Slides
Page 1
1H26 Results 16 February 2026 For personal use only
Page 2
Nakiliko Booran ‘See the dream’ by Saretta Fielding (Wonnarua and Anaiwan) Stockland acknowledges the Traditional Custodians and knowledge-holders of the land on which we live, work and play. We recognise and value their continued and inherent connection to land, sea, culture and community. We also pay our respects to their Elders past and present and extend that respect to all Aboriginal & Torres Strait Islander peoples today. 1H26 Results 2 For personal use only
Page 3
Agenda Group update Tarun Gupta Managing Director & CEO Financial results Josh McHutchison Chief Financial Officer Investment Management Kylie O’Connor CEO, Investment Management Development Andrew Whitson CEO, Development Summary and outlook Tarun Gupta Managing Director & CEO 1H26 Results 3 For personal use only
Page 4
Tarun Gupta Managing Director & CEO Group update A rtist impression, Calderwood Valley, , NSW Image to be updated Alkimos Beach, WA For personal use only
Page 5
1H26 results Figures throughout this presentation are rounded to nearest million, unless otherwise stated; p ercentages are calculated based on figures rounded to one decimal place; percentage changes are calculated on the prior corresponding period unless otherwise stated; totals may not add due to rounding. Portfolio value $10.6bn Pipeline – residential2 lots ~92,300 Comparable1 FFO growth 3.7% Pipeline – end value3 ~$59bn 1. Excludes acquisitions, divestments and assets under development. 2. MPC lots, Apartments and LLC home sites. 3. Forecast end value on completion, subject to relevant approvals. Investment Management Development Strategy execution driving strong financial performance 1H26 Results 5 Funds From Operations (FFO) $325m Up 29.5% on 1H25 FFO per security 13.5c Up 28.6% on 1H25 NTA per security $4.25 $4.22 at 30 June 2025 Distribution per security 9.0c 67% payout ratio Statutory profit $292m $245m at 1H25 Gearing 28.1% 25.2% at 30 June 2025 Global Top 5 ESG leader for 14 consecutive years 4th Reconciliation Action Plan Stretch RAP Top 100 Graduate Employer For personal use only
Page 6
Driving sustainable growth Optimise portfolio Accelerate pipeline Scale partnerships Sustainable growth Growth drivers Portfolio weighted to high value sectors - 55% of NFE allocated to Residential and Logistics - Residential1 portfolios ~92,300 land lots - ~$9.7bn2 Logistics development pipeline Pipeline delivering development profit and fee income - Positioned for a step-change in delivery from FY26 - Targeting ~9,000 residential settlements in FY26 - Disciplined activation of ~$59bn3 dev pipeline Growth of existing and new partnerships - Eight high quality partnerships with leading investors - Opportunities across multiple asset classes - Higher fee income High quality execution 1. MPC lots, Apartments and LLC home sites. 2. Forecast end value on completion. 3. Total development pipeline. Includes projects in early planning stages, planning approval, under construction and projects under partnerships at 100%. 4. Subject to documentation 5. 100MW secured in prior period. 6. At 100% basis. 7. Transaction remains subject to final implementation steps. 8. Formation of partnership remains subject to finalisation of documentation. MPC and LLC sales up 87% Launched four communities across QLD and WA with two additional launches targeted for 2H26 85% of MPC and LLC pipeline is active compared with 82% in June 2025 450MW of power secured4 for data centre development: Cherry Lane, Laverton Nth, VIC; Brooklyn Distribution Centre, VIC; and MPark Stage 2, NSW 5 Completed $420m6 and commenced ~$620m2 of commercial developments Expanded relationship with existing partner into Land Lease sector 7 Progressing final documentation for data centre partnership with EdgeConneX, with parties actively exploring short- and medium- term opportunities within the Stockland portfolio 8 Disciplined capital management and increased funding optionality to drive our growth strategy Step change in delivery 1H26 Results 6 For personal use only
Page 7
