• Funds from Operations (FFO) of $251 million, down 5.6%
• Statutory profit of $245 million, up 140.5%
• Completed $1.06 billion acquisition of 12 masterplanned communities

During the six months to December 2024 (1H25), Stockland continued to execute on its strategic priorities, positioning the company for sustainable growth while also delivering a solid financial result and strong operational performance. Pre- and post-tax Funds from Operations (FFO) for the period was $251 million, compared with $266 million in the prior corresponding period. FFO per security (pre- and post-tax) was 10.5 cents, down 5.6%. The result reflects strong contributions from the Logistics portfolio and Land Lease Communities (LLC) settlements, offset by reduced earnings from the prior period sale of Town Centres and a material 2H25 skew in MPC settlement volumes. Statutory profit of $245 million compares with $102 million for 1H24, with the result including a positive net investment property revaluation movement of $79 million. Stockland's ~$10 billion Investment Management portfolio delivered FFO of $298 million, down 6.7%, driven by prior-period non-core asset disposals. The Development segment delivered FFO of $36 million, with strong contributions from LLC and Development Management Fee income more than offset by the 2H25 MPC settlements skew. In late November 2024, Stockland completed the $1.06 billion acquisition of twelve actively trading masterplanned communities in partnership with Supalai Australia Holdings Ltd, which is expected to drive a step-change in the company's residential production rates in future periods. Stockland also continued to expand its capital partnering platform, forming new Logistics partnerships with KKR and M&G Real Estate. The company finished the period in a strong financial position, with gearing of 27.9% and significant headroom under its financial covenants.

The distribution for 1H25 is 8.0 cents per security, in line with the prior corresponding period, and represents a payout ratio of 76%. For FY25, the distribution per security is expected to be around 75% of post-tax FFO.

Stockland expects a materially stronger operating cash flow result in the second half of FY25. The company remains focused on actively managing its capital settings to support growth, and its strong liquidity position, ongoing discipline around capital management, and strong relationships with capital partners position it well to deliver on its strategic priorities and capitalise on redeployment opportunities.