Slide 1: Goodman Group Results
~ GOODMAN GROUP i [RESPIR Ne ~~ INFRASTE JCTU ye ata RESULTS \
Slide 2: Important notice and forward-looking statements
– This documenthas been preparedby Goodman Group (GoodmanLimited (ABN 69 000 123 – This document contains certain “forward -looking statements”. The words “anticipate”, “believe”, 071),Goodman Funds ManagementLimited(ABN 48067 796 641;AFSL Number223621)as the “expect”, “project”, “forecast"," estima
Slide 3: Property investment, Development, Management, Capital management
2 Property investment ioe I a 3 Development a 4 Management 5 Capital management
Slide 4: Goodman Group 1H FY26 Results
4 GOODMAN GROUP 1HFY26 RESULTS
Slide 5: Executed logistics and data centre opportunities; power bank 6.0 GW
Over the period we executed a range of logistics and data centre opportunities to meet customer demand for essential infrastructure and secured significant new investments from our partners. + Demand for metro locations + The global power bank has increased to 6.0 GW, across – Large scale logistics
Slide 6: Goodman reports $1.2 billion operating profit
Goodman reports $1.2 billion operating profit, strong capital $1,203M $14.4B OPERATING PROFIT WORK IN PROGRESS partnering and growing data centre pipeline in 1H26. + Financial + Development – Operating profit¹ of $1,203.5 million – Work in progress (WIP) 5 of $14.4 billion representing an annualised
Slide 7: Investment portfolio and FY26 targets
+ Investment portfolio + The Group sets financial performance targets annually and reviews them – Total portfolio1of $87.4 billion, an increase of 2%June on 2025 regularly. We are in a strong position for the full year FY26 as we progress – Valuations were up $893 million across the Group and Partne
Slide 8: Own, Develop, Manage key metrics
OWN 95.9 % OCCUPANCY 4.2 % NPI GROWTH 3.6 m SQUARE METRES LEASED 4.1 % GEARING High occupancy maintained at Like for like NPI growth at 4.2% Across the global portfolioequating to Headline gearing of 4.1%, 95.9% and WALE of 4.9 years $531millionof annual rental property with look through gearing inc
Slide 9: Data Centres
Slide 10: Significant power bank
We continue to make strong progress on our data centre strategy. Our global power bank has grown to 6.0 GW, and we are on track to have projects providing 0.5 GW in WIP by June 2026. Strong liquidity and capital partners in place across all major programs position us to deliver scalable, -in-class b
Slide 11: Our global network
OUR GLOBAL NETWORK POWER BANKSTABILISED WIP 6.0 GW 0.7GW 0.4GW 11 GOODMAN GROUP 1H FY26 RESULTS
Slide 12: Market conditions and customer solutions
Market conditions and customer solutions + Our metro locations are central to serving connectivity -dense, + Supply is severely constrained with barriers to entry for development high, latency-sensitive, and AI-driven workloads. This is expected to and growing support continued customer demand over
Slide 13: Overview of data centre development projects
Overview of data centre development projects + The Group has progressed the development of additional projects, as outlined in the Q126 update – SYD01 (90 MW) commenced construction during the period – We are on track to commencefive additionalprojects by 30 June 2026 in Continental Europe and Japan
Slide 14: Data centre development projects
14 GOODMAN GROUP 1H FY26 RESULTS
Slide 15: Data centre partnering
Data centre partnering + While Goodman has significant liquidity to progress its development program and commence construction, we continue to engage with long- term capital partners to provide opportunities and manage our risk and return appropriately – Given the long timeframes involved in data ce
Slide 16: Rochedale Motorway Estate, Brisbane
a Rochedale Motorway Ele, Brisbane
Slide 17: Cash aligned operating profit of $1,203.5 million
1H25 1H26 + Cash aligned operating profit of $1,203.5 million Operatingprofit($M) 1,222.4 1,203.5 + Statutory profitof $824.7 million Statutory accounting profit / (loss)($M) 799.8 824.7 – Main drivers of the difference include the Group's share of property revaluations, derivative and foreign curre
Slide 18: Income statement
Income statement + Half year operating profit of $1,203.5 million 1H25 1H26 – Property investment earnings up 17% to $366 million, driven by acquisitions (including GNAP $M $M restructure), development completions and rental growth – Management earnings of $325 million. Higher base management fees f
