Slide 1: 1H25 Results
GOODMANGROUP | = 1H25 RESULTS 19 FEBRUARY 2025 ° le ie a = NOT FOR DISTRIBUMONOR ABPEASE INTHE UNITED STATES eee ee
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer Important notice and dischimer The following Important Notice and Disclaimer applies to this investor presentation (Presentation) and you are therefore advised to read this carefully before making ary use of this Presentation or any information contained in this Prese
Slide 3: Important Notice and Disclaimer
Important Notice and Disclaimer Alldollar values are in Australian dollars (A) and financial datais presented as at 31 December 2024 unless otherwisestated. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effect of rou
Slide 4: Important Notice and Disclaimer (continued)
• • • • • • • . respective related bodies corporate and
Slide 5: Important Notice and Disclaimer
Important Notice and Disclaimer Not an offer, advice or recommendation This Presentation is for information purposes only andis not, and should notbe read or understood as, an offer, invitationsolicitation inducement orrecommendation to subscribe buy or sell New Securities or any other financial pro
Slide 6: Contents
CONTENTS Section 01 Highlights Section 02 Datacentres Section 03 Results overview HIGHLIGHTS Section 04 Operational performance Section 05 Equity Raising Section 06 Outlook ) RESULTS vocal ia Wwe ~ J OVERVIEW | | PERFORMANCE Results analysis Property investment Development Management Capital managem
Slide 7: Highlights
HIGHLI 7 GOODMANGROUP1H25 RESULTS: - NOTFOR DISTRBUTIONOR RELEASE IN THE US
Slide 8: Highlights
HIGHLIGHTS Financial performance for the first half of FY25 has positioned the Group for growth across our global operations. The Group is raising $4 billion to fund 1 29) M BA AB N data centre growth opportunities and provide financial and operational flexibility. 5 ' + Financialhighlights (pre imp
Slide 9: Highlights
HIGHLIGHTS + Data centre progress + Equity Raising — Procurement of power and global power bank of 5.0 GWacross13 —-— Fully underwritten ‘pro rata! Placement to raise maior global cities $4.0billion Wy 0) GW — Secured power increased to 2.6 GW with another 2.4 GW in — The Group will also offer eligi
Slide 10: Highlights
HIGHLIGHTS + Development — Work in progress (WIP)! of $13.0 billion with a development yield on cost (YOC) of 67% — WIP is 64% pre-committed with an average 18 year weighted average lease expiry (WALE) — 71% of current WIP is being undertaken for Partnerships or third-parties — Data centre projects
Slide 11: Group and Partnership Highlights
GROUP AND PARTNERSHIP HIGHLIGHTS 911% ATh 2.9m 16.8% OCCUPANCY NPIGROWTH SQUARE METRES LEASED! GEARING High occupancy maintainedat Like for like NPlgrowth at Acrossthe global portfolioequatingto Gearing of 6.8%, with 97.1%andWALE of 47 years 41% $415 million of annual rental property look through ge
Slide 12: Datacentres
12 GOODMANGROUP1H25 RESULTS NOTFOR DISTRBUTIONOR RELEASE IN THE US
Slide 13: Datacentres
DATACENTRES Goodman is well positioned to support the growing needs of our customers as a provider of digital infrastructure. The Group continues to make strong progress on our data centre stra + Global power bank of 5.0 GW + 2.6 GW of secured power + 2.4 GW inadvance stages of procurement + Additio
