Goodman Group · ASX:GMG
Goodman — FY2025 Earnings Presentation
48 slides from Goodman's earnings presentation, Aug 21, 2025
Slide 1: Goodman Group FY25 Results
GOODMAN GROUP FY2 5 RESULTS 21 August 2025
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”, “be 071), Goodman Funds Management Limited (ABN 48067 796 641; AFSL Number 223621) as the “expect”, “project”, “forecast"," estim
Slide 3: Agenda
1 Results analysis 2 Property investment 3 Development 4 Management 5 Capital management ‘GOODMANGROUP- FY25RESULTS
Slide 4: Results analysis
Goodman Interlink, TsingYi, Hong Kong SAR, China 4 GOODMAN GROUP FY25 RESULTS
Slide 5: Strong operating result for FY25
$2,311M 9.8% Goodman has reported a strong operating result for FY25. This reflects OPERATING PROFIT FY25 EPS GROWTH the quality of our assets , the strength of our financial position, and the continued successful execution of our strategy to provide essential infrastructure for the digital economy.
Slide 6: Development and investment portfolio highlights
$85.6BN + Development + Investment portfolio TOTAL PORTFOLIO – Work in progress (WIP)¹ of $12.9 billion representing an annualised – Total portfolio of $85.6 billion, an increase of 9% on FY24 production rate of over $6 billion – Valuations were up $1.6 billion across the Group and Partnerships – Da
Slide 7: FY25 key metrics
9 6.5 % 4 .3% 3 .5m 4.3 % OWN OCCUPANCY NPI GROWTH SQUARE METRES LEASED GEARING High occupancy maintained at Like for like NPI growthat 4. 3% Across the global portfolio equating to Headline gearingof 4. 3 %, 9 6.5 % and WALEof 5.0 years $ 499 million of annual rental property with look through gear
Slide 8: Data centres
Artist’s impression – GoodmanAMS01, Amsterdam, Netherlands DATA CENTRES 8 GOODMAN GROUP FY25 RESULTS
Slide 9: Data centre strategy and global power bank
With a global power bank, proven development expertise and strong capital position , Goodman is uniquely p laced to meet the growing digital infrastructure needs of the world’s largest technology companies. We continue to make strong progress on our data centre strategy , enabling us to continue pro
Slide 10: Our global network
CONTINENTAL EUROPE/UK JAPAN NORTH 2.0 GW Power bank 1.3 GW AMERICA Power bank 0.2 GW Power bank HONG KONG SAR 0.5 GW Power bank OUR GLOBAL NETWORK AUSTRALIA/ POWER BANK STABILISED WIP NEW ZEALAND 5.0 GW 0.7 GW 0.3 GW 1.0 GW Power bank As at 30 June 2025. 10 GOODMAN GROUP FY25 RESULTS
Slide 11: Customer solutions
Customer solutions – Goodmanis providinga range of deployment options to meet the diverse needs of our customers – Deployment options include build to suit powered shell and fully fitted facilities with operational solutions – Flexible design approach with Goodman standard design adaptable to custom
Slide 12: Overview of data centre development projects
Overview of data centre development projects + The Group has progressed the development of additional projects, as outlined at the 1H25 result – Projects that have commenced or expanded in 2H FY25 include Los Angeles and Paris – By June 26 we expect to see projects commenced or underway across key g
Slide 13: Financial results
Joso2, Ibaraki,Japan 13 GOODMAN GROUP FY25 RESULTS
Slide 14: FY25 results summary
FY 2 4 FY 2 5 + Cash aligned operating profit of $2,311.2 million up 13% on FY24 Operating profit ($M) 2,049.4 2,311.2 + Statutory profitof $ 1,666.4 million Statutory accounting profit/ (loss) ($M) (98.9) 1,666.4 – Includes the Group's share of property revaluations, derivative and foreign currency
Slide 15: Income statement
Income statement + Strong full year operating profit of $2,311.2 million FY24 FY 2 5 – Property investment income up 20% to $677.7 million, driven by net investment and $M $M rent growth – Management earnings of $837.4 million, up 8% on FY24 driven primarily by higher Property investment 567.1 677.7
Slide 16: Group balance sheet
+ Group balance sheet remains well positioned with low financial leverage Balance sheet 5 – Gearing at 4.3% (17.3%look- through). The Group’s Financial Risk Management policy range A S A T AS AT for gearing is - 0 25%. We continue to prefer gearing in the lower half of this range 30 JUNE 202 4 3 0 J
