• Revenue up 23.2% to $1,248 million
• Net profit after tax up 19.3% to $292 million
• Funds from operations up 29.5% to $325 million

Stockland has reported a strong financial performance for the six months ended 31 December 2025 (1H26). Revenue from ordinary activities was up 23.2% to $1,248 million, net profit after tax attributable to securityholders increased by 19.3% to $292 million, and funds from operations (FFO) attributable to securityholders grew by 29.5% to $325 million. The result was underpinned by a material uplift in Masterplanned Communities (MPC) settlement volumes, higher Development fee income, and a strong underlying performance from the Logistics and Town Centre portfolios. The Investment Management segment delivered FFO of $296 million, broadly in line with the prior corresponding period, reflecting operational growth and the benefit of project completions, offset by prior period asset disposals and transfers into new partnerships. The Development segment delivered FFO of $106 million, up from $36 million in the prior corresponding period, with a significantly higher contribution from MPC as well as increased management income from partnerships. Stockland finished the period in a strong financial position with gearing at 28.1%, within the Group's target range of 20% to 30%. The distribution for 1H26 is 9.0 cents per security, compared with 8.0 cents per security in 1H25, with the distribution payout ratio for the half at 67%. Stockland expects the FY26 distribution to be in line with FY25 at 25.2 cents per security.

Stockland expects a materially stronger operating cash flow result in the second half of FY26. The weighted average cost of debt is expected to average 5.3% for FY26.

Stockland continues to actively recycle capital toward attractive growth opportunities and to partner with third-party capital from leading global investors. The Group expects gearing to moderate toward the midpoint of its target range of 20% to 30% by 30 June 2026.