ESG milestone Achieved net zero scope 1 & 2 emissions1 1. For more information on the Scope 1 & 2 emission target boundary and GHG accounting for the period please see our assured Net Zero Statement on the Stockland website www.Stockland.com.au/sustainability 2. Baseline as stated in Stockland Climate Transition Action Plan 2023 and assured by Ernst and Young. 3. Subject to any material changes in portfolio composition, regulatory settings, market conditions and electricity grid transit ion. Note: The setting and measurement of our ESG targets relies on material assumptions, uncertainties and dependencies which are set out in our Climate Transition Action Plan (2023) available on our website. 1H26 Results 7 Scalable renewable energy model drives commercially sustainable decarbonisation • Inter-asset energy trading enabling solar from logistics and retail rooftops to power other assets while generating recurring licence-fee income • 45MWp of rooftop solar rollout underway across key assets (~190,000 sqm; >75,000 panels) • Partnership expansion to include up to 40 Battery Energy Storage Systems providing ~78MWh of storage to shift energy to peak-demand periods Sustaining momentum • Maintaining net zero Scope 1 & 23 through continued solar rollout, portfolio efficiency and electrification • Scope 3 emissions intensity on track to halve by 2030 supported by lower-carbon material agreements for lower-carbon concrete, steel and certified timber • On track for >$1bn social value by 2030, with ~$500m delivered since FY24 via community infrastructure, social procurement and education initiatives FY21 baseline2 68,366 tCO2-e FY21 FY25 1H26 63,955 4,411 2,155 30,507 Scope 1 Scope 2 100% renewable electricity >57% Renewable electricity from Stockland rooftops Minimal offsets for residual scope 1 <7% Nature-based Australian Carbon Credits Net zero Scope 1 & 2 For personal use only
Page 8
Josh McHutchison Chief Financial Officer Financial results Stockland Head Office, Picadilly, NSW For personal use only
Page 9
Significant 2H26 weighting Funds from operations 1H26 ($m) 1H25 ($m) Change (%) Investment Management FFO 296 298 (0.6)% • Strong operational performance and new project completions offset by prior period asset transfers into partnerships and disposals Development FFO 106 36 >100% • Strong MPC contribution and fees from partnerships Unallocated corporate overheads (51) (47) 8.1% • Disciplined investment in capability and platform growth. Group-wide overhead growth of 4.6% p.a. since CY22 vs 9.3% p.a. growth in SGP share of revenues Net interest expense (26) (35) (24.9)% • Increased interest capitalisation, reflecting greater activation of pipeline, and lower WACD partially offset by higher average net debt Total Pre-tax FFO 325 251 29.5% FFO Tax expense - - - • No tax expense recognised due to material 2H weighting of MPC and LLC settlements Total Post-tax FFO 325 251 29.5% FFO per security (post-tax, cents) 13.5 10.5 28.6% AFFO per security (cents) 10.8 8.6 25.6% Distribution per security (cents) 9.0 8.0 12.5% • 1H26 represents a payout ratio of 67% within 60-80% payout ratio target Statutory profit 292 245 19.3% • Includes $32m net fair value gain vs $105m in 1H25 1H26 Results 9 For personal use only
Page 10
Bank debt limit, $2,625m EMTNs, $1,309m Domestics MTNs and Commercial Paper, $1,855m USPP, $1,399m Capital management • Substantial available liquidity of ~$2.1bn • Disciplined and active capital management with stable WACD2 of 5.2% and WADM of 4.8 years - A$400m Medium Term Note issuance for 10-years, extending the tenor of the debt book at a favourable point in the credit cycle • Significant headroom under financial covenants • Gearing at 30 June 2026 is expected to move towards the midpoint of the 20-30% target range • FY26 DPS expected to be 25.2 cents, in line with FY25 Funding our growth strategy Demonstrated ability to source institutional capital Ongoing capital recycling Strong balance sheet position Active Distribution Reinvestment Plan Capital-efficient acquisition opportunities Retained earnings Disciplined capital management Committed facilities3 Key Metrics 1H26 FY25 Available liquidity (cash and undrawn facilities) $2.1bn $2.9bn Gearing1 28.1% 25.2% Gearing (look-through)1 29.5% 26.5% Weighted average cost of debt (WACD)2 5.2% 5.3% Weighted average debt maturity (WADM) 4.8yrs 4.6yrs Fixed Hedge Ratio 74% 76% Interest cover ratio (ICR, 12-month rolling average) 4.5x 4.2x Credit rating A-/A3 A-/A3 Total: $7,189m 1. Gearing target range of 20-30%; Look-through gearing target of <35%. 