Slide 17: Liquidity and debt maturity
+ Cash and available lines of credit (excluding Partnership debt and equity) of $6.6 billion as at 30 June 2025 – $4.0 billion in cash, $2.6 billion of available lines – Issued US$0.6 billion of new bonds maturing in 2034 and successfully refinanced $2.2 billion of bank revolving credit facilities –
Slide 18: Property investment
Redbank Motorway Estate, Redbank,Australia 18 GOODMAN GROUP FY25 RESULTS
Slide 19: Property investment
+ Most customer decision making in relation to supply chain investments is currently being Property investments influenced by the ongoing global uncertainty. However, limited availability is supporting FY 2 4 FY 2 5 underlying property fundamentals in our markets, and we continue to maintain high oc
Slide 20: Developments
+ WIP of $12.9 billion Developments – Data centres represent 57% of current WIP and we continue to execute the preparatory FY 2 4 FY 2 5 works on our future projects to increase speed to market – Development Large scale, longer lead times and higher value projects are resulting in more volatility in
Slide 21: Management
+ Total portfolio of $85.6 billion (+8.8% on FY24), with external AUM of $72.1 billion Management – Driven primarily by developments, acquisitions and revaluation gains FY 2 4 FY 2 5 – External AUM impacted by the Group’s restructure of GNAP. $4.7 billion of GNAP assets are being Management earnings
Slide 22: Partnerships by region
CONTINENTAL UNITED AUSTRALIA HONG KONG EUROPE USA JAPAN CHINA NEW 7 ZEALAND KINGDOM BRAZIL Total assets ($B)1 31.6 13.9 10.5 10.3 6.6 4.8 4.3 3.2 0.4 GMG co- investment(%) 28.9 20.9 22.8 55.0 19.7 20.0 31.8 50.0 15.0 GMG co- investment ($B) 7.2 2.3 1.4 2.1 0.9 0.5 0.9 0.9 – Numberof 1 properties 183
Slide 23: 2030 Sustainability Strategy
+ Guided by our 2030 Sustainability Strategy, Goodman continuesto integrate ESG into its business targets SUSTAINABLE PEOPLE, CORPORATE PROPERTIES CULTURE AND GOVENANCE AND AND PLACES COMMUNITY PERFORMANCE + Goodman’s global operations are in the process of + A gender ratio of 41% female and 57% mal
Slide 24: Outlook
Artist’s impression – GoodmanLON01,Luton, UK 24 GOODMAN GROUP FY25 RESULTS
Slide 25: Positioned to capitalise on digital infrastructure demand
+ The Group is well positioned to capitalise on the growing + We are establishing regional investment vehicles demand for digital infrastructure assets. Our portfolio, alongside the workbook, designed to meet both the Our global expertise, track concentrated in key metro locations provides a range o
Slide 26: FY26 target and opportunity
GoodmanTsuenWan West, Hong Kong SAR, China + The opportunity for the Group is significant in scale and + FY26 target time. We have sites in high barrier to entry markets, and – We are positioned well heading into FY26, progressing the expertise and the track record to execute our an attractive and s
Slide 27: Appendix
27 GOODMAN GROUP FY25 RESULTS
Slide 28: Operating profit reconciliation
Property Non - operating Total investment Management Development Operating expenses items Category $M $M $M $M $M $M Gross property income 211.6 205.7 – – – 5.9 Managementincome 603.7 – 603.7 – – – Developmentincome 1,495.1 – – 1,495.1 – – Distributions from investments 0.6 0.6 – – – – Net gain from
Slide 29: Non-operating items in statutory income statement
Year ended 30 Total June 2025 Non- ope rating items in statutory income statement $M $M Property valuation related movements Net gain from fair value adjustments attributableto investment properties (116.1) Share of net gain from fair value adjustments attributableto investment propertiesin associat
Slide 30: Group balance sheet by segment
Property Direct Assets investment Development Other Total As at 30 June 2025 $M $M $M $M $M Cash – – – 3,957.1 3,957.1 Receivables 33.0 298.6 190.9 628.1 1,150.6 Inventories 210.6 – 1,921.1 – 2,131.7 Investment properties 3,393.8 – 1,449.9 – 4,843.7 Investments accounted for using equity method – 14
Slide 31: Securities on issue and NTA calculation
