Stockland · ASX:SGP
Stockland — FY2025 Earnings Presentation
39 slides from Stockland's earnings presentation, Aug 20, 2025
Slide 1: FY25 Annexure
¥ Stockland FY25 Annexure 20 August 2025
Slide 2: Contents
Contents About Stockland Financial results Investment Management Development Figures throughout this presentation are rounded to nearest million, unless otherwise stated; percentages are calculated based on figures rounded to one decimal place; percentage changes are calculated on the prior correspo
Slide 3: Stockland quick facts - as at 30 June 2025
Stockland quick facts - as at 30 June 2025 Investment Management NFE1,2 Development NFE1 $10.0bn $4.6bn Town Centres 33% 16 $4.7bn Portfolio weighting4 Assets Net funds employed Logistics 26% 22 $3.7bn Portfolio weighting4 Assets Net funds employed Workplace 13% 10 $1.9bn Portfolio weighting4 Assets
Slide 4: Stockland is one of Australia's largest diversified property groups
Stockland is one of Australia's largest diversified property groups Book value by state1 WA - $0.9bn QLD - $3.8bn 2 11 5 11 - 6 4 23 1 23% - 6% VIC - $3.4bn 2 22 51% NSW - $8.3bn 8 8 7 9 1 20% 10 2 8 Town Centres Masterplanned Communities2 Logistics Land Lease Communities3 Workplace 1. Includes WIP
Slide 5: Strategic targets
Strategic targets Target FY25 Sector by capital allocation1 Logistics and Workplace 30-50% 39% Residential (for sale and ownership) 20-35% 27% Town Centres 20-30% 33% Alternates2 0-5% 1% Capital allocation by activity1 Recurring 70-80% 75% Development 20-30% 25% Income mix1 Recurring3 60% 63% Develo
Slide 6: Financial results
Financial results Stockland Horizon, VIC Artist's impression
Slide 7: Profit summary
Profit summary The table below shows the EBIT, Interest and Tax components of FFO, including Stockland's share of joint ventures, and Statutory profit $m FY25 FY24 Change Segment EBIT (before interest in COGS): Investment Management EBIT 578 617 (6.3)% Development EBIT 571 513 11.3% Consolidated seg
Slide 8: Statutory profit to FFO and AFFO reconciliation
Statutory profit to FFO and AFFO reconciliation The table below shows the reconciliation of statutory profit to FFO and AFFO with reference to the definitions outlined in the Property Council of Australia (PCA) white paper “Voluntary best practice guidelines for disclosing FFO and AFFO” $m FY25 FY24
Slide 9: Net interest gap
Net interest gap The table below shows the impact of net interest in Stockland's profit and loss on a statutory basis and includes capitalised interest expensed to profit and loss but excludes the impact of joint ventures $m FY25 FY24 Interest Deferred interest1,2 Total Interest Deferred interest1,2
Slide 10: Debt and hedging profile
Debt and hedging profile Debt maturity profile1 Bank - Drawn DMTNs and Commercial Paper EMTNs USPP Bank - Undrawn $1,500m $1,000m $500m $0m FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 Interest Rate Hedge Profile1 Facility limit Drawn $4.0bn 4.1% 4.2% A$m A$m Net Fixed Debt $3.5bn 4.0% Tot
Slide 11: Stockland Corporation income tax reconciliation
Stockland Corporation income tax reconciliation FY25 FY24 Net profit before tax 881 338 Less: Trust profit and Intergroup eliminations (700) (231) Corporation profit before tax B 181 107 Prima facie tax expense @ 30% (54) (32) Tax effect of permanent differences: Non-deductible expenses for the peri
Slide 12: Investment Management
Investment Management Stockland Sienna Wood, WA Artist’s impression
Slide 13: Funds from operations
Funds from operations Investment Investment Communities Investment Logistics Workplace Town Centre Management Management Rental Income Management Fee Income Net Overhead $m FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 Operating EBIT 120 147 93 89 317 279 21 18 32 30 (65) (60
Slide 14: Logistics performance
Logistics performance Occupancy and lease expiry by income1 FFO movements between FY24 and FY25 $4m Assets by location FY25 FY24 (6) 5 5 - Occupancy 97.8% 98.2% WALE 3.1 yrs 3.2 yrs VIC 26% Lease expiry profile1 168 172 Portfolio value $3.5bn2 NSW FY31+ 15.3% 54% FY30 13.1% FY29 17.3% QLD 20% FY28 1
Slide 15: Workplace performance
Workplace performance Occupancy and lease expiry by income1,2 FFO movements between FY24 and FY25 $(4)m Assets by location FY25 FY24 VIC 4% Occupancy 91.1% 91.0% (4) WA 4% WALE 6.0 yrs 5.3 yrs Lease expiry profile1,2 Portfolio value FY31+ 39.3% 115 111 $1.7bn3 FY30 6.3% FY29 12.3% FY28 7.9% FY27 13.
