Goodman Group · ASX:GMG
Goodman — H1 2026 Earnings Presentation
51 slides from Goodman's earnings presentation, 2026
Slide 1: Goodman Group
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Slide 2: Important notice and forward-looking statements
– This document has been prepared by Goodman Group (Goodman Limited (ABN 69 000 123 – This document contains certain “forward-looking statements”. The words “anticipate”, “believe”, 071), Goodman Funds Management Limited (ABN 48067 796 641; AFSL Number 223621) as the “expect”, “project”, “forecast",
Slide 3: Agenda
ay 1 Results anal 2 Property investment 3 Development 4 Management 5 Capital management NAL
Slide 4: Goodman Group 1H FY26 Results
4 GOODMAN GROUP 1HFY26 RESULTS
Slide 5: Executing logistics and data centre opportunities to meet customer demand
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 c
Slide 6: Goodman reports $1.2 billion operating profit and growing data centre pipeline
Goodman reports $1.2 billion operating profit, strong capital $1,203M $14.4BN 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 p
Slide 7: Investment portfolio and FY26 targets
+ Investment portfolio + The Group sets financial performance targets annually and reviews them – Total portfolio1 of $87.4 billion, an increase of 2% on June 2025 regularly. We are in a strong position for the full year FY26 as we progress our – Valuations were up $893 million across the Group and
Slide 8: Own, develop and manage key metrics
OWN 95.9% OCCUPANCY 4.2% NPI GROWTH 3.6m SQUARE METRES LEASED 4.1% GEARING High occupancy maintained at Like for like NPI growth at 4.2% Across the global portfolio equating to Headline gearing of 4.1%, 95.9% and WALE of 4.9 years $531 million of annual rental property with look through gearing inco
Slide 9: Data Centres
Slide 10: Significant power bank and strong capital partners
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, best-in-cla
Slide 11: Our global network
OUR GLOBAL NETWORK POWER BANK STABILISED WIP 6.0 GW 0.7 GW 0.4 GW 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 t
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 commence five additional projects by 30 June 2026 in Continental Europe and Jap
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 Estate, Brisbane
Slide 17: Results summary
1H25 1H26 + Cash aligned operating profit of $1,203.5 million Operating profit ($M) 1,222.4 1,203.5 + Statutory profit of $824.7 million Statutory accounting profit / (loss) ($M) 799.8 824.7 – Main drivers of the difference include the Group's share of property revaluations, derivative Operating EPS
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 Property investment 311.9 366.0 – Management earnings of $325 millio
Slide 19: Balance sheet
+ 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: Liquidity and credit ratings
+ 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
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Slide 22: Property investments
+ 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: Developments
+ WIP of $14.4 billion and expected to increase to approximately $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%
Slide 24: Management
+ Total portfolio1 of $87.4 billion (+2% on FY25), with external AUM of $75.2 billion (+4% on FY25) Management – Driven primarily by developments, acquisitions and revaluation gains 1H25 1H26 + Management earnings decreased to $325.0 million ($462.3 million in 1H25) Management earnings ($M) 462.3 32
Slide 25: Partnerships by region
CONTINENTAL UNITED AUSTRALIA HONG KONG EUROPE USA JAPAN CHINA NEW ZEALAND5 KINGDOM BRAZIL Total assets ($B) 1 33.6 13.9 11.1 10.7 6.3 4.5 4.05 2.9 0.4 GMG co-investment (%) 29.5 21.1 24.0 54.0 18.3 20.0 27.1 50.0 – GMG co-investment ($B) 7.8 1.7 1.5 2.8 0.7 0.4 1.0 0.9 – Number of properties1 185 19
Slide 26: Sustainable properties and places
+ Guided by our 2030 Sustainability Strategy, Goodman continues to integrate ESG into its business targets SUSTAINABLE PEOPLE, CORPORATE PROPERTIES CULTURE AND GOVERNANCEAND AND PLACES COMMUNITY PERFORMANCE + Goodman’s global operations have commenced + A gender ratio of 41% female and 57% male, wit
Slide 27: Outlook
impression - Goodman TYO08,Teukuba
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, designe
Slide 29: Strategic locations and FY26 target
+ 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
APPENDIX
Slide 31: Segment reconciliation to statutory income statement
Property Non-operating Total investment Management Development Operating expenses items Category $M $M $M $M $M $M Gross property income 135.1 132.4 – – – 2.7 Management income 323.8 – 323.8 – – – Development income 644.2 – – 644.2 – – Net gain from fair value adjustments on investment properties (1
Slide 32: Non-operating items in statutory income statement
Half year ended 31 Total December Non-operating items in statutory income statement $M 2025 $M Property valuation related movements Net gain from fair value adjustments attributable to investment properties (16.4) Share of net gain from fair value adjustments attributable to investment properties in
Slide 33: Direct assets
Property Direct Assets investment Development Other Total As at 31 December 2025 $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 Investment properties 3,535.5 – 1,846.9 – 5,382.4 Investments accounted for using equity method
Slide 34: 1. Calculated based on 2,044.8 million securities being closing securities on issue.
