Slide 1: Lendlease Group 2025 Half Year Results Announcement, Presentation and Appendix
17 February 2025 Lendlease Group 2025 Half Year Results Announcement, Presentation and Appendix Lendlease Group today announced its results for the half year ended 31 December 2024. Attached is the HY25 Results Announcement, Presentation and Appendix. ENDS FOR FURTHER INFORMATION, PLEASE CONTACT: In
Slide 2: Strong progress on strategic initiatives; improved operating performance
17 February 2025 Strong progress on strategic initiatives; improved operating performance Financial1: • Operating Profit after Tax (OPAT) of $122m, up $133m o Operating Earnings Per Security of 17.7 cents o Interim distribution of 6.0 cents per security; 34 per cent payout ratio • Statutory Profit a
Slide 3: Group Chief Executive Officer, Tony Lombardo said
Group Chief Executive Officer, Tony Lombardo said: “Our results for 1H25 reflect significant progress in-line with our strategy announced last year, as well as a return to statutory profit. We continue to move at pace to simplify the Group and focus on improving our operational performance. “Our pri
Slide 4: Segment results: Investments and Development
Investments • Segment Operating EBITDA of $228m was up 148 per cent, led by the establishment of the new Vita Partners Life Sciences joint venture and associated S$1.6b portfolio acquisition • Funds under management increased 3 per cent to $49.6b compared to FY24; $0.9b of new additions from develop
Slide 5: Capital Release Unit and Outlook
Capital Release Unit • Capital recycling initiatives of $2.2b announced or completed include $1.9b from CRU (refer to Appendix) • Divestment of international construction operations was substantially completed with the announced sale of the UK construction business, subject to conditions precedent,
Slide 6: For further information, please contact
FOR FURTHER INFORMATION, PLEASE CONTACT: Investors: Media: Michael Vercoe Tessie Vanderwert Head of Investor Relations General Manager, Corporate Affairs Mob: +61 488 245 205 Mob: +61 428 483 828 michael.vercoe@lendlease.com tessie.vanderwert@lendlease.com Key 2025 dates Security price quoted ex-div
Slide 7: Appendix: Capital recycling progress since May 2024
Appendix: Capital recycling progress since May 2024 Asset Value 4 Status Communities (12 projects) $1,060m Sale completed Military Housing $516m Sale completed Sale of Asia Life Sciences assets $170m Sale completed 5 International Land and Inventory $192m Sales completed Total capital recycling init
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Slide 9: Acknowledgement of Country
@ Acknowledgement of Country As an investor, developer, builder and manager of assets on land across Australia, we pay our respects to the Traditional Owners, especially their Elders, past and present, and value their custodianship of these lands.
Slide 10: Our strategic progress
© Our strategic progress
Slide 11: Progress since May 2024 strategy — simplifying Lendlease
© Progress since May 2024 strategy — simplifying Lendlease 1 Restructuring the organisation and reducing costs 2 3 Transactions Divesting announced and internati underway Construction 4 Releasing capital from international Development 27 May 2024 timeline Complete / actioned ¥ Removed regional manag
Slide 12: Performance and Operations
Performance and Operations ©
Slide 13: HY25 result
HY25 result rating profit after tax! 6.0cps? reike Half year distribution Operating Earnings per 9 stapled security canes Payout ratio atutory profit after te Stable financial position 27% Gearing $2.6b Available liquidity Operating Profit after Tax (OPAT) in 1H25 of $122m, up $133m — Investments up
Slide 14: Operational highlights
Victoria Harbour Build-to- Rent Artist's impression SSS SS Investments zy ee Bee 2H : if * Completed Vita Partners life sciences joint venture including S$1.6b portfolio acquisition * $1.5b of new mandates secured post balance date at benchmark returns, including Australian office assets and Asian r
Slide 15: Operational highlights (cont.)