Slide 16: Town Centres performance
Town Centres performance Diversified rental income, non-discretionary focus1 To 30 June 2025 Total portfolio Comparable centres3 Department Stores 1% 2H25 Retail sales MAT MAT Leisure 3% MAT $m growth on by category growth growth 2H24 DDS 7% Services 10% Total 4,918 2.2% 2.1%4 1.9% Supermarkets 10%
Slide 17: Town Centres – market environment
Town Centres – market environment Retail trade1 Consumer sentiment2 YoY Growth % Rolling 12 Months (MAT) Growth % 130 20% 120 15% 110 100 10% 90 5% 80 0% 70 May-2022 Nov-2022 May-2023 Nov-2023 May-2024 Nov-2024 May-2025 2009 2011 2013 2015 2017 2019 2021 2023 2025 Employment growth remains steady in
Slide 18: Land Lease Communities performance
Land Lease Communities performance Total established home sites FFO movements between FY24 and FY25 $3m1 Established home sites by location FY25 FY24 Total 3,325 2,799 (2) - - 100% Stockland 1,415 1,319 1 4 - In partnership 1,910 1,480 VIC , 10% Occupancy Total home sites 21 FY25 FY24 18 3,325 Occup
Slide 19: Disposals
Disposals Property disposed1 % of disposal Asset class Settlement date Disposal value2 $m Ingleburn Logistics Park, NSW sale to Stockland M&G Asia Partnership Trust (SMAPT) 50% Logistics Dec-24 208 Portfolio3 sale to Stockland Logistics Partnership Trust (SLPT1) 70.1% Logistics Jan-25 219 Yatala Dis
Slide 20: Top tenants by income
Top 10 tenants by income Town Centres Logistics Workplace Rank Tenant Portfolio Tenant Portfolio Tenant Portfolio 1 Woolworths Group Limited 6.9% DP World Landside Pty Ltd 5.9% Optus Administration Pty Ltd 21.3% 2 Wesfarmers 6.3% Austpac Logistics Pty Limited 4.8% Stockland Development Pty Ltd 11.6%
Slide 21: Weighted average cap rates
Weighted average cap rates Logistics Town Centres 7% 7% 6% 6% 5% 5% 4% 4% 3% 3% 6.1% 6.1% 6.4% 6.4% 5.5% 5.6% 5.9% 4.6% 4.8% 2% 4.1% 2% 1% 1% 0% 0% FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 Workplace Land Lease Communities and Communities Real Estate 7% 7% 6% 6% 5% 5% 4% 4% 6.3% 6.7% 3% 5.9%
Slide 22: Proposed Stockland-EdgeConneX data centre partnership
Proposed Stockland-EdgeConneX data centre partnership Partnership About EdgeConneX • Exclusive arrangement with EdgeConneX to establish a 50/50 partnership to develop, • A leading global data centre operator with presence on 4 continents own and manage an Australian portfolio of data centres1 • Over
Slide 23: Development
Development Yarrabilba, Sienna Wood Future Town Centre,QLD , WA
Slide 24: Development pipeline summary
Development pipeline summary By forecast end value $32.2bn $56.0bn $7.5bn $9.7bn $5.3bn $0.5bn $0.7bn Alternates 1 Town Centres Mixed use - Workplace Logistics Land Lease Communities Masterplanned Total portfolio Communities 2 1. Includes Communities Real Estate (stand-alone medical and childcare ce
Slide 25: Commercial Development work-in-progress
Commercial Development work-in-progress Est. total Est. Fully Development Est. end value Gross lettable Cost spent to Est. cost to Est. completion At Stockland’s ownership interest Asset Class incremental leased year type ($m) area (sqm) date ($m) complete ($m) Date cost ($m) one yield1 Build-to-hol
Slide 26: Commercial Development pipeline
Commercial Development pipeline Active development1 Planning underway1 Future Wave1 DA approvals received Logistics $1.2bn2 $1.8bn2 $6.7bn2 Kemps Creek, NSW (200 Aldington Rd)3 Kemps Creek, NSW (244 Aldington Rd)3 Yennora Intermodal, NSW Future Stgs Kemps Creek, NSW (90 Aldington Rd)3 Stockland Mome
Slide 27: MPC performance
MPC performance Key metrics FY25 FY24 Change Development operating profit margin % Total lots settled 6,865 5,637 21.8% - Settlements under joint venture/project 3,216 2,005 60.4% development agreements 1.6% (1.2)% (0.7)% Total development revenue $2,283m $2,071m 10.2% (0.0)% - Includes superlot rev
Slide 28: MPC lots settled by location and ownership