Slide 19: Strong balance sheet maintained
+ Strong balance sheet maintained Balance sheet – Gearing 4.1%4 (4.3% in FY25) and 17.8% 5 on a look-through basis AS AT AS AT 30 JUNE 2025 31 DECEMBER 2025 + Decrease in stabilised investment properties holdings reflects the creation of $M $M a new Partnership in North America Stabilised investment
Slide 20: Cash and available lines of credit
+ Cash and available lines of credit (excluding Partnership debt and equity) of $5.2 billion as at 31 December 2025 – $3.0 billion in cash, $2.2 billion of available lines – Weighted average debt maturity profile of 5.3 years + Substantial headroom to financial covenants – Interest Cover Ratio¹ (ICR
Slide 21: Operational Performance
Slide 22: Property investment earnings
+ Property investment earnings increased 17% over 1H25, to $366 million Property investments – Higher direct income relative to 1H25 reflects the assets held on balance sheet prior to the 1H25 1H26 establishment of GUSV Partnership in North America, plus positive impact from the Direct ($M) 44.9 103
Slide 23: Development earnings and work in progress
+ WIP of $14.4billion and expected to increaseapproximately to $18 billion by 30 June 2026 Developments – FX had a $26m adverse impact on the translation of earnings - offset in the hedge gains in 1H25 1H26 borrowing expenses – Data centres under construction currently represent approximately 73% of
Slide 24: Management earnings and total portfolio
+ Total portfolio1of $87.4 billion (+2% onFY25 ), with external AUM of $75.2 billion (+4% on FY25) Management – Driven primarily by developments, acquisitions and revaluation gains 1H25 1H26 + Management earningsdecreased to $325.0 million($462.3 million in 1H25) Managementearnings($M) 462.3 325.0 –
Slide 25: Portfolio by region
CONTINENTAL UNITED AUSTRALIA HONG KONG EUROPE USA JAPAN CHINA NEW ZEALAND 5 KINGDOM BRAZIL Totalassets ($B) 1 33.6 13.9 11.1 10.7 6.3 4.5 4.0 5 2.9 0.4 GMG co-investment(%) 29.5 21.1 24.0 54.0 18.3 20.0 27.1 50.0 – GMG co-investment($B) 7.8 1.7 1.5 2.8 0.7 0.4 1.0 0.9 – Numberof properties1 185 19 1
Slide 26: Sustainability strategy and performance
+ Guided by our2030 Sustainability Strategy,Goodman continuesto integrate ESG intoits business targets SUSTAINABLE PEOPLE, CORPORATE PROPERTIES CULTURE AND GOVERNANCE AND AND PLACES COMMUNITY PERFORMANCE + Goodman’s global operations have commenced + A gender ratio of 41% female and 57% male, with 3
Slide 27: Outlook
Slide 28: Demand for digital infrastructure expected to exceed supply
+ The Group is well positioned to capitalise on the growing + We are partnering with long -term capital, launching demand for digital infrastructure assets. Our portfolio, regional investment vehicles alongside the development concentrated in key metro locations, provides a range of workbook, design
Slide 29: WIP expected to exceed $18 billion by June 2026
+ The strategic location of our properties has taken many + With WIP expected to exceed ~$18 billion by June years to develop and has created significant 2026, the Group has the partners and structures to opportunities. Importantly Goodman: actively rotate capital – Owns the sites in the high barrie
Slide 30: Appendix: Results Analysis
Slide 31: Operating profit by segment reconciliation
Property Non-operating Total investment Management Development Operating expenses items Category $M $M $M $M $M $M Gross propertyincome 135.1 132.4 – – – 2.7 Managementincome 323.8 – 323.8 – – – Developmentincome 644.2 – – 644.2 – – Net gainfromfairvalueadjustmentson investmentproperties (16.4) – –
Slide 32: Non-operating items in statutory income statement
Half yearended 31 Total December Non-operatingitems in statutoryincome statement $M 2025 $M Property valuationrelatedmovements Net gain from fair value adjustmentsattributableto investmentproperties (16.4) Share of net gain fromfair value adjustmentsattributableto investmentpropertiesin associates a
Slide 33: Direct assets and balance sheet
Property Direct Assets investment Development Other Total As at 31December2025 $M $M $M $M $M Cash – – – 2,963.4 2,963.4 Receivables 40.2 305.7 275.7 839.7 1,461.3 Inventories 438.0 – 1,841.6 – 2,279.6 Investmentproperties 3,535.5 – 1,846.9 – 5,382.4 Investmentsaccounted for using equitymethod – 14,