1. Calculated based on 2,044.8 million securities being closing securities on issue. 34 GOODMAN GROUP 1H FY26 RESULTS
Slide 35: 31 December 2025 property valuations (look through)
+ 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: Investment
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Slide 37: Space leased and occupancy
3.6M 95.9% SPACE LEASED OCCUPANCY Across the Partnerships: + 3.6 million sqm leased over the 12 months, equating to $531 million of annual property income¹ + High occupancy at 95.9%. Leasing area Average lease Net annual rent $M term (years) Region (sqm ‘000) Australia / New Zealand 1,005 219.1 5.3
Slide 38: Goodman Group 1H FY26 Results
38 GOODMAN GROUP 1H FY26 RESULTS
Slide 39: Key metrics
Goodman Logistics Center Fontana II, Fontana + Long term strategic portfolio with potential for higher and better use, re-zoning and redevelopment + 32 properties with a total value of $4.0 billion + 94.8% occupancy and a weighted average lease expiry of 4.3 years + Average portfolio valuation cap r
Slide 40: Appendix Development
— APPENDIX “@ JEVELOPMENT.
Slide 41: 1H26 Developments
1H26 Developments As at 31 December 2025 Completions Commencements Work in progress Value ($B) 2.5 3.1 14.4 Yield (%) 6.3 9.1 8.1 Committed (%) 87 17 40 Weighted average lease term (years) 5.8 15.6 13.6 Development for third parties or Partnerships (%) 93 18 38 Australia / New Zealand (%) 29 83 31 A
Slide 42: Slide 42
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 PORTFOLIO1 $87.4BN PROPERTIES 445 AUSTRALIA/ COUNTRIES NEW ZEALAND 13 $37.7BN Current Goodman global presence. Total portfolio As at 31 Dec
Slide 44: Partnerships and investors
+ The majority of Goodman’s assets reside in Partnerships – The Group manages 24 Partnerships with 56 investors who are represented on the Boards and Investment Committees independent of Goodman – Goodman maintains a 29% average equity cornerstone position in the Partnerships to support alignment an
Slide 45: Westpark Industrial Estate, Sydney
Westpark Industrial Estate, Sydney
Slide 46: Goodman Group 1H FY26 Results
46 GOODMAN GROUP 1H FY26 RESULTS
Slide 47: Capital management framework
+ The Group has a robust capital management framework, under its Financial Risk Management (FRM) policy. This provides: – Stronger balance sheet which has been reflected in our credit ratings from S&P and Moody’s BBB+ / Baa1 respectively – Covenants that are appropriate for our operations – Diversif
Slide 48: Interest rate hedging
+ Interest rate payments are hedged to 94% over the next 12 months – Weighted average hedge rate of 3.49%¹,2,3 – NZD – hedge rate 3.78% – JPY – hedge rate 0.88% – HKD – hedge rate 2.79% – CNY – hedge rate 2.32% – GBP – hedge rate 3.42% – Euro – hedge rate 3.34%² – USD – hedge rate 4.52% + Weighted a
Slide 49: Foreign currency balance sheet hedging maturity profile
Foreign currency denominated balance sheet hedging maturity profile Weighted average Weighted average Amount maturity exchange rate Amount receivable1 payable1 NZ$ 4.9 years 1.0803 A$1,018.4m NZ$1,100.0m HK$ 4.3 years 5.3309 A$1,741.3m HK$9,240.0m US$ 4.4 years 0.7073 A$2,196.3m US$1,550.0m ¥ 4.9 ye
Slide 50: 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 more information visit goodman.com Important Notice This document has been prepared by Goodman Group (Goodman Limited (ABN 69 000 123 071) and Goodman Funds Management Limited (ABN 48 067 796 641) (AFSL 223621) as the Responsible Entity for Goodman Industrial Trust (ARSN 091 213 839) a