MPC lots settled by location and ownership 6,865 6,374 5,964 5,403 5,637 1,100 994 1,076 922 NSW/ACT 814 1,734 1,841 QLD 1,656 1,603 1,322 VIC 3,010 2,225 2,588 2,630 WA 2,475 1,314 1,021 644 511 763 FY21 FY22 FY23 FY24 FY25 6,865 6,374 5,964 5,637 1,645 1,002 5,403 1,155 775 1,064 1,097 973 1,571 E
Slide 29: MPC development pipeline
MPC development pipeline Approximate State Approximate Approximate remaining State Project total FY26 FY27 FY28 FY29 FY30 percentage1 settlements per annum2 project lots project lots Aura3 17,500 644 11,009 Providence 7,518 402 6,283 Botanica 2,142 162 2,110 Springfield Rise3 861 149 829 QLD Yarrabi
Slide 30: MPC supply pipeline composition
MPC supply pipeline composition Net funds employed: $2.8bn Book value: $4.1bn NFE by product NFE by pipeline NFE by state Book value by state 1% Single Family built to Rent Active NSW 23% NSW 26% Residential communities Active within two QLD years 32% QLD 29% 89% 88% Townhomes Active beyond VIC two
Slide 31: MPC sales price – average price per lot across states
MPC sales price1 – average price per lot across states FY25 settlements FY24 settlements Av. size per lot Av. price per lot Av. size per lot Av. price per lot State No. lots2 $/sqm No. lots2 $/sqm sqm $k sqm $k NSW 1,059 409 667 1,631 852 410 753 1,839 QLD 1,645 385 387 1,006 1,191 377 375 996 VIC 2
Slide 32: MPC - Stockland pricing relative to local median house and unit price
MPC - Stockland pricing relative to local median house and unit price ($) Stockland H&L entry price1 Median house price2 $1,642k $1,441k $1,081k $762k $735k $774k $728k $763k $775k $657k $658k $689k $713k $676k $632k $626k $624k $573k The Gables Aura Providence Lyra Katalia Grandview Evergreen Clove
Slide 33: MPC net deposits and enquiries
MPC net deposits and enquiries Net deposits by buyer 73.4% 73.0% 90.0% 72.4% 71.8% 65.7% 61.7% 63.6% 64.6% 65% 57% 1,947 60.7% 58.2% 59.7% 59.2% 59.8% 70.0% Investors / 1,868 52.7% 1,848 Builders 1,562 1,545 1,509 50.0% 518 1,363 Upgraders / 517 1,242 1,250 1,181 1,121 794 Downsizers 441 530 959 1,0
Slide 34: LLC performance
LLC performance Key metrics FY25 FY24 Change Revenue reconciliation ($m) Total homes settled 526 444 18.5% (36) Total development revenue $313m $244m 28.3% - (136) 86 - includes revenue from transfer of sites $86m $84m 2.6% - 400 313 Cost of goods sold and direct project costs $(247)m $(175)m 40.7%
Slide 35: LLC development pipeline
LLC development pipeline Remaining Community FY26 FY27 FY28 FY29 FY30 FY31 home sites Project activation reconciliation Halcyon Gables, NSW 231 FY25 Opening balance 15 Halcyon Ridge, QLD 114 Launches during the year 5 Halcyon Vista, QLD 140 Halcyon Dales, QLD 212 Halcyon Edgebrook, QLD Halcyon Prome
Slide 36: National house and land prices
National house and land prices Land price per sqm1 Capital city house prices – Rolling annual change2 55% Greater Sydney Greater Melbourne Greater Brisbane Greater Perth NSW VIC SEQ WA 2,000 45% 35% 1,500 25% 1,000 15% 5% 500 (5)% (15)% 0 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-2
Slide 37: Vacant land sales
Vacant land sales NSW vacant land quarterly sales VIC vacant land quarterly sales 4,500 10,000 4,000 9,000 8,000 3,500 7,000 3,000 6,000 2,500 5,000 2,000 4,000 1,500 3,000 1,000 2,000 500 1,000 0 0 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-14 Jun-15 Jun
Slide 38: Residential vacancy rates
Residential vacancy rates 6% 5% 4% 3% Melbourne 2% Sydney Brisbane 1% Perth 0% Jun-15 Jun-17 Jun-19 Jun-21 Jun-23 Jun-25 FY25 Results 38 Source: SQM Research, June 2025.
Slide 39: Important Notice
Important Notice This Presentation and its accompanying Annexures (“Presentation”) has been prepared and issued by Stockland Corporation Limited (ACN 000 181 733) and Stockland Trust Management Limited (ACN 001 900 741; AFSL 241190) as Responsible Entity for Stockland Trust (ARSN 092 897 348) (“Stoc