Slide 14: Data Centre Power Bank
DATA CENTRE POWER BANK >, CONTINENTAL 2 9 — NORTH a !lU«lUe “EUROPEIUK. sx ha b : LS y, PS 2.0 6W_ oe sie ‘ “ iW Ba Le ve may t= asa on o.2GW 1 ae | Sr Power bank pp ’ HONG KONG SAR ts de : 0.5 GW a Power bank OURGLOBALNETWORK AUSTRALIA = a POWERBANK STABILISED WIP 50GW O5¢GW 04GW saa 44 GOODMANGROU
Slide 15: Datacentres (Cont)
DATAGENTRES (CONT) — Goodman is providing a range of deployment options to meet the diverseneeds of our customers — Thespectrumofdeployment optionsincludes buildto suit powered shell and fully fitted facilities with operationalsolutions — Flexibledesign approach with Goodman standard design adaptabl
Slide 16: Datacentres (Cont)
DATACENTRES (CONT) Overview of data centre development projects DATA CENTRE DEVELOPMENT PROJECTS BY REGION + The Group expects to commence the development of new powered shells and fully (© S5% CONTINENTAL EUROPE/UK fitted projects by June 2026, reflecting ~0.5 GW"? of power — Identified projects ar
Slide 17: Datacentres (Cont)
DATAGENTRES (CONT) Location ~ Los Angeles, USA. ~ Tokyo,Japan. ~ Sydney, Australia ~ Melbourne, Australia. Power — ~50MW. — 100M. - 90 MW. — 85MW. Description — Locatedin Los Angeles metro. — Firstphase of a multi-building — Located in Sydney North Availability — First phase ofa multi-building 1GWca
Slide 18: Datacentres (Cont)
DATAGENTRES (CONT) eos OS SE BES py ee Location — Amsterdam,Netherlands. — Paris,France. — Frankfurt, Germany. — HongKong, SAR China. Power - 40M. - sOMW, - 50 MW. — 50 MW. Description — Located in highlypower constrained — Locatedin Paris Central Availability — Locatedin Frankfurt South Availabilit
Slide 19: Results Overview
Slide 20: Results Overview
RESULTS OVERVIEW + Cashaligned operating profit of $1,222.4 million up 8% on 1H24- + Statutory profit of $799.8 million - Includes the Group's share of property revaluations, derivative and foreign currency mark-to-market movements and share based payments expense - Average capitalisation rates tigh
Slide 21: Profit and Loss
PROFIT AND LOSS _ Income statement + Strong half year operating profit of $1,222.4 million . . ae . 1H24 1H25 — Propertyinvestment eamings up 12% to $3119 million, driven by net equity investmentinto $M $M Partnerships and rental growth - ; — Managementearnings of $462.3 million, up 28% on 1H24 driv
Slide 22: Balance Sheet
BALANCE SHEET + Group balance sheet in a strong position with further property investment during1H25, — Liquidity including undrawn lines of $27 billion — Gearing at balance date was 16.8%, higher than FY 24 due to the restructuring of the US Partnership. Completion of proposed second US Partnership
Slide 23: Group Liquidity Position
GROUP LIQUIDITY POSITION + Cash and available lines of credit (excluding Partnerships) of $2.7 billion as at GOODMAN GROUP DEBT MATURITY PROFILE $M 31 December 2024 — $15 bilion in cash, $1.2 billion of available lines — Issued US$0 6 billion of new bonds in 1H25 — Weighted average debt maturity pro
Slide 24: Operational Performance