2. Average over the period. ~5.3% expected WACD for FY26, assuming average BBSW of ~3.8%. 3. Face value based on cross-currency swap contract rate. Excludes bank guarantee and insurance bond facilities. 1H26 Results 10 For personal use only
Page 11
1H26 operating cashflows 1. Cashflows include MPC cash receipts of $856m and MPC costs of $813m, comprising current year stage costs, future stage infras tructure costs, and SG&A and other costs. Future stage infrastructure costs represent ~69% of total stage costs. 2. Includes $(160)m of capital contributions to equity accounted investments. Prudent cashflow management: • 1H26 distribution reflects a payout ratio of 67% of post-tax FFO • 1H26 operating cashflow reflects: - Increased MPC and LLC development expenditure with accelerated production - Significant 2H weighting for MPC settlements • Strong 2H operating cashflow expected, with higher MPC settlement receipts Cash movements between FY25 and 1H26 Operating Cashflow1 $(315)m $(187)m in 1H25 Operating Cashflow before land acquisitions1 $(180)m $(81)m in 1H25 2 1H26 Results 11 647 376 594 28 - - - - (180) (135) (290) (111) (177) 1-July-25 opening cash balance Net drawdown of borrowings Sale of investment properties Operating Cashflow before land acquisitions Land acquisitions Distributions Investment properties acquisition, capex and devex Other 31-Dec-25 closing cash balance For personal use only
Page 12
Kylie O’Connor CEO, Investment Management Investment Management Stockland Gables, NSW For personal use only
Page 13
Investment Management 1. Excludes acquisitions, divestments and assets under development. 2. Excludes sundry properties and stapling adjustment. 3. Transaction remains subject to final implementation steps. 4. Excludes Walker Street Complex and 601 Pacific Highway in NSW. Strong performance from actively managed high-quality portfolio • Strong comparable1 FFO growth of 3.7% driven by: - 7.0% comparable1 FFO growth in Logistics and 3.2% comparable1 FFO growth in Town Centres - Positive re-leasing spreads negotiated across Logistics, Workplace and Town Centres • FFO of $296m reflects: - Increased earnings from new project completions across each of the portfolios - Strong operational growth in Town Centres and Logistics - Prior period transfer of assets into partnerships and asset disposals in Logistics • Higher net overheads reflect increased investment in capability and expansion of operational Land Lease platform • Expanded relationship with an existing investor by forming a new 50/50 Land Lease partnership3 with an initial gross asset value of approximately $200m Key metrics 1H26 FFO 1H25 FFO FFO change vs pcp FFO comparable1 growth Occupancy WALE Logistics $85m $89m (5.1)% 7.0% 96.8% 3.3 yrs Workplace $58m $56m 3.6% 1.1% 86.8%4 6.1 yrs4 Town Centres $164m $158m 3.5% 3.2% 99.0% 4.9 yrs Communities Rental Income $12m $11m 10.3% 2.1% Investment Management Fee Income $14m $13m 7.6% Sub-total $332m $327m 1.6% Investment Management Net Overheads $(36)m $(30)m 22.7% Total Investment Management $296m $298m (0.6)% 3.7% Portfolio value2 ~$10.6bn FFO $296m Comparable1 FFO growth 3.7% 1H26 Results 13 For personal use only
Page 14
