (57) (79) (136) (43) (42) (85) Operating profit/(loss) before tax 233 (102) 131 117 (368) (251) Income tax benefit/(expense) (23) 14 (9) (30) 81 51 Operating profit/(loss) after tax 210 (88) 122 87 (287) (200) Investments and CRU segments revaluations and impairments post tax (73) (1) (74) (53) (65) (118) Statutory profit/(loss) after tax 137 (89) 48 34 (352) (318) Operating EPS (cents) 30.4 (12.7) 17.7 12.6 (41.6) (29.0) Statutory EPS (cents) 19.9 (12.9) 7.0 4.9 (51.0) (46.1) For personal use only
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462026 Half Year Results – February 2026 Historical financials (pro-forma and reported) – Segments1 1. OPAT shown on this page represents Segment OPAT which excludes the allocation of costs in relation to corporate activities, such as net finance costs and corporate expenses. 2. Represents FUM for major funds only, adjusted for leverage. 3. HY26 ROIC normalised for transfer of UK and Singapore projects from CRU to the Development segment in the period (i.e. UK projects within the announced joint venture transaction with The Crown Estate and Comcentre in Singapore). 4. UK and Singapore projects were transferred from CRU to the Development segment in the period (i.e. UK projects within the announced joint venture transaction with The Crown Estate and Comcentre in Singapore). 5. HY26 Australian pipeline of $13.6b; UK and Singapore pipeline of $53.1b. 6. Inclusive of $575m goodwill. An excel file containing the data on this page is available at: https://www.lendlease.com/au/investor-centre $m FY19 FY20 FY21 FY22 FY23 FY24 FY25 HY26 Investments (incl. international) FUM ($b) 35.2 36.0 39.6 44.4 48.3 47.3 48.9 48.7 FUM growth 16.9% 2.3% 10.0% 12.1% 8.8% (2.1%) 3.4% (0.4%) Management revenue 200 194 192 211 243 242 219 118 Management expense (115) (105) (111) (132) (151) (145) (130) (70) Management EBITDA 85 89 81 79 92 97 89 48 Management EBITDA margin 42.5% 45.9% 42.0% 37.6% 37.8% 40.1% 40.6% 40.7% Other EBITDA 42 120 19 51 15 (5) 143 11 Co-investment capital (closing) ($b) 1.9 2.1 2.4 2.8 3.2 3.1 3.1 2.9 % of FUM 2 5.9% 8.3% 8.4% 8.8% 10.2% 12.2% 11.5% 11.0% Co-investment EBITDA 67 35 45 117 98 93 81 42 Gross asset yield n/a n/a n/a n/a n/a 4.4% 4.5% 4.4% Total EBITDA (Investments) 194 244 145 247 205 185 313 101 Segment OPAT (Investments) 138 177 125 187 164 147 270 70 Invested capital (closing) ($b) 1.9 2.1 2.4 2.8 3.2 3.0 3.3 3.1 - Australia 1.1 1.0 1.0 1.2 1.2 1.1 1.1 1.3 - International 0.8 1.1 1.3 1.5 2.0 1.9 2.2 1.8 $m FY19 FY20 FY21 FY22 FY23 FY24 FY25 HY26 Development EBITDA 512 157 354 (24) 134 198 316 34 Segment OPAT 362 105 250 (22) 96 107 206 32 Invested capital (closing) ($b) 1.0 0.9 0.9 1.1 1.3 1.3 1.1 2.1 ROIC 3 31.1% 11.4% 28.6% (2.2%) 7.8% 7.3% 17.0% 3.2% WIP ($b) 4 3.8 6.3 8.4 9.2 10.3 7.5 6.3 8.5 Pipeline ($b) 4,5 14.6 15.3 15.3 12.2 13.3 11.8 9.8 66.7 Construction (Australia only) Revenue 4,052 3,217 2,868 3,187 3,707 3,437 3,002 1,883 EBITDA 126 97 112 121 105 60 33 69 Margin 3.1% 3.0% 3.9% 3.8% 2.8% 1.7% 1.1% 3.7% Segment OPAT 84 62 72 81 58 25 10 43 Invested capital (closing) ($b) 6 0.1 (0.1) (0.1) (0.3) (0.6) (0.5) - - Backlog ($b) 5.5 5.7 6.3 7.0 5.7 3.9 5.9 8.0 Capital Release Unit EBITDA (11) (284) 169 131 (136) (771) 379 (284) Segment OPAT (30) (270) 27 18 (163) (846) 207 (232) Invested capital (closing) ($b) 4.8 5.2 4.4 4.5 5.2 4.5 4.6 3.8 For personal use only
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472026 Half Year Results – February 2026 Historical financials (pro-forma and reported) – Group1 $m FY19 FY20 FY21 FY22 FY23 FY24 FY25 HY26 Segment EBITDA I / D / C (ex-CRU) 832 499 610 343 444 443 662 204 Capital Release Unit (11) (284) 169 131 (136) (771) 379 (284) Group 821 215 779 474 308 (328) 1,041 (80) Corporate costs 1,2 I / D / C (ex-CRU) (54) (46) (54) (231) (59) (95) (60) (29) Capital Release Unit (86) (83) (74) (166) (79) (270) (66) (26) Group (140) (129) (128) (397) (138) (365) (126) (55) Treasury costs 1,2 I / D / C (ex-CRU) (10) (10) - - Capital Release Unit (13) (14) (1) - Group (25) (29) (33) (21) (23) (24) (1) - Depreciation and amortisation 1,2 I / D / C (ex-CRU) (72) (53) (45) (15) Capital Release Unit (71) (69) (48) (16) Group (122) (244) (207) (163) (143) (122) (93) (31) Net finance revenue / (expense) 1,2 I / D / C (ex-CRU) (35) (124) (113) (43) Capital Release Unit (53) (114) (139) (42) Group (125) (148) (136) (116) (88) (238) (252) (85) Operating Profit after Tax 3 I / D / C (ex-CRU) 483 242 330 16 227 135 346 87 Capital Release Unit (188) (451) (134) (185) (284) (1,377) 