@ — Operational highlights (cont.) Capital Release Unit * Completion of Australian Communities sale * Completion of US Military Housing sale post half year end * Completed US Construction sale * Announced UK Construction sale + Land and asset sales at Elephant Park * Topping out of 1 Java St (NY), H
Slide 16: Investments
Investments An international investment management platform focused on performance Operating performance Investment management platform ($b) Investment management * Funds Under Management increased 3% on FY24 to $49.6b: = Includes new FUM of $0.9b and FX benefits of $1.4b, partially offset by $0.8b
Slide 17: Development
Development | Strong sales progress and completions Operating performance Australian Development activity ($b) Current pipeline 10.3 Ill Completions + Development pipeline $10.0b; Work in Progress $6.0b 92 Hi Commencements * $2.3b of completions, $0.6b of commencements 75 - Completion of Residences
Slide 18: Construction
Construction ! Strong New Work Secured; Current operating performance impacted by certain projects Operating performance HY25 Backlog revenue 2 Market conditions + Ongoing industry pressures; material construction cost inflation, subcontractor insolvencies and productivity issues, predominantly in r
Slide 19: Capital Release Unit
Capital Release Unit Operating performance Strong value realisation with acceleration of capital recycling Strategic progress since May 2024 (9 months) 2 Investment portfolio + Completed the sale of US Military Housing post-balance date (30 Jan 2025) Development + Land and asset sales at Elephant Pa
Slide 20: Financial Performance
Financial Performance @
Slide 21: Financial performance — Group
Financial performance — Group! Commentary $m. Hy242 HY25 Investments 92 228 i . Development (24) Ee Segment Operating EBITDA Construction 58 (28) + Earnings increased by 39 per cent to $375m, including an IDC contribution of $341m. Improved Development and Investments earnings were partially offset
Slide 22: Financial performance — Investments
Financial performance — | Investments ($m) Hy24 HY25 Management revenue 123 m Management EBITDA 46 49 Co-investment EBITDA 49 49 Other EBITDAS @) 130 Total EBITDA 92 228 Segment Operating profit after tax 72 203 Management EBITDA margin 37.1% 44.1% Co-investment distribution yield* 3.1% 3.0% nvestme
Slide 23: Financial performance — Development and Construction
Financial performance — Development and Construction! Development ($m) EBITDA Segment Operating profit/(loss) after tax Development ROICS Construction ($m) Revenue EBITDA Segment Operating profit/(loss) after tax EBITDA margin (3.7%) HY242 1,879 58 30 3.1% HY25 138 95 14.9% Development commentary *
Slide 24: Financial performance — Capital Release Unit
Financial performance — Capital Release Unit! CRU commentary Capital Release Unit ($m) HY242 HY25 International Development EBITDA 105 (41) + Segment EBITDA of $34m was down from $143m. The key contributor to earnings was Australian Communities, delivering $142m, up from $9m in the prior period Aust
Slide 25: Net debt
Net debt Cash flow movements Net Debt! ($b) Contracted cash inflows of $1.7b in 2H25 to support balance sheet flexibility + There was $1.0b of gross capital deployed during the period across Development, offset by settlement and transaction proceeds * Capital recycling in Investments and other outfl
Slide 26: Capital management and treasury
Capital management and treasury Strong 2H25 cashflows to support debt repayment Treasury overview Capital and liquidity management FY24 HY25 Net debt $m 3,176 3,799 Proportion of fixed debt % 38 46 Gearing! % En 268 Interest cover? times 27 29 Average drawn debt maturity years 34 3.0 Average cost of
Slide 27: Progress on cost initiatives
Progress on cost initiatives! Statutory disclosures on overhead costs Overhead cost savings achieved since FY22 Note 7 - financial statements $ Since FY22, material net overhead savings have been achieved, primarily from $m Fya2 FY23FY24 ~— HY25 change! reduced employee and lease costs Total employe
Slide 28: Outlook
Outlook @®
Slide 29: Operational Outlook
