Goodman Group · ASX:GMG
Goodman — Goodman NZ — FY2026 Earnings Presentation
35 slides from Goodman's earnings presentation, May 2026
Slide 1: Goodman NZ Annual Result 2026
GOODMAN NZ NZ Post, Roma Road Goodman NZ Annual Result 2026 MAY 2026
Slide 2: Contents
CONTENTS Following all conditions being satisfied including unitholder and bondholder approval on 31 March 2026, Goodman Property t transitioned Trus Goodman NZ comprises Goodman New Zealand Limited (GNZL) and Goodman Property Services (NZ) Limited (GPS) together with subsidiaries. to a corporatised
Slide 3: Overview
01 OVERVIEW WaterCo and Wiggins, Highbrook Business Park
Slide 4: FY26 Snapshot
FY26 SNAPSHOT FINANCIAL RESULTS PORTFOLIO UPDATE DELIVERING STRATEGY + 3.6% increase in operating earnings + Occupancy of 96.9% and WALT of 4.9 + Established an investment management before tax to $159.8 million years platform with the Highbrook Partnership + 5.7% increase in cash earnings to + 132,
Slide 5: GNZ Strategy
GNZ STRATEGY INVESTMENT DEVELOPMENT FUNDS MANAGEMENT + GNZ’s conviction on the Auckland industrial + GNZ’s in-house team brings deep expertise across + With a significant portfolio of assets, access to market remains strong. As New Zealand’s key planning, design and delivery, enabling the Goodman Gr
Slide 6: Capital Management and Allocation
CAPITAL MANAGEMENT AND ALLOCATION Maintaining a strong capital position with ample forward -looking capacity to capture opportunities, particularly in an environment of increasing capital scarcity + In addition to current commitments, GNZ has ~$350 million in funding capacity before reaching -throug
Slide 7: Investment Portfolio
02 INVESTMEN PORTFOLIO Suntory Oceania, M20 Business Park
Slide 8: Customer Demand
CUSTOMER DEMAND Enquiry from well capitalised customers remains, however decision timelines for AUCKLAND PRIME INDUSTRIAL VACANCY OUTLOOK 1 expansion and relocation have extended since the beginning of the conflict in the sqm 200,000 2.5% Middle East 150,000 2.0% + Fuel is a significant cost for our
Slide 9: Portfolio Performance
PORTFOLIO PERFORMANCE + 132,522 sqm of stabilised space (11.3% of the Total Portfolio) was leased on new or revised terms in FY26: ‒ rental uplift of 22.1% achieved on new leases 1 ‒ an average warehouse rate of $220 per sqm achieved on the Core Portfolio 1 ‒ average new lease term of 4.6 years and
Slide 10: Rental Reversion
RENTAL REVERSION + 9.5% of portfolio income to expire in FY27 POTENTIAL RENT REVERSION TO MARKET $m Excluding Vacancy Including Vacancy + Potential rent reversion to market of 16.2% or 19.5% including vacancy Look -through portfolio valuer assessed market rent 254.2 254.2 + Portfolio weighted term t
Slide 11: Developments: Felix Street and Mt Wellington Stage One
DEVELOPMENTS Artist Impression CBD Artist Impression Artist Impression Sylvia Park SH1 Felix Street Development Mt Wellington Stage One Mt Wellington Highway Felix Street Mt Wellington Stage One + Contracted acquisition for $53.5 million, settlement expected on 29 May 2026 + The first stage of the r
Slide 12: Power and Infrastructure: Penrose and Waitomokia
POWER AND INFRASTRUCTURE Precinct Boundary Development Area Indicative Road Flood Storage/Wetland First development site Potential DC Leased as yard GXP Penrose power Waitomokia + Contracting for a works agreement is imminent; we expect 32MVA of on-site + Earthworks are progressing, with the first d
Slide 13: Financial Result
Mt WellingtonStage One development in progress 03 FINANCIAL RESULT
Slide 14: Financial Summary
FINANCIAL SUMMARY NET OPERATING INCOME PROFIT AFTER TAX NZ Post, Roma Road Estate $217.6 m $248.0 m Including a 5.3% like-for-like annual increase in NPI and $10.8 million in gross fee income Supported by a 2.7% ($111.2 million) revaluation gain in the look -through portfolio CASH EARNINGS DISTRIBUT
Slide 15: Net Operating Income
NET OPERATING INCOME NET OPERATING INCOME $m + Disposal of Highbrook to HLP on +7.2 30 September 2025 resulted in a 240 +3.6 reduction in NPI recognised in GNZ 230.5 -2.9 220 +10.8 + GNZ’s share of Highbrook NPI is now +22.3 217.6 included within share of operating earnings from associates 200 + Und
Slide 16: Financial Performance
FINANCIAL PERFORMANCE + The Highbrook transaction has altered the revenue mix, with net property income OPERATING EARNINGS TO NET PROFIT RECONCILIATION for Highbrook partially offset by the equity accounted share of HLP operating $m FY26 FY25 % Change earnings and fee income Net property income 184.
