• FY26 FFO per security guidance range of 36.0 to 37.0 cents
• FY26 distribution per security expected to be 25.2 cents
• Gearing levels expected to increase but remain within target range

Stockland has today released its operational update for the three months ended 30 September 2025. The company has maintained its FY26 FFO per security guidance range of 36.0 to 37.0 cents, with a slightly smaller weighting to 2H26 than FY25. FY26 distribution per security is expected to be 25.2 cents, in line with FY25 and within Stockland's revised payout ratio range of 60 to 80% of FFO. Gearing levels are expected to increase by 31 December 2025 due to capital deployment and MPC settlement weighting to 2H26 but remain within the 20-30% target range, moderating toward the midpoint by 30 June 2026. In the Masterplanned Communities segment, Stockland reported net sales of 2,117 underpinned by strong demand and new releases, with 5,276 contracts on hand providing good visibility of future settlements. The company is targeting FY26 settlements of 7,500-8,500 lots and a development operating profit margin in the low 20% range. In Land Lease Communities, net sales were 206 homes, reflecting a positive response to new launches, with 512 contracts on hand at higher average pricing versus FY25 settlements. Stockland is targeting FY26 settlements of 700-800 homes, with a development operating profit margin in the low 20% range. The Investment Management segment saw strong performance, with positive re-leasing spreads in both Logistics and Workplace, and the company's essentials-based Town Centres portfolio continuing to perform well against a backdrop of cost-of-living pressures.

FY26 FFO per security guidance range of 36.0 to 37.0 cents, with a slightly smaller weighting to 2H26 than FY25. FY26 distribution per security expected to be 25.2 cents, in line with FY25 and within Stockland's revised payout ratio range of 60 to 80% of FFO.