Operational Outlook ' Investments Development * $1.5b of new mandates secured in 2H25 to date * 2H25 settlements from Watermans Residences + Regional cost savings actioned in 1H26 to support margins + Continued focus on re-stocking development pipeline, including advanced stage * Completion of offsh
Slide 30: FY25 Financial Outlook
FY25 Financial Outlook ' We are focused on growing and improving the performance of the Investments, Development and Construction (IDC) segments. The primary focus of the Capital Release Unit (CRU) is to accelerate the release of capital Group EPS of 54 to 62 cents is Targeting $2.8b? of divestments
Slide 31: Analyst Q&A
a Analyst Q&A
Slide 32: Appendix
Appendix
Slide 33: Positioning Lendlease to be Australia's leading integrated real estate business
Positioning Lendlease to be Australia’s leading integrated real estate business with a strong international investment management capability 1 Refer to page 50 of this presentation
Slide 34: Health and Safety
Health and Safety HY25 highlights Key performance indicators at record rates + No corporate reportable fatalities across the organisation in HY25 Lowest recorded number of Critical Incidents for a half year period Reviewed the Global Minimum requirements, to align to revised Lendlease strategy Intro
Slide 35: HY25 key achievements
HY25 key achievements Environmental, Social and Governance 10 global and 13 regional 2024 GRESB sector leadership awards WELL Platinum ratings for One O'Connell, Darling Quarter and One Melbourne Quarter Launched IM’s Submitted FY24 Workplaces with Modern Slavery Seen Statement 4 recipients awarded
Slide 36: Proforma and historical financials
Proforma and historical financials @®
Slide 37: Group financial and operating metrics
Group financial and operating metrics! FYi9 FY20 FY21 FY22 FY23 FY24 HY24 HY25 FYi9 FY20 FY21 FY22 FY23 FY24 HY24 HY25 Earnings Ratios and other data Statutory profit/(loss) after tax ($m) 467 (310) 222 (99) (232) (4802) (136) 48 Operating EBITDA mix by Segment ton RY Statutory Profit/loss) after Ta
Slide 38: Financial performance — IDC and CRU
Financial performance — IDC and CRU" Allocation methodologies Hy24? HY25 $m IDC CRU Group IDC CRU Group . . . Proforma information presented on this and the Segment EBITDA 126 43 269 341 34 375 following two pages, for FY24 and earlier periods, are presented on a fully costed basis, allocating Corpo
Slide 39: Historical financials (pro-forma and reported) — Segments
Historical financials (pro-forma and reported) — Segments! $m Fyi9 FY20 FY21 FY22 FY23 FY24 —_HY25 $m Fyi9FY20 FY21 FY22 FY23 FY24 — HY25 Investments (incl. international) @ Development (Australia only) ® FUM ($b)* 363 368 41.0457 493482 49.6 EBITDA 52 187354 (24) 184 198 138 FUM growth 162% 14% 15%
Slide 40: Historical financials (pro-forma and reported) — Group
Historical financials (pro-forma and reported) — Group" $m Fyi9 FY20 FY21_ FY22 FY23 FY24 —_HY25 $m FYI9 FY20 FY21_ FY22 FY23 FY24 HY25 Segment EBITDA Operating Earnings per security (cents) © I/D 7C (exCRU) @32 499843 GS, Ea 7D/C (exCRU) 852 401 480 23 329 19.6 304 Capital Release Unit @) Gea) 69_—
Slide 41: Investments
Investments @
Slide 42: Investments
Investments! International investment management capability; strong foundations in Australia and Asia Global network of long-standing client relationships Real estate skills to add value at the asset level Trusted fiduciary with strong governance o $49.6b FUM2, HY25 >70 capital partners 7.0% FUM CAG
Slide 43: Funds Under Management by Product
Funds Under Management! by Product FUM growth supported by $0.9b of asset creation FUM ($b) By product ($b) FY24 Additions Divestments —Revals FX & Other’ HY25 2.0 49.6 4 , 09 (2) Workplace 26. 0.2 (0.4) (0.6) 0.6 24.8 48.2 || || (07) Residential? 28 06 - - 03 37 Retail 138 - (0.4) - 12 146 Data Cen
Slide 44: Investment platforms by Region
Investment platforms by Region Focused on improving profitability in Europe and the Americas $m FY20 FY21 FY22 FY23 FY24 HY25 rong returns hav n St ong etu s have bee en achieved in established FUM ($b) * 25.2 287 32.3 318 28.9 28.9 Australia and Asia platforms Revenue? 126 124 135 144 131 57 EBITDA
Slide 45: Co-investment and Fund Summary
