• Statutory profit of $245m, compared with $102m in 1H24
• Completed strategic acquisition of 12 actively-trading MPC projects
• Expanded capital partnerships platform into Logistics with two new partners

Stockland (ASX: SGP) delivered a statutory profit of $245m and pre- and post-tax Funds From Operations (FFO) of $251m in 1H25. The result reflects strong contributions from the Logistics portfolio and higher LLC settlements, offset by reduced earnings from prior period Town Centre capital recycling and a material 2H25 skew in MPC settlement volumes. Stockland made significant strategic progress, completing the acquisition of 12 actively-trading MPC projects, extending its capital partnerships platform into Logistics with the introduction of two new high calibre partners, and growing its Stockland Land Lease Partnership. The company also secured power and zoning for over 100MW of data centre development at MPark Stage 2 and expanded its Residential platform, being named preferred proponent for the Waterloo Renewal Project. Stockland reaffirmed its FY25 FFO per security guidance of 33.0-34.0 cents on a post-tax basis, with a larger 2H skew than in FY24, and expects FY25 distribution per security to be around 75% of post-tax FFO.

FY25 FFO per security of between 33.0c and 34.0c on a post-tax basis, with a larger 2H skew than in FY24. FY25 distribution per security expected to be around 75% of post-tax FFO.

Stockland is well positioned to drive growth through disciplined delivery of its development pipeline, with recent MPC releases meeting strong customer demand and price growth tracking ahead of acquisition assumptions. The company continues to monitor the pace of recovery in the Victorian market.