Slide 17: Corporate Costs
CORPORATE COSTS + Salaries and other short -term benefits increased for additional roles supporting NET CORPORATE COSTS the funds management platform, together with annual remuneration changes $m FY26 FY25 % Change + Other administrative expenses includes additional occupancy costs offset in part Sa
Slide 18: Cash Earnings
CASH EARNINGS + Fee and underwrite adjustments are included to eliminate GNZ’s 71% share CASH EARNINGS received from HLP, net of tax, where the accounting treatment would $m FY26 FY25 % Change otherwise result in a greater proportion being recognised in cash earnings Operating earnings before tax 15
Slide 19: Capital Management
04 CAPITAL MANAGEM Highbrook Crossing Units, Highbrook Business Park
Slide 20: Interest and Liquidity
INTEREST AND LIQUIDITY + GNZ is 97% hedged over the next 12 months, providing strong protection against rising interest BORROWING AND FUNDING METRICS rates, supported by high hedging levels within HLP 31 March 26 31 March 25 + GNZ’s WACD of 4.2% is favourable to the prior period, with an expected WA
Slide 21: Gearing
GEARING LOAN-TO-VALUE RATIO % LVR covenant 50% + Look-through gearing of 19.8% at 31 March 2026, with almost $700 million of capital recycled 40% + Look-through committed gearing of 24.0% allows for Mt Wellington, Penrose and infrastructure & yard at Waitomokia Preferred look-through gearing range 1
Slide 22: Sustainability
05 SUSTAINAB Two ChargeNet fast chargers onTūhana Lane, Highbrook Business Park
Slide 23: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS Green Star Performance Green Star Performance Climate risk assessment + A Green Star Performance base build rating was achieved across ten properties, with six delivering energy performance 50% more efficient than an average warehouse in 2025 1 $358 m 97% of assets certifie
Slide 24: Science-Aligned Targets
SCIENCE-ALIGNED TARGETS IN-USE EMISSIONS UPFRONT EMBODIED CARBON Reduce intensity by 26.9% for warehouses by FY30 against a FY25 Reduce Reduceintensity embodied by 30.4% by intensity carbon FY30 against by a30% FY25by base year FY30 base year + Mt Wellington Estate is targeting a 6 Green Star Built
Slide 25: Summary and Outlook
06 SUMMARY OUTLOOK NZ Post’s 5 Green Star As Built rated facility at Roma Road, Mt Roskill.
Slide 26: Looking Forward
LOOKING FORWARD Positioned for growth On-market buyback + Our business continues to show resilience through challenging economic times, + GNZL and GPS are now code companies under the Takeovers Code. The delivering earnings growth, diversifying income streams while at the same time buyback is curren
Slide 27: Questions
07 QUESTIONS William Main, Development Director, and Stephanie Clarkson, Development Project Manager, at the Mt Wellington Estate.
Slide 28: Thank You
THANK YOU NXP, Highbrook Business Park The information and opinions in this presentation were prepared by Goodman Property Services (NZ) Limited (GPS) and Goodman ew Zealand N Limited (GNZL). The shares in GPS and GNZL are stapled and trade on the NZX under the ticker code GNZ and are referred to as
Slide 29: Appendix
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Slide 30: Statement of Comprehensive Income
STATEMENT OF $ million Note 2026 2025 Property income 1.1 223.1 277.9 Property expenses (38.6) (47.4) COMPREHENSIVE Net property income 184.5 230.5 Fee income 15 10.8 – INCOME Interestcost 3.1 (48.3) (64.9) Interestincome 3.1 8.5 0.8 Net interest cost (39.8) (64.1) Net corporate costs 8 (13.8) (10.9
Slide 31: Balance Sheet
BALANCE $ million Note 2026 2025 Non-current assets Investmentproperty 1.3 2,671.5 2,524.0 SHEET Investmentin associates 2.3 974.9 – Financialinstruments 7.2 5.4 5.1 Property,plantand equipment 11.1 1.1 Tax receivable 7.0 6.9 Deferred tax assets 14.2 8.3 10.6 Related party assets 10 23.4 40.5 Total
Slide 32: Statement of Cash Flows
STATEMENT $ million Note 2026 2025 Cash flows from operating activities Property income received 223.1 275.9 OF CASH FLOWS Property expenses paid (37.1) (48.4) Fee income 10.8 – Interestincome received 8.5 0.8 Interestcosts paid on borrowings (46.5) (56.3) Interestcosts paid on leaseliabilities (4.9
Slide 33: Fee and Underwrite Adjustment
FEE & UNDERWRITE ADJUSTMENT Fee income earned from HLP is adjusted to ensure only the proportion relating to partners is recognised, with a further tment adjus for HLP underwrite income recognised through GNZ’s share of earnings from associates + Of the $10.8 million of gross fee income, 28.85% bein
Slide 34: Property Portfolio
PROPERTY PORTFOLIO Mt Wellington Estate Property Location Classification Market capitalisation rate (%) Stabilised NLA (sqm) Buildings Key Customers Occupancy (%) WALT (years) Highbrook Business Park East Tāmaki Core 5.0–7.5 496,524 78 NZ Post, Freightways, DHL, Officemax 97 4.0 Savill Link Ōtāhuhu
Slide 35: Glossary
GLOSSARY $ and cents GPS NLA Value Add New Zealand currency. Goodman Property Services (NZ) Limited. Net Lettable Area. those properties or estates within the Balance Date Green Retail Bond or Bond Net tangible assets or NTA portfolio which generally consist of older 31 March 2026 a bond issued by G