Co-investment and Fund Summary HY25 funds management platform Weighted Total No. of avg. cap assets' Gearing Co-investment Region Sector assets Leased WALE rate $b % % $m # % Years % Australian Prime Property Fund Commercial 57 320% 7.9% 294 Australia Workplace 21 90.5% 52 5.8% Lendlease Internation
Slide 46: Development
Develooment @
Slide 47: Development
Development! Leading urban regeneration capability Experience across a range of sectors and products Strong government relationships Market leader in urban regeneration & luxury residential Pe $6.0b work in progress By asset type ential (BTS) [ll Workplace idential (BTR! [J Other $6.0b work in progr
Slide 48: Summary of major Australian projects
Development Summary of major Australian projects Invested capital + Presoidt/ End value® Margin’ Delivery timeline Project City Sector? Model 5 Ownership FY24 — HY25 % $b % Start comtttion Profit realised Development Australia! One Sydney Harbour R38. Sydney —_—Residential (BTS) Balance sheet 100% o
Slide 49: Australian Development pipeline
Australian Development pipeline Focused on origination; ~$36b of targeted opportunities Origination solely focused on Australia, with $20b of opportunities identified at an Actively replenishing the $10.0b Australian Development on pipeline advanced stage and $16b of early stage opportunities 9g $ y
Slide 50: Construction
Construction @
Slide 51: Construction
Construction ! Australia-only builder with deep sector expertise and client relationships Delivery capability for integrated model Exposure to a diverse range of sectors History of operational excellence Os6.20 $6.2b backlog backlog revenue revenue HY25 2 HY252 Hi Government ll Corporate Hl Social i
Slide 52: Revenue, Backlog and Preferred book
Revenue, Backlog and Preferred book Backlog! ($b) Historical Revenue and Backlog! ($b) 38 (1.5) 62 39 Book to bill?: 2.5 FY24 New Work Secured Revenue HY25 1. Construction revenue to be earned in future periods (excludes internal projects) 2. Ratio calculated as external new work secured over extern
Slide 53: Capital Release Unit
Capital Release Unit @
Slide 54: Capital Release Unit
Capital Release Unit Maximising value capture from our international development projects Orderly capital release from overseas development projects while maximising value and preserving key stakeholder relationships Once completed, various joint ventures are expected to contribute a further ~$4b of
Slide 55: International Development — HY25 gross invested capital
International Development — HY25 gross invested capital Land & Inventory, Joint Ventures and Land Management Agreements City Project Sector __Capital model__ Ownership _Sam (k) / units" Project end value ($b)_Invested capital ($m) _Net end value ($b) Completion? Profit realised Land & Inventory UK7U
Slide 56: Other financial information
Other financial Information @
Slide 57: Capital Allocation Framework
Capital Allocation Framework . technology and culture transparent hierarchy for Net operating cash flow oY capital deployment: reallocated based on o women reallocated based on our piety BLoCUCNvity lower costs, productivity, Distribution linked to business performance Maximise securityholder value
Slide 58: Capital management and target EBITDA mix
Capital management and target EBITDA mix Group EBITDA target | . , ly Capital structure Invested capital (post-simplification) Consolidated Australia Mi International MInvestments Mi Development MInvestments Mi Development gearing * 5-15% 5 ™ Construction Credit rating Innveesinn grade Distribution
Slide 59: Defined Development terms
Defined Development terms Completion Based on expected completion date of underlying buildings, subject to change in delivery program. Not indicative of cash or profit recognition Fund Through Funding model structured through a forward sale to a capital partner resulting in majority of profit recogn
Slide 60: Important notice
Important notice This document (including the Appendix) has been prepared and is issued by Lendlease Corporation Limited (ACN 000 226 228) (Lendlease) in good faith. Neither Lendlease, nor Lendlease Trust (including any of their controlled entities) (collectively referred to as the Lendlease Group)
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