Goodman Group · ASX:GMG
Goodman — Goodman Property Trust — 1H26 Earnings Presentation
31 slides from Goodman's earnings presentation, Nov 20, 2025
Slide 1: Goodman Property Trust, 20 November 2025
GOODMAN PROPERTY TRUST 20 NOVEMBER 2025
Slide 2: Agenda
Overview Investment Financial Result Capital Portfolio Management Sustainability Summary & Questions Appendix Outlook All figures are in NZD.
Slide 3: Overview
OVERVIEW
Slide 4: Financial result and portfolio update highlights
FINANCIAL PORTFOLIO DELIVERING RESULT UPDATE STRATEGY + 10.4% increase in operating earnings + Look-through portfolio occupancy of + Establishing the Highbrook Fund before tax to $83.1 million 97.7% and WALT of 5.1 years + $98.8 million stage one regeneration + 6.7% increase in cash earnings to + 65
Slide 5: Customers, supply, data centres, investment
CUSTOMERS SUPPLY DATA CENTRES INVESTMENT The structural shift towards Auckland industrial rents have Globally, exponential growth in Following a period of lower efficiency and proximity to end been relatively stable this year demand for data storage is investment activity, rate cuts may consumers re
Slide 6: Capital partnering: fund our development pipeline
+ GMT’s newly established property funds management platform unlocks access to new capital sources, resetting GMT’s balance sheet and providing a unique ability to finance growth objectives + After the sale of Bush Road and the launch of the Highbrook Fund, GMT’s look-through gearing has reduced to
Slide 7: Property funds management platform established
HIGHBROOK BUSINESS PARK Property funds management platform established Next steps + GMT’s new capital partners have acquired a 28.9% interest in the limited partnership that now owns + Our partnership strategy will continually evolve, with Highbrook Business Park, with GMT retaining a 71.1% interest
Slide 8: Investment Portfolio
INVESTMENT PORTFOLIO
Slide 9: Key property stats and leasing
+ 65,039 sqm of stabilised space (5.5% of the Total Portfolio) was leased on new or 30 SEPTEMBER 2025 KEY PROPERTY STATS revised terms in the first half of FY26: ‒ rental uplift of 23.0% achieved on these leases, with an average warehouse Property Portfolio Occupancy % WALT (years) Stabilised NLA (s
Slide 10: Mt Wellington Estate redevelopment stage one
+ Commencing stage one of the redevelopment of Mt Wellington CBD Estate, with a total project cost of $98.8 million and yield on cost of 6.7% + The warehouses will incorporate sustainable and flexible design, with small to medium requirements available across four tenancies with a total NLA of 21,85
Slide 11: Waitomokia and Penrose
Precinct boundary Development area Indicative road Flood storage/wetland Leased as yard Potential Potential DCDC GXP GXP Waitomokia Penrose + Infrastructure and enabling works are underway at Waitomokia, with the + $20 million has been committed to preliminary design and infrastructure works first b
Slide 12: Financial Result
aa SCF INANGIAL wee RESULT
Slide 13: Financial result key metrics
NET PROPERTY INCOME PROFIT AFTER TAX ROMA ROAD ESTATE $119.7m 7.5% increase on 1H25 $61.8m Supported by stable property values CASH EARNINGS DISTRIBUTIONS 3.99 cpu 3.4125 cpu 6.7% increase on 1H25 5.0% increase on 1H25 CASH LOOK-THROUGH COMMITTED GEARING $531.8m 23.4% Ready for reinvestment into dev
Slide 14: Net property income
NET PROPERTY INCOME $m 125 +0.3 120 +0.7 - 119.7 + Net property income increased $8.3 million +5.0 to $119.7 million, up 7.5% for the period 115 + Underlying like-for-like net property income growth on the stabilised portfolio of 5.2% for -0.6 +2.9 the period1 110 111.4 + Prior year development comp
Slide 15: Operating earnings to net profit reconciliation
OPERATING EARNINGS TO NET PROFIT RECONCILIATION $m 1H26 1H25 % Change + Operating earnings before tax are 10.4% higher than the prior period, with the combination of a 7.5% increase in net property income and the introduction of fee Net property income 119.7 111.4 7.5% revenue, outweighing the impac