Slide 34: Securities on issue footnote
1. Calculated based on2,044.8millionsecurities being closing securities on issue. 34 GOODMAN GROUP 1H FY26 RESULTS
Slide 35: Property valuation movements
+ Revaluation movements across the global portfolio for the half year totalled $0.9 billion, with the Group’s share being $0.3¹ billion + Over the full year the valuations have been driven by capitalisation rate tightening, market rent and cashflow assumptions and development completions + The globa
Slide 36: Appendix: Property Investment
PENDIX PROPERTY INVESTMENT. _
Slide 37: Space leased and occupancy
3.6M95.9 % SPACE LEASED OCCUPANCY Across thePartnerships: + 3.6 million sqm leased over the 12 months, equating to $531 million of annual property income ¹ + High occupancy at 95.9%. Leasing area Average lease Netannualrent $M term (years) Region (sqm ‘000) Australia/ New Zealand 1,005 219.1 5.3 Asi
Slide 38: Goodman Group 1H FY26 Results
38 GOODMAN GROUP 1H FY26 RESULTS
Slide 39: Key metrics for direct portfolio
GoodmanLogistics Center FontanaII,Fontana + Long termstrategic portfoliowithpotentialfor higherand betteruse, re-zoningand redevelopment + 32 properties witha totalvalueof $4.0 billion + 94.8% occupancy and a weighted average lease expiry of 4.3 years + Average portfoliovaluationcap rateof 5.6%. Key
Slide 40: Appendix: Development
APPENDIX <= JEVELOPM
Slide 41: 1H26 Developments
1H26 Developments As at 31 December 2025 Completions Commencements Workin progress Value ($B) 2.5 3.1 14.4 Yield (%) 6.3 9.1 8.1 Committed(%) 87 17 40 Weightedaveragelease term(years) 5.8 15.6 13.6 Developmentfor thirdparties or Partnerships(%) 93 18 38 Australia/ NewZealand (%) 29 83 31 Asia (%) 58
Slide 42: Appendix: Management
Slide 43: Current Goodman global presence
THE AMERICAS CONTINENTAL $11.1BN EUROPE/UK Total portfolio $14.0BN ASIA 33 Total portfolio $24.6BN Properties 121 Total portfolio Properties 92 Properties TOTAL 1 PORTFOLIO $87.4BN PROPERTIES 445 AUSTRALIA/ COUNTRIES NEW ZEALAND 13 $37.7BN Current Goodman global presence. Total portfolio As at 31Dec
Slide 44: The Group manages 24 Partnerships with 56 investors
+ The majority of Goodman’s assets reside in Partnerships – The Group manages 24 Partnerships with 56 investors who are represented on the Boards and Investment Committees independent of Goodman – Goodman maintains a 29% average equity cornerstone position in the Partnerships to support alignment an
Slide 45: Appendix
ENDIX APP
Slide 46: Goodman Group 1H FY26 Results
46 GOODMAN GROUP 1H FY26 RESULTS
Slide 47: Robust capital management framework
+ The Group has a robust capital management framework, under its Financial Risk Management (FRM) policy. This provides: – Strongerbalancesheetwhichhas beenreflectedinourcreditratingsfromS&P and Moody’s BBB+ / Baa1respectively – Covenantsthatareappropriateforouroperations – Diversifiedsources offundi
Slide 48: Interest rate payments hedged to 94%
+ Interest rate payments are hedged to 94% over the next 12 months – Weighted average hedge rate of 3.49%¹ ,2,3 – NZD – hedge rate 3.78% – JPY – hedge rate 0.88% – HKD – hedge rate2.79% – CNY – hedge rate 2.32% – GBP – hedge rate3.42% – Euro – hedge rate 3.34%² – USD – hedge rate 4.52% + Weighted av
Slide 49: Foreign currency denominated balance sheet hedging maturity profile
Foreign currency denominatedbalance sheet hedging maturityprofile Weighted average Weighted average Amount maturity exchange rate Amount receivable1 payable1 NZ$ 4.9years 1.0803 A$1,018.4m NZ$1,100.0m HK$ 4.3years 5.3309 A$1,741.3m HK$9,240.0m US$ 4.4years 0.7073 A$2,196.3m US$1,550.0m ¥ 4.9years 89
Slide 50: Statement of financial position exchange rates
Statement of financial position – exchange rates as at 31 December 2025 Currency Exchange rate AUDGBP – 0.4960 (30 June 2025: 0.4793) AUDEUR – 0.5685 (30 June 2025: 0.5588) AUDHKD – 5.1930 (30 June 2025: 5.1595) AUDBRL – 3.6673 (30 June 2025: 3.5733) AUDNZD – 1.1594 (30 June 2025: 1.0792) AUDUSD – 0
Slide 51: Thank You
THANK YOU For moreinformationvisit goodman.com ImportantNotice This documenthas been prepared by Goodman Group(Goodman Limited (ABN69 000 123071)and Goodman Funds Management Limited (ABN48 067 796 641)(AFSL 223621)as the Responsible Entity for Goodman IndustrialTrust (ARSN 091 213839) and Goodman Lo