1. Calculatedbasedon 2,031.2million securities being closing securities on issue. 31 GOODMAN GROUP FY25 RESULTS
Slide 32: Property valuations
+ Revaluation movements across the global portfolio for the full year totalled $1.6 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 33: Property investment
Crossways Commercial Park, Dartford, UK 33 GOODMAN GROUP FY25 RESULTS
Slide 34: Partnership leasing activity
Redbank MotorwayEstate, Redbank, Australia 3.5M 96.5% SPACE LEASED OCCUPANCY Across the Partnerships: + 3.5 million sqm leased over the 12 months, equating to $499 million of annual ¹ property income + High occupancy at 96.5% . L easing ar ea A v er a g e lease Net annual rent $M (sqm ‘000) T erm (y
Slide 35: Strategic portfolio
35 GOODMAN GROUP FY25 RESULTS
Slide 36: Strategic portfolio key metrics
Goodman Logistics Center Fontana II, Fontana, USA + Long term strategic portfolio with potential for higher and better use, re- zoning and redevelopment + 31 properties with a total value of $5.1 billion + 97.8 % occupancy and a weighted average lease expiry of 6.3 years + Average portfolio valuatio
Slide 37: Development
Artist’s impression – LAX01, Los Angeles, USA 38 GOODMANGROUP FY25 RESULTS
Slide 38: FY25 Developments
FY25 Developments As at 30 June 2025 Completions Commencements Work in progress Value ($B) 5.1 4.0 12.9 Yield (%) 6.7 9.2 7.5 Committed (%) 89 21 49 Weighted average lease term (years) 12.6 10.6 11.6 Developmentfor third parties or Partnerships(%) 91 12 49 Australia/ New Zealand (%) 35 19 19 Asia (%
Slide 39: Management
39 GOODMAN GROUP FY25 RESULTS
Slide 40: Global presence and total portfolio
CONTINENTAL THE AMERICAS EUROPE/UK $10.7BN Total portfolio ASIA $13.7BN 31 Total portfolio $25.3BN Properties Total portfolio 122 Properties 89 Properties TOTAL PORTFOLIO $85.6BN PROPERTIES 439 AUSTRALIA/ COUNTRIES NEW ZEALAND 13 $35.9BN Total portfolio Current Goodman global presence. 197 As at 30
Slide 41: Majority of assets reside in Partnerships
+ The majority of Goodman’s assets reside in Partnerships – The Group manages 23 Partnerships with 54 investors who are represented on the Boards and Investment Committees independent of Goodman – Goodman maintains a 28% average equity cornerstone position in the Partnerships to support alignment an
Slide 42: Capital management
Artist’s impression – GoodmanFRA02, Frankfurt,Germany 42 GOODMAN GROUP FY25 RESULTS
Slide 43: Capital management
43 GOODMAN GROUP FY25 RESULTS
Slide 44: Capital management framework
+ The Group has a robust capital management framework, under its Financial Risk Management (FRM) policy. This provides: – Stronger balance sheet which has been reflectedin our credit ratings from S&P and Moody’s BBB+ / Baa1 respectively – Covenants that are appropriatefor our operations – Diversifie
Slide 45: Interest rate hedging
+ Interest rate payments are hedged to 98% over the next 12 months ,2,3 – Weighted average hedge rate of 3.39%¹ – NZD – hedge rate 3.72% – JPY – hedge rate 0.75% – HKD – hedge rate 2.71% – CNY – hedge rate 2.31% – GBP – hedge rate 2.96% – Euro – hedge rate 3.30%² – USD – hedge rate 4.52% + Weighted
Slide 46: Foreign currency balance sheet hedging maturity profile
Foreign currency denominated balance sheet hedging maturity profile W eight ed a v e r a g e W eight ed a v e r a g e Amount maturity ex chang e rat e Amount 1 receivable pay able1 NZ$ 3.3 y ear s 1.0775 A$835.5m NZ$ 900.0 m HK$ 4.4 years 5.2954 A$1,647.7m HK$ 8,840 .0m US$ 2.8 y ear s 0.7137 A$ 1,8
Slide 47: Exchange rates
Statement of financial position – exchange rates as at 30 June 2025 Currency Exchange rate AUDGBP– 0.4793 (30 June 2024: 0.5274) AUDEUR– 0.5588 (30 June 2024: 0.6226) AUDHKD– 5.1595 (30 June 2024: 5.2081 ) AUDBRL – 3.5733 (30 June 2024: 3.7304) AUDNZD– 1.0792 (30 June 2024: 1.0947) AUDUSD– 0.6573 (3
Slide 48: Thank you
THANK YOU For more information visit goodman.com Important Notice This document has been prepared by Goodman Group (Goodman Limited69(ABN000 123 071) and Goodman Funds Management Limited 48 067 (ABN 796 641) (AFSL 223621) as the ResponsibleEntity for Goodman IndustrialTrust (ARSN 091 213 839) and Go