Logistics Continued strong growth from well-located metropolitan assets 1. Excludes acquisitions, divestments and assets under development. 2. Re-leasing spreads on new leases and renewals negotiated during the period. 3. By income. $m 1H26 1H25 Logistics FFO $85m $89m Portfolio value $3,537m $3,755m Leases executed 225,787 sqm 77,073 sqm Leases under HOA 45,957 sqm 82,294 sqm Average rental growth on new leases and renewals negotiated2 32.0% 33.2% Portfolio occupancy3 96.8% 97.3% Portfolio WALE3 3.3 yrs 3.2 yrs Portfolio value ~$3.5bn Comparable1 FFO growth 7.0% Re-leasing spreads2 32.0% • Comparable1 FFO growth of 7.0%, driven by: - Positive re-leasing spreads2 of 32.0% on new leases and renewals negotiated year to date - ~226,000 sqm of leases executed year to date • Portfolio FFO reflects: - New project completions at Carole Park and Bowhill Rd in QLD and strong operational growth - Prior period asset disposals and transfers into partnerships – in line with strategy to grow partnerships and drive higher returns • Occupancy3 of 96.8%, broadly in line with 1H25 • 3.3-year WALE3 reflects shorter lease terms for brownfield redevelopment assets: - Leases negotiated during the period averaged 5.23 years 1H26 Results 14 For personal use only
Page 15
Another period of strong operational performance • Comparable6 FFO growth of 3.2% • FFO reflects operational growth across the portfolio and Stockland Gables, NSW development completion • Re-leasing spreads of 3.3%5 with the portfolio having generated positive spreads for nine consecutive half year periods • Occupancy1 and WALE2 remain high at 99.0% and 4.9 years respectively • Tenant retention of 69% normalised to historical ~70% average • Sustainable occupancy costs at 15.1%4, below long-term averages • Total comparable MAT growth of 3.6%, adjusted for 53-week prior period of sales for major tenants • Comparable specialty sales of ~$11,200 per sqm, in line with Urbis averages7 • Essentials-based categories, which are >70% of the portfolio MAT, remain resilient against a backdrop of cost-of-living pressures; discretionary categories, such as leisure, homewares and jewellery continue to show improvement Town Centres 1. Occupancy across the stable portfolio based on signed leases and agreements at 31 December 2025. 2. By area. Assumes all leases terminate at earlier of expiry / option date. 3. Metrics relate to stable assets unless otherwise stated. Retention adjusted for operational reconfiguration and retailer administrations. 4. Occupancy cost reflects stable assets, adjusted to reflect tenants trading more than 24 months. 5. Rental growth on stable portfolio on an annualised basis. 6. Excludes acquisitions, divestments and assets under development. Comparable basket of assets as per the Shopping Centre Council of Australia (SCCA) guidelines, which excludes assets which have been redeveloped within the past 24 months. Excludes Stockland Piccadilly, and Stockland Gables both in NSW. 7. Urbis benchmarks weighted by Stockland exposure. $m 1H26 1H25 Town Centres FFO $164m $158m Portfolio value $4,765m $4,532m Occupancy1 99.0% 99.1% WALE2 4.9 yrs 5.0 yrs Specialty retail leasing activity3 Tenant retention 69% 72% Total lease deals 265 220 Specialty occupancy cost ratio4 15.1% 15.4% Average rental growth on lease deals executed5 3.3% 2.8% Renewals: number, area 158 / 22,764 sqm 131 / 16,669 sqm rental growth5 2.1% 1.9% New leases: number, area 107 / 22,455 sqm 89 / 16,137 sqm rental growth5 7.1% 4.1% incentives: months 12.5 12.1 1H26 Results 15 For personal use only
Page 16
Workplace 1. Excludes acquisitions, divestments and assets under development. 2. Excludes Walker Street Complex and 601 Pacific Highway in NSW. 3. Re-leasing spreads on new leases and renewals negotiated over the period. 4. By income. Maintaining development optionality • Comparable1 FFO growth of 1.1%, reflects: - Increased vacancy at assets being repositioned for development - Recently stabilised buildings A & B at MPark Stage 1, NSW - 100% occupancy at 16 Giffnock Avenue, Macquarie Park, NSW • Portfolio FFO driven by development completion of MPark Stage 1 and solid operational performance • Positive re-leasing spreads2,3 of 6.3% underpinned by strong uplifts at Piccadilly, NSW and Durack, WA • Portfolio WALE2,4 of 6.1 years • Occupancy2,4 of 86.8%, down due to the December completion of the final building at MPark Stage 1, yet to be leased $m 1H26 1H25 Workplace FFO $58m $56m Portfolio value $1,722m $1,711m Leases executed2 21,182 sqm 4,073 sqm Leases under HOA2 14,111 sqm 8,964 sqm Average rental growth on new leases and renewals negotiated2,3 6.3% 1.7% Portfolio occupancy2,4 86.8% 89.7% Portfolio WALE2,4 6.1 yrs 5.2 yrs Portfolio value ~$1.7bn Comparable1 FFO growth 1.1% Re-leasing spreads2,3 6.3% 1H26 Results 16 For personal use only