OPERATIC PERFORW [A << 24 —GOODMANGROUP1H25 RESULTS:
Slide 25: Property Investment
PROPERTY INVESTMENT + Underlying property fundamentals continue to be characterised by low vacanoy rates and minimal new supply in our markets — Our customers continue to improve their supply chains and boost productivity with more efficient and scalable warehousing and distribution solutions focuse
Slide 26: Development
DEVELOPMENT + High quality development WIP stable at $13.0 billion — Data centres under construction currently represent approximately 46% of WIP. ~ Large scale and higher value projects resulting in an average development period in WIP increasing to 24 months — Annualised production rate of ~$6.5'
Slide 27: Management
MANAGEMENT + Total portfolio of $84.4 billion, with external AUM of $708 billion — Driven primarily by developments, acquisitions, revaluation gains and FX Management — Extemal AUM impacted by Goodman Group's acquisition of GNAP assets which will be positioned for tHoa 1H25 new partnerships + Manage
Slide 28: Total Portfolio
TOTAL PORTFOLIO Portfolio ($B) Number ofPartnerships. 9 1 1 3 3 1 1 3 1 GMG co-investment (%) 285 206 55.0 198 178 20.0 321 401 5.0 GMG co-investment ($B) 67 19 22 10 o7 06 09 o7 0.0 Numberofproperties! 182 18 a7 101 24 39 14 3 4 Ocoupanoy? (%) 97 96 100 99 100 94 98 93 100 Weighted average lease ex
Slide 29: Sustainability
SUSTAINABILITY’ + Guided by our 2030Sustainability Strategy, Goodmancontinuesto integrate ESG into its business targets & SUSTAINABLE ~~ PROPERTIES AND PLACES + We continue totrack our emissions towards our SBTiand Climate Active targets + Global solar installations and commitments increasedto 343MW
Slide 30: Equity Raising
EQUITYS RAISING — 30 GOODMANGROUPIH25 RESULTS
Slide 31: Equity Raising to Support Growth
EQUITY RAISING TO SUPPORT GROWTH Equity Raising rationale SOURCES $M + The Equity Raising comprises Placement Proceeds? 4,000 — Fully underwritten ‘pro rata’ Placement to raise $4.0 billion Total Sources 4,000 — Non-underwritten SPP to raise up to $400 million, offered to eligible securityhoKders +
Slide 32: Pro-Forma Balance Sheet
PRO-FORMA BALANCE SHEET ASAT _ IMPACTOF PRO-FORMAAS AT 31DECEMBER 2024 PLACEMENT! 31DECEMBER 2024! + Pro-forma balance sheet assumes net Placement proceeds of $4.0 billion! are $M $M $M initially applied to repay revolving credit facilities and remainder held in cash Assets pending funding commitmen
Slide 33: Equity Raising Overview
EQUITY RAISING OVERVIEW + Fully underwritten! ‘prorata’ institutional placement (Placement) to raise A$4.0 billionor 62% of total securities outstanding + Itisintended that eligibleinstitutional securityholders? who bid for up to their ‘prorata’ share ofnew securities under the Placement willbe allo
Slide 34: Equity Raising Timetable
EQUITY RAISING TIMETABLE Recorddatefor SPP (7:00pm AEDT) Tuesday, 18 February 2025 Tradinghalt, announcementof 1H25 results and Placement Wednesday, 19 February 2025 Placement bookbuild Wednesday, 19 February 2025 Announcement of the completion of the Placement Thursday, 20 February 2025 Tradinghalt
Slide 35: Results Analysis
R DISTRBUTIONOR RELEASE IN THE US.