40 (287) Group 295 (209) 196 (169) (57) (1,242) 386 (200) $m FY19 FY20 FY21 FY22 FY23 FY24 FY25 HY26 Operating Earnings per security (cents) I / D / C (ex-CRU) 85.2 40.1 48.0 2.3 32.9 19.6 50.1 12.6 Capital Release Unit (33.2) (74.8) (19.5) (26.8) (41.2) (199.6) 5.8 (41.6) Group 52.0 (34.7) 28.5 (24.5) (8.3) (180.0) 55.9 (29.0) Return on Equity I / D / C (ex-CRU) 20.4% 9.5% 12.1% 0.5% 7.6% 4.9% 13.6% 5.9% Capital Release Unit (4.7%) (10.5%) (3.1%) (4.7%) (7.3%) (42.4%) 1.6% (24.1%) Group 4.7% (3.2%) 2.8% (2.5%) (0.8%) (21.0%) 7.7% (7.5%) Investments and CRU segments revaluations and impairments 4 I / D / C (ex-CRU) 96 (62) 30 61 (155) (263) (75) (53) Capital Release Unit 76 (39) (4) 9 (20) 3 (86) (65) Group 172 (101) 26 70 (175) (260) (161) (118) Other exceptional items – now reported in operating earnings 4,5 I / D / C (ex-CRU) - - - (262) - (37) Capital Release Unit - (9) - (159) (295) (1,459) Group - (9) - (421) (295) (1,496) Net debt (closing) 2,6 I / D / C (ex-CRU) 553 298 291 467 1,026 1,072 1,648 2,211 Capital Release Unit 872 535 404 593 1,355 2,104 1,785 2,012 Group 1,425 833 695 1,060 2,381 3,176 3,433 4,223 Net tangible assets per security 6,7 I / D / C (ex-CRU) $2.88 $2.77 $3.35 Capital Release Unit $3.19 $3.78 $2.50 Group $6.07 $6.55 $5.85 1. Stated on a pre-tax basis. 2. Corporate costs, treasury costs and net debt allocated based on average invested capital. 3. OPAT shown on this page includes the allocation of costs in relation to corporate activities, such as net finance costs and corporate expenses. 4. Stated on a post-tax basis. 5. Other exceptional items shown for reference only as reported within operating earnings. 6. Calculation excludes the benefit of $0.9b hybrid securities issuance in HY26. 10. Includes the allocation of corporate net assets. Including $0.9b hybrid securities issuance, Group NTA at HY26 was $7.17. An excel file containing the data on this page is available at: https://www.lendlease.com/au/investor-centre For personal use only
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482026 Half Year Results – February 2026 Other Financial Information For personal use only
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492026 Half Year Results – February 2026 Capital Allocation Framework Released capital will be reallocated based on our transparent hierarchy for capital deployment: 1. Based on Operating profit after tax which excludes stabilised Investment property revaluations (including revaluations and impairments of Other financial assets and Equity accounted investments that hold stabilised Investment properties) that are classified in the Investments and Capital Release Unit segments. 2. Consolidated statutory gearing calculated as net debt divided by total tangible assets less cash. Target gearing of 15% based on underlying gearing which excludes the benefit of $0.9b of hybrid securities issuance in HY26. Subject to completion of targeted capital recycling initiatives across CRU and IDC Operating productivity Capital productivity Maximise cash flow through lower costs, productivity, technology and culture Distribution linked to business performance Net operating cash flow Excess cash flow Capital return Security buy-backs, additional distributions Debt reduction Target gearing of 15% by the end of FY26 2 Growth Subject to strict investment hurdles Strong balance sheet 30-50% distribution payout ratio 1 Maximise securityholder value and returns Sustainable returns above cost of equity For personal use only
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502026 Half Year Results – February 2026 >75% <25% >60% <40% 50% 35% 15% Capital management and target EBITDA mix 1. Through-the-cycle targets. 2. Consolidated underlying gearing calculated as net debt divided by total tangible assets less cash. Calculation excludes the benefit of $0.9b of hybrid securities issuance in HY26. 3. Gearing targeted to be 15% by the end of FY26. 4. Based on Operating profit after tax which excludes stabilised Investment property revaluations (including revaluations and impairments of Other financial assets and Equity accounted investments that hold stabilised Investment properties) that are classified in the Investments and Capital Release Unit segments. 5. Segment EBITDA only. Excludes corporate costs. Excludes stabilised investment property revaluations and impairments in the Investments segment. Invested capital 1Capital structure 1 Investments Development Construction Improved financial position Higher quality, recurring income Sustainable returns above cost of equity Group EBITDA target 1 (post-simplification) Consolidated gearing 2 5-15% 3 Credit rating Investment grade Distribution policy 30-50% payout ratio 4 Investments DevelopmentAustralia International EBITDA 5 For personal use only