Page 17
Communities Rental Income Growing high quality income streams • Comparable1 FFO growth of 2.1% reflects small size of comparable basket (6 of 11 operational LLC communities, all with CPI-based review structures) and an increase in statutory operating costs • Rental income of $12m, up ~10% on the prior year, primarily driven by prior period CRE completions and a higher number of LLC operational homesites • Established LLC assets - 254 settlements during the period - Portfolio of 3,369 home sites with a sustainable net operating margin - Pipeline of ~7,540 home sites underpins future growth • Communities Real Estate (CRE) - Emerging portfolio of build-to-hold community assets including childcare and medical centres - Current portfolio comprises 17 established assets, with one site completing during the period - ~$0.5bn2 identified development pipeline underpinning future growth 1. Excludes acquisitions, divestments and assets under development. 2. Forecast end value on completion, subject to relevant approvals. FFO $12m Comparable1 FFO growth 2.1% Established CRE assets 17 Established LLC homes 3,369 1H26 Results 17 For personal use only
Page 18
Investment Management 1. Represents net valuation change for 6 months to 31 December 2025. Excludes movements relating to sundry properties and stapli ng adjustment and includes movements relating to investment properties under construction (IPUC), Stockland’s share of equity accounted investments and build-to-hold projects that sit in the development segment. 2. Includes ~$2m net valuation movement for Communities Rental Income. Valuations underpinned by resilient, diversified portfolio Net valuation movement $81m 1,2 29% of assets by value independently revalued during 1H26 0.8% increase on 30 June 2025 book value Logistics Net valuation movement1: +$47m, +1.4% Weighted average cap rate: 5.5%, -5 bps vs FY25 • Reflects a combination of softening of capitalisation rates and weak metropolitan office transactions • Positive sentiment for essentials- based portfolio and ongoing rental growth Town Centres Net valuation movement1: +$74m, +1.6% Weighted average cap rate: 6.3%, -7 bps • Continued rental growth and tenant demand from high quality Eastern seaboard portfolio Workplace Net devaluation movement1: $(42)m, (2.4)% Weighted average cap rate: 6.9%, +23 bps Weighted average cap rate 6.1% -3bps vs 30 June 2025 1H26 Results 18 For personal use only
Page 19
Development Andrew Whitson CEO, Development Sienna Wood Future Town Centre, , WA Yennora Distribution Centre, NSW For personal use only
Page 20
Development MPC underpins significant growth; FFO weighted to 2H26 1. Includes 1,809 settlements under joint venture/project development agreements (1H25: 975). 2. Excludes disposals. 3. Forecast end value on completion, subject to relevant approvals. 4. Includes disposals. 5. MPC lots, Apartments and LLC home sites. Key metrics 1H26 FFO 1H25 FFO FFO Change vs pcp% Development operating profit margin Development EBIT Development EBIT margin Masterplanned Communities FFO $163m $76m >100% 18.1% $221m 24.6% Land Lease Communities FFO $23m $31m (27.4)% 16.9%2 $28m4 20.7%2 Commercial Development Income $0m $0m - Development Management Fee Income $33m $23m 44.2% Sub-total $218m $130m 67.7% Development Net Overheads $(112)m $(94)m (18.8)% Total $106m $36m >100% Residential pipeline5 ~92,300 Pipeline – end value3 ~$59bn FFO growth >100% • Development FFO underpinned by strong performance in MPC and solid fee income from partnerships • MPC settlements of 3,1681 lots at 18.1% development operating profit margin • LLC settlements of 254 homes at 16.9%2 development operating profit margin; no transfers to partnerships in 1H26 • Upweighted QLD exposure through acquisitions and project activation driving strong sales and supporting growth • ~$800m3 of Logistics developments under construction, ~96% leased • Growth in residential partnerships driving stronger Development Management fee income • Higher net overheads reflects expansion of MPC platform and ramp-up in activity 1H26 Results 20 For personal use only