Slide 36: Goodman has established itself as a leading provider of essential infrastructure
Goodman has established itself as a leading provider of essential infrastructure globally. This is the result of many years of focus and has embedded significant value in the Group’s assets. SOODMANGROUP1H25 + The demand for datacentres remains strong across our urban markets Increasing use of cloud
Slide 37: Outlook
OUTLOOK + The outlook for the Group remains positive 1 Development projects are forecast to continue providing attractive returns relative torisk Supply constraints in our locations are expected to continue to drive rental growth and maintain high occupancy rates across the portfolio We continue to
Slide 38: Results Analysis
RESULTS ANALYSIS
Slide 39: Fair value adjustments on derivative financial instruments
Add: fair value adjustments on derivative financial instruments 406.0 47.1 (13.0)
Slide 40: Reconciliation of Non-Operating Items
RECONCILIATION OF NON-OPERATING ITEMS Half year ended 31 Total December Non-operatingitemsin statutory income statement $M at Property valuation related movements Netgain from fair value adjustments attributable to investment properties (29.8) ‘Share of net gain from fair value adjustments attributa
Slide 41: Financial Position
FINANCIAL POSITION Property CAPITAL ALLOCATION $B Direct Assets investment — Development Other Total - OO Asat31 December 2024 $M $M $M $M $M 79 Cash - - - 1,489.1 14891 Receivables andcontract assets 24 - 6291 389.9 1,021.4 Lh Inventories 1962 - 1,987, - 21633 Investment properties 3169.6 - 1,360.8
Slide 42: Net Tangible Asset Movement
NET TANGIBLE ASSET MOVEMENT NET TANGIBLE ASSET MOVEMENT Net assets attributable to seourityholders asat 1 July2024 1. Calulatedbasedon 1,916 million se GOODMANGROUP1H25 RESULTS Intangibles Net tangible assets as at July 2024 rities being closing securities onissve. Operating profit after tax 0.08 Pr
Slide 43: Property Valuations
PROPERTY VALUATIONS + Revaluation movements across the global portfolio for the half year totalled $1.0billion, with the Group’s share $0.2 billion + Increases in the valuer's opinion of market rent, adjustments to cashflow assumptions and adjustments on development assets have driven the valuation
Slide 44: Appendix: Property Investment
02 ENDIX PROPERTY INVESTMENT 44 —GOODMANGROUP1H25 RESULTS
Slide 45: Space Leased Occupancy
SPACE LEASED OCCUPANCY Across the Partnerships: + 2.9millionsqm leased over 12 months equating to $415 million of annual property income! + High occupancy at97%" . Leasing area Average lease Netannualrent $M Region (sqm ‘000) Term (years) Australia/New Zealand 756 168.6 45 Asia 4,506 1883 28 UK/ Con
Slide 46: Top Global Customers
CakdaleWest industrialE state, Sydney, Australia TOP 20 GLOBAL CUSTOMERS (BY NET INCOME - LOOK THROUGH BASIS) INCOME % AMAZON AP.MOLLER ~ MAERSK ———_ |} 27 RELATIVITY SPACE —s) 26 SAMSUNG ELECTRONICS AMERICA 25 DEUTSCHE POST (DHL) =x 16 KOCH Si 16 VDC POWERBASE == 14 EQUINIX oe 13 COLES GROUP = 13 B
Slide 47: Long term strategic portfolio
+ Longterm strategic portfolio with potential for higher and better use, re-zoning and redevelopment + 26 properties with a total value of $4.9 billion + 97% occupancy and a weighted average lease expiry of 6.4 years + Average portfolio valuation cap rate of 5.6%. Key metrics! THFY25 Total assets ($
Slide 48: Appendix: Development
Slide 49: Development
DEVELOPMENT WORK IN PROGRESS BY REGION © 46% ASIA 1H25 Developments Asat31 December 2024 Completions _Commencements Workin progress © 22% AUSTRALIA/NEW ZEALAND Value ($B) 14 06 13.0 Area(msqm) 06 02 36 9 Yield(%6) oa 86 BT 6 16%UK/ CONTINENTAL EUROPE Committed (%) 86 64 64 Weighted averagelease term
Slide 50: Appendix: Management
Slide 51: Current Goodman global presence
3 =,4% CONTINENTAL EUROPE/UK ¥ THEAMERICAS ” ASIA Total portfolio Total portfolio Properties Total portfolio Properties TOTALPORTFOLIO PROPERTIES COUNTRIES NEW ZEALAND Total portfolio Current Goodman global presence. As at 31 December 2024 (Australian currency) Properties 61 GOODMANGROUPIH25 RESULTS
Slide 52: Management - AUM
