• Operating profit up 8.4% to $1,222.4M
• Statutory profit of $799.8M, up from $220.1M loss in H1 FY24
• Total portfolio value increased to $84.4B, up 7.2%

Goodman Group has delivered a strong operational result in the first half of FY25, with an 8.4% increase in operating profit to $1,222.4 million and a statutory profit of $799.8 million, up from a $220.1 million loss in the prior corresponding period. The Group's total portfolio value increased to $84.4 billion, up 7.2% from June 2024. The main drivers of the valuation gain have been the increase in current and projected rents and the contribution from developments. Property capitalisation rates are broadly unchanged, with the weighted average capitalisation rate across the portfolio tightening by 3 basis points to 5.14% at 31 December 2024. The proportional contributions to operating earnings from investment, management and development activities were 21.2%, 31.3% and 47.5% respectively. Management earnings have increased compared to the prior corresponding period, primarily due to higher transactional and performance related income. Development activity is continuing to transition to data centres and development earnings have provided another significant contribution to the Group's results. At 31 December 2024, the Group's work in progress was $13.0 billion and the production rate was $6.5 billion. The closing work in progress included data centre projects that represented 46% of the total. The Group continues to report a strong balance sheet, with net tangible assets of $18.0 billion and gearing of 16.8%. The interim distribution has been maintained at 15.0 cents per security.