Page 21
Masterplanned Communities 1. On a rolling 12-month basis. 2. Kings Forest, NSW acquisition. Strong uplift in settlements • Delivered 3,168 settlements; up ~60% on prior corresponding period - Growth driven by expanded portfolio and strong underlying conditions across most markets - Includes 1,809 settlements under joint venture or project development agreements • Development operating profit margin of 18.1% reflects strong price growth in QLD and WA markets offset by mix shift and volume weighting to 2H; full-year margin expected to be in the low-20% range • Default rates1 in line with long-run averages; cancellation rates below • Good visibility for 2H26 and into FY27 with 5,458 contracts on hand including 1,142 scheduled to settle beyond FY26 - Average contracts-on-hand pricing slightly above 1H26 settlements reflecting underlying price growth, partly offset by project and geographic mix • Maintaining FY26 targets of 7,500 – 8,500 settlements FFO $163m EBIT $221m Operating profit margin 18.1% EBIT margin 24.6% Total settlements 3,168 Contracts on hand 5,458 2 1H26 Results 21 4,081 5,458 4,441 104 - (3,168) 30 June 2025 contracts on hand Net deposits Contracts from acquisition Settlements 31 December 2025 contracts on hand 2 For personal use only
Page 22
Net sales by quarter Enquiries by quarter Masterplanned Communities • Net sales of 4,441, up 87% on the prior corresponding period: - NSW reflects timing of releases and wholesale transactions; volumes expected to remain constrained by supply and affordability challenges - Strong demand and sustained price growth in QLD supported by project launches; accelerating production to meet demand - Solid volume rebound and further price growth in WA along with increased activation - Further improvement in VIC market in Q2, with positive enquiry and sales momentum and lower incentives; pace of recovery remains variable across corridors • 418 net sales in January reflecting timing of releases • Strategic restocking on capital efficient terms: - Kings Forest, NSW acquisition delivered first settlements in 1H26 (138 settlements) - South Morang, VIC acquisition expected to deliver ~460 lots in infill North-East Melbourne market • Portfolio positioned to capture demand for well-priced product in undersupplied markets • Further progress in conversion rates and sales volumes dependent on pace of residential market recovery in Victoria and interest rate movements Sustained sales momentum 1H26 Results 22 Net sales by quarter Enquiries by quarter 1,602 2,073 2,468 1,739 2,642 4,196 4,934 2,527 1,997 3,216 3,657 9,059 8,820 4,368 7,026 5,429 4,466 4,854 7,672 6,885 7,647 5,005 5,267 7,315 7,206 7,418 2,802 4,340 4,035 3,640 4,621 7,798 5,544 4,264 5,209 7,624 7,293 15,577 12,946 2,370 4,716 3,549 3,100 3,023 4,474 3,741 2,086 1,582 3,234 2,713 4,709 3,484 11,142 18,155 15,481 12,945 15,140 24,140 21,104 16,524 13,793 19,341 20,978 36,551 32,668 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 WA VIC QLD NSW/ACT 107 58 155 234 210 263 299 221 214 203 276 453 428 504 673 481 365 433 386 493 312 502 557 719 677 753 194 187 134 221 328 332 352 484 363 565 603 809 680 154 131 147 171 210 261 219 104 171 184 250 178 463 959 1,049 917 991 1,181 1,242 1,363 1,121 1,250 1,509 1,848 2,117 2,324 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 For personal use only
Page 23
Australian residential market 12-month outlook State Price Volumes Market commentary NSW • Activity reflects underlying demand amid tight supply conditions, affordability constraints remain VIC • Sales volumes improving, supported by resale listing normalisation and the unwinding of Covid era brought forward demand QLD • Home buyer demand remains elevated in a supply constrained market, easing interstate migration and emerging affordability pressures may influence activity WA • Strong demand and tight supply conditions remain, with some easing of investor demand Market outlook Housing conditions have improved, supported by first-home buyer participation and structural undersupply; however, momentum remains correlated to interest rate settings 1H26 Results 23 For personal use only