MANAGEMENT - AUM + The majority of Goodman’ assets reside in Partnerships — The Group manages 23 Partnerships with 51 investors who are represented on the Boards and Investment Committees independent of Goodman Goodman holds anaverage equity cornerstone position of 28% in the Partnerships to support
Slide 53: Capital Management
CAPITAL — MANAGEME = | T 1 il SE 58 GOODMANGROUPIH25 RESULTS NOTFOR DISTRBUTIONOR RELEASE IN THE US
Slide 54: Outstanding Debt Currency Mix
- OUTSTANDING DEBT CURRENCY MIX ~ INCLUDING THE IMPACT OF CAPITAL HEDGING FX SWAPS, 23% EUR 7% AUD — 7 14% HKD. 6% JPY 1% CNY 7% GBP 6%NZD @ 2% CNY 4% JPY @ 3% AUD ; = 4 iy ist} - 54 GOODMANGROUPIH25 RESULTS: NOTFOR DISTREL TIONOR RELEASE IN THE US
Slide 55: Capital management framework
+ The Grouphas a robust capital management framework, under its Financial Risk Management(FRM) policy. This provides: ~— Covenantsthat are appropriate for our operations — Diversified sources of funding — Long-term debt sources to stabilise the funding base + The Group has maintained gearing in the
Slide 56: Financial Risk Management (Cont)
FINANCIAL RISK MANAGEMENT (CONT) INTEREST RATE HEDGE PROFILE. + Interest rate payments are hedged to 76% over the next 12months 40,000 $M % 60 — Weighted average hedge rate of 348% 22 9000 — NZD-hedge rate 341% : 50 ~ UPY hedge rate 0.66% 8.000 — HKD—hedge rate 263% 7,000 40 ~ app- 4 GBP - hedge rat
Slide 57: Financial Risk Management (Cont)
FINANCIAL RISK MANAGEMENT (CONT) Foreign currency denominated balance sheet hedging maturity profile Weighted average Weighted average Amount maturity exchange rate Amount receivable! payable! NZ$ 27years 10775 A$8355m NZ$900.0m HK$ 36 years 53605 A$I,627.2m HK$8,840.0m us$ 24years O7137 A$I,894.8m
Slide 58: Exchange Rates
EXCHANGE RATES Statement of financial position - exchange rates as at 30 June 2024 ‘Goodman Waigaociao Distribution Centre,ShanghaiCity,China Currenoy Exchange rate AUDGBP - 04941 (80 June 2024:0.5274) AUDEUR- 0.5976 (30 June 2024: 0.6226) ; AUDHKD - 4.8043 (30 June 2024: 5,208!) AUDBRL-38213 (80 Ju
Slide 59: Annexures
Slide 60: Annexure A: Placement Agreement summary
Annexure A: Placement Agreement summary Goodman has entered into a placement agreement (Placement Agreement’) with the oint lead managers (together, the “Joint Lead Managers’, pursuantto which the Joint Lead Managers have agreed to fully underwrite the Placement on the terms and conditions of the Pl
Slide 61: Annexure B: Key risks
Annexure B: Key risks This section describes the key business and industry risks of investingin Goodman together with the key risks relating to participation or non-patticipation in the Placement or the SPP. IFany ofthe following key business or industry risks actually occur, Goodman's business, fin
Slide 62: Annexure B: Key risks
Annexure B: Key risks changes inlaws and govemmental regulations, inducing tenancy, zoning planning environmental, critical infrastructure or tax laws, + potentia environmental or other legal liabilities; * unforeseen capital expenditures; * the supply of and demand for industrial properties, data c
Slide 63: Annexure B: Key risks
Annexure B: Key risks Risks relating to the creditworthiness of tenants Goodman is exposed to the tisk that its customers that rent the properties makingup its real estate portfolio do not fulfltheir payment obligations or that difficulties are encountered in collecting rent from them. This risk may
Slide 64: Annexure B: Key risks
Annexure B: Key risks Goodman's business could be adversely affected by its ability to obtain sufficient power capacity. Data centres require access to sigrificant quantities of electricity torun servers, cooling systems and for various other processes to ensure the entire data centre infrastructure
Slide 65: Annexure B: Key risks
Annexure B: Key risks These additional investments in the properties requite increased capital expenditure and also inorease the riskof adverse impacts to the profitability of data centre development projects, meeting the feasibilties expeoted of such projects and Goodman's net income from the relev
Slide 66: Annexure B: Key risks