Slide 16: Cash earnings and full-year guidance
CASH EARNINGS $m 1H26 1H25 % Change + Fee recognition adjustments are included to eliminate GMT’s 71% share of fees received from HLP, net of tax, where the fee Operating earnings before tax 83.1 75.3 10.4% expense in HLP does not impact cash earnings in the same Current tax on operating earnings (1
Slide 17: Capital Management
| CAPITAL ae See MANAGEMENT
Slide 18: Hedging profile and borrowing metrics
HEDGING PROFILE BORROWING METRICS % 30-Sept-25 30-Sept-24 100% 12 month forward hedging level 97% 81% 90% Weighted average cost of debt (WACD) 4.4% 5.0% Interest cover ratio (ICR) covenant (>1.75x) 3.6x 2.6x 80% 70% 60% + GMT 97% hedged for the next 12 months 50% + Weighted average debt cost of 4.4%
Slide 19: Maturity profile and funding metrics
MATURITY PROFILE FUNDING METRICS % 30-Sept-25 30-Sept-24 Non-bank funding (% of debt drawn) 100% 47% Available liquidity (cash & undrawn bank facilities) $632 million $385 million Weighted average debt term (drawn)1 3.1 years 3.1 years 100 LVR covenant (<50%)2 29.1% 33.4% 150 + With all balance shee
Slide 20: Look-through gearing
LOOK-THROUGH GEARING % LVR covenant + Look-through gearing of 19.6% at 50% 30 September 2025 + Look-through committed gearing of 23.4% following new development 40% announcements + GMT has ~$400 million of capacity before Preferred look-through gearing range reaching the top of the preferred look- 3
Slide 21: Sustainability
SUSTAINABILITY
Slide 22: Embodied carbon, innovation fund, energy efficient spaces
30% intensity reduction by FY301 across developments 31% intensity reduction by FY301 for Total Portfolio on a market-based approach 21% intensity reduction by FY301 for warehousing on a location-based approach Embodied Carbon Innovation Fund Energy Efficient Spaces + ECIF established, with over $80
Slide 23: Summary & Outlook
SUMMARY & OUTLOOK
Slide 24: Positioned for growth and FY26 guidance
Positioned for growth SIGNIFY – ROMA ROAD ESTATE + GMT has demonstrated the resilience of its warehouse and logistics portfolio in a volatile economic environment. It has also progressed strategic growth initiatives, establishing a complementary property funds management business with the successful
Slide 25: Questions
QUESTIONS
Slide 26: Important information and disclaimer
The information and opinions in this presentation were prepared by Goodman Property Services (NZ) Limited on behalf of Goodman Property Trust or one of its subsidiaries (GMT). GMT makes no representation or warranty as to the accuracy or completeness of the information in this presentation. Opinions
Slide 27: Appendix
APPENDIX
Slide 28: Income statement
6 months 6 months $ million Note 30 Sep 25 30 Sep 24 Property income 1.1 144.5 134.8 Property expenses (24.8) (23.4) Net property income 119.7 111.4 Fee income 12 4.3 – Interest cost 3.1 (32.4) (30.6) Interest income 3.1 0.2 0.4 Net interest cost (32.2) (30.2) Net corporate costs 6 (6.7) (5.9) Share
Slide 29: Balance sheet
$ million Note 30 Sep 25 3 1 Mar 25 Non-current assets Investment property 1.3 2,551.8 2,524.0 Investment in associate 2.2 899.1 – Derivative financial instruments 5.2 3.6 5.1 Property, plant and equipment 3.4 0.2 Right-of-use asset 6.6 0.9 Related party assets 7 24.1 40.5 Tax receivable 7.0 6.9 Def
Slide 30: Cash flow statement
6 months 6 months $ million 30 Sep 25 30 Sep 24 Cash flows from operating activities Property income received 142.5 133.0 Property expenses paid (30.1) (28.7) Interest income received 0.2 0.4 Fee income 4.3 – Interest costs paid on borrowings (29.7) (29.0) Interest costs paid on lease liabilities (2
Slide 31: Glossary
$ and cents GXP Stabilised New Zealand currency. Grid Exit Point. includes the properties or estates within 1H25, 1H26 Highbrook Fund or HLP the Total Portfolio that are developed and financial half year ended 30 September means Goodman NZ Highbrook Limited able to be leased, i.e. not under active 2