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512026 Half Year Results – February 2026 Glossary – defined Development terms Completion Based on expected completion date of underlying buildings, subject to change in delivery program. Not indicative of cash or profit recognition Fund Through Funding model structured through a forward sale to a capital partner resulting in majority of profit recognition early, with capital partner funding development costs through delivery Joint Venture Typically, an early-stage joint project partnership with profits recognised partially upfront and at project milestones (e.g. leasing events, completion), along with supplementary development management fees recognised through development Net end value Lendlease’s estimated net end value (project end value less third-party ownership) On Balance Sheet Funded by Lendlease with the option to pursue a variety of capital structures, including Joint Venture or Fund Through capital structures Ownership Percentage of Lendlease ownership at 31 December 2025 Presold % / presales Presold % based on value. Closing presales balance at 31 December 2025 Pre let % Pre-leasing % based on net lettable area Project end value Total estimated end value (representing 100% of project value at completion) Sqm (k) Represents floor space measured as Net Lettable Area for Workplace / Office projects Units Completed apartment units for residential build to sell and residential build to rent projects For personal use only
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522026 Half Year Results – February 2026 Important notice This document (including the Appendix) has been prepared and is issued by Lendlease Corporation Limited (ACN 000 226 228) (Lendlease) in good faith. Neither Lendlease, nor Lendlease Trust (including any of their controlled entities) (collectively referred to as the Lendlease Group) makes any representation or warranty, express or implied, as to the accuracy, completeness, adequacy or reliability of any statements, estimates, opinions or other information contained in this document (any of which may change without notice). To the maximum extent permitted by law, Lendlease, the Lendlease Group and their respective directors, officers, employees and agents disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may be suffered, howsoever arising, through use or reliance on anything contained in or omitted from this document. This document has been prepared without regard to the specific investment objectives, financial situation or needs of any recipient of this presentation. Each recipient should consult with, and rely solely upon, their own legal, tax, business and/or financial advisors in connection with any decision made in relation to the information contained in this presentation. Prospective financial information and forward-looking statements, if any, have been based on current opinions, expectations and assumptions about future events and are subject to risks and uncertainties that could cause actual results to differ materially from the results expressed in or implied from such information or statements. Lendlease Group’s statutory results are prepared in accordance with International Financial Reporting Standards (IFRS). This document also includes information that is not included in Lendlease Group’s historical statutory results and contains non-IFRS measures. Material that is not included in Lendlease Group’s historical statutory results has not been subject to audit. Lendlease Group’s auditors, KPMG, performed agreed upon procedures to ensure consistency of this document with Lendlease Group’s historical statutory results, other publicly disclosed material and management reports. A reference to HY26 refers to the six month period ended 31 December 2025 unless otherwise stated. References to the comparative period or prior period are to the six month period ended 31 December 2024 unless otherwise stated. All figures are in AUD unless otherwise stated. Monetary amounts have been rounded to the nearest billion or million which may give rise to an anomaly between the total of a group of numbers. For personal use only
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For personal use only