Annexure B: Key risks Competition in the property market may lead to, among other things: * anincreased supply of industrial properties, data centres, warehouses, logistics facilities and business space through over-cevelopment, which could lead to downward pressure on rental rates, levels ofincenti
Slide 67: Annexure B: Key risks
Annexure B: Key risks Furthermore, entry into new markets could resuttin the loss of allor part of any investment if the financial outcomes are ot as expected. In addition, Goodman expects to finance future acquisitions through a combination of retained earnings, borrowings under ‘existing or newere
Slide 68: Annexure B: Key risks
Annexure B: Key risks additional equity capital. This could require that Goodman's Partnerships seek additional equity capital from new investors who may not be familiar with Goodman, its Partnerships and its investment management business and ‘operations and who may not support its Partnerships’ lo
Slide 69: Annexure B: Key risks
Annexure B: Key risks Goodman's operations. Breaches of these covenants could result in defaults under the instruments governing the applicable indebtedness and the acceleration of repayment of such indebtedness. Certain of Goodman's financing agreements also contain ‘ross-defaullt or oross-accelera
Slide 70: Annexure B: Key risks
Annexure B: Key risks Goodman is also exposed to increased employee expenses in markets where the demand for labour is strong, Workforce shortages may further limit Goodman's ability to attract and retain senior management and key employees, which could limit its abilty to growits business or increa
Slide 71: Annexure B: Key risks
Annexure B: Key risks Goodman and its Partnerships, customers and suppliers may fail to comply with legal, regulatory or voluntary standards or broader shareholder, community or stakeholder expectations concerning ESG risk performance Globally, and particularly in Australia, governments and regulato
Slide 72: Annexure B: Key risks
Annexure B: Key risks Regulatory issues and changes in laws could adversely affect Goodman's income and ability to take advantage of business opportunities. Goodman is subject tothe risk that there may be changes in laws that reduce income or increase costs. Complying, of failing to comply, with exi
Slide 73: Annexure B: Key risks
Annexure B: Key risks liquidity of Goodman's direct investments in property and the property of ts Partnerships could adversely affect its ability to vary its and/or its Partnerships’ investment portfolio if necessary. Investments in property are relatively iliquid, and some of Goodman's and its Par
Slide 74: Annexure B: Key risks
Annexure B: Key risks RISKS SPECIFIC TO OFFER AND HOLDING SECURITIES Negative effects of market influences The price of Securities on ASX may rise or fall due to numerous factors which may affeot the market performance of Goodman, including: * Australian andintemational general economic conditions,
Slide 75: Annexure C: International offer restrictions
Annexure C: International offer restrictions This document does not constitute an offer of stapled seourities (each consistingof one share in Goodman Limited, one unit in Goodman Industrial Trust and one Chess Depositary Interest in respect of one share in Goodman Logistics (HK) Limited (together, t
Slide 76: Annexure C: International offer restrictions
Annexure C: International offer restrictions Malaysia This document may not be distributed or made available in Malaysia. No approval from, or recognition by, the Securities Commission of Malaysiahas been or willbe obtained in relation to any offer of Securities. The Seourities may not be offered so
Slide 77: Annexure C: International offer restrictions
Annexure C: International offer restrictions United Kingdom Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct ‘Authority in the United Kingelom and no prospectus (within the meaning of section 85 ofthe Financial Services and M
Slide 78: Thank You
THANK YOU For moreinformation visit goodman.com Xf & © % Important Notice This dooument has beenprepared by Goodman Group (Goodman Limited (ABN69 000 128 071) and GoodmanFunds Management Limited (ABN48 067 796641)(AFSL 223621)as the Responsible Entity for Goodman Industrial Trust (ARSN 091213 839)an