• Funds from Operations (FFO) up 29.5% to $325 million
• Statutory profit up 19.3% to $292 million
• Investment Management portfolio delivered 3.7% comparable growth

During the six months to 31 December 2025 (1H26), Stockland delivered a strong financial performance and drove a significant increase in production levels across its development platform. Funds from Operations (FFO) for the period was $325 million, compared with $251 million in the prior corresponding period. FFO per security was 13.5 cents, up 28.6%. The result was underpinned by a material uplift in Masterplanned Communities (MPC) settlement volumes, along with higher Development fee income, and a strong underlying performance from the Logistics and Town Centre portfolios. Statutory profit of $292 million compares with $245 million for 1H25, with the result for 1H26 including a positive net investment property revaluation movement of $81 million. The Investment Management portfolio delivered FFO of $296 million, broadly in line with the prior corresponding period, reflecting operational growth and the benefit of project completions, offset by the prior period disposal and transfer of Logistics assets into new partnerships. The portfolio delivered comparable growth of 3.7% underpinned by positive comparable growth across all portfolios, particularly Logistics and Town Centres. The Development segment delivered FFO of $106 million, up from $36 million on the prior corresponding period with a significantly higher contribution from MPC as well as increased management income from partnerships.

The FY26 distribution is expected to be in line with FY25 at 25.2 cents per security.

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 company expects gearing to moderate toward the midpoint of its target range by 30 June 2026. Stockland maintains significant headroom under its financial covenants and strong investment grade credit ratings.