Page 24
Land Lease Communities Contracts on hand up ~60%1 • Delivered 254 home settlements, in line with the prior corresponding period • Settlements weighted to 2H26 reflecting timing of settlements from five new communities launched in FY25 • No transfers into partnerships during the period • Development operating profit margin of 16.9%2, due to settlement mix and marketing costs of newly launched communities • 637 contracts on hand, at higher average pricing vs 1H26 settlements3 • Maintaining FY26 targets of 700 - 800 settlements and development operating profit margins in the low 20% range 1. Versus 30 June 2025 contracts on hand. 2. Excluding disposals. 3. 1H26 average settlement price per home: ~$790,000. 4. Includes disposals. FFO $23m EBIT4 $28m Operating profit margin2 16.9% EBIT margin2 20.7% Total settlements 254 Contracts on hand 637 1H26 Results 24 398 637 493 - (254) 30 June 2025 contracts on hand Net deposits Settlements 31 December 2025 contracts on hand For personal use only
Page 25
Land Lease Communities • Net sales of 493 homes, up 81% versus prior corresponding period: - Reflects increased activation and strong customer demand • Actively trading from 16 projects: - Halcyon Yandina and Halcyon Bayside both in QLD launched during 1H26 - Actively managing QLD release timing to maintain delivery timeframes - Strategic disposal of Halcyon Ridge, Toowoomba, QLD • Significant lift in enquiries, underpinned by new project launches and product availability • Continued price growth across all states, partly offset by cost escalation • Further pipeline activation with Halcyon Groves1, VIC expected to launch during 2H26 Activation and strong demand driving increased sales Enquiries by quarter Net sales by quarter 1. Subject to relevant approvals and planning. 1H26 Results 25 - - - - - - - 14 9 7 26 11 36 27 17 29 23 31 35 42 28 39 15 32 47 55 37 33 64 88 100 69 86 87 77 86 115 138 183 - - - - - 7 6 13 13 6 10 13 64 50 93 111 131 104 135 135 138 121 179 206 287 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 - - - 8 21 320 649 415 233 505 757 923 1,000 165 416 771 1,075 836 1,035 1,116 881 620 1,129 1,848 1,698 1,414 712 1,105 1,283 1,817 1,707 2,567 1,660 1,872 2,004 2,262 2,789 6,155 4,635 - - - - 17 403 605 150 155 327 272 370 278 877 1,521 2,054 2,900 2,581 4,325 4,030 3,318 3,012 4,223 5,666 9,146 7,327 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 WA VIC QLD NSW For personal use only
Page 26
Commercial development Progressing ~$16bn1 development pipeline Logistics Town Centres Community Real Estate Workplace/Mixed Use ~$9.7bn1 ~$0.7bn1 ~$0.5bn1 Future opportunities Greenfield and infill brownfield projects in deep markets across the Eastern Seaboard Essentials-based amenity across MPC and LLC communities Emerging portfolio of build-to-hold community assets including childcare and medical centres Strategic holdings of well-located assets providing future development opportunities ~$1.4bn1 active projects ~$800m1 under construction • 96% leased with >6% yield on cost Data Centres • Approval2 for a combined 350MW power for data centre development: - Cherry Lane, Laverton Nth, VIC - Brooklyn Distribution Centre, VIC Active projects ~$400m1 under construction • Providence Town Centre Stage 1, QLD • Aura Town Centre, QLD • Sienna Wood Town Centre, WA Active projects ~$40m 1 childcare under construction • Willowdale, NSW • Cloverton, VIC • Wildflower, WA Planning and future wave Opportunities include: • Piccadilly, NSW • 601 Pacific Highway, St Leonards, NSW • MPark Stage 2, NSW (Data Centre) - Power and zoning for 100MW data centre development 1. Forecast end value on completion and subject to relevant approvals where applicable. Excludes potential valuation uplift from data centre development and change of use. 2. Subject to documentation. 1H26 Results 26 For personal use only
