• Goodman maintains forecast FY25 Operating EPS growth of 9%
• Significant development pipeline of $13.7 billion, with over 50% in data centres
• Expanding global power bank to 5.0 GW to support data centre demand

Goodman Group has provided its Q3 FY25 operational update, highlighting that the company continues to execute its strategy while adapting to the changing technological and geopolitical environment. The Group is making progress across a range of logistics and data centre opportunities and is well positioned to support customer need for essential infrastructure over the long-term.The Group maintains its forecast FY25 Operating EPS growth of 9%, noting that long-term structural demand drivers are intact, however, the uncertain economic and trade environment is delaying customer decisions in the logistics space. Despite this, the desire for modern, sustainable, logistics facilities in central locations, where automation can improve productivity, continues.Goodman has a significant and globally diversified development portfolio, with work in progress of $13.7 billion at 31 March 2025, representing an annualised production rate of $6.2 billion. Data centres currently represent over 50% of this work in progress, reflecting the forecast growth in power demand from hyperscale operators in metropolitan (low latency) locations.The Group has increased its global power bank to 5.0 GW across 13 major global cities, comprising 2.7 GW of secured power and 2.3 GW in advanced stages of procurement. The Group expects to have commenced the development of new powered shells and fully fitted data centre projects by June 2026, reflecting ~0.5 GW of power with an estimated end value of over $10 billion.Goodman's total portfolio increased to $85.8 billion, with Partnership AUM of $71.8 billion as at 31 March 2025. The Group continues to actively work with several infrastructure and real estate partners to establish vehicles for development and long-term ownership, which will provide the Group with financial flexibility relating to the origination of developments and timing of divestments.

The Board confirms the forecast FY25 Operating EPS growth of 9% and a full year distribution of 30cps.

Customer demand across Goodman's industrial portfolio is currently being influenced by the uncertainty around international trade and its impact on global growth. However, the potential for the continued regeneration of the Group's existing sites, including intensification and alternative use, is providing further options and enhancing development outcomes. Hyperscale operator capex programs are forecast to grow and drive demand for data centres, with supply constraints in metropolitan and low latency locations supporting leasing. The Group is well positioned to support this through its access to power on existing sites and proven track record in delivering complex infrastructure developments.