• Statutory profit of $292m, up 19.3%
• Funds From Operations (FFO) of $325m, up 29.5%
• FFO per security of 13.5 cents, up 28.6%

During the six months to 31 December 2025, Stockland (ASX: SGP) delivered a strong financial performance with a significant increase in production levels across the development platform. The result was underpinned by a material uplift in Masterplanned Communities settlement volumes, higher Development fee income and a resilient performance from the Logistics and Town Centre portfolios. While delivering strong earnings growth, Stockland has continued to invest in capability and platform expansion to drive returns in future periods. Funds from Operations (FFO) for the period was $325m, compared with $251m in the prior corresponding period. FFO per security was 13.5 cents, up 28.6%. Statutory profit of $292m compares with $245m for 1H25. The Investment Management segment delivered FFO of $296m, broadly in line with the prior corresponding period, reflecting operational growth and the benefit of project completions. The Development segment delivered FFO of $106m, up from $36m on the prior corresponding period with a significantly higher contribution from Masterplanned Communities as well as increased management income from partnerships.

FY26 FFO per security of between 36.0 and 37.0 cents; FY26 distribution per security expected to be 25.2 cents per security, in line with FY25.

Stockland remains well positioned heading into the second half of FY26, supported by strong operational momentum and a disciplined approach to capital management. Development earnings and operating cash flow are expected to be materially weighted to the second half, reflecting the timing of settlements across the residential platforms. Gearing is expected to moderate toward the midpoint of the target range by 30 June 2026.