Page 27
Tarun Gupta Managing Director & CEO Summary and outlook Springfield Rise, QLD For personal use only
Page 28
Summary and guidance Summary • Disciplined execution of strategy driving strong operational and financial outcomes • Optimised portfolio weighted to high value sectors - 55% of NFE allocated to Residential and Logistics - Extending the platform through longer term growth opportunities: Data Centres and Apartments • Step change in delivery - ~9,000 residential settlements expected in FY26 - Progressing the ~$16bn1 Commercial Development pipeline • Scaling partnerships to facilitate growth - Growing existing partnerships and expanding the partnering platform • Balance sheet strength and optionality - Active management of capital settings to fund our growth strategy - Gearing at 30 June 2026 expected to move towards the midpoint of target range (20-30%) Guidance2 • FY26 FFO per security guidance range of 36.0 to 37.0 cents • FY26 distribution per security expected to be 25.2 cents, in line with FY25 and within Stockland’s payout ratio range of 60 to 80% of FFO 1. Forecast end value on completion 2. All forward looking statements, including FY26 earnings guidance, remain subject to no material change in market conditions. FY25 Results 28 Shoreline, QLD For personal use only
Page 29
Important Notice This Presentation and its accompanying Annexures (“Presentation”) has been prepared and issued by Stockland Corporation Limited (ACN 000 181 733) and Stockland Trust Management Limited (ACN 001 900 741; AFSL 241190) as Responsible Entity for Stockland Trust (ARSN 092 897 348) (“Stockland”). Figures stated in this report are as at 31 December 2025 unless stated otherwise. Whilst every effort is made to provide accurate and complete information, Stockland does not warrant or represent that the information included in this Presentation is free from errors or omissions or that it is suitable for your intended use. Except as required by law, Stockland does not assume any obligation to update or revise this Presentation after the date of this Presentation. This Presentation contains forward looking statements, including statements regarding future earnings and distributions; expectations, commitments, targets, goals and objectives with respect to social value or sustainability; divestment, acquisition or integration of certain assets. The forward looking statements are based on information and assumptions available to us as of the date of this Presentation. Actual results, performance or achievements could be significantly different from those expressed in or implied by these forward looking statements. These forward looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in or implied by the statements contained in this Presentation. Current market conditions remain uncertain. All forward looking statements, including FY26 earnings guidance, remain subject to no material change in market conditions. The information provided in this Presentation may not be suitable for your specific needs and should not be relied upon by you in substitution of you obtaining independent advice. To the maximum extent permitted by law, Stockland and its respective directors, officers, employees and agents accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in this Presentation. All information in this Presentation is subject to change without notice. This Presentation does not constitute an offer or an invitation to acquire Stockland stapled securities or any other financial products in any jurisdictions, and is not a prospectus, product disclosure statements or other offering document under Australian law or any other law. It is for information purposes only. This announcement is authorised for release to the market by Ms Katherine Grace, Stockland’s Company Secretary. Stockland Corporation Limited ACN 000 181 733 Stockland Trust Management Limited ACN 001 900 741; AFSL 241190 As a responsible entity for Stockland Trust ARSN 092 897 348 For personal use only